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Financial modelling and forecasting

Find out more about building financial models, the pitfalls of financial modelling and how to carry out effective forecasting with our selection of books, articles and links.

What's on this page?

  • eBooks
  • Online articles
  • Useful links
  • Articles and books in the Library collection

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Featured article

Better depreciation method using INDEX
Bill Jelen explains an Excel tip for modelling depreciation, which he picked up whilst judging the ModelOff World Financial Modeling Championships event. Rather than using the common OFFSET solution which slows your worksheet, try using this technique with INDEX.

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Featured book

Using Excel for business analysis: a guide to financial modelling fundamentals 
D.Stein Fairhurst (John Wiley, 2012, 324 pages)
Designed for professionals of all ages and levels of experience looking to become familiar with financial modelling. Describes key strategies for minimising errors and ensuring accurate and robust models.

To borrow this book please contact the Library.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users.

Financial risk manager handbook

Contains sections on quantitative analysis, financial markets and financial products, and the various kinds of risk management. It includes chapters on the financial modelling of risk, credit risk, and market risk. Each chapter contains examples and exercises for students.

VaR implementation handbook, The

Provides detailed advice on measuring, managing and modeling risk. Includes sections on VaR measurement, risk and asset management, financial modeling, and the application of VaR to hedge funds and credit default swaps.

Financial planning using Excel: forecasting, planning and budgeting techniques

Aimed at people who already have some knowledge of Microsoft Excel. It looks at spreadsheet skills for different types of planning, and contains detailed sections on business planning, forecasting and managing budgets with business software.

Practical financial modelling: a guide to current practice

Guidance on using complex spreadsheets and other business software for financial modelling. Describes good modelling practice and addresses the role of information technology in financial modelling.

Structured finance modeling with object-oriented VBA

An aid to using business software for financial modelling in the securities market. It is primarily concerned with Microsoft Excel and Visual Basic but includes general guidance on modelling and corporate finance.

Financial modeling with Crystal Ball and Excel

Guide to financial modelling using business software, including Oracle Crystal Ball and Microsoft Excel. It includes chapters on financial forecasting, modelling financial statements, and other modelling functions available in Excel.

Paul Wilmott on quantitative finance

Study guide to financial modelling of derivatives. Includes chapters on the theory of derivatives, fixed-income modelling and credit risk. There is an additional section covering numerical methods and business software.

Excel models for business and operations management

The book aims to be a practical guide to financial modelling with Microsoft Excel. It includes chapters on using a spreadsheet to manage a budget, financial statements and cash flows, and analysis of financial models. It is written for people working to US GAAP, but also aims to make the skills transferable to other financial modelling systems.

Building financial models with Microsoft Excel

A comprehensive guide for business professionals which provides step-by-step instructions for building financial models using Microsoft Excel. While it is written with United States GAAP in mind, the book's modular nature aims to help make the process of transitioning the modeling process to other accounting systems as straightforward as possible.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Volatility forecasting using financial statement information

This paper examines whether financial statement information can predict future realized equity volatility incremental to market-based equity volatility forecasts. The paper uses an analytical framework to identify accounting-based drivers of realized volatility.

What's in your leadership toolbox?

Finance teams have been moving from counting wealth and policing compliance to creating wealth and strategy, so they need to broaden and upgrade some of their skills. As well as traditional finance functions, senior finance executives and their teams are now often expected to do financial modeling, data analytics, consider cyber security, risk management and more. The authors present their framework to help finance executives develop their leadership abilities.

A practical guide for non-financial companies when modeling longer-term currency and commodity exposures

Provides guidance on implementing long-term risk modelling to manage business risk. It discusses selection methods for simulating future prices and rates, a method for back testing risk models, and a method for estimating earnings at risk.

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Useful links

Best-practice guideline: Financial Modelling 2012 
Baker Tilly have developed this guideline to best practice, published by the ICAEW’s Corporate Finance Faculty. ICAEW Corporate Finance Faculty members can access the full version through the Faculty's Corporate finance guidelines page.

Financial planning: realizing the value of budgeting and forecasting 
A PWC March 2010 study which focuses on current financial planning challenges and the practices organizations are deploying to improve financial budgeting and forecasting activities.

Articles and books in the Library collection

Click on the links below to see our catalogue record and holdings for each item. Please contact us if you would like to borrow a book or request a copy of an article.

Next generation Excel modelling in Excel for analysts and MBAs (for Windows and Mac OS) 
Gottlieb, I. (John Wiley & Sons, 2013)
This book "shows you how to harness the full power of Excel to help you to perform an array of advanced business decision making, financial, and accounting functions. You'll learn how to quickly create models that deliver accurate, relevant information to boost efficiency, improve your forecasting ability, and perform an array of other crucial business and reporting functions."

Business and financial models 
Marsh, C. (Kogan Page, 2013)
This book takes you through the process of building your model, from the initial phase of formulating questions through modelling cash flow, budgets, investment appraisal and 'dashboard' tools for monitoring performance. Business and Financial Models also includes coverage of new visual thinking techniques, and how these can be incorporated into conventional business modelling.

Guide to business modelling 
Tennent, J. (Profile Books, 2011)
Intends to provide "practical help on how to build the most robust, flexible and easy-to-use models for analysing the potential upside or downside of any business project. This guide is aimed at both those who are business modelling novices and those with considerable experience".

Find more articles and books

To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

Can't find what you are looking for?

If you're having trouble finding the information you need, ask the Library & Information Service. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com.

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.