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Simon Benninga
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Financial Modeling 3rd Edition

by Simon Benninga (Author)
4.6 4.6 out of 5 stars 117 ratings
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Financial Modeling, fifth edition
Financial Modeling, fifth edition
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The third edition of this standard text retains the popular "cookbook" features of earlier editions and includes expanded and new coverage of such topics as bank valuation, the Black-Litterman portfolio selection model, Monte Carlo pricing methods, array function, and getting information from the Internet with VBA.
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  1. ISBN-10
    0262026287
  2. ISBN-13
    978-0262026284
  3. Edition
    3rd
  4. Publisher
    Mit Pr
  5. Publication date
    January 1, 2008
  6. Language
    English
  7. Dimensions
    7 x 1.75 x 9.25 inches
  8. Print length
    1132 pages
  9. See all details
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Product details

  • Publisher ‏ : ‎ Mit Pr; 3rd edition (January 1, 2008)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 1132 pages
  • ISBN-10 ‏ : ‎ 0262026287
  • ISBN-13 ‏ : ‎ 978-0262026284
  • Item Weight ‏ : ‎ 3.9 pounds
  • Dimensions ‏ : ‎ 7 x 1.75 x 9.25 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 117 ratings

About the author

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Simon Benninga

Simon Benninga

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In the last 20 years I have written a series of books on financial modeling. My current books are Financial Modeling (3rd edition, MIT Press, 2008) and Principles of Finance with Excel (2nd edition, Oxford University Press, 2010). Both books integrate Excel with financial problems. It is difficult to exaggerate the importance of Excel for anyone doing finance, whether student or practitioner, but for some reason most finance books either ignore Excel completely or do not instruct the reader in the nuts-and-bolts of Excel implementation of finance problems. Hence my books.

Of the two currently in-print books, Financial Modeling is a more advanced modeling/finance book that includes VBA and some more advanced mathematics (all explained within the confines of the text). FM has become perhaps the standard financial modeling book at universities and among practitioners. It has been translated into Japanese, Chinese, Italian, and Russian.

Principles of Finance with Excel is an introductory text that covers the standard concepts of a "Principles" or "Introductory" finance book while maintaining the integration with Excel. PFE is gaining increasing adoption at universities in introductory finance courses.

I maintain a full website at http://simonbenninga.com that includes materials for instructors using my books in courses.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
117 global ratings

Top reviews from the United States

Neil Fitzjames
5.0 out of 5 stars Kiwi Neil's impression
Reviewed in the United States on May 4, 2010
Verified Purchase
I first borrowed Simon Benninga's book from a Professional Library, but was so impressed I decided to buy it via Amazon..
As a non intuitive IT person I particularly liked the 3 pronged approach taken by Simon.
He lays out the spreadsheet as follows:
a)display of the input and results
b) text displays of the formulae
c) commentary on the functions used and logic and alternatives

A CD comes enclosed with the book which I downloaded but am not as yet trying to use.
Instead I am manually recreating the spreadsheets and adding some supplementary comments and markers of my own -this is how I best learn.

I hate p= r/n formulae - Simon quotes these but then lists them as actual formulae.

All in all a very clear explanatory book - readily able to be interpreted and I am rapidly gaining enhanced Excel skills..
With over 1000 pages of examples of functions the book is a bargain. I thoroughly recommend it.

Neil Fitzjames, Auckland, New Zealand
3 people found this helpful
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RWY
5.0 out of 5 stars Practical guide for self-directed investors wanting to create their own tools
Reviewed in the United States on April 9, 2012
Verified Purchase
As a retail investor and trader of securities, options and futures, I've used Benninga's book to help create and test rules-based portfolio investing and hedging strategies.

After reading several theoretical books on portfolio optimization, option pricing and volatility, and linear algebra, I found Financial Modeling to be a very practical start for implementing the theory and developing more sophisticated models.

Benninga's explanations are very clear and intuitive. He provides a wide range of easily implementable Excel-based tools for creating efficient portfolios, insurance and arbitrage programs, option prices, and real time stock returns and co-variances to mention just a few.

Unlike others, this author has produced seemingly error-free text - particularly when he references details of his spreadsheets and Visual Basic code. Same goes for his accompanying CD and spreadsheet models. And that boosts confidence that his overall presentation is just as thorough.

Excellent resource and practical guide. Helps in gaining a more consistent edge in today's volatile markets.
2 people found this helpful
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B
5.0 out of 5 stars fantastic book
Reviewed in the United States on September 21, 2020
Verified Purchase
This was a secondary textbook in a graduate financial modelling course, and years later I now even more fully appreciate how useful it is. Extraordinary detail for a huge number of types of models. There are no other references like this that I have found. even covers some visual basic even though that isn't its main focus. The book is thorough and rigorous in its approach.
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Morgan Sell
5.0 out of 5 stars Exceptional and Practical Guide to Financial Modeling
Reviewed in the United States on May 30, 2012
Verified Purchase
Dr. Simon Beninga's textbook should be used by all universities. It is the most informative and well written textbook I have read.

