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Building Financial Models (McGraw-Hill Finance & Investing), by John Tjia
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The ability to effectively create and interpret financial models is one of the most valued skills in corporate finance--from Wall Street to Main Street. Now, the acclaimed guide to designing, building, and implementing valuation projection models is fully revised and expanded to keep finance and accounting professionals competitive in today's marketplace.
This second edition of Building Financial Models continues the tradition of its predecessor by providing a hands-on approach to creating a core model that is supported by broad coverage of cornerstone accounting and finance principles. Additionally, this updated volume features:
- Entirely new coverage of discounted cash flow (DCF) modeling
- Excel formulas for making powerful calculations within the spreadsheet
- In-depth explanations of both the principles and mechanics of projection models
Building Financial Models helps readers practice good thinking and apply sound knowledge of their tools--two key attributes to producing robust and easy-to-use models. This practical guide takes you step by step through the entire process of developing a projection model, with a full chapter dedicated to each phase. By the end, you will have a working, dynamic spreadsheet financial model for making projections for industrial and manufacturing companies.
Furthermore, this Second Edition provides the vocabulary and syntax of model building so you can tailor core models to fit any size company and allow for quick input changes to test sensitivity. The companion website www.buildingfinancialmodel.com offering example spreadsheets will give you a head start on developing your own models.
A flexible and successful financial projection model does more than just add numbers--it explains the complex relationships between those numbers and illuminates ways to use those associations to add value to an enterprise. Building Financial Models is the only book you need to create and implement a fluid financial projection model that is both state of the art and user friendly.
- Sales Rank: #201738 in Books
- Published on: 2009-06-17
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.32" w x 6.50" l, 1.70 pounds
- Binding: Hardcover
- 464 pages
From the Back Cover
The most up-to-date guide available for designing, building, and implementing valuation projection models
This updated and augmented second edition of Building Financial Models provides a state-of-the-art method for creating projection models that will accurately determine a company's valuation today and its earnings and profits tomorrow.
Complete with brand new material on discounted cash flow (DCF) modeling and an accompanying website with example spreadsheets, Building Financial Models is the most comprehensive guide to real-world projection modeling available.
Globally recognized by accounting and finance professionals for its proven step-by-step approach, this hands-on road map to projection model design and implementation features:
- An overview of projection models--what they are, how they are used, and how they vary between industries
- In-depth explanations of the accounting and finance concepts that underpin working financial models
- Detailed directions for using spreadsheet software to create dynamically powerful financial models
- Clear strategies for producing and using a projection model that allows the user to change inputs quickly for sensitivity testing
Building Financial Models is a single, go-to resource that offers unparalleled depth of coverage and breadth of topic.
Get started on Building Financial Models now to develop the skills you need to stay competitive in today's corporate finance arena.
About the Author
John S. Tjia is a founding partner of TMG Associates, LLC, a consulting firm that specializes in financial modeling for corporate finance. A former vice president at JPMorgan Chase, he has taught modeling and valuation classes to hundreds of analysts and associates.
Most helpful customer reviews
40 of 40 people found the following review helpful.
This author is a financial modeling pioneer
By Adrienne Wheeler, Ed.D.
John Tjia’s involvement with the first financial projection model on a mainframe several decades ago and his ongoing work building models for prominent financial sector firms gives him a unique perspective. His book provides straightforward steps for creating integrated financial statement projection models and helpful explanations of the related operating, investing and financial variables that projections are based upon. As with any good introductory text there are plenty of definitions for new terms/concepts such as: one-off model versus template model; integrated financial statement projection model; iteration; the revolver and circular references. Emphasis is also placed upon streamlining the modeling process by determining whether the model under consideration will be: an annual or quarterly model; full-blown or quick & dirty model and what questions will it answer.
A “best practices” chapter lists common sense refinements that make spreadsheets more readable such as color coding input cells and having one location for all input values that are referenced throughout the model using absolute and mixed cell addresses. At the midpoint of the book a simple model is introduced, the five subsequent chapters each add a layer of complexity to that model. The book ends with two chapters that introduce Visual Basic in a thorough yet interesting manner.
Please note that since the first edition of Tjia’s book predates other Financial Modeling textbooks, he makes no assumptions about his readers having any background in financial modeling and explains everything in great detail. Hence the acquisition of Tjia’s book will significantly enhance your arsenal of financial modeling reference materials.
10 of 10 people found the following review helpful.
Credible, instructional, and valuable
By K V
When reading an instructional book one occasionally gets the impression that the author might not have much hands-on or professional experience. That is certainly not the case with "Building Financial Models". Throughout this introduction to financial modeling, one can sense that the author has worked extensively in the field. His list of tips, best practices, pitfalls to avoid, when to use - or not use - a certain function all seem to hint at hard-won knowledge that could only have come from years of experience and experimentation. In the same way that every regulation on a ship is the result of a disaster, I'd guess every tip or piece of advice he gives was also the result of a mistake being made. It's a very humble and thoughtful approach that lets the reader know there are many ways one can introduce errors into models - and how to best avoid doing so. The author made the various mistakes and notated ways to avoid them here with the hope that we won't repeat them. The result is a book that comes across as very credible and reassuring. One quickly realizes that the author is an expert about the subject which he is writing.
