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Financial Modeling (MIT Press), by Simon Benninga
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Financial Modeling is now the standard text for explaining the implementation of financial models in Excel. This long-awaited fourth edition maintains the "cookbook" features and Excel dependence that have made the previous editions so popular. As in previous editions, basic and advanced models in the areas of corporate finance, portfolio management, options, and bonds are explained with detailed Excel spreadsheets. Sections on technical aspects of Excel and on the use of Visual Basic for Applications (VBA) round out the book to make Financial Modeling a complete guide for the financial modeler.
The new edition of Financial Modeling includes a number of innovations. A new section explains the principles of Monte Carlo methods and their application to portfolio management and exotic option valuation. A new chapter discusses term structure modeling, with special emphasis on the Nelson-Siegel model. The discussion of corporate valuation using pro forma models has been rounded out with the introduction of a new, simple model for corporate valuation based on accounting data and a minimal number of valuation parameters.
New print copies of this book include a card affixed to the inside back cover with a unique access code. Access codes are required to download Excel worksheets and solutions to end-of-chapter exercises. If you have a used copy of this book, you may purchase a digitally-delivered access code separately via the Supplemental Material link on this page. If you purchased an e-book, you may obtain a unique access code by emailing digitalproducts-cs@mit.edu or calling 617-253-2889 or 800-207-8354 (toll-free in the U.S. and Canada).
Praise for earlier editions "Financial Modeling belongs on the desk of every finance professional. Its no-nonsense, hands-on approach makes it an indispensable tool." -- Hal R. Varian, Dean, School of Information Management and Systems, University of California, Berkeley
" Financial Modeling is highly recommended to readers who are interested in an introduction to basic, traditional approaches to financial modeling and analysis, as well as to those who want to learn more about applying spreadsheet software to financial analysis." -- Edward Weiss, Journal of Computational Intelligence in Finance
"Benninga has a clear writing style and uses numerous illustrations, which make this book one of the best texts on using Excel for finance that I've seen." -- Ed McCarthy, Ticker Magazine
- Sales Rank: #37865 in Books
- Published on: 2014-04-18
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.50" w x 7.00" l, 3.79 pounds
- Binding: Hardcover
- 1144 pages
Review
I've found earlier editions of Simon Benninga's Financial Modeling to be a great reference, and I've used them often. The fourth edition again offers helpful tips for using Excel in the most efficient and powerful manner to solve finance problems. These tips are illustrated in clear, step-by-step fashion so that the reader can start using them right away. The fourth edition also offers an improved flow of topics within the primary headings of Corporate Finance and Valuation, Portfolio Models, Valuation of Options, Valuing Bonds, and Monte Carlo Methods, along with updated examples and exercises. Financial Modeling continues to be a valuable resource for practicing finance professionals, students, and professors.
(Robert A. Taggart, Professor of Finance, Carroll School of Management, Boston College)
About the Author
Simon Benninga is Professor of Finance and Director of the Sofaer International MBA program at the Faculty of Management at Tel-Aviv University. For many years he was a Visiting Professor at the Wharton School of the University of Pennsylvania.
Most helpful customer reviews
256 of 258 people found the following review helpful.
The Best Choice for Fundamental Financial Modeling
By Bachelier
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.
130 of 139 people found the following review helpful.
the single most useful book for finance students and professionals ever published
By Bachelier
Simon Benninga's 3rd Edition of Financial Modelling with Excel is the single most useful book for finance students and professionals ever published and continues to offer an outstanding reference and textbook for students and practitioners of applied finance.
For further information, please use the "Look Inside" feature and examine the Table of Contents carefully, because I will emphasize selected portions.
It is difficult to overstate how useful and practical and helpful this work is for a wide audience and Financial Modelling is the single finance book I recommend for everyone after they have taken (or read themselves) Introductory Finance.
For those looking for "one-stop-shopping" for models that resemble those of professional financial analysts then there is no better value than Benninga's FM3.
Benninga's FM3 is a coal-face work for those who must make financial decisions using models. There are further specialist texts in topics covered here (credit modelling, portfolio construction, option pricing), but the models in FM3 are the first advanced models applied to loans, bonds, options, and equity portfolios. Master these and then specialized texts are easier to digest.
"Cookbook" metaphors are too strong and do not do this work justice, for Financial Modelling 3rd (FM3) is not a mere collection of recipes but rather topical introduction, explanation, and then direct technique.
If we can make a comparison with a "cookbook" then FM3 falls somewhere between "The Joy of Cooking" and "Mastering the Art of French Cooking." "Joy" combines chapters on technique, ingredients, and tools with dense pages of endless recipes, whereas "Mastering" emphasises technique and a few well-selected recipes.
The welcome new chapters cover bank valuation, the Black-Litterman approach to portfolio optimization, and Monte Carlo methods and applications to option pricing, and the previous 2nd edition's small chapter on using array functions and formulas has been expanded. The chapter on data downloads from YAHOO is also welcome, especially for those on a budget.
There is a single significant flaw in the work, which is excusable and redeemable. Far too often the discounting in the chapters is done over a flat interest rate curve. While the term structure of interest rates is covered, and historical term structures and parallel shifts and steepening and flattening is covered in isolation in a thorough chapter and with wonderful data files, the necessity and explicit connection of discounting from an appropriate yield curve is left implied and only mentioned in a few exercises. I would have preferred a "round up" chapter where each of the subjects treated (bond discounting, portfolio expected returns, options, etc.) under a yield curve with advanced models. Sure BLOOMBERG and REUTERS have these sort of things (often incorrectly) programmed, but students need to learn explicitly about them and do the exercise themselves to comprehend the importance of curve discounting.
The CD attached in the back of the book is alone worth the price, with over two score of models that are practical and adaptable for students and professionals alike. The files are stored and separated according to chapters and subject matter. Each file has logical progression of the concepts advanced in the book, and each separate sheet either stands alone or appropriately links to data and models on other sheets, so editing for your own purposes is a breeze.
For those who want to train themselves in Finance (not "personal finance") then I suggest reading Copeland, Weston, & Shastri's Financial Theory and Corporate Policy (4th Edition) and Brealey, Myers, and Marcus's "Corporate Finance" and "Investments" followed by working through FM3. Such a course would give any self-disciplined person the equivalent of a Masters of Science in Finance.
Full disclosure: I am thanked in the "Acknowledgements" for providing a few helpful comments on the second edition.
107 of 114 people found the following review helpful.
Quick Tip
By SelfTraining
Rather then comment extensively on the content of the book (as others have done rather well), I felt like I would pass this tip (which I wish I had known to prevent frustration). I feel that anyone without a working knowledge of Visual Basic, and manuevering around Excel should obtain the skill set with the well written technical sections. I would suggest starting with part VI introduction to Visual Basic (chapters 36-41) then moving on to Technical Consideration (chapters 29-35) and THEN moving onto the substantial matter of the first 4 parts. This will help keep you from getting frustrated while interacting with the software and allow you to focus on the concepts. Again this is only for individuals without a working knowledge of the platforms, if you do possess those skills then the above recommendation is a moot point.
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