The gap between theory and practical application in financial modelling continues to widen. Investment banks and private equity firms expect strong Excel abilities, but formal training programs can cost well over $5,000, making them unreachable for many aspiring analysts. The irony: some of the most thorough modelling instruction is available at no cost, if you know where to look.
Free resources are not just budget solutions. Some offer greater depth and real-world cases than expensive courses. However, quality varies considerably, and it takes careful review to choose wisely. In 2025, with AI-driven modelling tools and cloud-based Excel platforms becoming common, selecting the right resource is even more important.
Takeaway: Building technical modelling skills from now is vital, especially as automation tools become mainstream. But before choosing, it’s necessary to distinguish practical, in-depth training from surface-level instruction.
All free courses are not equal. After reviewing many, five essential benchmarks emerge:
If you want to go further, I recommend WSO’s financial modelling courses. Private Equity Bro readers get 20% off.
Coursera’s audit option connects learners to the University of Illinois’s modelling syllabus, covering everything from Excel basics to sophisticated valuation models.
Its structure is similar to MBA-level courses, progressing systematically from spreadsheet mechanics to discounted cash flow models. Peer-reviewed assignments enable deeper learning, and short cohort sessions build in accountability. The section on integrating income, balance sheet, and cash flows stands out for preparing analysts for real job tasks.
However, the free audit track doesn’t provide graded feedback or a certificate. Another shortfall: case studies rely heavily on public company filings, which often lack the complexity of true deal documents.
Looking ahead: Coursera will need to adopt AI-powered Excel plugins and automated sensitivity tools to keep up with industry shifts in 2025.
If you’re interested in more about pro forma and three-statement modelling, check the guide to building a three-statement financial model for step-by-step instructions.
Professor Damodaran offers highly respected lecture series, spreadsheets, and company models – all freely available online. Unlike many resources, his materials show him building models in real-time, detailing his logic at every stage. His Tesla example, for instance, covers growth assumptions and discount rates, going beyond what’s usually discussed.
Damodaran continuously updates his Excel files and includes notes on formulas and sources. While there are no guided exercises, learners willing to create their own examples can progress quickly. However, those needing step-by-step instructions may find it daunting.
His content is ideal for grasping valuation theory, but it’s wise to supplement with more hands-on Excel training elsewhere. For additional theory and frameworks, consider resources on DCF valuation.
CFI’s free offering helps students learn Excel navigation and basic financial modelling. Short video lessons cover dynamic formulas, statement links, and simple DCF construction. Templates are provided for immediate practice.
This resource stands out for its focus on practical, real-world Excel techniques. However, coverage remains basic, and advanced topics like LBOs, consolidation, or full scenario modelling are limited. Macros and automation only get a brief mention.
Looking forward, CFI will need to add content on Python-Excel connections, as data science skills become increasingly valued. Those seeking more advanced topics may benefit from exploring advanced financial modelling practices.
Columbia’s boot camp, available through edX, integrates core financial model building with business analytics. In addition to Excel basics, it shows how to use Power BI for visualization and simple Monte Carlo simulations to simulate risk.
This crossover between finance and analytics is distinctive. Besides spreadsheet topics, you’ll be exposed to @RISK add-ins for managing uncertainty which is essential for business planning roles.
The downsides: free trial periods limit your opportunity to revisit lessons. After two weeks, content access often expires.
Columbia is positioned to expand into AI-based risk and forecasting tools in the near future. If you want more on simulation and scenario analysis, review scenario planning and simulation resources.
WSP’s Excel crash course distills crucial spreadsheet functions into a compact 90-minute session. You’ll learn VLOOKUP, XLOOKUP, INDEX/MATCH, and VBA scripting through brief video modules and downloadable practice files.
Fast-paced learners or busy analysts will appreciate the condensed format. However, the session doesn’t address complete modelling builds or transaction structuring. If you need a solid foundation, this course offers quick wins, but you’ll need to look elsewhere for more advanced workflows.
Expect WSP to add coverage of Python scripting and new Excel functions as business analysis evolves.
If your goal is practical model construction, explore resources like the three-statement modelling guide for more in-depth practice.
Investopedia’s guide takes a textual approach: three detailed articles featuring screenshots and formula walkthroughs. You can easily skip sections or return to specific examples as needed. The in-article glossary function helps clarify terminology immediately.
However, this is a passive experience, with no downloadable models. Readers must create their own spreadsheets to follow along, which – depending on your style – either reinforces learning or slows you down.
For those who prefer interactive practice with downloadable templates, supplementary resources are helpful. Refer to comprehensive modelling walk-throughs for hands-on exercises.
BIWS offers more than 25 free video lessons showing step-by-step builds of M&A, LBO, and IPO models using live company data. The real-time examples reveal every formula entered, error fixed, and formatting decision.
While this approach demonstrates the true pace and demands of analyst work, some material is older and may not reflect the latest Excel upgrades. Additionally, video length can be challenging for focused learning – some run for more than an hour.
BIWS could improve by organizing shorter segments or flagging updated lessons for easier browsing. Meanwhile, those interested in transaction modelling basics may find our overview of M&A financial modelling techniques useful.
KPMG’s free modelling guide offers downloadable templates for IFRS reporting. It includes revenue recognition (IFRS 15), lease accounting changes (IFRS 16), and templates for impairment testing. These examples align closely with documents produced in actual consulting projects.
Accounting notes clarify treatment details and highlight technical hurdles. However, there are no video lessons – so to understand the templates fully, you’ll need to reverse-engineer their logic. This is manageable for intermediate or advanced analysts, but it can be tough for beginners.
By 2025, KPMG is expected to cover automated journal entries and digital reporting (XBRL). For broader context on purchase price allocations and accounting adjustments, visit purchase price allocation guides.
Macabacus isn’t a comprehensive course – it’s an ongoing reference for Excel formulas, Excel shortcuts, and model formatting standards. Its “best practices” section is used by corporate finance professionals seeking quick confirmation on modelling methods.
This resource is best for those with a basic grounding who need quick answers in the middle of a complex build. Even though it lacks structured lessons or certification, its depth on specific questions makes it worth keeping bookmarked.
If you want to dive deeper into sector-specific modelling or advanced scenario planning, see our guide to sector-specific financial modelling and advanced analysis techniques.
The best starting point depends on your background and goals. Absolute beginners may piece together skills with CFI’s intro, WSP’s Excel crash course, and structured builds from Coursera.
Those set on investment banking or private equity should incorporate Damodaran’s theory, BIWS for transaction case practice, and KPMG’s IFRS templates.
For intermediate and advanced learners, supplement with sector-specific and scenario analysis guides to develop unique expertise for more complex deal environments. If you’re aiming for roles in M&A or private equity, practical tools like the three-statement modelling walkthrough or valuation best practices for M&A can raise your technical profile.
As Excel and modelling platforms adopt more automation, staying up to date with AI, cloud, and integrations is essential. Most importantly – practice regularly, ask questions in communities, and adapt as industry tools keep evolving.
Free financial modelling resources offer a powerful alternative to costly boot camps – when chosen carefully and used diligently, they can equip you with the skills needed for analyst roles. By applying our selection criteria and following the 2025 roadmap, you can craft a personalized learning plan that evolves alongside industry tools. The key is consistent practice, engagement with communities, and proactive adaptation to automation and AI-driven platforms. Start with the right mix of theory and hands-on cases, leverage certifications where available, and keep refining your models – your technical proficiency and confidence will grow with every exercise.
P.S. – Check out our Premium Resources for more valuable content and tools to help you break into the industry.
