All You Need to Know About the Financial Modeling Scholarship Program

 Day in day out, interest in the Financial Modeling Academy (FMA) continues to grow across students, professionals, career changers, and aspiring financial modelers. Naturally, that growth comes with questions.

To provide clarity, dbrownconsulting recently hosted an Ask Me Anything About the Financial Modeling Scholarship Program. The session focused on answering the questions prospective participants ask most frequently, covering eligibility, scholarship routes, exam registration, payments, mentorship, certification, and more.

If you have been considering the Financial Modeling Academy and wondering whether it is the right fit for you, here are some of the key questions and answers from the session.

What Is the Financial Modeling Academy (FMA)?

The Financial Modeling Academy (FMA) is an intensive eight-week online training programme designed to prepare participants for the Advanced Financial Modeler (AFM) certification offered by the Financial Modeling Institute (FMI), Canada.

The programme includes the Advanced Financial Modeling course, Excel fundamentals for analysts, AFM exam preparation resources, community access, live Q&A sessions, and the AFM examination itself. The combined value of these resources exceeds $2,800, but is made available through the scholarship programme at a significantly reduced cost.

How Often Does the Academy Run?

The Financial Modeling Academy typically runs twice every year. There is typically one cohort in the first half of the year and another in the second half. The cohort discussed during the session was the November intake, with registrations open until September.

Who Is Eligible for the Scholarship?

There are three scholarship routes:

• African Student
• African Resident
• Non-African Resident

The African Student Route is designed for individuals who are currently pursuing an undergraduate degree as well as students enrolled in recognized professional certification programmes such as ICAN, ACCA, CFA, and similar qualifications (excluding South Africa). This route provides an opportunity for aspiring finance professionals to develop practical financial modeling skills early in their academic or professional journey.

The African Resident Route is intended for professionals, postgraduate students, and other residents living in African countries (excluding South Africa) who do not qualify under the student category. It is specifically tailored for individuals seeking to advance their careers through world-class financial modeling training while residing anywhere in Africa, excluding South Africa.

The Non-African Resident Route is available to individuals residing in South Africa and in countries outside Africa. This route serves professionals, graduates, students, and career changers around the world who are looking to gain in-demand financial modeling skills and strengthen their global career prospects.

If I Have Completed All My ICAN Exams but Have Not Been Inducted, Do I Qualify as a Student?

Yes. If you have completed all the examination requirements of a recognized professional body but have not yet been formally inducted or admitted as a member, you may still qualify for the Student Route. Your status will be verified based on the information and supporting documentation provided during the application and verification process.

If I Just Graduated and Want to Transition Into Finance, Am I a Student or a Resident?

If you have recently completed your undergraduate studies, you would typically apply through the Resident Route rather than the Student Route. The Student Route is reserved for individuals who are currently enrolled in an undergraduate programme or an accredited professional qualification programme. Recent graduates and career changers looking to transition into finance should apply through the route that corresponds to their country of residence.

Why Do Students of Professional Bodies Qualify for the Student Route While Master's Students Do Not?

 Students of recognized professional bodies qualify for the Student Route because they are still actively pursuing a foundational professional qualification. Master's students, having already completed an undergraduate degree, are considered postgraduate learners and therefore fall under the resident-based routes rather than the student category.

Can Someone Without a Finance Background Join FMA?

Absolutely. The Financial Modeling Academy welcomes participants from diverse academic and professional backgrounds. While the programme is highly relevant for those pursuing careers in finance, accounting, investment banking, consulting, and related fields, no prior finance experience is required to apply. Many participants join FMA to build foundational financial modeling skills, explore opportunities in finance, or transition into the industry. A good example of such participant is Olutimileyin Olushuyi, who transitioned from Law to Finance. You can watch his testimonial here.

 What Skills Do I Need Before Joining FMA? Do I Need to Be Good at Mathematics?

Before joining FMA, it helps to have:

1.  Basic Excel knowledge: You should be comfortable opening Excel, entering data, using simple formulas, and working with rows, columns, and worksheets. You do not need to be advanced.
2.  Basic understanding of business or finance: You should understand simple concepts like revenue, cost, profit, assets, liabilities, cash flow, and financial statements. However, the programme also supports participants with primer courses to help build this foundation.
3.  Analytical thinking: Be willing to ask questions, interpret numbers, and understand how business decisions affect financial outcomes.

You do not need advanced mathematics. Most of the work involves basic arithmetic, percentages, ratios, formulas, assumptions, and logical thinking. Excel does a lot of the calculation work; your main job is to understand what the numbers mean and how to structure them properly.

How Are Classes Delivered?

The academy is fully virtual. Participants receive access to video lessons, Excel files, PDFs, case studies, and supporting learning materials through the online learning platform. Lessons are released weekly throughout the programme to help participants follow a structured

The FMA also includes weekly Live Q&A sessions with the facilitator, David Brown. These sessions give participants the opportunity to ask questions, clarify difficult concepts, review key learning points, and receive practical guidance as they progress through the course. Recordings are also made available on Agile Minds for participants who are unable to attend live.

