COMMERCE 3FD3 - 1 of 9 COMMERCE 3FD3 Financial Modeling Summer 2021 Course Outline Finance and Business Economics Area DeGroote School of Business McMaster University COURSE DESCRIPTION What is the difference between making a purpose-built spread sheet and financial modeling? Financial modeling is much more flexible and can be easily modified to solve a wide array of problems. This course will examine the tools built into Excel and VBA and their use in financial modeling. A basic knowledge of Excel is assumed with no prior experience with VBA required. INSTRUCTOR AND CLASS INFORMATION Virtual Classroom All times referenced in this document are Eastern. Adeel Mahmood Instructor Tel: 905-525-9140 Ext 20559 Office Hours: Before or after class, or by appointment COURSE ELEMENTS Credit Value: 3 Leadership: Yes IT skills: Yes Global view: Yes Avenue: Yes Ethics: No Numeracy: Yes Written skills: Yes Participation: Yes Innovation: Yes Group Work: Yes Oral skills: Yes COURSE PREREQUISITES AND COMPLEMENTS COMMERCE 2FA3 or IBH 2BB3; and registration in level III or above in any Honours Bachelor of Commerce or Engineering and Management program; or Level IV of the Commerce program, or the Minor in Finance. COMMERCE 3FD3 - 2 of 9 COURSE DESCRIPTION This course introduces the basics of financial modelling. It is offered as an upper-year course because of the 2FA3 prerequisite. This setup requires an understanding of finance and a basic knowledge of Excel. We will build on this knowledge to develop a more complete understanding of what makes for a good financial model, and how to go about building. LEARNING OUTCOMES Upon completion of this course, students will be able to complete the following key tasks: Design and layout a financial model. Decide on which variables are independent and how to vary them. Become familiar with Excel and VBA, enough to be viewed as the "resident expert" in many situations. REQUIRED COURSE MATERIALS AND READINGS Course content and class communication available on Avenue: http://avenue.mcmaster.ca OPTIONAL COURSE MATERIALS AND READINGS Benninga; Financial Modeling; Fourth (4th) Edition; The MIT Press, 2014: ISBN: 978-0262027281 Finance-focused modelling text, also useful in other finance courses Walkenbach; Excel 2016 Bible; First (1st) Edition; Wiley, 2015: ISBN: 978-1119067511 Traditional-style manual for Excel, without any particular finance focus Helpful in gaining understanding of broader Excel usage COMMERCE 3FD3 - 3 of 9 EVALUATION Individual learning in this course results from model building, problem solving, and lab work. Team learning focus of this course is on two assignments and an applied group project centred on a financial model. The final grade will be calculated as follows: Components and Weights Mini Tests Written online during class hours (individual) 3 x 20% Spreadsheet Assignment Due online during the term (group) 1 x 10% Group Project Due online at the end of the term (group) 30% Total 100% Mini Tests Three (3) mini tests – open-book, open-notes tests – will be written during the scheduled class hours in the term. Refer to the course schedule for specific dates and times. A student missing a Mini Test is required to contact the ‘Student Experience – Academic Office’ and obtain an official approval of relief if wishing to avoid getting a zero (0) grade for the test. If ‘Student Experience – Academic Office’ adjudicates that relief be provided, the student will be able to write an alternate test, in lieu of the missed test, during the final week of the term. Spreadsheet Assignment The Spreadsheet Assignment is completed in groups, submitted online, and focused on the concepts introduced in the course. Refer to the course schedule for specific deadline. Students will form groups for this component. Each student group will also complete the Group Project as described elsewhere in this document. The group members will be assigned individual grades relative to the group grade based on the peer assessments completed towards the end of the course. COMMERCE 3FD3 - 4 of 9 Group Project Students will form groups for this component. Each student group will also complete the Spreadsheet Assignment as described elsewhere in this document. The group members will be assigned individual grades relative to the group grade based on the peer assessments completed towards the end of the course. The Group Project is due at the end of the term. The project will entail building and documenting a real-life financial model using the concepts covered in the course. COURSES WITH AN ONLINE ELEMENT In this course, we may use online elements (e.g. e-mail, A2L, web pages, etc.). Students should be aware that, when they access the electronic components of a course using these elements, private information such as first and last names, user names for the McMaster e-mail accounts, and program affiliation may become apparent to all other students in the same course. The available information is dependent on the technology used. Continuation in a course that uses on-line elements will be deemed consent to this disclosure. If you have any questions or concerns about such disclosure please discuss this with the course instructor. ONLINE PROCTORING In this course, we may use online proctoring software for tests and exams. This software may require students to turn on their video camera, present identification, monitor and record their computer activities, and/or lock/restrict their browser or other applications/software during tests or exams. This software may be required to be installed before the test/exam begins. CONDUCT EXPECTATIONS As a McMaster student, you have the right to experience, and the responsibility to demonstrate, respectful and dignified interactions within all of our living, learning and working communities. These expectations are described in the Code of Student Rights & Responsibilities (the “Code”). All students share the responsibility of maintaining a positive environment for the academic and personal growth of all McMaster community members, whether in person or online. It is essential that students be mindful of their interactions online, as the Code remains in effect in virtual learning environments. The Code applies to any interactions that adversely affect, disrupt, or interfere with reasonable participation in University activities. Student disruptions or behaviours that interfere with university functions on online platforms (e.g. use of A2L, WebEx or Zoom for delivery), will be taken very seriously and will be investigated. Outcomes may include restriction or removal of the involved students’ access to these platforms. COMMERCE 3FD3 - 5 of 9 EXTREME CIRCUMSTANCES The University reserves the right to change the dates and deadlines for any or all courses in extreme circumstances (e.g., severe weather, labour disruptions, etc.). Changes will be communicated through regular McMaster communication channels, such as McMaster Daily News, A2L and/or McMaster email. COPYRIGHT AND RECORDING Students are advised that lectures, demonstrations, performances, and any other course material provided by an instructor include copyright protected works. The Copyright Act and copyright law protect every original literary, dramatic, musical and artistic work, including lectures by University instructors. The recording of lectures, tutorials, or other methods of instruction may occur during a course. Recording may be done by either the instructor for the purpose of authorized distribution, or by a student for the purpose of personal study. Students should be aware that their voice and/or image may be recorded by others during the class. Please speak with the instructor if this is a concern for you. ACADEMIC INTEGRITY You are expected to exhibit honesty and use ethical behaviour in all aspects of the learning process. Academic credentials you earn are rooted in principles of honesty and academic integrity. Academic dishonesty is to knowingly act or fail to act in a way that results or could result in unearned academic credit or advantage. This behaviour can result in serious consequences, e.g. the grade of zero on an assignment, loss of credit with a notation on the transcript (notation reads: “Grade of F assigned for academic dishonesty”), and/or suspension or expulsion from the university. It is your responsibility to understand what constitutes academic dishonesty. For information on the various types of academic dishonesty please refer to the Academic Integrity Policy at: www.mcmaster.ca/academicintegrity The following illustrates only three forms of academic dishonesty: 1. Plagiarism, e.g. the submission of work that is not one’s own or for which other credit has been obtained. 2. Improper collaboration in group work. 3. Copying or using unauthorized aids in tests and examinations COMMERCE 3FD3 - 6 of 9 REQUESTING RELIEF FOR MISSED ACADEMIC WORK Students may request relief from a regularly scheduled midterm, test, assignment or other course components. Please refer to the policy and procedure on the DeGroote website at the link below: http://ug.degroote.mcmaster.ca/forms-and-resources/missed-course-work-policy/ STUDENT ACCESSIBILITY SERVICES Students who require academic accommodation must contact Student Accessibility Services (SAS) to make arrangements with a Program Coordinator. Academic accommodations must be arranged for each term of study. Student Accessibility Services can be contacted by phone 905- 525-9140 ext. 28652 or e-mail
