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Business modelling courses / online resources

business model
New answer on Aug 29, 2023
6 Answers
299 Views
Anonymous A asked on Aug 15, 2023

Hi all, I'm wondering which online courses / resource would you recommend to enhance business modelling? I'm looking for practical courses to enhance my modelling skill for consulting. A lot of the courses offers, focus on general excel functions. Ideally, I'd like to learn the logic of structuring business models, the way to run through economic model (I.e. does the investment make sense), etc.

Previously I've purchased an online course highlighting it as the only dedicated excel modelling course for consultant, which was a total waste of money. Any suggestions please?

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Hani
Expert
replied on Aug 15, 2023
Associate and All-star Interviewer at OW | Ex-S& | 5+ years in the Middle East |300+ Interviews | INSEAD MBA

Hello there,

I understand your desire to enhance your business modeling skills for consulting, and I'd be happy to share my thoughts. From my perspective, while online courses can certainly provide structured learning, especially for foundational Excel skills, I believe that a significant portion of mastering business modeling comes from hands-on experience.

Consulting projects often offer diverse scenarios, which you'll encounter while working on the ground. The logic of structuring business models and evaluating economic feasibility is best learned through real-world application. Projects can vary widely in their scope, focus, and the degree of quantitative modeling they require. Many consulting engagements involve more qualitative assessments rather than purely quantitative financial modeling exercises.

However, if you're still interested in an online resource, I'd recommend looking into the "Financial Modeling and Valuation Certification" offered by the Corporate Finance Institute. It's relatively affordable and covers not only the mechanics of modeling but also provides insights into the business context, which is crucial in consulting. While the real-world experience on consulting projects will be invaluable, a certification like this can give you a solid foundation and a holistic view of financial modeling with business considerations and can help you fill your time and keep your mind engaged before you join a consulting company.

Remember, practical application, learning from mentors, and adapting to the specific challenges you encounter in the field can be some of the most effective ways to refine your business modeling skills.

Best of luck on your learning journey, and I'm here if you have any more questions!

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Benjamin
Expert
Content Creator
replied on Aug 15, 2023
Ex-BCG Principal | 8+ years consulting experience in SEA | BCG top interviewer & top performer

Hi,

I looked around previously on resources for this, and I agree that there are very limited resources out there. 

A similar question was asked a while back by someone who was already in consulting - I gave a detailed response there on how to think about business models and the options to improve your excel:

Resources on training/ coaching for Excel Financial modelling | PrepLounge.com

In short, the key value add of consultants is the logic/critical thinking aspect of the model that underpins the assumptions and drivers. So that leaves you with a few options:

  1. Leverage resources meant for Finance → if you can build a 3 statement model you can build anything
  2. Learn on the job
  3. Hire a coach

Happy to have a more detailed chat - feel free to reach out.

 

 

 

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Ian
Expert
Content Creator
replied on Aug 15, 2023
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

I'm not familair with any specific course like what you mention, but I do offer training in this (through either business prompts or actual datasets). Feel free to reach out!

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Charlotte
Premium
Skilled
replied on Aug 15, 2023
Coaching Program Manager at PrepLounge

Hi there,

to get to know different industries, branches and project types we can recommend our project simulations. Here are more information and here is an overview of the projects.

I hope that helps!

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Cristian
Expert
Content Creator
replied on Aug 18, 2023
#1 rated MBB & McKinsey Coach

Hi there, 

First of all, if you're doing this as prep for getting into consulting, don't worry too much about it - you're not expected to know these things before joining. You'll receive all the necessary training on the job. 

However, if you do want to go for it, I'd recommend that you identify actual certifications that will improve your value proposition in the long-run e.g., CFA accreditation or any big name institute certifications. 

Alternatively, you could hire a coach and do this on an one-on-one basis. The advantage to this approach is that you learn how it works specifically in consulting. 

Best,
Cristian

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Sophia
Expert
replied on Aug 29, 2023
Top-Ranked Coach on PrepLounge for 3 years| 6+ years of coaching

Hello,

To be perfectly candid, if you’re looking to develop business modelling skills in order to get a job in consulting, I wouldn’t spend too much time on it. It’s not a skill that’s looked for or assessed in interviews, so your time is better spent elsewhere. The firm you will end up joining will likely have company-specific training courses for their consultants about business modelling which you can take as soon as you join – that way you can learn how to do it their way, and not waste your money on courses that won’t be applicable on the job. The rest you can pick up on the job.

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Hani gave the best answer

Hani

Associate and All-star Interviewer at OW | Ex-S& | 5+ years in the Middle East |300+ Interviews | INSEAD MBA
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