How Founders Mistake Models Only for Fundraising and What They Should Do With Ilyas Anis

Paul Barnhurst speaks with Ilyas Anis, CFO and Chartered Financial Modeler, about using financial models to build stakeholder confidence, drive operational decisions, and tell a clear business story. Ilyas shares insights on integrating AI, avoiding common modeling pitfalls, and the importance of scenario analysis and three-statement models. Ilyas Anis is Finance Lead at Turning Point Brands Canada and Founder of IMnS Associates. He has 15+ years of experience in financial modeling, valuation, and governance across multiple industries. An FCA, CPA, AFM, and FMVA®, he is also a board advisor and AI enthusiast. Expect to LearnModels build trust, not just numbersConnect finance with operations for better decisionsAI is a helpful junior analyst, but human judgment mattersScenario analysis and storytelling are essential in modelsHere are a few quotes from the episode:“Stakeholders don’t pay you for getting the right thing. They pay for the confidence.” – Ilyas Anis“Financial models should open every Monday morning, they shouldn’t die after fundraising.” – Ilyas AnisIlyas Anis highlights how financial models go beyond numbers to build trust, enable strategic decisions, and communicate a clear business story. He emphasizes the role of AI as a supportive tool, the importance of connecting finance with operations, and practical strategies for building models that deliver actionable insights for stakeholders.Follow Ilyas:Website: https://imnsassociates.com/LinkedIn: https://www.linkedin.com/in/ilyasanis/Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast”Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:00] – Trailer[02:35] – Early Career Horror Stories[04:28] – Storytelling in Models[09:52] – Fundraising vs Operational Models[12:39] – Connecting Finance & Operations[18:36] – Revenue Models as Foundation[25:29] – AI in Modeling[27:38] – Automating Dashboards[34:30] – Rapid-Fire Modeling Best Practices[42:03] – Final Advice

In this episode of Financial Modeler’s Corner, host Paul Barnhurst (aka The FP&A Guy) is joined by guest Mark Proctor. Together, they discuss the intricacies of financial modeling and data analysis, with a focus on building efficient models and leveraging automation in Excel. Mark shares his deep expertise on why structure is key, how to automate tedious tasks, and how Excel continues to evolve to meet the demands of modern financial professionals.Mark Proctor is a seasoned financial professional with a background in accounting and finance, an Excel MVP, and the founder of Excel Off The Grid, a platform dedicated to improving efficiency and effectiveness in Excel. With decades of experience, Mark's insights are invaluable for anyone looking to optimize their use of Excel for financial modeling and beyond. He has helped countless professionals streamline their work through better data structure and automation techniques.Expect to LearnFinancial modeling vs. data analysisAutomation in Excel with Power Query & PivotWhy VLOOKUP is outdated and modern alternativesBuilding flexible, stakeholder-friendly modelsReducing manual and repetitive Excel tasksHere are a few quotes from Mark Proctor:"Hard-coding is the enemy of a flexible financial model. Once you start hard-coding, you lose the ability to see what's really driving the model." - Mark Proctor"One of the key takeaways from bad models is that manual adjustments should always be documented and trackable." - Mark ProctorAs Excel continues to evolve with powerful features like dynamic arrays and advanced automation, the tools discussed in this episode are essential for anyone looking to keep pace with the future of financial modeling. Mark’s emphasis on mastering the basics and thinking structurally will help you work faster and more effectively.Follow Mark:Website - https://exceloffthegrid.com/LinkedIn - https://www.linkedin.com/in/markstephenproctor/Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code “Podcast”Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register.In today’s episode:[00:00] - Trailer[01:54] - Financial Modeling Horror Stories[04:55] - Lessons from Bad Models[06:28] - Mark's Career Journey and Background[12:59] - Data Analysis vs. Financial Modeling[19:17] - Excel as a Data Analysis Tool: Key Innovations[22:55] - Automation in Excel and Practical Tips[33:59] - The Importance of Mastering Excel Basics[44:19] - Wrap-Up and Closing Remarks

