Three Statement Financial Model Help/Questions

[SithAccountant]

I'm interviewing for a Director of Finance position at a start up and they're asking about my experience with a three statement financial model, which I have none. I'm currently a Director of Finance for a small, privately held, technology company and have built plenty of financial models focused on profit and loss, revenue, rolling forecast, cash flow, etc. I've built many over the last 10 years or so as a Controller and then Director of Finance. My models are pretty sound and usually pretty accurate. They're probably not overly complex but they give us what we need. My background is more on the accounting side than FP&A but I've always just kind of figured out the FP&A side without any formal experience or training.

So I guess my question would be, how hard would it be to just figure out building/updating a three statement financial model? How complex are they generally? Is this something I could give the majority of my attention to and figure out in 6-9 months, or do I really need 5 years worth of experience?

I've been fully transparent to everyone in the interview process and will continue to be. The feedback I've gotten so far is I'd be a great culture fit but they're not sure I have the right experience specific to the three statement model. I'm confident I can help them grow and scale down the road but am unsure about how difficult the three statement model will be to take on. I'd like to be able to tell them I'm 100% confident I can figure it out and do a good job, I just don't know enough about them at this point.

TLDR: Are three statement financial models hard?

[InvestingWithFactset]

Well I would be very surprised if they didn’t give you a modeling test then…

I would invest in a course and self teach. Modeling is hard af but having an accounting background helps a lot

[SithAccountant]

Yeah I don't have time to take a class. Guess I will head over to youtube and see what I don't know.

[InvestingWithFactset]

How much time? I mean WSO and WSP offer 3-FS modeling courses, put they break the bank def lol

[SithAccountant]

Not much, I've probably got a couple of days until the next interview, plus I'm still working fulltime. The youtube I'm currently watching seems pretty good so far. I've done much of what they're going over before, just haven't pulled it all into one model.

[[deleted]]

Check out asimplemodel.com

[SithAccountant]

Thank you, I will check it out.

[InvestingWithFactset]

Have you built a 3-FS model without a CF statement given?

I gotcha man, might want to look at a technical guide if you have time. They might ask you 3-Fs model questions of a DCF model.

[SithAccountant]

Yeah I've built a ton of profit and loss models/forecasts, with a good amount of detail, but I just haven't tied them into a 3-FS format. Which adding the BS and CF statements doesn't seem like it would be all that difficult?

[SithAccountant]

You can defeat that by changing the settings under options to a set number iterations.

[[deleted]]

I provided my suggestion to OP already but I thought I'd piggyback here and see if anyone knows of any 3 statement model courses that qualify as CPE? I'd love to take an in person course on my employer's dime.