- Top Quality: Accredited and certified program
- Reputation: World-renowned program
- Global: Program in English and German in numerous financial centers worldwide
- Leading Financial Modeling Textbook: Serves as the foundation of the training program in English and German
- Top learning and exam preparation support:
through test questions, case studies and personal feedback on learning progress
- E-Learning: Access to course materials anytime anywhere
- 2 paths one title: "Professional Excellence" and "Academic Excellence”
- Specialization: Electives enable specialized knowledge of chosen subjects
- Modern forms of examination on the way to "Professional Excellence":
Case Study Method with laptop and open book processing. No written exam with calculator.
- International crediting of examination results: Acquisition of ECTS in the "Academic Excellence" path
The following types of occupations from these specialized fields mainly complete the Certified Financial Modeler:
- Transaction Services
- Corporate Finance
- LBO/Acquisition Financing
- Private Equity
- Asset Management
- Strategy Departments of Corporations
- Area of Finance and Controlling of Corporations
- Management Consulting
- Lawyers who are exposed to Finance Topics
- Doctoral Students
- Asset Management
- Strategiebereich von Unternehmen
- Bereich Finanzen und Controlling von Unternehmen
- Juristen mit Bezug zu Finance-Themen
- Highly applied due to focus on the most important questions in applied finance.
- Academic quality due to outstanding teaching materials.
- The models are applied by the finance professors in applied work and thus are continuously verified and developed further.
- Individual pace of study via e-learning.
- Proof of success through examination at Deutsche Börse AG or Deutsches Institut für Corporate Finance.
- Attractive title “Certified Financial Modeler” with large external impact.
- More cost effective and efficient than multi-day seminars on the topic of “Financial Modeling”.
- Increased competencies for both company and client.
- No annual membership fees. Instead permanent access to the “Center for Financial Modeling” (CfFM).
2019: Introduction of the Case Method to obtain the Certified Financial Modeler
2017: The book “Financial Modeling” is published in English by Macmillan, London.
2016: Upon successful completion of the Certified Financial Modeler program, 30 ECTS (European Credit Transfer System) can be transferred.
2016: Introduction of the Certified Financial Modeler-Three-Module-Strategy.
2016: Certificate program “Certified Financial Modeler” is accredited and certified.
2016: The second edition of the book “Financial Modeling” is published by Schäffer-Poeschel.
2011: The Certified Financial Modeler is offered at the locations in Frankfurt, Zurich, Paris, Hong Kong, Singapore and London.
2011: Internationalization of the Certificate program “Certified Financial Modeler”.
2011: Cooperation with Deutsche Börse in the training course “Certified Financial Modeler”.
2010: Start of the certificate program “Certified Financial Modeler”.
2010: The first edition of the book “Financial Modeling” is published by Schäffer-Poeschel.
2007: Founding of the German Institute for Corporate Finance at the state university HfWU.
- German Institute for Corporate Finance
- Nürtingen University
- Deutsche Börse
- Accreditation Council
The academic rigor and the link to applied work of the Certified Financial Modeler are assured via the accreditation and certification of the program. The Certified Financial Modeler was awarded the systems accreditation by the accreditation council. FIBAA has certified the Certified Financial Modeler and awarded the FIBAA Premium Seal due to its outstanding quality.
Participants in the "Certified Financial Modeler" certificate course who have chosen the "Academic Excellence" path can acquire so-called ECTS (European Credit Transfer System) upon successful completion. A total of 8 ECTS can be submitted for recognition in Bachelor and Master courses. The HfWU recognizes the 8 ECTS earned in the Certified Financial Modeler Program for the Master M. Sc. Quantitative Finance.
- The Certified Financial Modeler covers the most important topics in finance. This includes:
- Types of return calculations
- Different types of debt financing
- Equity capital increases
- Private equity
- Leveraged Buyout (LBO)
- Cash flow management
- Corporate valuation based on DCF
- Corporate valuation using multipliers
- Risk management
- Capital market theory
- Asset management
- Portfolio management
- Options and futures
The course materials were developed by academic authors who have both applied and research experience in their areas of expertise. The contents is constantly assessed by practitioners at leading international corporations in the financial industry concerning topicality and relevance. Therefore you will I obtain top notch knowledge in financial modeling.
Electives are available for those participants who have chosen the "Academic Excellence" path.
