The Financial Modeling World Cup (“FMWC”) is an annual competition dedicated to financial modeling with a view of promoting healthy competition and education.

FMWC challenges participants through a range of different types of questions and tasks. To answer everything correctly and win prizes, it takes a wide spectrum of skills and knowledge related to financial modeling.

Financial Modeling World Cup is open to everybody regardless of their age, gender, race, place of living or any other factor. All participants are assigned to one of two age groups: U-25 or Open. However, everybody can become the overall winner of the competition. For the age group split, please get acquainted with the competition rules here.

FMWC is being held each year. We refer to each annual competition as a “Season”, with Season 2022 being divided into 8 monthly Stages.

FMWC Season 2022:

  • Stage 1January 28-31
  • Stage 2 – March 11-14
  • Stage 3 – April 22-25
  • Stage 4 – June 10-13
  • Stage 5 – July 22-25
  • Stage 6 – September 2-5
  • Stage 7 – October 14-17
  • Stage 8 – November 18-21

Every Stage of FMWC starts on Friday at 00:01 AM (UTC+0) and lasts until Monday at 11:59 PM (UTC+0). Once a participant triggers the start of a Stage, they will have a 2-hour window to fully complete it. During a Stage, the participant will have to download all relevant materials, read and analyze cases, create financial models and answer questions with answers based on their financial models.

  • Participants who after the previous Stage are ranked Top 30 in the world, Top 5 in each age group or Top 5 in each region, will have to complete the Stage during the first two days (e.g., Jan 28-29 for Stage 1).
  • All other participants will have to complete the Stage during the last two days (e.g., Jan 30-31 for Stage 1)

FMWC takes place online. Once the Stage begins, all participants receive an email with a link to the examination platform. This facilitates the international nature of the participants, stemming from across the world with unique time-zones and schedules.

Please press the Shop button at the very top of the FMWC homepage or click here and follow the instructions. To register, you will be required to pay a participation fee for the respective Stage of the competition.

Yes, you can.

Although you will have a smaller chance to compete for the grand prize (because you will have skipped the chance to earn points in previous stages), we do have dedicated prize money for the best performing participants in each separate stage. We also have prize money that is distributed only to the newcomers during the middle of the season.

Each Stage consists of case studies which are a range of real-life problems where you need to apply financial modeling skills.

Each Stage will normally include 3 case studies, with the possibility of additional cases or alternative relevant activities. Cases are between 1 to 5 pages long with a number of questions you need to solve, typically between 4 and 20. The complexity of the questions will vary, with more complex questions awarding more points if answered correctly.

Participants may be provided a basis for the financial model or financial models will be required to be produced from scratch.

The questions are not standardized and could potentially be multiple-choice, number type-in or other, but no answers will be in the form of an essay. To correctly answer cases, participants will need to fully answer the questions, produce and submit financial models.

For a better understanding of the case studies, you can find some sample cases on our website or purchase any of our historic case studies.

After each Stage is complete, usually the results will be published within 24h and participants of the Stage will receive possible solutions. Depending on how well you performed during a Stage, you will receive points based on our Points System, as well as be placed in our rankings.

We make sure that everything runs on an even playing field, by ensuring that all industry-specific and country-specific terms and ratios are explained, as well as allowing our participants to use any style of format.

By correctly answering every aspect of a Stage you can receive up to 1000 points (excluding Bonus Points and Extra Points).

  1. Time Saved Bonus Points:
    If a Participant submits all answers of a Stage before the 2-hour deadline, 10 Bonus Points will be awarded for each full minute saved. It is important to note that these Bonus Points are only awarded if the Participant correctly solves at least 90% of all questions of a Stage!
  2. Extra Points:
    At some Stages, without an advance warning, there might be Extra Points available for Extra Questions. Usually, to answer such questions, everything else in the financial model must be built correctly. These points will not be part of the 1000 Standard Points, and will not affect the calculations of Bonus Points.

The maximum number of points you can earn during a regular Season is 8,000, excluding Bonus Points and Extra Points.

Participants should note that the two Stages in which they achieve their lowest results will not be taken into consideration. This means that a participant can effectively be able to skip 2 Stages per Season without lowering their overall ranking.

All participants will be ranked globally based on the total number of points accumulated during a Season.

We publish additional subsets of rankings such as Top U-25, as well as regional subsets of rakings such as Top Europe Modelers, Top Africa Modelers, Top Asia/Pacific Modelers, etc.

The participation fee per stage depends on the age group of the participant. Participation for the U-25 age group costs $15 per stage, while participation cost for age group Open is set at $20 per stage. Seasonal tickets are also available at a discounted price.

After each stage is completed and the results have been published, possible solutions to the cases do become available to the participants. Note that the cases and solutions from previous rounds will be available only to those participants who have taken part in each particular round. For others, case studies will become available individually on our website’s shop section.