- CFA Exams
- 2024 Level II
- Topic 3. Financial Statement Analysis
- Learning Module 17. Financial Statement Modeling
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Learning Outcome Statements PDF Download
| 1. Income Statement Modeling: Revenue compare top-down, bottom-up, and hybrid approaches for developing inputs to equity valuation models; compare "growth relative to GDP growth" and "market growth and market share" approaches to forecasting revenue; | |
| 2. Income Statement Modeling: Costs evaluate whether economies of scale are present in an industry by analyzing operating margins and sales levels; demonstrate methods to forecast cost of goods sold and operating expenses; demonstrate methods to forecast nonoperating items, financing costs, and income taxes; | |
| 3. Balance Sheet and Cash Flow Statement Modeling describe approaches to balance sheet modeling; | |
| 4. Building a Financial Statement Model demonstrate the development of a sales-based pro forma company model; | |
| 5. Behavioral Finance and Analyst Forecasts explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases; | |
| 6. The Impact of Competitive Factors in Prices and Costs explain how competitive factors affect prices and costs; evaluate the competitive position of a company based on a Porter's five forces analysis; | |
| 7. Modeling Inflation and Deflation explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation; | |
| 8. Technological Developments evaluate the effects of technological developments on demand, selling prices, costs, and margins; | |
| 9. The Forecast Horizon and Long-Term Forecasting explain considerations in the choice of an explicit forecast horizon; explain an analyst's choices in developing projections beyond the short-term forecast horizon. |
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