ModelOff 2016 Analysis: Round 2 Section 3


As ModelOff continually strives to improve competitor experience, in 2016 we have decided to release answer analysis for the Online Rounds. The answer analysis outlines the percentage of correct answers amongst the competition as a whole, GoldClass (top 10% competitors) and the 20 Finalists.
(*Note: Non-attempts at the question are considered incorrect answers)

So far, we have released three Case Study Questions from the 2016 Online Rounds; Chip Off The Old Block and Roll The Dice from Round 1, as well as Tally Up from Round 2.
Download the Case Study Questions here >>

Below is the answer analysis for Tally Up, we hope that this gives valuable insight into the performances of various groups within ModelOff, and a standard for which to measure your improvement against. We will be releasing further answer analysis in the coming days along with other Case Study Questions from the 2016 Competition.

Answer Breakdown Guide – ‘Tally Up’, Round 2 Section 3


Announce ModelOff 2016 Finals Judge – Roger Govier

Roger Govier
We are delighted to announce Roger Govier as a Judge for the ModelOff 2016 Finals:

At ModelOff, we strive to maintain a judging panel that balances technical expertise, leadership and passion for education. As such, ModelOff Finals Judges are leading global practitioners across the disciplines of Financial Analysis & Modeling, Microsoft Excel, Valuations and Investment Banking.

Roger Govier will again be a part of the judging panel. Along with his technical excellence, entrepreneurial spirit and Excel knowledge, Roger’s boundless passion will be invaluable for the judging panel and the competition as a whole.

Roger’s Profile



Position: Senior Partner

Organisation: Technology 4 U

Roger Govier is an Excel MVP based in the UK, and has been an MVP since 2007.

At University his thesis involved Linear Programming, and he went on to become Commercial director of a software company specialising in Accounting, Payroll and Property Management.

Since selling the company in 1996, he has worked independently, exclusively with Excel and VBA, for clients worldwide from small businesses to those with multi-billion $ turnover. Roger claims to be intrinsically lazy, so he always looks for a fast and simple way to provide solid workable solutions.

In addition, Roger carries out training in all aspects of Excel.

Announce ModelOff 2016 Finals Judge – Maria Shevchenko

Maria Shevchenko
We are delighted to announce Maria Shevchenko as a Judge for the ModelOff 2016 Finals:

At ModelOff, we strive to maintain a judging panel that balances technical expertise, leadership and passion for education. As such, ModelOff Finals Judges are leading global practitioners across the disciplines of Financial Analysis & Modeling, Microsoft Excel, Valuations and Investment Banking.

In 2016, we welcome Maria as the newest ModelOff Finals Judge. No stranger to the ModelOff family, we were proud to have Maria present a keynote speech at the 2015 finals, and we’re looking forward to adding her corporate finance expertise to the judging panel.

Maria’s Profile



Position: Vice President, EMEA Investment Banking Product & Market Development

Organization: S&P Capital IQ

Maria is a Vice President of EMEA Investment Banking Product and Market Development for S&P Global Market Intelligence, which offers multi-asset class data and analytics to global market participants. She is responsible for business, market and partnership strategy for the Investment Banking client segment. Maria role is to identify growth opportunities, engage with customers to gather requirements and help to build tools, data or solutions to address those needs.

Prior to that Maria has spent 7 years overseeing Content within S&P Global Market Intelligence across Regions and Key Client Segments serving as a data subject matter expert across variety of delivery mechanisms. Her role was to identify and execute on strategic roadmap for data needs across those geographic or client segments.

Maria joined S&P Global Market Intelligence in 2009 having spent several years at Merrill Lynch Investment Banking in London covering Central Eastern Europe, Middle East and African (CEEMEA) financial institutions working on buy- and sell-side as well as equity, debt and restructuring transactions. Prior to that, she worked for a Private Equity firm in the United States. Maria holds a BS in Finance from Bentley University and has passed CAIA and FIA accreditations. She speaks several languages, loves to travel and read and is a very keen polo player.

Announcing ModelOff 2016 Start Times

In 2016, ModelOff will be taking a new and improved approach for the worldwide start times in Online Rounds 1 and 2. The new strategy has come off the back of feedback from past ModelOff as well as other world championships such as TEXATA (Big Data) and HIQORA (High IQ).

In 2016, ModelOff will again be held simultaneously worldwide based on 9am New York / 2pm London time on Saturday 22nd October.

For Round 2, ModelOff will begin at alternate time of 5pm New York / 9pm London to create a better balance for the worldwide audience who participate in ModelOff. For example, competitors in Sydney and Wellington who have a challenging ‘early hours’ starting time in Round 1 will be get the chance to compete at a more conventional time come Round 2.

This is one of many steps that ModelOff is undertaking to make the Financial Modeling World Championships a truly global event.

