How to enhance excel & modeling skills (for consultants)?

Question

Before starting my new role, I would like to enhance the excel & modeling skill set that consultants need to master. I seldom use them in my previous roles so I'm a bit anxious.

I have never seen excel models built by consulting firms, and I'm not sure how to prepare this skillset from scratch. Could you provide some color on the common models that need to be built in consulting firms (such as P&L forecast, market sizing, etc), and how can I prepare the core skill needed?

I've found several sources for “financial modeling” courses for investment banking, but I haven't found excel courses specifically for management consultants. Ideally, I am trying to find excel courses that provides case studies. Really appreciate your advice!

Answer 1

Hi,

Sharing my perspective having started consulting with zero excel skills, and having also done numerous models across my time in consulting.

You'll pick up whatever you need to learn on the job
- Sure you can take basic excel courses, but the best way to learn is to actually learn by doing, and based on real/practical applications
You will be faced with situations where you don't know what is the best / most efficient solution
- Google and your colleagues are your answer here - don't be afraid to ask for help when you need it
Modelling is as much about logical thinking as it is about understanding how to use excel
- Anyone can understand how to create a formula or a function
- However the value a consultant brings is in the logical thinking behind those assumptions and numbers

Hope this helps to clarify!

Answer 2

Hi there,

You have a few options here:

Learn on the job
Ask your colleagues
Do the online/internal trainings
Find online tutorials/trainings (there are a million)
“Create” you own training by playing around with a big dataset or modelling our your own scenario

In terms of skills, you will need to be quite proficient at Excel, depending on the client/project. This does not mean knowing VBA! Just as an example, you'll need to know functions like indexmatch, pivot tables, data cleaning/manipulation, modeling, etc.

Helpful Prior Q&A

https://www.preplounge.com/en/consulting-forum/free-online-resources-to-learn-excel-basics-6946

https://www.preplounge.com/en/consulting-forum/what-excel-prep-course-do-you-recommend-9795

Answer 3

Hi there,

Good on you for trying to get ahead of the game! However, my big advice is to relax!

This is a challenge that many people face and is therefore expected by your future employer. Once you join, they will generally provide you with plenty of training. Most of it on the job but also good formal training for Excel or other modeling software (depending on firm).

There's no standard models and people build models very differently, even for the same purpose/problem. Hence, wait until you can look over the shoulder of your future colleagues who have a bit more seniority and learn from them.

If what you're saying is that you have no clue how to use excel in the first place, then I can point you in the direction of some resources. However, that would seem a little odd considering your career choice.

Hope this helps a bit. Best of luck!