HTE410BKK
Financial Modelling
Faculty
Igor Gorshunov
CFO, private equity
Course length
Duration
Total hours
Credits
Language
Course type
Fee for single course
Fee for degree students
Skills you’ll learn
Overview
You will learn to read, understand, and build financial models — not as accountants do, but as entrepreneurs and decision-makers. We begin with real financial reports from public companies, learning to see the business behind the numbers before building our own models from scratch.
The course follows a three-phase arc: from financial data to business understanding, from business understanding to key drivers, and from drivers back to financial models. AI is integrated into every session as a practical tool for analysis, modelling, and simulation.
Teams of three to four students work throughout the course to develop a financial model for a real or planned business, presenting it at the end.
Learning highlights
- Understand double-entry bookkeeping and the power of the balance sheet
- Read and interpret income statements, balance sheets, and cash flow statements of public companies
- Use ratio analysis and benchmarking to compare companies
- Connect financial data with non-financial information to build a complete business narrative
- Decompose businesses into financial drivers (revenue, cost, unit economics)
- Build driver-based financial models: P&L, balance sheet, and cash flow
- Apply scenario analysis, sensitivity analysis, and Monte Carlo simulation to deal with uncertainty
- Perform basic business valuation (DCF, comparable companies)
- Use AI as a practical tool for financial analysis and modelling
- Present a financial model with a compelling narrative to stakeholders
Course outline
15 classes
Session 1
Double Entry & the Power of the Balance Sheet
Session 2
Reading the Income Statement
Session 3
Reading the Balance Sheet & Cash Flow Statement
Session 4
Ratio Analysis & Benchmarking
Session 5
From Numbers to Narrative
Session 6
Thinking in Drivers
Session 7
Revenue Modelling
Session 8
Cost Modelling & Unit Economics
Session 9
Building the P&L Model
Session 10
The Balance Sheet & Cash Flow Model
Session 11
Scenarios, Sensitivity & What-If Analysis
Session 12
Monte Carlo Simulation
Session 13
Valuation Basics & Storytelling with Numbers
Session 14
Dress Rehearsal
Session 15
The Grand Finale
Prerequisites
No prior finance or accounting knowledge required. Students should be comfortable with basic arithmetic and logical thinking.
Methodology
Each session combines theory, AI-powered demonstrations, and hands-on team practice:
* Theory: Concepts explained in plain business language with real-world examples.
* AI Demo: Live demonstration of using AI for the session's topic.
* Team Practice: Teams work on exercises and apply concepts to their ongoing project.
Students work in teams of 3-4 throughout the course. Each team selects a real or planned business and incrementally builds a complete financial model, adding a new layer each session. Cross-team exercises (peer audits, debates, scenario challenges) to have more fun 🙂.
Grading
Igor Gorshunov is a CFO with over 15 years of experience spanning retail, e-commerce, manufacturing, logistics, oil and gas, private equity, Big Four consulting, and IT. He has held CFO and senior finance roles at companies including Sbertech (Sberbank’s IT platform developer), Sberlogistics, HENDERSON (Russia’s largest men’s fashion retailer, with 160 stores), as well as major industrial enterprises in the oil and gas sector. He currently serves as a Portfolio CFO in private equity, building and strengthening finance functions across portfolio companies.
Igor holds a BSc and MSc in Applied Mathematics and Physics from the Moscow Institute of Physics and Technology (MIPT), an MSc in Economics from the New Economic School (NES), and an Executive MBA (Global Asia Programme) from Columbia Business School, London Business School, and the University of Hong Kong, graduating with the Award for Academic Excellence. He is a CFA charterholder.
See full profileApply for this course
Financial Modelling
by Igor Gorshunov
Total hours
45 Hours
Dates
Mar 16 - Apr 03, 2026
Fee for single course
€1500
Fee for degree students
€750
How to secure your spot
Complete the form below to kickstart your application
Schedule your Harbour.Space interview
If successful, get ready to join us on campus
FAQ
Will I receive a certificate after completion?
Yes. Upon completion of the course, you will receive a certificate signed by the director of the program your course belonged to.
Do I need a visa?
This depends on your case. Please check with the Spanish or Thai consulate in your country of residence about visa requirements. We will do our part to provide you with the necessary documents, such as the Certificate of Enrollment.
Can I get a discount?
Yes. The easiest way to enroll in a course at a discounted price is to register for multiple courses. Registering for multiple courses will reduce the cost per individual course. Please ask the Admissions Office for more information about the other kinds of discounts we offer and what you can do to receive one.