[email protected]. For further information, consult McMaster University’s Policy for Academic Accommodation of Students with Disabilities: http://www.mcmaster.ca/policy/Students-AcademicStudies/AcademicAccommodation- StudentsWithDisabilities.pdf ACADEMIC ACCOMMODATION FOR RELIGIOUS, INDIGENOUS OR SPIRITUAL OBSERVANCES (RISO) Students requiring academic accommodation based on religious, indigenous or spiritual observances should follow the procedures set out in the RISO policy. Students requiring a RISO accommodation should submit their request, including the dates/times needing to be accommodated and the courses which will be impacted, to their Faculty Office normally within 10 days of the beginning of term or to the Registrar's Office prior to their examinations. Students should also contact their instructors as soon as possible to make alternative arrangements for classes, assignments, and tests. ACKNOWLEDGEMENT OF COURSE POLICIES Your enrolment in this course will be considered to be an implicit acknowledgement of the course policies outlined above, or of any other that may be announced during lecture and/or on A2L. It is your responsibility to read this course outline, to familiarize yourself with the course policies and to act accordingly. Lack of awareness of the course policies cannot be invoked at any point during this course for failure to meet them. It is your responsibility to ask for clarification on any policies that you do not understand. COMMERCE 3FD3 - 7 of 9 RESEARCH DATA Any research data obtained by a student from publicly available sources for the purposes of completing term work (including data used in assignments, projects, and tests) are the joint property of the student, the instructor, and the university. All parties are free to use the research data subject to the original copyright of such data. Students hereby agree not to use in their term work any proprietary data or data subject to copyright protection without the prior written approvals of the instructor and the owner of any such copyright. POTENTIAL MODIFICATIONS TO THE COURSE The instructor and university reserve the right to modify elements of the course during the term. The university may change the dates and deadlines for any or all courses in extreme circumstances. If either type of modification becomes necessary, reasonable notice and communication with the students will be given with explanation and the opportunity to comment on changes. It is the responsibility of the student to check their McMaster email and course websites weekly during the term and to note any changes. COMMERCE 3FD3 - 8 of 9 COURSE SCHEDULE CL. DATE CONTENT EXCEL TOPIC 1 Tue, Jun 22 Introduction Intro to Financial Modelling - 2 Thu, Jun 24 Financial Statement Modelling I Forecasting financial statements using spreadsheets Various Excel functions / tools 3 Tue, Jun 29 Financial Statement Modelling II Integrating financial statement worksheets, completing valuations Various Excel functions / tools - - Financial Statement Modelling III Financial statement modules Various Excel functions / tools 4 Tue, Jul 6 Mini Test 1 (Written Online at 3.00 PM Eastern time) 5 Thu, Jul 8 Portfolio Modelling Investment portfolios, betas, variances, performance measurement Datatables, arrays, pivot tables Matrix operations 6 Tue, Jul 13 Forecasting and Optimization Macro forecasting, optimization techniques, predictive analytics Solver, Analysis Toolkit, Regression, Scenario analysis 7 Thu, Jul 15 Working with External Data Integration with online data sources and databases PowerQuery, Advanced Lookups, Aggregation Tools 8 Tue, Jul 20 Mini Test 2 (Written Online at 3.00 PM Eastern time) 9 Thu, Jul 22 VBA / Programming I Intro to VBA / programming VBA, macros, custom functions - Mon, Jul 26 Project Proposal (Due Online by 11.00 AM Eastern Time) 10 Tue, Jul 27 VBA / Programming II Working with custom functions VBA, advanced loops COMMERCE 3FD3 - 9 of 9 CL. DATE CONTENT EXCEL TOPIC 11 Thu, Jul 29 VBA / Programming III Additional programming User interfaces, additional VBA programming - Tue, Aug 3 Spreadsheet Assignment 2 (Due Online by 11.00 AM Eastern Time) 12 Tue, Aug 3 Review + Project Questions - 13 Thu, Aug 5 Mini Test 3 (Written Online at 3.00 PM Eastern time) - Mon, Aug 9 Group Project (Due Online by 11.00 AM Eastern Time)
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