Can I Learn Financial Modeling On My Own?

With diligence, you can teach yourself beginner-to-intermediate-level financial modeling skills at home, but you’ll likely need to dedicate more time and energy than you would in a class. Being an autodidact (or self-taught learner) can help you cut costs. However, it can leave you with less complete information than you’d receive in a class. In addition, learning financial modeling on your own means missing out on instructor support which can be a boon when you find yourself stumped. It’s also important to be aware that today’s job market makes it nearly impossible to build a finance career on self-taught knowledge. 

Advantages of Self-Teaching Financial Modeling

While there are plenty of drawbacks to self-taught learning, autodidactism also comes with many benefits, including flexibility and savings. Teaching yourself new skills is one of the thriftiest ways to save money. In the case of financial modeling, you’ll not only save on costly class fees but add a new financial skill to your repertoire, making it easier to budget and save money over time. Saying no to an expensive class can also leave you with more money in your wallet to spend on your other interests. Similarly, the flexibility of learning financial modeling on your own will allow you to continue pursuing many other activities, including hobbies and work. 

Although not having an instructor to help you as you learn can be hard, seeing how far you can go by yourself can uplift your mental health. As you overcome challenges, you can learn to face self-doubt and increase your inner confidence. Even if you only learn beginner financial modeling by yourself, each skill you learn on your own increases your capacity to learn independently in the future. After learning financial modeling, you’ll be more prepared to learn related skills such as data analytics, object-oriented coding, and FinTech. 

Financial Modeling Self-Teaching Tools

With public libraries and Internet resources making information on financial modeling easy to access, you can explore financial modeling in many different formats. Whether you’re someone who prefers a physical book, wants a tutorial to watch, or prefers on-demand classes, there are plenty of resources out there that will work for you. The unique mix of tools that will help you most will be determined by your accessibility needs and which financial modeling topics you want to learn. 

Free Resources

Thanks to education tools that are available free of cost, you can easily learn beginner financial modeling skills and find answers to general questions without enrolling in a class. Most free tools are short in length and cover small-scope topics, making them ideal starter resources. For the same reason, free resources are also a great option if you’re a casual learner who doesn’t need comprehensive career training. You’ll likely also find free resources useful for solving niche problems that come up while working on projects. 

Through the Internet, you can find free tutorials exploring all manner of financial modeling topics, from using Excel for the first time to getting started with stock market investing and even mastering FinTech. When finding free resources online, remember that not all learning materials are created equal, and some may even lead you astray. Even though it’s tempting to simply click on the first blog article or YouTube video that pops up in your search, you’ll get much better results if you stick to financial modeling resources from reliable sources. 

In addition to pulling advice from established finance companies, you’ll find plenty of great materials available through vocational schools like Noble Desktop. This top-rated school has a variety of free finance seminars, including a Stock Market Investing Fundamentals course. Through their Learn Financial Modeling Blog, they also offer financial modeling video tutorials.

On-demand Training

If you’re willing to pay a fee, you can get access to an expert-curated package of self-study materials. Popularly known as on-demand classes, this style of training doesn’t require scheduled class attendance and includes few (if any) deadlines. Instead, you’ll have the freedom to solo-explore video lectures, reading lessons, and other resources at whatever pace you like. On-demand financial modeling classes are available at a variety of price points, and can even be purchased as a subscription to a huge learning library like Skillshare, Udemy, or Coursera. 

Like free resources, on-demand courses examine smaller beginner and intermediate-level financial modeling topics. However, the advantage to paying for one of these self-study packages is that you won’t need to rely on a scavenge-for-information approach to individual topics. Instead, a community-vetted expert will curate resources for you. 

Drawbacks to Learning Financial Modeling on Your Own

Learning financial modeling solo can be more challenging—even impossible—if you dive into it without truly knowing what you’re getting into. In addition to gaining a clear understanding of autodidacticism’s pros and cons, it’s essential to make an honest evaluation of your study habits and temperament. Only then can you determine whether you can learn financial modeling on your own with any accuracy. 

You Design The Curriculum

While a paid class will provide you with a clear-cut curriculum that includes all the information you need to master a given financial modeling skill, learning on your own leaves you without a map. When trying to construct your own curriculum from advice in books or the Internet, you’re likely to leave out relevant information by accident, resulting in confusion later down the road. This is more true of free resources than on-demand courses but occurs to some extent in both domains. 

You Sacrifice Instructor Guidance

Outside of a live classroom, you won’t be able to ask an expert instructor questions or get personalized help when you need it. Financial modeling is an incredibly detail-oriented skill, which can make it difficult to identify errors on your own as a beginner. An instructor can help you catch mistakes and correct them before they snowball into much bigger problems. Additionally, a teacher’s encouragement can help motivate you to continue learning when roadblocks make you discouraged. 

