Master of Management Studies (M.M.S) Financial Modeling Syllabus - Mumbai University 2026

Course objectives

• 1 To build proficiency in Excel-based financial modeling, including data management, analysis, and visualization.
• 2 To introduce the use of macros and VBA in automating and enhancing efficiency in financial models.
• 3 To provide hands-on experience in developing financial models for credit appraisal, including personal and housing loans.
• 4 To train students to construct comprehensive financial models for working capital assessment and project finance.
• 5 To equip students with the skills to prepare clear, precise, and professional financial model reports for business use.

Course outcomes

• CO1: Demonstrate proficiency in Excel functions and tools including formatting, formulas, charts, pivot tables, and scenario analysis essential for building financial models.
• CO2: Explain and utilize the Visual Basic Environment (VBE) to record and apply basic macros for automating financial modeling tasks.
• CO3: Apply financial modeling techniques to credit appraisal scenarios, including personal and housing loans and credit scoring, using practical datasets.
• CO4: Evaluate structured financial models for output based on user requirements and financial documentation.
• CO5: Construct and analyze financial models for working capital and project finance, including financial statements, key ratios, repayment schedules, sensitivity analysis, and comprehensive reporting.

Unit 1 CO1 · 3 hours

Introduction to Financial Modeling, Introduction to financial modes - static vs dynamic models, need and applications; Excel Proficiency Formatting of excel sheets, use of excel formulae function, data filter and sort, charts and graphs, table formula and scenario building, lookups, pivot tables.

Unit 2 CO2 · 2 hours

Visual Basic Environment (VBE): Understanding the basics of macros, recording of macros.

Unit 3 CO4 · 3 hours

Combining the Tools and Theory into the model: Define and structure the problem, define the input and output variables of the model, decide users of the model, understand the financial and mathematical aspects of the model, design the model, create the Spread sheet, test the model, protect the model, document the model, maintain the model.

Unit 4 CO3 · 4 hours

Credit Appraisal Techniques through Modeling Application of Modeling for: housing loan assessment; personal loan assessment; Credit Scoring Models (CIBIL) credit assessment.

Unit 5 CO5 · 7 hours

Working Capital Assessment Model Projected Profit and Loss Statement, Balance Sheet, Cash Flow Statement, Key Ratios (including Current ratio & Interest Coverage), Sensitivity Analysis, Assessment of MPBF.

Unit 6 CO5 · 8 hours

Project Finance Modeling Projected Profit and Loss Statement, Balance Sheet, Cash Flow Statement, Repayment Schedule, Key Ratios (Including ICR and DSCR), Break-even & Payback Period, Risk Assessment (Technical, Financial & Operational), sensitivity analysis

Unit 7 CO5 · 3 hours

Report writing Report writing for project funding and working capital, Retail Loans.

Text Books

• 1 C. Sengupta, Financial Modeling using Excel and VBA
• 2 Alastair L. Day, Mastering Financial Modeling in Microsoft Excel
• 3 Simon Beninga, Financial Modeling

Reference Books

• 1 Alistair L. Day, Mastering Risk Modeling
• 2 Dr. Manu Sharma, Mergers and Acquisitions and Corporate Valuation- An Excel Based Approach
• 3 John D. Finnerty , Project Financing- Asset based financial Engineering
• 4 Daniele Stein Fairhust, Financial Modeling in Excel
• 5 Alastair L. Day, Mastering Financial Modelling in Microsoft® Excel
• 6 R.K. GUPTA & HIMANSHU GUPTA, Credit Appraisal & Analysis of Financial Statement: A Handbook for Bankers and Finance Managers
• 7 R.K. GUPTA & HIMANSHU GUPTA, Working Capital Management & Finance : A Handbook for Bankers and Finance Manager