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Step-by-Step 3 Statement Financial Modeling (Udemy.com)

A time-efficient way to learn how to create 3 statement financial models!

Created by: Michael Ng

Last updated April 2023

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What you will learn

  • Learn how to create a 3 statement financial model from start to finish
  • Understand how to formulate a set of operating assumptions
  • Learn how to model out a forecast profit and loss statement
  • Understand how to model out the cash flow statement and balance sheet
  • Discover the intuitive linkages between the 3 financial statements

How it compares

Against the other 376 rated Udemy courses in Finance & Accounting on CourseDuck:

  • Rating4.5 out of 5higher than 47% of them
  • Reviews3,082#49 of 377 by number of reviews
  • Length1.3 hoursshorter than 89% of them
  • Last updatedApril 2023earlier than 76% of them

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Course Description

The Step-by-Step 3 Statement Financial Modeling course is designed to provide you with a highly approachable & time-efficient way to learn more about how to create your own financial models and review those created by others!


We cover each component of a 3 statement financial model from creating detailed forecast assumptions to modeling out each of the financial statements (P&L, Cash Flow Statement, Balance Sheet) within Excel. We use a highly practical learning approach with a student-led case study completed during the course. We stand with you each step of the way as you discover the need-to-know concepts to make sure you can put this to use immediately! The 100% free preview lectures and course outline will give you a feel for the style and level of content that will be covered.


I have worked in senior roles at the best global investment banks such as J.P. Morgan and Citigroup, having also been a private equity investor in Europe and Asia. You should feel confident that you are in good hands!


Course Outline:

1. Course Introduction - discover the first steps of creating a 3 statement financial model in Excel 

2. Operating Assumptions - dive into how to create a set of operating assumptions for a business 

3. The First Statement - P&L - learn how to model out the profit and loss statement

4. The Second Statement - Cash Flow Statement - understand how the P&L is linked to the cash flow statement and how to model it out

5. The Third Statement - Balance Sheet - learn how to model out the balance sheet and its supporting schedules

6. Final Model Check & Troubleshooting - discover how the 3 financial statements come together & key strategies to troubleshoot a model


If you have any questions once you get started, do not hesitate to use the embedded Q&A function and we will get back to you shortly to continue your learning journey.


Whether you're wanting to improve your financial modeling skills or are even brand new to the finance world, this is the course for you!


We can't wait to see you inside the course!

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Instructor Details

Michael Ng

One-Liner

Michael is a private equity investor and investment banker, having executed $5+ billion in M&A and capital raising transactions at leading firms across Asia, North America and Europe including J.P. Morgan and Citi.


Career Highlights

> Advised a range of public and private companies, ranging from early-stage ventures to Fortune 1000 companies, on M&A and capital raisings

> Sourced deals for multiple private equity funds

> Advised private equity funds across two continents on fundraising

> Led the exit of multiple private equity investments

> Served on the boards of numerous PE-backed companies

> Worked as a mentor with some of the leading global accelerators including Techstars

> Served on university commercialisation committees to allocate limited capital to early stage projects


Education

Michael was educated at the University of Western Australia and Yale School of Management. He is also a Graduate of the Australian Institute of Company Directors.

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Reviews

4.5

3,082 ratings on Udemy

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By Isha Malhotra on 9/16/2026

I learned a lot from the course. I have taken one star because I wish there were more practice material/assignments. The assignments were very simple. I will spend additional time to recreate the three financial statements outside of the course

By Natalia Karakala on 9/16/2026

Maybe some slides with the projection formulas could be useful for all of those who haven't seen how to project the different accounts yet. I am referring to the mathematical formulas, not the Excel ones. This is the only reason I didn't give you the 5th star. Otherwise, it was useful and thank you for your time!

By Zuhair Ansari on 1/31/2026

Is mostly a refesher course on any other financial modeling course that one would have done.

By Co (Duke) Nguyen on 12/19/2025

I've been using Excel in an FP&A function for 5+ years and here I am learning new formulas and shortcut keys. Getting to the result is the same, but learning new things is always good. The course itself teaches me the 3 Statement modeling I lack, too.

By Adam Landsberg on 11/30/2025

I've started many courses in Udemy; this is the first one I've finished! This is a short, concise course on the mechanics and arithmetic of a three-statement (P&L, Cash Flow, Balance Sheet) financial model in Excel. The real art in these models, however, is in crafting the assumptions, which is beyond the scope of this course. I'd recommend this course to anyone who wants to see the mechanics of a three-statement financial model in Excel.

By Nerissa Wong on 5/28/2024

It's my first financial modeling course (despite having worked in accounting & finance for X years) and it's very clearly presented. Language and terms used are easy to follow through and the assignments (followed by solutions) are great to try and test the understanding. They could also be used as a template for my future attempt in building the models. If I am to point out some less-than-perfect things, it would be that for one of the assignments where there was no actual question, we had to write something and submit in order to move to the next lesson. and the other thing is the transcript - which is probably out of Michael's control. But the English transcript is having quite a lot of errors and if I just trust the transcripts and refer to it in the future, I'm probably going to get really lost. It was a great experience and now I could put this as a skills in my CV. Thanks a lot Michael!

By Stephanie Nance on 4/3/2024

This was great! Michael is very knowledgeable and a natural teacher. He explains this process clearly and logically. Love the assignments throughout to really test the learning as well as the full workbook once the course is complete. I will be taking more classes through Udemy.

By Ian Martin Iren Blumenthal on 8/8/2023

The course instructor deserves high praise for creating a remarkably insightful and comprehensible modeling course. The expertise in breaking down intricate concepts into easily digestible content showcases the mastery of the subject matter. Thank you very much for this awesome course! Best Ian Blumenthal

By Krishna Ravuri on 6/2/2023

It was a good course explaining the connectedness of PnL, Balance Sheet and Cash flow statements and how to build them. I was hoping there would be a more complex model using public company financial statements. Thanks for the easy and clear instructions!

By John Meaney on 5/24/2021

I struggled a bit at first but, once I got into the groove of the intent of the exercises and some my excel knowledge gaps, I was able to move more quickly. Great Course to complete over the weekend and valuable templates as a parting gift.

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Overall Score : 90 / 100