Round 1 Start Times


Round 2 Start Times

Round 2 Start Times

PwC becomes Major Partner of ModelOff in 2016



For Immediate Release

WEDNESDAY July 20th, 2016, New york, USA – Professional Services Champions League (PSCL) today welcomes PricewaterhouseCoopers LLP (PwC) as the major Professional Services partner of ModelOff, including the 2016 Financial Modeling World Championships.

PwC will be supporting the ModelOff community across a number of activities including the Financial Modeling World Championships (the largest global competition for finance and financial modeling), the Global Training Camps (two-day educational bootcamps held around the world) and a series of Meetup networking events in 17 cities around the world.

The leader of PwC’s Deals Modelling team in Australia, Ian Bennett, said “We’re delighted to be partnering with ModelOff. Financial modelling has rapidly become one of the most sought after skills on Analyst’s CVs as businesses have come to appreciate it as a critical capability in its own right, and yet people all over the world find themselves building models that support multi-million dollar decisions without any formal training. PwC is excited by ModelOff’s passion for growing and developing the profession of financial modelling, and supporting initiatives such as the ModelOff Global Training Camps is a great way to help stimulate improvements in practices and continual skill development within the industry.” PwC will join S&P Global, Microsoft and Intralinks as major global partners of ModelOff in 2016.

ModelOff’s Financial Modeling World Championship is the world’s largest competition for Advanced Excel, Financial Analysis, Financial Modeling, Investment and Quantitative Professionals. Founded in 2012, the global competition attracts over 4,000 professionals and students annually from over 110 countries. The world championship involves two online qualification rounds and a Live World Finals in London, United Kingdom.

“PwC’s involvement with ModelOff traces back to 2012 where PwC employee Alex Gordon took out first place in the inaugural Financial Modeling World Championship Finals in New York. Since then, both Gordon and his PwC colleague Michael Clarke have been repeat ModelOff Finalists, demonstrating PwC’s strength and commitment to financial modeling” said ModelOff cofounder John Persico. “We look forward to working with such a world class organization that is keen to help grow and develop the global financial modeling community.”

PwC is part of a global network of firms in 157 countries, 756 locations and with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services.

To learn more about PwC, visit

ModelOff Dominates High IQ Competition

Round 1 of the inaugural HIQORA High IQ World Championship took place on May 28 with over 2000 registrants from all around the world. Results for Round 1 were sent out on June 1 and ModelOff are delighted to announce that there are 4 past-ModelOff Financial Modeling World Championship Finalists in the Top 40, including 3 in the Top 15! This demonstrates that ModelOff’s talent extends well beyond just the realm of Financial Modeling. With Round 2 around the corner on June 11, we wish them the best of luck and we’re looking forward to see our first ever multi-competition Finalist.

To find out more about HIQORA, visit and follow on Facebook and Twitter for all the latest news.

9. Willem Gerritsen (Finalist 2014, Runners-up 2015)
11=. Karolis Ramanauskas (Finalist 2015)
11=. Diarmuid Early (World Champion 2014, Finalist 2015)
31=. Dan Mayoh (Runners-up 2012, current Question Design Team member)

HIQORA Round 1 Top40

Announcing ModelOff Jobs Board

Looking for a job in financial analysis and financial modeling? Interested in hiring members of the largest real-world financial modeling and investment analyst community in the world? ModelOff has just launched a Jobs Board to bring together financial modelers and organizations that need them.

We believe it’s a natural fit.  Since 2012, the ModelOff championship has attracted 10,000+ highly-talented professionals with drive and passion for solving complex business problems with Microsoft Excel, Financial Analysis, Corporate Finance and Quantitative methods.  We have over 50,000 regular subscribers to ModelOff communications across the world. Companies and hiring managers notice ModelOff’s financial modeling expertise on display in their workplaces and often alumni of the world’s leading organizations and universities.  Financial modeling is the #1 technical skill sought by CFO’s and Finance Leaders and we’d created ModelOff’s Jobs Board to provide each group with direct access to the other (i.e. no middleman). It’s a win-win.

How it works

Financial Modeling-related job posts can be created by anyone with a position to fill. For USD $375, posts are shown for 30 days and to up to 60 days with the Premium Post option for USD $750. You are welcome to re-post positions as needed. Posts should include all the essentials (job description, responsibilities, requirements, compensation, and location) plus how applicants should apply (via link or email address). And applicants, it helps to include your ModelOff performance!  Listings should explicitly identify the company or employer (no anonymous recruiter postings please). We welcome full-time positions and part-time jobs.

