In Episode 5 of The ModSquad on Financial Modeler’s Corner, Paul Barnhurst, Ian Schnoor, and Giles Male take a hard look at the changing landscape of financial modeling in the wake of Microsoft’s release of Excel Agent. Since launching at the end of September to coincide with Excel’s 40th birthday, Excel Agent has quickly changed the competitive dynamics for AI-powered modeling tools. The team explores the implications: how Excel Agent’s capabilities compare to other tools, why third-party platforms are shutting down, and what all this means for the future of work in modeling-heavy industries like investment banking.

Expect to Learn

• Why Excel Agent is pushing competing modeling tools like Rosie AI out of the market.
• What makes Excel Agent a “magnifier” of both modeling skill and error.
• How fast AI is evolving inside Excel and what that means for modelers today.
• Why AI won’t reduce hours in finance, despite speeding up modeling work.
• What OpenAI’s Project Mercury reveals about the next phase of automation in investment banking.

Here are a few quotes from the episode:

• “You can't hit a prompt, go get a coffee, and expect a working model.” – Giles Male
• “If you don’t understand what the AI just built, you’re in trouble.” – Ian Schnoor

This episode makes it clear: AI is not a replacement for skill; it’s a multiplier. Excel Agent may be setting the new standard, but success still comes down to human understanding, judgment, and accountability. As the modeling world evolves rapidly, professionals who stay informed and upskill will thrive. The Mod Squad isn’t slowing down either; more tool reviews and sharp conversations are coming.

Follow Ian Schnoor:

LinkedIn - https://www.linkedin.com/in/ianschnoor/

Follow Giles Male:

LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

In today’s episode:

[05:29] - AI Tools Recap

[07:26] - AI Hype and Hidden Risks

[10:23] - AI as a Skill Magnifier

[13:48] - Microsoft’s Impact on AI Startups

[16:15] - Rapid Evolution of Excel AI

[21:29] - OpenAI’s Role in Financial Modeling

[29:17] - Understanding Assumptions and Calculations

[31:53] - Final Thought

In this episode of The ModSquad on Financial Modeler's Corner, Paul Barnhurst, Ian Schnoor, and Giles Male explore Microsoft’s newly released Excel Agent, a beta tool designed to bring AI into Excel Online. The team compares its performance to Rosie AI, running both through a range of tasks, including formula building, audit reviews, and a full five-year model forecast. Along the way, they test the tools against real modeling challenges like the Excel Esports case and a creative custom case, "The Humble MVP." This isn’t just about flashy tech. It’s a deeper conversation on where AI can help, where it falls short, and why core financial modeling skills still matter.

Expect to Learn

• What happened when Excel Agent tried to build a full five-year forecast model.
• Why solid modeling skills still beat "one-click" AI hype.
• Where AI tools succeed, and fail, in reviewing formulas and detecting issues.
• Why you should never fully trust AI without understanding what it’s doing.

Here are a few quotes from the episode:

• “Building a model is like flying a plane; you don’t want a rookie in charge when something breaks.” - Ian Schnoor
• “You can’t hit a prompt, go get a coffee, and expect a working model.” - Giles Male

Follow Ian Schnoor:

LinkedIn - https://www.linkedin.com/in/ianschnoor/

Follow Giles Male:

LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

In today’s episode:

[02:21] - What is an Excel Agent and why does it matter?

[05:37] - Sharpen Your Modeling Skills

[06:51] - Modeling Requires Human Judgment

[09:27] - Esports Case: Rosie AI vs Excel Agent Test

[19:39] - Excel Agent Hangs in Beta Mode

[25:26] - Testing PVM in the Smoothie Business Case

[30:01] - Ian Takes Over: Testing Excel Agent on AFM Model

[44:11] - Building a five-year forecast model from scratch

[55:19] - Adding a revolver to the model

[01:00:12] - Why the balance sheet doesn’t balance

[01:03:46] - Final thoughts and takeaways

Note: This episode was recorded and scheduled for release before the recent announcement that Rosie AI is shutting down.