Paul Barnhurst speaks with Matan Feldman, Founder and CEO of Wall Street Prep. Matan shares his insights from his career in investment banking and financial modeling, discussing how AI is transforming the investment banking landscape, its impact on financial modeling, and the future of financial modeling education. He reflects on his journey founding Wall Street Prep and the lessons he’s learned along the way.Matan Feldman is the Founder and CEO of Wall Street Prep, where he leads business development, course creation, and training programs for clients such as Morgan Stanley, J.P. Morgan, The Wharton School, and many others. Before founding Wall Street Prep, Matan worked at Chase Manhattan Bank and J.P. Morgan in investment banking and equity research.Expect to Learn:How AI is changing financial modeling and banking workflowsThe evolving role of financial modelers in an AI-driven worldHow AI speeds up repetitive tasks, letting analysts focus on higher-level judgmentWhy are core financial modeling skills still essential despite AI advancements? Here are a few quotes from the episode:"AI is already helping junior analysts by taking over repetitive tasks, but we're just scratching the surface.""AI has the potential to completely reshape how investment banks operate, but it's still in its early stages."Matan Feldman highlights how AI is revolutionizing investment banking and financial modeling, improving efficiency and allowing analysts to focus on higher-level tasks. While AI tools are reshaping workflows, Matan stresses that core financial modeling skills and human judgment remain essential in this evolving industry. Follow Matan:Website: https://www.wallstreetprep.com/LinkedIn: https://www.linkedin.com/in/matanfeldman/Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast”Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [05:55] – AI in Banking[07:00] – AI’s Banking Impact[10:00] – Future of Modeling[12:00] – Role of Modelers[14:00] – AI’s Opportunities[15:00] – AI in Advisory[17:00] – Banking’s Future with AI[19:00] – Analyst’s Future[20:00] – AI’s Effect on Banking[22:00] – AI and Careers

Paul Barnhurst speaks with Matan Feldman, Founder and CEO of Wall Street Prep. Matan shares insights from his career in investment banking and financial modeling, discussing the future of AI in the industry, its impact on investment banking roles, and how it will reshape financial modeling education. He also reflects on his journey founding Wall Street Prep and the lessons he's learned along the way.Matan Feldman is the Founder and CEO of Wall Street Prep, where he leads business development, course creation, and training programs for clients such as Morgan Stanley, J.P. Morgan, The Wharton School, and many others. Before founding Wall Street Prep, Matan worked at Chase Manhattan Bank and J.P.Morgan in investment banking and equity research.Expect to LearnHow AI is transforming financial modeling and investment banking workflows.The evolving role of financial modelers in an AI-driven world.How AI accelerates repetitive tasks, enabling analysts to focus on higher-level judgment.Why foundational financial modeling skills remain crucial despite AI advancements. Here are a few quotes from the episode:"A model can either be the most powerful tool or the most frustrating one." – Matan Feldman"Judgment and interpretation will always remain important." – Matan FeldmanMatan Feldman shared valuable insights into the evolving role of AI in financial modeling and investment banking. He emphasized the growing importance of business judgment and foundational skills as AI tools continue to reshape the industry. Matan's journey from investment banking to founding Wall Street Prep highlights the ongoing need for both technical expertise and strategic thinking in financial modeling Follow Matan:Website: https://www.wallstreetprep.com/LinkedIn: https://www.linkedin.com/in/matanfeldman/Follow Financial Modeler's Corner: LinkedIn Page: https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast”Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [00:00] – Introduction[02:27] – Matan’s Modeling Nightmare[05:07] – The Journey of Wall Street Prep[08:21] – AI in Investment Banking[14:06] – The Future of Modeling and Automation[22:16] – Opportunities and Concerns in AI[29:48] – AI’s Role in Teaching Financial Modeling[36:02] – Rapid Fire Questions

In this episode of Financial Modeler’s Corner, Paul Barnhurst speaks with Shreya Bhatt about her journey in financial modeling and her experience working across infrastructure and project finance. Shreya shares real challenges she has faced, including rebuilding poorly structured models, and explains what makes a model reliable and easy to use. The conversation also covers modeling standards, practical use cases, and how financial models support real-world decisions.Shreya Bhatt is a Manager at CrossBoundary Group with over eight years of experience in financial modeling and infrastructure finance. She works on project finance, portfolio modeling, and investment analysis, supporting decision-making across sectors like renewable energy and infrastructure.Expect to LearnWhat makes a financial model reliable and easy to useCommon mistakes that make models difficult to work withHow project finance models connect to real-world decisionsWhen to use different modeling standards like FAST and SMARTHow AI fits into financial modeling todayHere are a few quotes from the episode:A model can either be the most powerful tool or the most frustrating one.” – Shreya Bhatt“AI can help us, but judgment and interpretation will always remain important.” – Shreya BhattShreya explains that strong financial models are built with clarity, structure, and consistency. She highlights that while tools and technologies like AI can speed up parts of the process, the real value comes from understanding the business, making sound assumptions, and delivering insights that support decision-making.Follow Sherya:Gmail: [email protected]: https://in.linkedin.com/in/-shreyabhatt- Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation today and receive 15% off by using the special show code ‘Podcast’.Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register.In today’s episode:[00:00] – Introduction[02:48] – Worst Modeling Experience[05:44] – Role at CrossBoundary[07:35] – Favourite Model Types[11:14] – Portfolio & Solar Models[14:06] – FAST Certification Journey[16:15] – FAST vs SMART Standards[19:56] – Modeling Best Practices[23:36] – AI in Financial Modeling[28:52] – Career Lessons[33:04] – Rapid Fire Insights[36:56] – Final Advice