Professor Beninga uses real-life historical data and case studies throughout the book making it easy to follow and stay engage. Plus, he interjects with specific accounting principles/tax codes and explaining how they relate to the exercise at hand. I had an easy time transferring the skills/knowledge I attained from the text to my personal and professional life (a common obstacle I encounter with academic textbooks). The chapters on financial analysis of leveraged leases and VBA were extremely helpful.

Any review of this textbook must applaud the professor's uncanny sense of humor as it relates to advanced financial concepts and accounting principles.

Thank you, Dr. Beninga!
3 people found this helpful
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B. Prasad
4.0 out of 5 stars Defacto Desk Reference
Reviewed in the United States on July 18, 2010
Verified Purchase
I purchased this book as a companion to another excellent book on Valuation by Prof. Damodaran. While the latter is a thorough non-nonsense exposition on the principles of asset valuation, Simon Beninga's book takes a different approach. There is very little classical finance theory however the book is heavy on techniques that describe the conception and construction of financial models using Excel. An intermediate to advanced level of Excel is recommended. The author provides several examples on how to dissect a problem and convert it into Excel inputs. He also provides a lot of templates on standard templates that would make an investment banker proud. There is some coverage of investments instruments like Black Scholes and Monte Carlo techniques, however the book does not go in too much depth in this area. The reader is referred to other specialized texts for this purpose. The section on Visual Basic programming was also a little light and assumes a fairly advanced user. Thos should not be the first book you pick up for learning VB programming.

The book is more of a desk reference and crystallizes key concepts and practical tips very well. I strongly recommend this for any current or aspiring finance professional.
10 people found this helpful
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A. Ali
5.0 out of 5 stars superlative treatment of finance
Reviewed in the United States on February 15, 2008
Verified Purchase
This book is nonpareil: there's nothing presently on the market that can compare in coverage, lucidity, and pedagogical skill. This is a must-have for both MBA and MFE students. For portfolio theory, option theory, and the use of (naive) Monte Carlo methods for pricing exotic options, this book should be the first port of call. Also included in portfolio theory is an intelligible treatment of the Black-Litterman model -- the first I've seen that's clear to understand -- given with spreadsheet models (this alone justifies the price of the book). Eveything is done using Excel, and the last 300+ pages give a clear exposition of various features of this spreadsheet program, including macros and VBA.
25 people found this helpful
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Susan Cooper
5.0 out of 5 stars Know-how means Knowing How to Do It.
Reviewed in the United States on June 27, 2013
Verified Purchase
This extremely useful book gives detailed instructions for carrying out a number of tasks which are of daily use to those working in the finance industry. Each chapter contains a theorectical description of the topic, a step-by-step description of the why to set up a financial model, and the actual set-up for an Excel worksheet to solve the problem, invoking programming methods as necessary. The topics covered include different aspects of portfolio optimization, option pricing and bond analysis. A CD included with the book contains examples and templates of all the calculations.
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Top reviews from other countries

Kunal Desai
5.0 out of 5 stars BIBLE!
Reviewed in Canada on March 5, 2015
Verified Purchase
Should have bought this way back! If you like excel, this is your bible!
One person found this helpful
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Mathieu Gomes
4.0 out of 5 stars Excellent for Excel modeling
Reviewed in France on August 20, 2016
Verified Purchase
This book is definitely one of the best on the subject of financial modeling using MS Excel. The examples are very good and cover many different areas of finance, from the basic cash-flow modeling to more complex stuff such as portfolio optimization or interest rate curve modeling. However, to be fully effective, this book should be used in conjunction with a VBA-centered book as programming is not given sufficient importance in this one. This is why I only give it four stars. Still a great purchase.
One person found this helpful
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Vittorio Boccanera
5.0 out of 5 stars Financial Modeling Benninga
Reviewed in Italy on November 17, 2013
Verified Purchase
Absolutely Amazing. High quality, easy to understand, step-by-step procedures. Themes are all relevant and of quantitative necessity. IT IS A MUST.
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BeaconBoy
4.0 out of 5 stars Excellent Book - No Solutions CD with Kindle Edition
Reviewed in Germany on November 15, 2013
Verified Purchase
Excellent book, for more on the content see other comments.

Attention: the kindle edition does not come with access to the solutions to the practice problems, arguably the most important element of the book! Wrote both amazon as well as the author but no solution.

Still, a great book.
One person found this helpful
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Miss C Ling
5.0 out of 5 stars Fantastic!!!
Reviewed in the United Kingdom on September 26, 2012
Verified Purchase
I used this book for my finance project and methodology and this book was fantastic at every aspects. It explains step by step how to solve financial modelling queries on excel. Although, it was later discovered that I could have solved this through one of the learning videos on youtube:(
This book is highly recommended to anyone who wants to understand financial modelling and it suitable for any levels.
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