In this episode of the ModSquad series on Financial Modeler’s Corner, host Paul Barnhurst is joined by modeling experts Ian Schnoor and Giles Male to evaluate Rosie AI, a new tool that integrates with both Excel and Google Sheets. Together, they test its capabilities in building financial models, solving complex FP&A tasks, and performing real-world use cases. They push Rosie through a series of tests, from basic formula creation to building full three-statement models, and discuss where it excels, where it needs improvement, and its potential future in the world of financial modeling.

Expect to Learn

• How Rosie AI performs in real-world financial modeling tasks
• The strengths and weaknesses of Rosie in building models and formulas
• Key insights into how AI tools are evolving in financial modeling
• The importance of knowing how to validate AI-generated models
• How Rosie compares with other AI tools and traditional financial modeling techniques

Here are a few quotes from the episode:

• “AI can’t replace the need for modelers to understand the logic, but it can help speed up certain tasks.” - Giles Male
• “If you know what you’re doing, these tools can save you time. If you don’t, you need to double-check everything.” - Ian Schnoor

Follow Ian Schnoor:

LinkedIn - https://www.linkedin.com/in/ianschnoor/

Follow Giles Male:

LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

Rosie AI: https://www.askrosie.ai/

In today’s episode:

[02:23] - Excel Turns 40

[07:29] - Microsoft’s AI Agent vs. Modeling Tools

[16:18] - Exploring Rosie’s Website and Features

[25:35] - Real-World FP&A Test: Trial Balance Summary

[35:53] - Deferred Revenue Schedule Test

[50:54] - Detecting Inconsistent Formulas in Financial Models

[01:00:53] - Testing Rosie AI on a Five-Year Forecast Model Build

[01:08:31] - Final Thoughts: Where AI Helps and Where It Doesn’t

Disclaimer: This episode is best experienced in video format. Since we’re testing new tools like Tracelight, the visuals add valuable context and make everything much clearer. We highly recommend watching the video for the full experience.

In this episode of the ModSquad series on Financial Modelers’ Corner, host Paul Barnhurst is joined by modeling experts Ian Schnoor and Giles Male to evaluate Tracelight, a new Excel-based modeling tool. Together, they explore how well it performs across real-world use cases in FP&A, Excel eSports, and corporate finance. From auditing balance sheets to solving Excel battle cases and building five-year forecast models, the ModSquad puts Tracelight through a comprehensive test to assess what it gets right, what it gets wrong, and where it still needs improvement.

Expect to Learn

• How Tracelight performs across different financial modeling scenarios
• The impact of LLM selection and prompt design on tool output
• Where Tracelight excels, and where it falls short, in building models and running checks
• How Excel eSports challenges expose strengths and weaknesses in formula logic
• When these tools can save time, and when they create more work

Here are a few quotes from the episode:

• "If you don't know your stuff, you're going to learn the wrong things; or worse, think it's right when it’s not." - Giles Male
• "The best Excel modellers aren’t the fastest, they’re the most thoughtful."- Ian Schnoor

Follow Ian Schnoor:

LinkedIn - https://www.linkedin.com/in/ianschnoor/

Follow Giles Male:

LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

Tracelight: https://tracelight.ai/

In today’s episode:

[02:22] - Tracelight Overview & Positioning

[09:46] - Giles vs. Excel eSports Battle Case

[18:00] - Reviewing Tracelight’s Logic and Output

[28:04] - Advanced Test: Championship-Level Modeling

[33:59] - AI Tools and the Learning Curve

[41:49] - Deferred Revenue Schedule Test

[56:26] - Why Doesn’t the Balance Sheet Balance?