In this episode of The Mod Squad, Paul Barnhurst, Ian Schnoor, and Giles Male share their real experiences using AI in financial modelling. They cut through the hype and discuss what AI actually does well, where it still struggles, and how professionals should be thinking about using it today. From building models to handling workflows, the conversation highlights both the value and the limitations of AI tools in real work. Expect to LearnWhere AI actually helps in finance and modelling workWhy most “one-click solution” claims are unrealisticThe importance of checking and guiding AI outputsHow instructions and structure improve AI resultsHere are a few quotes from the episode:“It’s not a one-click solution. You still have to check everything.” – Giles Male“You will have to understand every line to guide AI properly.” – Ian SchnoorAI is powerful, but it’s not a shortcut to good work. It still needs guidance, structure, and strong fundamentals. The people who benefit most will be the ones who understand both the tools and the work behind them. For now, the best approach is simple: use it, test it, and don’t trust it blindly. Follow Ian:LinkedIn - https://www.linkedin.com/in/ianschnoor/Follow Giles:LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/In today’s episode: [02:06] – Current thoughts on AI after recent progress[03:45] – Daily use of AI and time savings[05:00] – Mental fatigue and keeping up with AI changes[08:03] – Calling out AI hype and unrealistic claims[12:30] – AI training challenges and business demand[17:57] – “Eye of the storm” phase of AI development[24:13] – Testing AI-built financial models[30:52] – Why fixing AI models can take longer than building from scratch[35:15] – Responsibility to challenge misleading AI claims[38:41] – Using instructions to improve AI output[42:59] – Final thoughts on AI, stress, and the future

In this episode of Financial Modeler’s Corner, Paul Barnhurst is joined by Rafael Le Saux to explore the real-world challenges of financial modeling, valuation, and how the role is evolving with new tools like AI. They discuss why strong modeling fundamentals still matter, the risks of poorly structured models, and how professionals can improve their skills in a rapidly changing environment.Rafael Le Saux is a valuation and modeling expert with over 16 years of experience in financial advisory and alternative investments. He leads Valuation and Modeling Services at PwC Deals and Strategy Luxembourg, advising clients on complex valuation matters across multiple asset classes. He has held senior roles at Partners Group and worked across multiple global markets and is actively involved in industry education and research.Expect to LearnWhy is the model structure importantCommon mistakes in financial modelingHow to improve Excel and modeling skillsHow AI is used in modeling todayWhy analysis and judgment still matterHere are a few quotes from the episode:|“Those Frankenstein models built from different sources are always the hardest to fix.” - Rafael Le Saux“When you work on a bad model, you quickly understand why structure matters.” - Rafael Le SauxRafael explains that AI can help speed up work, but it cannot replace thinking. The real value comes from understanding the data and building models that others can trust and use.Follow Rafael:LinkedIn: https://www.linkedin.com/in/rafael-le-saux/Website: https://www.pwc.lu/Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register.In today’s episode:[00:34] – Rafael Le Saux Background[03:04] – Modeling Horror Story[05:09] – Teaching Financial Modeling[07:15] – AI in Learning & Education[09:50] – Using AI in Daily Work[12:03] – Limits of AI in Analysis[11:53] – Automation vs Analysis[15:13] – Luxembourg as a Financial Hub[17:56] – Regulation & Valuation[20:31] – Advice for Financial Modelers

In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with Rafael Le Saux to talk about valuation, modeling, and how the field is changing. They dig into real challenges from working on complex models and what happens when things go wrong. The conversation also covers how private markets are evolving and why valuation is getting harder. It’s a practical look at how modeling connects to real decisions in today’s finance world.Rafael Le Saux is a valuation and modeling expert with over 16 years of experience in financial advisory and alternative investments. He leads Valuation and Modeling Services at PwC Luxembourg, working across multiple asset classes. He has also worked at Partners Group and across global markets, including France, Australia, and Chile. Alongside his professional work, he teaches, speaks at industry events, and supports the valuation community.Expect to LearnWhy a strong model structure is critical in real-world projectsThe impact of evergreen and semi-liquid funds on valuation riskWhy regulators are increasing scrutiny on valuation practicesHow AI is helping improve workflows but not replacing human judgmentHow to bridge the gap between auditors and investment teamsHere are a few quotes from the episode:“Some students are actually afraid of Excel, and you can see that change in just a couple of days.” - Rafael Le Saux“Financial modeling is not just about numbers. It’s about understanding where you are today and where you’re going tomorrow.” - Rafael Le SauxValuation and modeling are becoming more demanding as markets continue to change. Better tools make the work faster, but they don’t replace the need for clear thinking and solid structure. The people who focus on understanding the “why” behind the numbers, not just the output, will be the ones who stand out.Follow Rafael:LinkedIn: https://www.linkedin.com/in/rafael-le-saux/Website: https://www.pwc.lu/Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register.In today’s episode:[04:25] – Modeling Horror Story[06:36] – Teaching Modeling[09:11] – AI in Education[11:21] – AI in Daily Work[16:45] – Luxembourg as a Financial Hub[19:48] – Regulation & Valuation[22:55] – Retail Investors & Private Markets[26:59] – Valuation Frequency[30:10] – Auditors vs Investment Teams[33:30] – Excel Tips[35:20] – World Cup Model[37:30] – Rapid Fire[44:00] – Final Advice