Participants can choose between the following 4 electives:
1st focus: Business Plan with Standards and Methods in Financial Modeling
- business plan
- Excel Workshop for Quantitative Finance
2nd focus: Financial Modeling in Corporate Finance
- Discounted Cash Flow (DCF) Method
3rd focus: Financial Modeling in Leveraged Buy Out (LBO) and Private Equity
- Leveraged Buy Out (LBO) Models
- Private Equity models
4th focus: Financial Modeling in Portfolio Management
- Return and risk in portfolio management
- Active and passive portfolio management
For "Professional Excellence" we have a comprehensive case study, which is focused on the first two key areas and includes some corporate finance-related elements of the other two key areas.
Path 1: If you choose the path "Professional Excellence", the following applies:
1) Course fees for practitioners
You can apply for a scholarship at the GICF. If you receive a scholarship, the course fees to become a "Certified Financial Modeler" with a scholarship amount to 1.995,00 EUR plus the applicable VAT, currently 19%, thus a total of 2.374,05 EUR. The course fees for the "Certified Financial Modeler" without scholarship amount to 3.995 EUR plus VAT, currently 19%, thus a total of 4.754,05 EUR. These total packages include the course fees, the examination fees and the course book as e-book.
2) Course fees for students
Students (please enclose a copy of your valid student ID) will receive a discount. The course fees for students amount to 1.256,30 EUR plus the applicable statutory value added tax, currently 19%. Thus a total of 1.495,00 EUR. This total package includes the course fees, the examination fees and the course book as e-book.
3) Repeat examination
Each module consists of three sub-modules. Each sub-module can be repeated twice. There are no additional costs for a repeat examination.
Path 2: If you choose the "Academic Excellence" path
1) Course fees
The course fees to become a "Certified Financial Modeler" amount to 3,995 EUR plus the applicable statutory value added tax, currently 19%, thus a total of 4,754.05 EUR. This total package includes the course fees for Modules 1 and 2, the examination fees for Modules 1 and 2, the course book as e-book as well as the issue of a university certificate and Certificate Supplement for the acquisition of ECTS.
2) Course fees for students
Students (please enclose a copy of your valid student ID) will receive a discount. The course fees for students amount to 1.508,40 EUR plus the applicable statutory value added tax, currently 19%. Thus a total of 1.795,00EUR. This total package includes the course fees, the examination fees and the course book as e-book.
3) Repeat examination
GICF charges an examination fee of 295 EUR plus the applicable statutory value-added tax, currently 19%, for a repeat examination due to failure to pass the examination. The total fee is 351.05 EUR.
4) Issue of a university certificate
The university certificate and the Certificate Supplement are linked to the acquisition of ECTS. The issue of a university certificate (certificate and certificate supplement) of the HfWU is included in the fee for the complete package.
The course participant receives the following services from the German Institute for Corporate Finance (GICF), regardless of whether the course is "Academic Excellence" or "Professional Excellence":
- Personal Supervision by senior professors
- Feedback on learning success
- The course book "Financial Modeling" as Ebook
- The Models of the Textbook "Financial Modeling"
- The Certified Financial Modeler Toolbox
- Access to the Center for Financial Modeling (CfFM)
- Excel models: Templates Library for the most important financial topics
- Further additional materials on the topic of "Financial Modeling
- Certificate: Certified Financial Modeler
- Award: Representative certificate within the framework of the
Depending on whether the course is "Academic Excellence" or "Professional Excellence", the course participant receives additional the following:
- Possibility of applying for a GICF scholarship for non-students (if "Professional Excellence" is chosen).
- Participation in the initial examination (Academic Excellence)
- University certificate, certificate supplement and possibility of submission to the respective authorities for recognition of ECTS in Bachelor's and Master's programmes (if "Academic Excellence" is chosen)
The reduced fees are in effect for students who are enrolled at the time of registration. The student is required to provide proof of enrolment when registering. Should the enrollment of a student terminate during the course of studies, it is still possible to utilize the reduced fees.
Non-students who have opted for "Professional Excellence" can apply for a GICF scholarship. The GICF scholarship is a high distinction and is awarded to individuals who demonstrate a high level of motivation for the subject of financial modeling. GICF scholarship holders receive a GICF scholarship certificate. The course management decides on the award of the GICF scholarship.
The application for a GICF scholarship must be made in writing and sent by email to the following address: email@example.com.
We would like to ask you to submit the following documents for the GICF scholarship:
- Detailed curriculum vitae
- Detailed letter of motivation
- Possible social and honorary engagement
GICF scholarship holders receive a GICF scholarship certificate and a reduction in fees from €3,995 plus VAT to €1.508,40 plus VAT. This scholarship is linked to the fact that you do not acquire ECTS. This means that you will receive the "Certified Financial Modeler" certificate in English, but no university certificate and certificate supplement. After graduation, you can hold the title "Certified Financial Modeler". The GICF scholarship means that you give us a testimonial with a picture of the course, which we can publish on our website.