[1:02:21] - Fixing Balance Sheet Errors Using Cloud Opus

[1:316:00] - Episode Wrap-Up and Final Thoughts

In this special launch episode of The Mod Squad, host Paul Barnhurst is joined by co-hosts Giles Male and Ian Schnoor to explore the evolving intersection of artificial intelligence and financial modeling. Together, they introduce a new podcast series, The ModSquad, designed to test AI tools built for financial modelers, FP&A professionals, and analysts. The trio shares their excitement, cautious optimism, and the pressing questions they hope to answer through hands-on experimentation with cutting-edge tools that promise to transform the modeling landscape.

Paul, Giles, and Ian bring decades of combined experience across FP&A, corporate finance, Excel training, and financial modeling accreditation. This introductory episode sets the tone for a candid, unscripted, and deeply analytical journey into the practical realities of AI in finance.

Expect to Learn

• Why AI won't replace financial modelers, but will transform the way they work
• How AI tools are being developed to serve finance professionals specifically
• The importance of judgment, communication, and scoping in effective modeling
• What The Mod Squad plans to test: from three-statement models to Excel esports
• How to prepare your career for the AI revolution in modeling

Here are a few quotes from the episode:

• “Just because it looks cool doesn’t mean it gives you a finished product.” - Giles Male
• “Modeling is just as much the journey as it is the destination.” - Ian Schnoor

Follow Ian Schnoor:

LinkedIn - https://www.linkedin.com/in/ianschnoor/

Follow Giles Male:

LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/

In today’s episode:

[01:21] - Introduction of the Episode

[04:57] - Why This Series? Helping Modelers Cut Through the AI Noise

[09:14] - Fear & Job Security: Will AI Replace Financial Modelers?

[14:14]- The Human Element in Modeling: Judgment, Communication, Scoping

[21:03] - Series Format: Tools We’ll Test & Why

[26:03] - Testing Assignments: Who’s Doing What?

[29:03] - FP&A Use Cases Paul Will Explore

[35:21] - What to Expect: Raw Prompts, Real Results

[36:52] - Closing: Why This Series Matters & How You Can Engage

In this episode of Financial Modeler’s Corner, host Paul Barnhurst speaks with financial modeling expert Scott Strachan about the role of financial models in business planning and decision-making. Scott shares lessons from over 30 years of experience in accounting, consulting, private equity, and corporate finance. The discussion covers the importance of modeling for startups, the problems with annual models, the risks of overrelying on EBITDA, and how the FMI certification has helped him stay sharp in a changing industry.

Scott Strachan is a Chartered Accountant and Chartered Financial Modeler who has worked across the UK, the Arabian Gulf, and now serves clients in Qatar and London. He has built and reviewed complex financial models for deals worth hundreds of millions of dollars, and now contributes to the Financial Modeling Institute as a content developer and exam writer. Scott is known for applying practical thinking to modeling and helping bridge the gap between theory and real-world execution.

Expect to Learn

• Why annual models are often inappropriate for startups and small businesses
• The difference between one-time-use models and those built for regular updates
• How poor modeling leads to funding gaps and business failure
• Why EBITDA can be misleading in deal evaluation
• How preparing for the CFM exam can improve your modeling skills

Here are a few quotes from the episode:

• “A model is just an appendix to a business plan. If you don’t understand your market or product, no model will save you.” - Scott Strachan
• “EBITDA is a fantasy land metric. It ignores reality and tells you what you want to hear, not what you need to know.” - Scott Strachan
• “Every business fails because of bad management, and that often starts with not modeling your cash needs properly.” - Scott Strachan

Follow Scott:

LinkedIn - https://www.linkedin.com/in/scott-strachan-ca-a795851a4/?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app

Follow Paul:

Website - https://www.thefpandaguy.com  

LinkedIn - https://www.linkedin.com/in/thefpandaguy

YouTube - https://www.youtube.com/@thefpandaguy

Follow Financial Modeler's Corner: 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true 

Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign 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

In this episode of Financial Modeler’s Corner, Host Paul Barnhurst sits down with David Stangeland, a finance professor at the University of Manitoba, to talk about teaching financial modeling, how students learn best, and the tools that have changed over the years, from PV tables to Excel. David shares what he's learned from more than 30 years in the classroom, why planning is so important in modeling, and how he uses real money investing through a student-managed fund to teach hands-on skills. He also talks about the value of the FMI curriculum, the role of judgment in modeling, and why he still learns something new every time he teaches.

