FAST Standard Level 1 Certification
Businesses of any shape and size realize the risks of using spreadsheets that are not well structured and contain errors that might cost millions. If you are seeking to build more flexible and transparent spreadsheet models there is an option to learn and certify your modelling skills. The FAST Standard has been developed by professional financial modelers across the globe and provides a set of guidelines for building spreadsheets. The FAST Standard Level 1 Certification is evidence of an individual’s understanding of the FAST Standard and the application of the Standard in building spreadsheet models that are Flexible, Appropriate, Structured and Transparent.
The FAST Level 1 Certification awarded by the FAST Standard Organisation (FSO) provides evidence that an individual has proved competent on a specified date in understanding and applying the FAST Standard.
The certification will be useful for individuals that are seeking to present a case to existing or potential employers of their modelling credentials and experience.
1. Preparing for the FAST Level 1 Certification
An individual who is ready to apply for the FAST Level 1 Certification, and do well in the assessment procedures is likely to be able to:
– describe in some detail the contents of the FAST Standard;
– explain what the FAST Standard is trying to achieve;
– recognise what a FAST compliant model should look like; and
– apply the FAST Standard to simple modelling assignments.
The test is designed to assess how well you understand the FAST Standard and how well you can apply it to a practical modelling situation.
You will be given one attempt to complete the assessment procedures and submit your results. If you wish to undertake the assessment procedures again, then you must apply to take a new test and pay any associated fees.
In helping you prepare for the assessment procedures FSO recommends that you undertake a practice model build assignment: Biomass. Biomass is representative of the level of complexity you might expect in the assessment procedures.
2. Sponsoring bodies
Each individual is required to supply details of a sponsoring body who will be asked by the FSO to provide assurance that the test undertaken and submitted was the individual’s own work.
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3. Obtaining the FAST Standard Level 1 Certification
A certificate will be issued to an individual once they have:
– passed a test of their competence;
– provided confirmation by an appropriate body that the test attempted was their own work; and
– paid an appropriate fee.
Financial Arena is a strong promoter of best practice financial modeling as we have realised through discussions with HR professionals that firms are looking for job candidates with strong financial modelling skills.
Getting this financial modelling certification you verify your competence in the field and increase your chances to get targeted job offers. Contact us today to learn how we can prepare you to become a certified financial modeller.