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Financial Modeling - 2nd Edition: Includes CD Subsequent Edition

by Simon Benninga (Author), Benjamin Czaczkes (Author)

3.9 62 ratings

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Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. Financial Modeling bridges this gap between theory and practice by providing a nuts-and-bolts guide to solving common financial models with spreadsheets. Simon Benninga takes the reader step by step through each model, showing how it can be solved using Microsoft Excel®. In this sense, this is a finance "cookbook," providing recipes with lists of ingredients and instructions.

Areas covered include computation of corporate finance problems, standard portfolio problems, option pricing and applications, and duration and immunization. The second edition contains six new chapters covering financial calculations, cost of capital, value at risk (VaR), real options, early exercise boundaries, and term structure modeling. A new technical chapter contains a potpourri of tips for using Excel®.

Although the reader should know enough about Excel™ to set up a simple spreadsheet, the author explains advanced Excel® techniques used in the book. The book includes chapters dealing with random number generation, data tables, matrix manipulation, and VBA programming. It also comes with a CD-ROM containing Excel® worksheets and solutions to end-of-chapter exercises.

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Simon Benninga
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About the Author

Simon Benninga is Professor of Finance at Tel Aviv University and at the Wharton School of the University of Pennsylvania.

Product details

Publisher ‏ : ‎ Mit Pr; Subsequent edition (January 1, 2000)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 622 pages
ISBN-10 ‏ : ‎ 0262024829
ISBN-13 ‏ : ‎ 978-0262024822
Item Weight ‏ : ‎ 2.4 pounds
Dimensions ‏ : ‎ 7.25 x 1.25 x 9.25 inches

Best Sellers Rank: #3,242,810 in Books (See Top 100 in Books)
- #281 in Business Accounting Software Computer
- #336 in Personal Finance Software (Books)
- #154,448 in Unknown

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3.9 62 ratings

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Simon Benninga
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In the last 20 years I have written a series of books on financial modeling. My current books are Financial Modeling (3rd edition, MIT Press, 2008) and Principles of Finance with Excel (2nd edition, Oxford University Press, 2010). Both books integrate Excel with financial problems. It is difficult to exaggerate the importance of Excel for anyone doing finance, whether student or practitioner, but for some reason most finance books either ignore Excel completely or do not instruct the reader in the nuts-and-bolts of Excel implementation of finance problems. Hence my books.
Of the two currently in-print books, Financial Modeling is a more advanced modeling/finance book that includes VBA and some more advanced mathematics (all explained within the confines of the text). FM has become perhaps the standard financial modeling book at universities and among practitioners. It has been translated into Japanese, Chinese, Italian, and Russian.
Principles of Finance with Excel is an introductory text that covers the standard concepts of a "Principles" or "Introductory" finance book while maintaining the integration with Excel. PFE is gaining increasing adoption at universities in introductory finance courses.
I maintain a full website at http://simonbenninga.com that includes materials for instructors using my books in courses.
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Benjamin Czaczkes
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bibliomane01

An Indispensable Toolkit

Reviewed in the United States on July 7, 2001

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This is is spectacularly effective guide to basic financial modelling using Excel and VBA. Far too many financial textbooks confine themselves to theory without giving the student any guidelines on how to put what they have learned into practice - a startling omission in what is a pre-eminently practical field. Benninga has attempted to fill that gap, and he succeeds brilliantly. Using very clear language and a step-by-step approach, he teaches the reader how to actually construct for himself or herself a series of different financial models that are immediately applicable in the real world. There are sections on corporate finance (cash flow) models, basic portfolio models (CAPM applications) and a really good one on option pricing models that has saved my bacon on more than one occasion! Other sections cover topics such as fixed income and Excel/VBA issues. In conclusion, this is a very impressive text, complete with usable models on CD-ROM, that can take you from novice to mid-level quant in a few weeks!

21 people found this helpful

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Bachelier

The Best Choice for Fundamental Financial Modeling

Reviewed in the United States on April 15, 2005

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I have used Simon Benninga's "Financial Modeling with Excel" for five years to teach undergraduate computational finance [...]. My thinking remains that my students have been well served by this textbook.

The inadequacies that limit my assessment to four stars and need to be addressed in the third edition are: 1) frustrating errors in the text and models, for which the errata sheet and corrected models (available at: [...] only improve, but do not heal. My students find new, undocumented, errors each semester. 2) the data sets and examples are getting, frankly, a little old. It is the year 2005 as I write this, but the data sets and examples end in 1999, a year in which my current students were in high school. 3) the models, while excellent as introductions to the field, are now at the point of being fundamental, rather than exemplary. This is not Prof. Benninga's fault, but as the other reviews from professionals here attest, Excel modeling has advanced in all fields (option pricing, financial statements, portfolio optimization, bond metrics, etc). When this volume was introduced, it was adequate for helping MBA and Master of Science in Finance students build essential modeling skills. Sadly, it now is only appropriate for raw beginners or undergraduates. A new text with a larger scope that addresses advances in the fields is called for. 4) While it is a subject in itself, the book is seriously hindered by not introducing basic Monte Carlo simulation in Excel. 5) No information on downloading data from BLOOMBERG, REUTERS, and other historical and market data providers. It would add to the scope of the text, but 6) fitting DCF models to yield curves also would be welcome.

