Answer: In terms of tools, financial modelers need to have a good grasp of computers in today’s day and age because all financial modeling is done on computers. A modeler needs to first and foremost understand Excel or an equivalent spreadsheet program. Within Excel, the modeler should be well-versed with using Excel’s functions, help menu, formulas, charts and formatting. In addition, a financial model is often presented as part of a Word or PowerPoint document, so knowledge of these applications is also helpful. Lastly, a lot of data needs to be gathered from various online sources so modelers must be comfortable with using the Internet to search for data, and savvy enough to find places that let you download data into Excel or other formats so you do not waste time manually typing data.
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