Financial Modeling Institute (FMI) | Full Stack Modeller

I took the Advanced Financial Modeler (AFM) exam from the FMI on 22nd February 2025. Here are my main learnings.

Preparing for the February 2025 AFM exam

I sat the FMI Advanced Financial Modeler exam on Saturday the 22nd February 2025. In this series, I shared my thoughts and learnings as I prepared for the exam.

Oh, and I'm very pleased to say that I passed so can now call myself an Advanced Financial Modeller! (note the two ls).

You can catch up on my previous posts in our blog area.

So what did I take away from preparing for the AFM exam?

In this final episode of my FMI AFM blog series, I share my main learning from preparing and taking the exam.

Make a plan, but don't worry if you don't stick to it 100%

In the first week I drew up a week-by-week plan, laying out the content that I needed to get covered to ensure I was fully ready by the time the exam came along.

Whilst I didn't stick exactly to the plan (life and workload inevitably got in the way), it did ensure that I had properly thought about what I needed to cover and prioritise the main areas to focus on (in my case debt).

Having the plan really helped me have the confidence upfront that I could get myself ready for the exam in the time that I had available, and helped me keep myself accountable as I progressed through the preperation stages.

Pick a modelling standard, and then flex it for the exam

Most modellers already build in line with a standard, in my case, it is the FAST standard. I've been building using FAST for years and also train people to model to the FAST Standard.

What I found interesting when preparing for the AFM exam was that I had to drop some of my FAST modelling principles for the exam.

The AFM exam provides the case information in a particular format; a format that does not really lend itself to FAST modelling. You also have just four hours to build the three-statement model. These two facts led me to adjust my modelling approach during my practice sessions. You just have to be pragmatic, it's all part of good exam technique.

Have a micro-automation toolkit

When I model, I always use a micro-automation toolkit, by which I mean a set of VBA macros that automate simple, but repeated tasks, like colouring input cells yellow, copying formulas across to the right etc.

I developed a collection of micro-automations specifically for the FMI AFM exam using OA ROBOT as the user interface. The Full Stack Modeller FMI AFM exam collection for OA Robot has been approved by the FMI team for use in the exam and is available for free on Git Hub.

Please note that FMI does not permit any "build" macros, so please check any micro-automations are permitted before using them in your exam.

Practice, practice, practice

It might sound obvious, but making time to practice is incredibly important for the AFM exam. The key areas I practiced are:

• - Initial template set up. I honed this down to 15 minutes to have the full opening template in place
• - Micro-automations - make sure you know your automations and the shortcuts
• - Each element. I practiced each element (ie revenue, costs, depreciation etc) in isolation over and over again until I could build them out quickly and accurately.
• -Timing - I logged how long it took me to complete each element to make sure that I could complete the exam comfortably in the four hours. In the end, I got the full build down to two hours, giving myself plenty of spare time should I need it on the day (I did!).
• -Proctoring set up - Run through the exam proctoring practice provided by FMI. It is very easy, but practicing it just takes away another thing to worry about on the day.
• -Full case study run-throughs. I did four full run-throughs. I actually broke each into two parts as I found it difficult to make the time for a full run through each time, and that worked fine for me.

My final thoughts

I found preparing for and taking the AFM exam from the FMI a very useful and rewarding experience.

I have been modelling and teaching people how to master Excel and financial modelling for over twenty years, but I still learnt from the experience.

If you are looking for a decent way to prove your modelling ability, then I highly recommend taking the Advanced Financial Modeler exam.

How we support FMI students at Full Stack

Full Stack Modeller is an accredited training provider for the Financial Modeling Institute.

Our core training program covers all the Excel and financial modelling skills that you need to succeed in the FMI exams.

Our FMI AFM exam Bootcamp, led by Giles Males, MVP and MFM has been designed specifically to support candidates taking the FMI AFM exam.

Our FMI AFM "micro-automation" toolkit collection has been approved by FMI for use in the exam.

Learn from a Master Financial Modeler

Giles Male, our co-founder and CEO, has achieved the prestigious, highest level of accreditation from the FMI - The Master Financial Modeler (MFM).

Learn from the best.

What is the Financial Modeling Institute?

The Financial Modeling Institute (FMI) was founded in 2017 with the goal of “Promoting awareness, excellence and discipline in Financial Modeling through world-class accreditation programs”.

The Financial Modeling Institute (FMI) focuses on assessment, leaving the delivery of training to independent and proven partners like us at Full Stack Modeller.

What are the FMI certification levels?

The Financial Modeling Institute (FMI) has three certification levels. These are: Advanced Financial Modeler (AFM); Chartered Financial Modeler (CFM); and Master Financial Modeler (MFM).