Even with these criticisms, Benninga's Financial Modeling remains the best book in the field for what it seeks to accomplish. It covers the major topics of finance that are appropriately addressed with models: financial statement, firm valuation and credit metrics, portfolio construction, fixed income metrics, option pricing, etc. Benninga's FM also compares favorably with his two nearest competitors.

Powel and Baker's "The Art of Spreadsheet Modeling" is a two pronged monster: it seeks to be a meta-level theoretical work on spreadsheet modeling, and then introduces modeling Monte Carlo simulation as a fundamental component of Excel (a student edition of CrystalBall is included in the text, and is the only reason to buy this book). The gap between the two is a Grand Canyon's worth of knowledge space that this text does not fill in and nearly ignores. The student who uses only Powel and Baker is ill served; whereas if he uses Benninga, he knows how, why, when and what to model. Consider Powel & Baker as sketches of a concept car with simulated wind tunnel runs, whereas Benninga shows how to build your own kit car and drive it around. Powel and Baker's concept car is beautiful, advanced, gracious, but doesn't exist and doesn't run; Benninga's kit car is like a Lotus Super Seven: simple, runs, is a blast to drive, but is dangerous in heavy traffic and you would not want to go on a 1,000 mile journey with it (i.e. or build a DCF model for the Goldman Sachs LBO team with only Benninga).

Chandan Sengupta's "Financial Modeling Using Excel and VBA" is the only book that comes close to Benninga, and I recommend it as another perspective for my students who want to continue with financial modeling. However, Sengupta's work is flawed on two counts: 1) it is clear throughout that he had read Benninga, and 2) he dropped much of Benninga's content in favor of adding wordy explanatory paragraphs to soften the blow of the fact that modeling is mathematically and technically both boring and intense work. With those criticisms in mind, his work still has neater, leaner, more compressed models with updated contemporary detail.

There are three other books, Scott Proctor's "Building Financial Models with Microsoft Excel: A Guide for Business Professionals," which focuses on building vanilla financial statements, as does John Tjia "Building Financial Models." Mary Jackson & Mike Staunton's "Advanced Modeling in Finance using Excel and VBA" is also now dated and seriously flawed and limited in scope), however it is the next step following Benninga.

For those working in top-tier banks, the internal training and modeling documents, and examples built by colleagues, will likely surpass by light years what is offered in these books. And so for beginners, Benninga remains the the best choice and first step, until something better comes along, or Benninga himself produces a new edition.

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Authorized buyer

Great addition to the Toolbox...

Reviewed in the United States on November 1, 2007

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Beninnga's modeling book is a superior product for its intended audience: beginning to intermediate Excel users. I just used for one of my graduate courses in Finance at Florida International University, and it was spot on for what we needed. I knew exactly what to do on a financial calculator but not how to set those applications up in Excel. Beninnga's chapters cover many of the applications you'll see out there in the real-world. As a added bonus, he includes the CD, so you'll have the exact spreadsheets he uses in the chapters. Keep in mind that being able to read those actual commands/text in the cells give you all the necessary building blocks to enhance your knowledge. No matter what any textbook teaches, you still need your own "intellectual horsepower" and financial acumen to make Excel spreadsheets. To his credit, Beninnga has openly stepped up and posted an errata sheet for the known errors and you'll need to download those. Taken on whole, I salute Benninga for being the pioneer in bringing Finance to Excel applications and I'm eagerly awaiting his 3rd edition. If you're a Finance guy looking to learn finance in Excel, then this a "5-star" gotta have!

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Eduardo J. B.

TOO BASIC for professionals

Reviewed in the United States on March 21, 2000

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I am an budget and forecast analyst and consider this book a waste of money for professionals. The author approaches the topics like cash flow and cost analysis as if the reader were a freshmen student. I was disappointed because the book is not what it claims to be. At the cash flow analysis, the author worries about how to show that the depreciation should be added to the profit after tax. Anybody who works in the field knows that. Then, the author goes to the spreadsheets. They are so simple that anyone could do the same on a piece of paper and still be faster. I felt I spent US$60 for nothing.

30 people found this helpful

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krc

Did someone mention the errors yet?

Reviewed in the United States on October 29, 2007

Verified Purchase

It's kind of a drag, especially for a book of this type, that there are so many errors in both the text AND in the provided source code. Some of the code has clearly never been tested as published, since it actually doesn't run. Uninitialized variables, incorrect derivation of (calculus) derivatives, function names used as variables within the same function (causes infinite recursion crash on some systems), etc., etc., etc. All of these errors that I found in a single chapter have not been published in the book's extensive errata, so presumably have not been found yet. If something doesn't check out in this book, don't blame yourself, check another reference to verify the correct calculation method.

One person found this helpful

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Alan L. Thompson

Awesome book!!!

Reviewed in the United States on January 30, 2014

Verified Purchase

Great book that increased my knowledge of modeling from zero to I now can make my own models and create financials. I'm sure that it's not the end all of financial modeling books, but this book has all tools a MBA student needs to get the core concepts of modeling. A must have!!!

Reviewed in the United States on January 28, 2013

Verified Purchase

I knew the book was consulted in the library of the University, the book is fairly applied, and very good.

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