In this episode of Financial Modeler’s Corner, host Paul Barnhurst welcomes Dr. Stephen Horan to discuss the fundamentals of financial modeling, the challenges and rewards of teaching finance, and how curiosity and simplicity are central to both education and professional modeling. Dr. Horan draws on his extensive experience as a finance professor and former Managing Director at CFA Institute, offering unique insights into the intersection of academia, practical modeling, and credentialing.

Dr. Stephen is a finance professor at UNC Wilmington and former Managing Director at the CFA Institute. He has over 30 years of experience in academia and industry, has authored award-winning research, and co-wrote Strategic Value Investing, featured on Warren Buffett’s reading list. His work bridges theory and practice in finance education. Dr. Horan is also a sought-after speaker and serves on editorial boards for leading finance journals.

Expect to Learn

• What makes a model readable and useful and why fundamentals matter.
• How to teach financial modeling in a way that’s active and practical.
• The difference between book knowledge and real-world application in finance.
• Insights into CFA Institute’s evolution toward practical skills and global relevance.
• The mindset and skills students need to transition from learning to doing.

Here are a few quotes from the episode:

• "Curiosity is the skill I had to learn and it’s the one that’s helped me most in my career." - Stephen Horan
• "Give someone the experience of building a model and solving problems. That’s the real education." - Stephen Horan
• "The ability to explain how you built a model is more powerful in an interview than listing courses on a résumé."  Stephen Horan

Follow Stephen:

• LinkedIn - https://www.linkedin.com/in/stephenhoranphd/
• Twitter - http://twitter.com/StephenHoranCFA

Follow Paul: 

• Website - https://www.thefpandaguy.com   
• LinkedIn - https://www.linkedin.com/in/thefpandaguy
• YouTube - https://www.youtube.com/@thefpandaguy

Follow Financial Modeler's Corner  

• LinkedIn Page- https://www.linkedin.com/company/financial-modeler-s-corner/?viewAsMember=true  
• Newsletter - Subscribe on LinkedIn-https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7079020077076905984

Sign up for the Advanced Financial Modeler Accreditation Today and receive 15% off by using the special show code ‘Podcast’.

Visit https://bit.ly/497oAqW and use the code “Podcast” to save 15% when you register. 

In today’s episode:

[02:07] - Guest Introduction

[04:19] - Modeling Horror Story

[10:41] - Bridging Theory and Practice

[13:31] - Power of Teaching

[17:55] - Learning by Modeling

[26:23] - CFA Institute Insights

[35:07] - Favorite Excel Shortcut

[39:36] - Rapid Fire Round

[46:02] - Final Thoughts and Contact