You Sacrifice Structure

The flexibility of deadline-free learning can be a lifesaver, but it can also result in absolutely no learning. If you’re likely to procrastinate learning (even for good reasons, like prioritizing child care), do-it-yourself learning isn’t likely to be very effective for you. Even if you’ve learned effectively at home in the past, your learning style and accessibility needs can change over time. Consequently, you should take the time to reevaluate your current needs before selecting a training modality. 

You Sacrifice Professional Perks

If you plan on using your financial modeling skills professionally, consider obtaining more advanced training. Today’s finance industry is competitive and favors workers who obtain comprehensive training by attending a vocational bootcamp or college. 

Alternatives to Learning Financial Modeling on Your Own

Do-it-yourself learning isn’t the best option for everyone, but fortunately, there are many other ways to learn financial modeling. With live instructors and a variety of class styles to choose from, you can reach your learning goals with grace. To make financial modeling education available to more people, financial modeling classes are available both in-person and live online. Additionally, you’ll have the option to select from short amateur-level courses and professional training courses. 

Short In-Person Classes (For Casual Students Who Need Face-Time)

Intended to offer abridged instruction on financial modeling topics, short classes take a week or less to complete and take place in a traditional classroom. These courses typically offer many opportunities to ask questions and build rapport with peers. Because these courses usually treat beginner subjects such as Excel, they’re a great option for amateur students who are new to financial modeling. However, some short in-person courses also explore intermediate topics, allowing students to build on experience and explore niche interests. 

Short Live Online Classes (For Guided Instruction from Home)

You may prefer to stay at home while learning financial modeling. If that’s the case, you can still receive expert guidance and participate in real-time classes by signing up for live online financial modeling courses. Through digital interfaces like Zoom, these courses enable you to engage with instructors and peers without needing to commute to a physical location or uproot your at-home routine. Short live online courses most often navigate the same types of topics common to short in-person classes, meaning that you won’t miss out. 

Certificate Granting Vocational Programs (For Aspiring Finance Professionals)

Although short classes provide adequate training for personal projects, the competitive world of professional finance will pit you against job candidates with more advanced training. Obtaining comprehensive training from a vocational training program like the ones offered by Noble Desktop is one of the quickest ways to bring your skills up to entry-level standards. Capable of helping you launch a finance career in just a few months, certificate-granting courses cost less than the average finance degree and prioritize skill-building over theoretical lectures. By doing so, these programs enable you to begin applying your skills in the real world right away. In the same instance, you’ll be gaining experience and building a professional portfolio that can earn you jobs. 

Since financial modeling is a broadly applicable skill with many potential career paths, every financial modeling certificate is different in terms of subject matter. Popular courses like Noble Desktop’s Financial Analyst Training Program provide comprehensive training in multiple analytics skills, including Excel, market forecasting, accounting, valuation, and financial reporting. In an immersive class like this one, an expert will walk you through the process of creating complex financial models such as DCF and three-statement models. By performing real-world assignments, you’ll gain professional experience and exit the class with high-quality models for your portfolio. 

Alternatively, you can attend a bootcamp that focuses on one overarching skill, like Noble Desktop’s Excel Bootcamp. In such a course, you’d devote your time to mastering every aspect of your chosen skill. Because most finance careers demand multiple skills, this type of certificate program isn’t considered adequate career preparation by itself. However, they can yield high returns when fused with skills from other training programs. For example, if you already have professional financial modeling experience under your belt, participating in a Python or SQL bootcamp can help push your career even further. 

Perhaps you’re an intermediate student looking for a course that fits somewhere in between these two certificate styles. Luckily, classes like Noble Desktop’s Financial Modeling Bootcamp make it possible to explore multiple financial modeling skills at once without overwhelming you with the rigors of a full-scope career preparation program. Presuming you have some Excel experience, this course can teach you how to blend advanced Excel features with corporate finance techniques to create professional models. As a more condensed course, this type of class is the perfect choice for when you need to spread your training out to accommodate your schedule. Likewise, condensed certificate courses make it possible to build on former experience without needlessly repeating beginner training.

Finance Degree Programs (For Aspiring Professionals with Time and Money)

College finance programs offer all the same benefits you’d receive in a career-focused certificate course but on a much larger scale. This multi-year undertaking allows you to acquire a more comprehensive education along with more experience. As a result, obtaining a Bachelor of Finance (BBA) or Master of Finance (MBA) degree has long been seen as the top way to prepare for a finance career. Earning a college degree can even help you qualify for higher-salaried jobs. 

To prepare you for the multi-faceted projects you’ll face as a finance professional, finance degrees provide broad-spectrum experience. Financial modeling, accounting, economics, and statistics are among the top skills you’ll likely explore in a finance degree program. In addition to gaining a broad understanding of the finance industry, you’ll be expected to specialize in a niche to help you prepare for a specific career path (such as that of Financial Analyst or Investment Banker). 

The main disadvantage of finance degrees is their cost. In addition to taking four years minimum, these programs can cost tens of thousands of dollars and leave you with enormous debts. College programs also tend to be rigorous when it comes to scheduling, and will likely expect you to approach school like a full-time job.