Hire the Top 3% of Freelance Financial Modeling Consultants

Toptal is a marketplace for top financial modeling consultants. Top companies and start-ups hire financial modeling consultants from Toptal for their mission critical projects.

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Clients Rate Toptal Financial Modeling Consultants4.6 / 5.0on average across 383 reviews as of May 3, 2022

Hire Freelance Financial Modeling Consultants

Ludwig Diaz

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since January 6, 2018

Ludwig has closed over $30 billion of transactions in the US and Europe at Deutsche Bank's investment banking division. He has worked closely with investment professionals at top firms like Blackstone and Starwood Capital on deals ranging from asset and business disposals to multi-billion dollar acquisitions. He joined Toptal to connect with other entrepreneurs and go-getters and share his knowledge around investing, financing, strategy, and M&A.

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Previously at

Starlifter Capital, LLC

Keith Fernandez

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since January 26, 2017

A Harvard economics graduate with an MBA from Wharton Business School, Keith is a seasoned Financial Consultant who has helped clients grow their businesses and successfully raise over $4.5 billion. He has executed numerous complex financial transactions for startups and Fortune 500 corporations while working at leading Wall Street investment banks like Merrill Lynch and Private Equity firms like KKR. Keith has also served as a Chief Financial Officer for a healthcare services company.

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Previously at

Monarch Financial Consulting

Bertrand Deleuse

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since October 23, 2018

Bertrand is a 25-year finance veteran with a true 360 experience, honed as an investment banker, venture advisor, project developer, CFO, and expert witness consultant in international arbitrations. He has advised and partnered on over 100 transactions and investment initiatives totaling over $16 billion. Bertrand is a seasoned problem solver and decision-maker with expert facilitation skills. Bertrand advises on M&A, corporate development, venture growth, project development, and financing.

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Previously at

Quadrant Economics

Sean Heberling, CFA

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since October 12, 2017

With Morgan Stanley, BNY Mellon, Sailfish Capital, and Marion Street Capital, Sean has analyzed 10,000+ companies, built complex models, and helped facilitate $1+ billion in investment transactions. He freelances to leverage his expertise in financial modeling, investor presentations, investment analysis, and M&A. He is on the boards of several early-stage companies, advising on operations, growth strategy, and fundraising.

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Previously at

Addvia Capital

Jeffrey Fidelman

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since September 29, 2016

For several years, Jeffrey has been a trusted advisor, focused on working with entrepreneurs and helping them build and grow their business, often from the ground up. He's successfully helped entrepreneurs raise more than $1 billion. His ability to work across a wide variety of industries is the result of a diverse investment background. Freelancing enables him to work directly with leadership to achieve efficient and positive results.

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Previously at

Fidelman & Company

Ellen Su

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since September 15, 2016

Ellen specializes in answering her clients' complex financial and analytical questions with innovative techniques. She is excited to bring to Toptal clients a vast set of tools to employ on analytical projects. Her unique talent is a seamless combination of data sourcing, programming, financial analysis, storyboarding, and visualization.

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Previously at

Park City Finance, LLC

Aleksey N. Krylov, CFA

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since October 24, 2016

Aleksey served in CFO roles of public and VC-backed private companies. As investor, he contributed to 25+ private equity deals that have deployed $500 million. He has advised 50+ clients on raising $1.6 billion in equity in the healthcare, consumer, media, software, energy, and industrial sectors. He enjoys working with officers of early stage and mature small-cap firms. He freelances because it exposes him to a wide range of companies.

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Previously at

Ftera Advisors

Alex Graham, CFA

Freelance Financial Modeling Consultant

United KingdomFreelance Financial Modeling Consultant Since December 17, 2016

Combining technical modeling acumen with strategy consulting dexterity, Alex excels in assisting clients in understanding future opportunities and how to seize them. His career has spanned diverse roles from the UK to Colombia, fostering a flexible and creative mindset during remote engagements. Alex has received critical acclaim for his market sizing and sector research expertise and has worked with over 20 PE/VC funds, with $3+ billion of AUM, across six continents.

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Previously at

Flywheel Visions Ltd

Juba Tsuladze

Freelance Financial Modeling Consultant

United KingdomFreelance Financial Modeling Consultant Since February 7, 2017

Juba is the founder of angioClast, a Cambridge-based biotech startup focused on cancer research. Before entrepreneurship, Juba was a seasoned CFO with multi-industry experience and worked on projects, ranging from an equity sale of a $150 million telecom company to a $50 million hotel business turnaround. He joined the Toptal network to resolve diverse FP&A, M&A, buyouts, and strategic analysis challenges.