While this book may be viewed as an introduction to modeling, my guess is even experienced modellers will benefit from reading it - even if only a quick skim. There are almost certainly going to be a few techniques of which one is unaware that will make one go "Ah, that's a good idea!" and that will likely save time and frustration. There is value in this book for many levels.
For one new to this subject, one may be surprised at how much of modelling - and the book - is based around Excel. In the financial world, Excel is the giant when it comes to modelling. If one wants to learn financial modelling, one needs to learn Excel. The two can be considered inseperable and the author understands this. The plentiful advice given on using Excel should not be overlooked - even if it at times seems minor. Chances are the author included what he wrote with good reason and skipping over - or not fully paying attention - is inviting eventual peril.
Besides the use of Excel there is the substance of the book that one would expect. Income Statements, Balance Sheets, Cash Flow, Retained Earnings, Plugs, Revolvers, etc. These are explained in a way that even a complete novice to the field should be able to understand. Throughout the book there is a very logical flow in how concepts are taught. It's very confidence inspiring as one gets the feeling that a lot of time and thought went into developing this book.
After an introductory look at Excel and an overview of financial concepts, the reader is encouraged to build their own models with step-by-step instructions. I'd highly recommend spending the time doing so as this is where the most value for a novice will be gained. The hands-on work - inevitably making mistakes which one learns from - will allow one to see how the various parts of a model are connected and what's possible. The author has downloadable Excel files on his site of the examples in the book. I'd suggest just using those as references for one's own work. Simply glancing at those will not give the same rewards as actually building one's own models.
In the professional world, one occasionally comes across an expert whose experience and knowledge makes one think, "You really know a lot about this field. You should write a book and share what you've learned." "Building Financial Models" strongly gives the impression of being such a book.
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I used MS Office 2011 while going through the book which itself uses screenshots from Excel 2007. The differences between the images of the book and the current Excel are mostly superficial. Occasionally, it takes a small amount of time to track down the function needed. It's not a big problem.
However, using a Mac instead of Windows will be a nuisance as many of the time-saving keyboard shortcuts mentioned in the book are completely different or non-existent on a Mac. I'd highly encourage using Windows while going through this book.
31 of 39 people found the following review helpful.
Not exactly the textbook I want
By Papasik
I was looking for a textbook for my own Financial Modelling class. My goal was to find something that describes creating a financial model centered on cash flow, bottom up approach (from business processes to money) and is lean and flexible. For Internet startups that primarily use my class, this is a must: they have no history, no physical assets or debt and have to evaluate dramatically different strategies. I went through this book cover to cover (Kindle ed) and did not keep it.
What this book is good for:
- RATIO ANALYSIS. If you want a quick reference on how to compute ratios and what they mean - this book has a great chapter on it.
- PERIOD MODIFICATIONS. Different projections and discounting for end of period, mid-period (with proper formulas and even switches) is very useful.
What this book is not good for
- CASH FLOW. It is kept out of the picture, introduced late and is built from previously constructed BS and IS. For a large pre-existing business, you can get around with it, but for a situation where you are building a new business or doing a credit check, taking away WC adjustments (caused by accrual accounting) and noncash like D&A is only part of the story. You do want to see CF-O, CF-I and CF-F structured like by line. You do not get it.
- PLUGS. As some reviewers previously mentioned, you DO NOT use plugs. Ever. It is tantamount to changing a problem to fit the solution. Yes, the alternative is to project the CF coming from business operations, so that's what you should be doing in first place.
- FORECASTS. It's extrapolation by implication based on past history. No attempt to relate sales to advertizing spending or costs to manufacturing process, for example. A company is treated as an almost black box. Not good for internal startup use at all!
- M&, PE A AND LBO ANALYSIS. The way statements are done implies they are intended for old manufacturing companies undergoing capital transactions, which is fine. But the book stops short at showing how the models are used in transactions, what are the questions asked, etc.
- DECISIONS. How do you compute in Excel "DO PROJECT A, NOT B"? The book bypasses this ABC of DCFs.
- LEARNING ADVANCED EXCEL. Third of the book is Excel for beginners but this could have well been relegated to other book. We want to see how Excel is used for financial projections. First thing anyone should learn is that inputs should be kept separate from outputs, and outputs are not reports (i.e. finished printable financial pro formas). This book does not input values inside formulas, but reports and outputs are the same, and inputs can be scattered all over the model. Go find them. Named ranges are not used, cell validation (which is a way to make protected drop down list btw) appears in last chapter. In other words, the model a book advises to build is a product that an analyst can make fast but will have hard time sharing with a team - which is what models are predominantly for.
Surprisingly, this book is written by a former JPM model czar. It is the way JPM actually build its internal models? Can't believe it.
So far, will remain stuck to my Robert Higgins's Analysis for Financial Management (also McGraw, an amazingly clear and useful text) and keep looking.
By Robert Higgins: Analysis for Financial Management with S&P bind-in card (Mcgraw-Hill/Irwin Series in Finance, Insurance and Real Estate) Ninth (9th) Edition
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