Financial Modeling Through the Years: Stories & Insights from Colin Human, David Thompson, and Prem Beejan

Welcome to Financial Modeler's Corner (FMC) where we discuss the art and science of financial modeling with your host Paul Barnhurst. Financial Modeler's Corner is sponsored by Financial Modeling Institute (FMI) the most respected accreditations in Financial Modeling globally.

In this episode, Paul Barnhurst is joined by three distinguished modeling experts: Colin Human, David Thompson, and Prem Beejan.

Colin Human started out his financial career as a 22-year-old chartered accountant in South Africa. Today, he is the CEO of Goalfix and provides financial modeling consulting and training.

David Thompson is an independent financial consultant who provides expert financial modeling, financial planning & analysis, independent valuations, strategy, and corporate development services to both the public and private sectors.

Prem Beejan is the Chairman at Maubank Holdings LTD and the Co-founder of the Financial Modeling Centre in Mauritius. FMI recently awarded Prem the Master Financial Modeler, and he is one of only 6 people globally to be awarded the designation.

Listen to this episode as they share about:

• How they got started in financial modeling
• Their experience and learning from the worst models that they came across
• Financial modeling over the years and how it has changed.
• The various Modeling tools used by them
• The impact of Generative AI on Models
• The importance of Formal Accreditation
• Their position on controversial modeling issues, including circular references, dynamic arrays, modeling standards, and more

Sign up for the Advanced Financial Modeler Accreditation or FMI Fundamentals Today and receive 15% off by using the special show code ‘Podcast’.

Visit www.fminstitute.com/podcast and use code Podcast to save 15% when you register.

Go to https://earmarkcpe.com , download the app, take the quiz and you can receive CPE credit.

Follow Colin Human:

Website - https://goalfixglobal.com/staff/colin-human/

LinkedIn - https://www.linkedin.com/in/colin-human-b8072812/

Follow Prem Beejan:

Website - https://www.fmcmauritius.com/

LinkedIn - https://www.linkedin.com/in/prem-beejan-msc-mfm-5a921025/

Follow David Thompson:

Website - https://tghcorp.com.au/

LinkedIn - https://www.linkedin.com/in/strategy-finance-valuations-modelling/

Follow Paul Barnhurst:

Website - https://www.thefpandaguy.com/

LinkedIn - https://www.linkedin.com/in/thefpandaguy/

Instagram - https://www.instagram.com/thefpandaguy/

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Quotes:

“ Strategic thinking is really crucial for financial modelers as it allows them to create dynamic, adaptable, insightful models that can support a company's strategy and decision-making . ” - David

“ Unquantified strategy is just wishful thinking. It's as simple as that. ” - Colin

“ I am not saying that we cannot build models in other tools , t here could be other tools to build financial models , b ut the best, the easiest, the most accepted, the way it's made, the presentation, the reporting , and everything, it's all Excel. ” - Prem

In today’s episode:

(00:22) Intro;

(00:55) Welcoming the Guests - Colin, Prem and David;

(01:33) The worst financial model David has ever seen ;

(02:31) The worst financial model Colin has ever seen ;

(04:16) The worst financial model Prem has ever seen ;

(05:44) David’s key learning experience from the worst financial model ;

(06:23) Colin’s key learning experience from the worst financial model ;

(07:16) Prem’s key learning experience from the worst financial model ;

(08:00) David’s background;

(09:01) Colin’s background;

(10:51) Prem’s background;

(13:48) First Model Colin built;

(17:10) First Model David built;

(19:27) First Model Prem built;

(21:55) First Model Paul built;

(22:39) Changes seen over the years in Modeling ;

(24:52) Tools used in Modeling;

(28:19 - 29:05) Validate your Financial Modeling Skills with FMI’s Accreditation Program (ad);

(29:06) What kept David interested in Modeling;

(31:08) Prem’s take on the impact of Generative AI on Models;

(32:24) Colin’s take on the impact of Generative AI on Models;

(34:48) David’s take on the impact of Generative AI on Models;

(36:20) Important skills to be a great Financial Modeler - David;

(37:29) Important skills to be a great Financial Modeler - Colin;

(38:53) Important skills to be a great Financial Modeler - Prem;

(40:37) The need for Formal Accreditation’s;

(43:19) Why Prem decided to earn the designation of Master Financial Modeler;

(46:51) The importance of Strategic Thinking;

(49:41) Rapid Fire;

(56:42) Nugget on Financial Modeling from the renowned Guests;

(58:51) Connect with David, Prem and Colin;