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Previously at


Charles Strout

Freelance Financial Modeling Consultant

United StatesFreelance Financial Modeling Consultant Since January 9, 2017

A chartered financial analyst and Columbia/London Business School MBA, Charlie founded a consulting firm specializing in providing strategic and financial analysis. He also currently leads strategic initiatives at FreeWheel Media. Recently, Charlie’s work has included conducting equity research and valuing non-traditional data sets. He joined Toptal to help clients to leverage financial and strategic analysis to improve business results.

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Previously at

FreeWheel Media, Inc. (a Comcast Company)

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A Hiring Guide

Guide to Hiring a Great Financial Modeling Consultant

The ways to build financial models become ever more fine-tuned, and the experts behind them have to keep up. The right financial modeling consultant can change a company's outlook, crafting fine-tuned models that are simply structured yet provide the insights executives need to act. This guide provides a breakdown of the key skills and attributed you'll want to see in a financial modeling consultant.

Read Hiring Guide
Toptal in the press

... allows corporations to quickly assemble teams that have the right skills for specific projects.

Despite accelerating demand for coders, Toptal prides itself on almost Ivy League-level vetting.

Our clients
Building a cross-platform app to be used worldwide
Thierry Jakicevic
Building a cross-platform app to be used worldwide

Martin so far is a complete Rockstar. His first bit of work produced a tool for us to model and forecast our financials and is far and away worth every penny we paid and more. Just thought I’d share that with you.

Pete Pellizzari, CEO

Budder, Inc.

Erik has been an extremely valuable member of our team who has tremendous breath of experience with start ups in our lifecycle phase. What makes his contribution unique and highly effective is not only his excellent financial modeling skills and knowledge, but also the emotional intelligence with which he manages each relationship at Vault, understands our team dynamics, and helps us tackle start up challenges effectively. It is rare to find a part-time consultant who makes you feel like he/she is genuinely invested in the success of your company.

Romy Parzick, COO

Student Loan Benefits, Inc. dba Vault

Toptal has been an incredible key partner for Sidekick. As an early-stage start-up, we’ve leveraged both design and financial talent. The experience has been incredible, with those professionals bringing creativity, expertise, and advice to ensure Sidekick succeeds. My Toptal financial expert helped steer Sidekick’s business model, which resulted in an initial ROI of 650x! My experience with Toptal has given me great confidence in the future.

Doug MacKay, Founder / CEO


Chris was great to work with and was always available on my schedule. His communication skills and personality were a 10/10. His outputs on the project were top notch and allowed us to develop more efficient forecasting and initiative prioritization frameworks. I would definitely use Chris again.

Chris Pozek, CEO

Veterans Rideshare

What really sets Toptal apart is the caliber of finance talent available in their network. I had a very specific and pressing need, and Toptal quickly matched me with the perfect person for the job. The expert produced a thoughtful and robust financial analysis that has ultimately allowed us to forecast and prioritize initiatives much more efficiently.

Chris Pozek, CEO

Veterans Rideshare

Scott had a lot of finance experience which he used to ask the right questions and help us do things more quickly than we would have done without him. The commission model is crucial to us being able to scale, he integrated seamlessly with our finance team and efficiently got us the outputs we needed.

Naushad Parpia, Founder and CEO


I was very impressed with the quality of finance talent in Toptal’s network. Our expert's experience was immediately evident through his insightful questions and the speed at which we could move. Toptal stayed on top of the process from making the match through to the successful completion of the project. I've already recommended Toptal Finance to my network.

Naushad Parpia, Founder and CEO


How to Hire Financial Modeling Consultants through Toptal


Talk to One of Our Industry Experts

A Toptal director of finance will work with you to understand your goals, technical needs, and team dynamics.

Work With Hand-Selected Talent

Within days, we'll introduce you to the right financial modeling consultant for your project. Average time to match is under 24 hours.

The Right Fit, Guaranteed

Work with your new financial modeling consultant for a trial period (pay only if satisfied), ensuring they're the right fit before starting the engagement.


  • How are Toptal financial modeling consultants different?