In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with Riley Edwards to discuss what it’s like starting out in financial modeling and how those skills carry into real-world financial planning. The conversation covers early mistakes, learning experiences, and the importance of presenting financial information clearly. Riley shares his journey from studying finance to working in wealth management, along with how financial modeling helped him build confidence, improve communication, and handle client conversations more effectively. Riley Edwards is a Financial Planning professional at IG Private Wealth Management, working with Fox-Revett Heslegrave & Associates. He is an Adrian College alumnus and is currently building his career in the financial planning industry. Based in Schomberg, Ontario, Canada, he focuses on helping clients understand their finances and make better decisions through clear analysis. Expect to LearnWhat early mistakes in financial modeling look like and how to fix themWhy understanding the basics is more important than just building modelsHow financial modeling improves confidence in professional settingsWhy presentation skills matter just as much as technical skillsHow modeling helps handle difficult client conversationsHere are a few quotes from the episode:“Learning modeling is easier when you have people around you to share ideas and solve problems together.” - Riley Edwards“Financial modeling is not just about numbers. It’s about understanding where you are today and where you’re going tomorrow.” - Riley EdwardsFinancial modeling is not just about spreadsheets. It’s about turning numbers into something people can understand and use. As Riley explains, the real value comes from how you present and communicate that information, especially when the conversation is not easy.Follow Riley:LinkedIn: https://www.linkedin.com/in/rileyedwards0405/Company’s Website: https://www.foxrevettassociates.comFollow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’. Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. In today’s episode: [02:57] – First Modeling Mistake[05:07] – Getting Started in Financial Modeling[07:29] – Learning Experience & Education[10:04] – Most Rewarding Part of Modeling[12:23] – Importance of Presentation Skills[13:37] – Challenges in Learning Modeling[15:29] – Current Role in Wealth Management[17:38] – Personal Motivation & Background[19:00] – Using Modeling in Client Work[21:18] – AI in Learning & Modeling[25:18] – Excel Tips & Shortcuts[27:28] – Rapid Fire Round

In this episode of Financial Modeler’s Corner, host Paul Barnhurst sits down with Brian Jones to explore how Excel is evolving in the era of AI and large language models. They discuss how Copilot, agent mode, and AI-driven capabilities are transforming the way users build, analyse, and improve spreadsheets. Brian shares insights into how Excel is becoming more like a developer tool and how AI can automate repetitive tasks while enhancing productivity for both beginners and advanced users.Brian Jones is the Vice President of Microsoft Excel, Forms, and Office Platforms. He has been with Microsoft since 1999, working across multiple productivity products, including Word, Office Forms, and developer extensibility tools. In his current role, Brian leads a global team responsible for Excel and related platforms, driving innovation and integrating AI capabilities like Copilot and agent mode into the product ecosystem.Expect to LearnWhat “agent mode” means and how it enables automation in spreadsheetsHow AI can help analyse, fix errors, and improve financial modelsWhy Excel still requires strong logic and formula knowledgeHow different AI models impact outputs and workflows in Excel EdgeHere are a few quotes from the episode:“Excel really is like a developer tool. When you're writing formulas, you're essentially coding.” – Brian Jones“It’s not just about building from scratch, it’s about improving what you already have.” – Brian JonesExcel is evolving into a more intelligent and interactive platform where AI acts as a powerful assistant rather than a replacement. From fixing broken references to building dashboards and automating workflows, tools like Copilot and agent mode are helping users work faster and smarterFollow Brian:LinkedIn: https://www.linkedin.com/in/brijones/Website: https://learn.microsoft.com/en-us/archive/blogs/brian_jones/Follow Financial Modeler's Corner: LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/Newsletter - Subscribe on LinkedIn - https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register.In today’s episode:[00:51] – Introducing Brian Jones[02:50] – Returning to the Excel Team[04:05] – AI & the Future of Excel[06:38] – Customer Questions About Copilot[10:22] – Agent Mode Explained[11:41] – Modeling the community about the Excel agent[13:14] – AI Models & Output Differences[17:16] – Final Thoughts