Our focus

ModelOff Job listings will be actively curated for quality and relevance to the following key categories:

(a) Financial Modeling

(b) Financial Analysts

(c) Investment Analysts

(d) Quantitative Analysts

(e) Microsoft Excel and VBA

(f)  Forecasting, Budgeting

Send your questions to

The Origins of the ModelOff Golden Keyboard Trophy

The Golden Keyboard In only its second year, the Golden Keyboard is already an icon of the ModelOff Finals. Each year, the new Financial Modeling World Champion is presented with the Golden Keyboard, designed by Altrum Honors to celebrate their ascent into modelling greatness.

The Golden Keyboard debuted in 2014 when the ModelOff team decided the flagship trophy needed to be special and unique to this, dare we say it, pretty unique competition. Just as Ice Hockey has the Stanley Cup, Cricket has an urn for The Ashes, Le Tour de France has a yellow jersey and US Masters Golf has its Green Jacket, now the competitive sport of financial modeling has its own special trophy.

In creating the trophy, the ModelOff Team wanted to build something all modelers could relate to. It struck us that every member of the ModelOff community would be all too familiar with the keyboard, the essential tool to navigate the Microsoft Excel minefield.

Joseph Lau But this was no ordinary keyboard. What became pretty obvious at the first ModelOff Finals in New York in 2012 was that the majority of finalists had intentionally removed their F1 key. When asked why, they explained it was because the F1 (Help) key was directly between two of their most popular keys, the Escape and F2 keys, and that they would get frustrated when it was pressed accidentally. In a cut-throat competition like ModelOff where speed was paramount, there was no margin for error. It bemused and astounded even the most seasoned Excel professionals, such as ModelOff Judge Bill Jelen, himself ‘Mr Excel’. And so it was from then on, that the legend of the F1-less keyboard was born.

The Golden Keyboard trophy is depicted with no F1 key, because the rationale is that the ModelOff Champion doesn’t really need its help! More than that though, as Matt Porzio from Intralinks explains, “this award is very meaningful … it shows that the recipient has the dedication, focus and ability to beat a room of champions at one of the hardest things to do, financial modeling”.

Sponsored by Intralinks (whose core team history should remember as part of the brainstorming!), the Golden Keyboard was won in 2015 by Joseph Lau (Australia). The inaugural winner was 2014 World Champion Diarmuid Early (Ireland). They join Alex Gordon (2012, New Zealand) and Hilary Smart (2013, UK) as the four Financial Modeling World Champions.

Four World Champions

Get Ready for ModelOff Round 2 – Saturday October 31, 2015!

Congratulations to everyone who has made it through to Round 2 of ModelOff 2015! It’s a great achievement. Round 2 starts online at 8am New York/12pm London time on Saturday October 31, 2015. Please note this may be different to Round 1 due to recent daylight savings changes (see below).

Receiving Your Login Details

As with Round 1, you will receive a unique link 24 hours prior to Round 2. Check your inbox (particularly if it’s a work one) to ensure you receive these details. If you don’t, please email us.

If you have any issues with accessing work accounts on the weekend, provide us an alternate email address.

Unlike previous years, you don’t need a password to access Round 2.

How do I access the ModelOff Round 2 Challenge?

  • When the Round 2 challenge goes live, you will be able to access the Round 2 challenge.
  • You must start the challenge at the beginning of the Round. You will not be able to commence ModelOff part way through the Round.
  • Click on the link sent to you and fill in your name.
  • Work through the questions listed in any order you like. You can edit your answers or return to the menu at any time.
  • Always keep an eye on your time remaining.
  • To submit your work, click “I am done with the test”.
  • You will need to upload your models to be considered for the World Finals.
  • If you experience any problems during Round 2 you can close your browser and log in again.
  • For any issues during ModelOff Round 2, please email The ModelOff Team will respond immediately.

  • Round 2 Start Times

    PLEASE NOTE: Round 2 runs for 2 hours 15 minutes. The challenges commences 8am New York time/12pm London time. If you have any technical or administrative issues, email our team within allotted time of the Challenge, as no additional time will be given. The extra time provided is ample time for you to upload/send your models.

    Please note your start time may have changed. Given recent daylight savings changes, we strongly recommend double-checking your local time.Ensure you are not late as you can only login at the start of the Round.

    Round 2 Start Times


    ModelOff Round 2 Question Breakdown Guide

    This will be released shortly – we will email it to competitors.

    Preparing for Round 2

    Our Question Team advises completing the Past Questions as the best kind of training for ModelOff. Two of the case studies from Round 1 2015 have been uploaded. There are also a number of Worked Solutions available. There’s no set curriculum for ModelOff.

    When will I receive my results?

    Round 2 results will be emailed out by Wednesday 4th November, alongside the announcement of the 16 World Finalists.

    Tech Issues/Login Difficulties

    For any issues you encounter, email We’ll get back to you immediately.

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