In this episode of Financial Modeler’s Corner, host Paul Barnhurst welcomes Ian Bennett, Partner and Deals Modelling Leader at PwC Australia, to discuss the art and science of financial modeling. Together, they explore what makes a good financial modeler, how Excel has evolved dramatically in recent years, and how emerging tools and AI are shaping the future of modeling. Ian reflects on his decades-long career, from his early days discovering Excel during audits to leading a large team of modelers across Australia and India.

Ian Bennett is the Deals Modelling Partner at PwC Australia and a Master Financial Modeler (MFM) certified by the Financial Modeling Institute. With 24 years of hands-on experience in building and leading modeling teams, Ian’s approach combines deep technical expertise with a strong focus on communication, design, and problem-solving. He leads a 50-person modeling team at PwC and is known for his passionate advocacy for best practices, new tools, and innovation in modeling, including integrating AI and the latest features in Excel.

Expect to Learn

1. Why defining a model’s purpose upfront is essential to success
2. The most important listening and scoping skills great modelers must develop
3. How Excel’s evolution over the past 18 months is changing the game
4. What it means to be model-first vs. outcome-focused
5. Why curiosity and human insight are irreplaceable, even in the age of AI

Here are a few quotes from the episode:

1. “Every model tells a story, and that story should be known at the start of the project. It’s about understanding what questions the model needs to answer.” – Ian Bennett
2. “Be curious. That curiosity is what drives innovation in modelling, learning new tools, asking better questions, and solving real problems.” – Ian Bennett

Follow Ian:

LinkedIn - https://www.linkedin.com/in/ianrbennett/

Website - https://www.pwc.com.au/deals/modelling.html

In today’s episode:

[00:00] - Trailer

[01:09] - Introduction to Ian Bennett

[02:13] - Worst Model Ian Has Seen

[06:17] - Ian’s Background & Early Interest in Excel

[08:19] - Becoming a Master Financial Modeller (MFM)

[09:43] - Global Excel Summit Highlights

[11:53] - What Makes a Great Financial Modeller

[16:38] - Importance of Listening & Understanding Client Needs

[23:03] - Time Allocation: Design vs. Building in Excel

[28:14] - Modelling Tools Beyond Excel

[31:34] - Excel’s Evolution & Exciting New Features

[39:08] - Rapid Fire Questions

[41:50] - Will AI Build Financial Models?

[47:12] - Final Advice for Aspiring Modellers