Case 1: You have chosen the "Professional Excellence" path
Experience shows that, depending on their previous knowledge, the participants need 4 months to complete the case study.
Case 2: You have chosen the "Academic Excellence" path
For a participant with a completed Bachelor's degree in business, economics or a comparable course of study, one semester is estimated for each module according to the curriculum (15 SWS * 8 ECTS). Depending on your previous knowledge, this corresponds to approx. 5 months of study in addition to your normal work (8 ECTS points x 25 hours = 200 hours).
The course and the course materials are created and coordinated in such a way that learning is possible independent of time and location. Face-to-face sessions are not required in this study format and are therefore not included. The course materials follow different learning concepts and already allow you to check study success as you progress. Only the "Academic Excellence" version requires a presence check at one of Deutsche Börse's locations.
You can always contact the course leaders via e-mail at firstname.lastname@example.org. All questions will be answered right away.
The Certified Financial Modeler is an academic training with strong practical relevance. Once the exam has been completed successfully, the achievement has been demonstrated and the title Certified Financial Modeler is awarded. Additional, for example annual certificates of achievement in the form of seminars are not required.
1. Academic Excellence:
Case Study: We recommend the use of all available teaching materials. In a systematic approach, it is advisable to first understand the contents of the course book or the case study provided and to follow step by step in Excel. In some cases, the Excel toolbox can also be used and the exact connections can be traced by means of small questions.
Written examination: After the case study has been solved successfully, the interrelationships are also penetrated. By changing the input data in the Excel model, sensitivities can then be identified and scenarios can be calculated and the findings condensed. This knowledge can then serve as a basis for the qualitative questions.
2. Professional Excellence:
You will receive a case study. In this case study you will be guided step by step through the calculations. One of about 50 steps could look like this:
Multiples (3 points)
Derive the following peer group multiples
See book „Financial Modeling“, pp. 637-642.See Excel file “Chapter 10 Corporate Finance Part II” worksheet “Trading Multiples”.Solve tasks 344-353 in the "Certified Financial Modeler Toolbox" in the "Corporate Finance" tab.
To be successful in this step, you can prepare yourself by
- reading the relevant pages in the "Financial Modeling Book
- reproducing the worksheet given here in the Excel on which the book is based
- understanding the exercises on this topic including solutions.
Point 1) is rather of a fundamental nature. Point 2) describes how the calculation is carried out in the overall context. In point 3), the calculations related to the overall context are broken down into many individual intermediate steps and discussed exemplarily using small examples.
The exam for the Certified Financial Modeler can be completed at the following locations:
- Hong Kong and
Other locations worldwide
In principle, examinations can be taken worldwide (except for the USA) at the locations of the German Chambers of Commerce (AHK). Please ask us by email at which examination locations we offer the "Certified Financial Modeler" exams in your home country. Appointments are made on an individual basis.
The case study can be processed from any location.
You need to register at least 3 weeks prior to the exam of your choice by providing the intended exam time and location. In addition you provide the following information: Last name, first name, date of birth, place of birth, street, postal code and residence city.
You can cancel your exam registration by sending an e-mail to DICF at email@example.com, stating that you will not participate in the examination on the date selected. This cancellation must be send at the latest three weeks prior to the exam date for which you are registered. If you do not cancel your registration before this deadline, you are considered to be registered for the exam and your exam is scored by the examination committee.
Should you cancel your registration with the examination committee for health reasons and send a doctor’s note via e-mail to the examination committee, the examination committee will consider the exam as not registered. Hence no grade will be awarded for the exam. Should the cancellation be received by the examination committee at the latest three weeks before the examination date, the fee for a repeat exam is also waived. If the cancellation due to illness has not been received at least three weeks prior to the examination date, the fee for a repeat examination must be paid.
In the written examination, 15 computer-assisted examination questions must be answered within 45 minutes.
- Explain the Top 10 Financial Modeling Standards with examples.
- Explain the items in which the income statement and balance sheet are interdependent.
- Explain how retained earnings are posted to the equity capital of a company.
- Explain the function of the overflow valve in P&L and balance sheet planning
- Explain how the cash flow statement can be used in corporate planning as a control instrument for the correctness of the income statement and balance sheet planning.
In case candidates have opted for the University Certificate when signing up for the Certificate Program “Certified Financial Modeler”, the results are graded per module element in the following manner:
Thanks to our excellent teaching materials and the commitment of our participants we have so far a 0% failure rate related to the entire course.
Case study: Each participant can repeat each sub-module up to twice per module.
Written exam: The written exam can be repeated up to two times.
Each participant can repeat each module up to twice per sub-module.