Our Guest Mentor:
Lance Rubin is founder and CEO of Model Citizn and over the last two decades has a strong reputation throughout the industry of being a highly accomplished and lateral thinking financial modeler. Lance is also a chartered accountant (CA ANZ), an ex- Investment Banker, CFO of a fintech and partner of the accounting & finance careers platform The Outperformer.
Lance is currently based out of Melbourne, Australia although is a regular traveller working with clients and conducting financial modelling courses worldwide
Key Quotes From the Episode:
“[How to make financial modelling more impactful] I’d say financial modelling was the first skillset I learnt but then I had to take myself out of the model and then go and see clients and do deals and I think the communication and building relationships with customers because an investment banker you have to service the client.” [05:13]
“[How to know you’ve found your passion] At Investec quite regularly I’d finish at two, three a.m. but I was there sitting building a model and because I’m so passionate about financial modelling it didn’t feel like work, and that’s when I knew I hit my passion, the thing that drives me because it didn’t feel like work.” [07:00]
“[On going outside your comfort zone] I think being able to navigate through complexity is a skill set people want to develop but the thing is you can’t develop it unless you through yourself at a challenge.” [11:13]
“[Why Excel is not Dead] No matter what anyone else says, no matter what all the marketing firms, technology firms say, an investment bank is not going to build their model without anything else other than Excel. And deals are going to be done on the New York Stock Exchange, London Stock Exchange and ASX, JSE based on Excel spreadsheets so anyone that says Excel spreadsheets are gone, is deluded.” [18:50]
(Other resources and how to connect with Lance below).
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Key Points From the Episode:
- The 3 skills Lance developed to make his models more impactful.
- Describes some baby steps to raise your financial modelling skills.
- The 5 building blocks to be a successful Financial Modeller.
Time Stamped Show Notes:
[01:55] – Introduction into how Lance found his way towards his current roles and what blew him away.
[02:46] – Describes what 3 way modelling is.
[04:35] – Where he found most leverage in finance with his modelling skills.
[05:13] – Why it’s important to get out of the model and build relationships with stakeholders.
[06:35] – The importance of resilience.
[08:20] – Describes some baby steps to raise your financial modelling skills.
[10:47] – Why it’s important to get out of your comfort zone and take a growth mindset.
[11:13] – How to build resilience.
[12:33] – What’s exciting him most about his work at the moment.
[16:40] – The 5 building blocks to be a successful Financial Modeller.
[18:50] – Why Excel is not dead despite what some parties are saying.
[20:17] – Shares the best of advice he received.
[21:58] – Further advice on building 3 way models.
[22:46] – The book Lance recommends and the importance of a growth mindset.
- Mindset – Updated Edition: Changing The Way You think To Fulfil Your Potential (2017), by Dr Carol Dweck
- Lance’s Blog on the 5 competencies of good Financial Modelling (link)
- Financial Modelling Institute: (website)
- Dr Carol Dweck (YouTube Clip)
- Model Citizn (website)
- Sequel CFO (website)
- The Outperformer (website)
Connect with today’s guest:
- LinkedIn Profile: https://www.linkedin.com/in/cashflowmodeling/
- Model Citizn Website: https://www.modelcitizn.com/
- Lance’s YouTube Channel: https://www.youtube.com/channel/UCN0Cx1oeLN7Kr1AXaoChEoA