David has been teaching at the University of Manitoba’s Asper School of Business since 1991. He has a PhD from the University of Alberta and is both a CPA and a CMA. His research focuses on corporate governance and performance and has been published in top finance journals. He’s co-authored two corporate finance textbooks and currently advises the school’s $2.8 million student-managed investment fund.

Expect to Learn

• The most common mistakes students make when building models
• How Excel helps students better understand what they're doing
• Why structure and layout matter in a financial model
• The importance of combining modeling with real-world context
• How the FMI curriculum is used in teaching valuation and asset management

Here are a few quotes from the episode:

• “There’s no one right answer in valuation. It’s about making good assumptions and thinking through your logic to build a credible story.” - David Stangeland
• “Don’t think you know it all. Always be open to learning and improving. That mindset will take you further than any formula.” - David Stangeland
• “Spreadsheets aren’t going anywhere. Whether it’s Excel or something else, that flexible grid is still the best way to work with data.” - David Stangeland

Follow David:

LinkedIn - https://www.linkedin.com/in/david-stangeland-phd-cpa-cma-b-comm-29773946/?originalSubdomain=ca

Follow Paul:

Website - https://www.thefpandaguy.com  

LinkedIn - https://www.linkedin.com/in/thefpandaguy

YouTube - https://www.youtube.com/@thefpandaguy

Follow Financial Modeler's Corner: 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true 

Newsletter - Subscribe on LinkedIn -https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign 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:...

In this episode of Financial Modeler’s Corner, host Paul Barnhurst welcomes Vaughan Grandin, Managing Director and Head of Financial Modeling at Teneo. They discuss his experiences building financial models in distressed situations, the importance of empathy in working with clients, and provide examples of complex models, including those from the airline, aircraft leasing, and classic car dealership industries.

Vaughan Grandin is the Managing Director and Head of Financial Modeling at Teneo in London. He is a Chartered Accountant with the South African Institute of Chartered Accountants and has more than 20 years of experience in corporate advisory, finance, and restructuring. He leads Teneo’s financial modelling team, which supports clients and other advisory teams by creating reliable models for distressed companies, transactions, and stakeholder analysis.

Disclaimer: All examples and stories shared in this video are from Vaughan Grandin’s previous roles and do not reflect his current employer.

Expect to Learn

• Why empathy matters in financial modeling
• How to approach modeling in distressed situations
• The role of entity priority models and circular references
• Key principles for building robust financial models
• Lessons from real-world modeling cases across industries

Here are a few quotes from the episode:

• “Empathy is a word I think about a lot in modeling, especially in distressed situations.” - Vaughan Grandin
• “A good model should be able to take whatever inputs you give it and actually use them to solve a problem.” - Vaughan Grandin
• “In distressed situations, time pressure is real; sometimes, a company only has weeks of cash left.” - Vaughan Grandin

Follow Vaughan:

LinkedIn - https://www.linkedin.com/in/vgrandin/?originalSubdomain=uk

Company - https://www.teneo.com/person/vaughan-grandin/

Follow Paul:

Website - https://www.thefpandaguy.com  

LinkedIn - https://www.linkedin.com/in/thefpandaguy

YouTube - https://www.youtube.com/@thefpandaguy

Follow Financial Modeler's Corner: 

LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true 

Newsletter - Subscribe on LinkedIn-

https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign 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:

[03:22] - Model Horror Stories

[06:52] - Empathy in Modeling

[07:55] - Inside Teneo’s Team

[12:50] - Classic Car Dealership Model

[21:16] -...