How Long Do Participants Have Access to Their Learning Materials?

Participants retain access to their course materials for one year after the programme officially commences. This allows participants to revisit lessons, practise case studies, strengthen their understanding, continue applying what they have learned, and prepare for their examinations without feeling rushed.

Will There Be Mentors or Facilitators Available to Answer Questions?

Yes. Participants have access to weekly live Q&A sessions throughout the programme. They also gain access to accountability groups, experienced financial modelers, and learning communities managed by both dbrownconsulting and the Financial Modeling Institute.

The programme's lead facilitator is David Brown, Managing Partner at dbrownconsulting, while additional support is provided by mentors and academic advisors. Participants will also be grouped into accountability hubs where they can get support from other students.

Will I Be Able to Build Financial Models from Scratch After Completing FMA?

 Yes. The Financial Modeling Academy is designed to equip participants with the practical skills required to build professional financial models from scratch. Through hands-on training, real-world case studies, and guided exercises, participants learn how to structure, develop, and analyze financial models used in investment banking, corporate finance, consulting, and other finance-related roles. Success ultimately depends on active participation, consistent practice, and completion of the programme requirements.

Do Participants Register for the AFM Exam Themselves?

No. dbrownconsulting handles the examination registration process directly with the Financial Modeling Institute (FMI). dbrownconsulting sends a list of all verified participants to FMI in preparation for the examination; the Financial Modeling Institute (FMI) registers the students for their preferred exam dates, and they receive official onboarding communications from FMI confirming their registration.

How Many Opportunities Do Participants Have to Sit for the AFM Exam?

Participants have a one-year examination window after completing the eight weeks of lectures. Within that period, they can choose from typically four (4) available examination diets provided by the Financial Modeling Institute -- usually February, May, July, or October -- and select the date that best suits their preparation schedule. However, the Financial Modeling Academy scholarship covers only one AFM exam attempt per participant, so it is important to select an exam date that allows sufficient time for preparation. If a participant fails the first attempt, he or she would have to reach out to FMI directly to sit for the examination again.

Can Participants Defer Their AFM Examination?

Yes. Participants may defer their AFM examination to a later available exam date within the permitted examination window if they are unable to sit for their originally selected exam. However, the scholarship covers only one exam attempt, so participants should ensure they choose an exam date that gives them adequate time to prepare. It is recommended that participants sit for the exam shortly after completing the Academy to maintain momentum and maximize retention.

What Are the Scholarship Fees for Each Route?

The scholarship fees are:

• African Student Route: $199
• African Resident Route: $399
• Non-African Resident Route: $899

Can I Pay Installmentally and How Does the Instalment Payment Option Work?

Yes, participants can pay in installments. Participants paying in dollars can spread their payments over three months. For participants paying in naira, dbrownconsulting offers a tuition financing option through Edubanc.

Through this arrangement, eligible applicants can apply for financing, have their tuition paid directly to the programme, and then repay Edubanc through structured monthly instalments over an agreed repayment period. However, they will only be registered for the AFM exam after completing their loan repayments to Edubanc.

Can My Employer or Organisation Pay for Me?

Yes. Organizations can sponsor employees by requesting an invoice from dbrownconsulting. The organization simply needs to provide the relevant participant, company details, and scholarship eligibility after which the sponsorship process can begin. This can be sent to dbrownconsulting via email at [email protected].

Is the AFM Examination Fee Included in the Scholarship Fee?

Yes. The scholarship fee covers everything within the program including the training and the AFM examination. Participants are not expected to make separate payments for the exam after enrolling in the programme unless they want to resit for the examination. At that stage, they will have to contact FMI directly.

Is This Really a Scholarship If Participants Still Have to Pay?

Yes. As explained earlier, the total value of the training, certification resources, examination, mentorship, and support significantly exceeds the scholarship fee being paid by participants. The scholarship exists because dbrownconsulting's partnership with the Financial Modeling Institute substantially reduces the amount participants would ordinarily pay.

Is There a Scholarship for the CFM Certification?

Not currently. As it stands, dbrownconsulting's partnership with FMI currently covers the Advanced Financial Modeler (AFM) pathway only. But FMA alumni who have passed the examination through dbrownconsulting and interested in pursuing the Chartered Financial Modeler (CFM) designation will have some concessions. Please send an email to [email protected] to get more information.

What Happens If I Register and Later Decide the Programme Is Not for Me?

We encourage prospective participants to carefully review the programme details and eligibility requirements before registering. However, if you register and later decide that the programme is not the right fit for you, you may choose to withdraw. Participants are covered by a 21-day risk-free guarantee, which allows them to request a refund within 21 days of registration, provided the request is made at least two weeks before the start of their selected cohort.

How Do I Apply for the Financial Modeling Academy?

Applying is simple. Start by exploring the available scholarship routes and selecting the category that best fits your eligibility. Once you've identified the appropriate route, complete your application through the official registration portal. Apply here: https://bit.ly/FMARoutes

If you still have questions after reading through these answers, the dbrownconsulting team can be reached via [email protected] or through the company's social media channels.