    At Toptal, we thoroughly screen our financial modeling consultants to ensure we only match you with talent of the highest caliber. Of the more than 100,000 people who apply to join the Toptal network each year, fewer than 3% make the cut. You'll work with finance experts (never generalized recruiters or HR reps) to understand your goals, technical needs, and team dynamics. The end result: expert vetted talent from our network, custom matched to fit your business needs. Start now.

  • Can I hire financial modeling consultants in less than 48 hours through Toptal?

    Depending on availability and how fast you can progress, you could start working with a financial modeling consultant within 48 hours of signing up. Start now.

  • What is the no-risk trial period for Toptal financial modeling consultants?

    We make sure that each engagement between you and your financial modeling consultant begins with a trial period of up to two weeks. This means that you have time to confirm the engagement will be successful. If you're completely satisfied with the results, we'll bill you for the time and continue the engagement for as long as you'd like. If you're not completely satisfied, you won't be billed. From there, we can either part ways, or we can provide you with another expert who may be a better fit and with whom we will begin a second, no-risk trial. Start now.


How to Hire a Great Financial Modeling Consultant

Financial modeling (internationally financial modelling) has advanced tremendously over the last two decades, evolving into a true science. Nobel Prizes have been awarded on the back of financial modeling and research, including the 2013 Prize in Economics to Eugene F. Fama, Lars Peter Hansen, and Robert J. Shiller “for their empirical analysis of asset prices”. Multibillion-dollar hedge funds have been set up around specific financial models, such as David Li’s Gaussian Copula function or the notorious Black Scholes model, all of which spurred a wave of new investment vehicles looking to leverage the models’ determination of price movements in different asset classes.

Whilst these are clear examples of extremely advanced financial models, the overall point remains clear: financial modeling plays a fundamental role in modern day financial and business decisions.

Finding top financial modelers is no easy task. The ability to assess financial modeling skills comes with practice. This guide is aimed at helping you source such talent effectively by putting candidates through their diverse paces.

Organized modeler, organized model

The bread and butter of a good financial model is that it be well-structured, clean, and easy to follow. After all, these models are usually shown to or referenced by other members of an organization. If financial models are sprawling instead of streamlined, they will largely be useless. A CFO cannot be spending precious time to understand a document as opposed to focusing on its outputs and takeaways or how it relates to the business KPIs.

Reflecting this, good financial modelers will tend to be structured, organized people, who enjoy data analysis and making well-constructed and easy to grasp models. A love of minutiae, such as Excel formatting, is likely to reveal a top-notch financial modeler, who takes pride in what they craft.

A good first step, therefore, is to use a simple modeling exercise. This is not aimed at determining their financial skills or their intrinsic Excel knowledge, but mainly their propensity to create clean-looking models that are orderly and coherent.

An appropriate simple modeling exercise could be the following:

Q: Company X has been approached by a local boutique investment bank with an opportunity to purchase a smaller competitor in an adjacent market. The CFO has asked you to create a financial model with an upside case, base case, and downside scenario to assess the growth prospects and risks of the company.

The following guidelines on a financial model’s structure will rapidly identify good financial modelers, no matter the financials:

  • Inputs: A model must clearly show where the inputs are. This is particularly important for questions of portability. As the model is handed over to colleagues, they must be able to determine where the inputs are, in case they need to perform a sensitivity analysis on the key inputs, for example.
  • Number of tabs: Financial models require interaction between many different sections (P&L, Balance Sheet, etc.). The right build will be structured so as to lead users naturally between various financial statements, sheets containing operating models, sheets that model returns, sheets that model particular functions such as capital expenditure, and more.
  • Output tabs: Financial modeling almost always involves reaching an output or conclusion. In the scenario depicted above, the CFO is looking to understand what the prospects of the company are, meaning the outcome would concern growth and profitability projections Whatever the purpose of the model, good modelers will make sure that the outputs or the conclusions are clearly laid out.
  • Key to financial terms used: It is unwise to assume every person looking at a model is fully financially literate. Capex and ROIC are common enough abbreviations, but if a model mentions NCAVPS, a key explaining that this means Net Current Asset Value Per Share can be a blessing.

Excel still rules the roost

While Microsoft Excel spreadsheets may have a reputation as the aging veteran of financial modeling tools, there is a good reason for its staying power. The breadth of options it provides allows a financial modeler to dominate any inputs needed. There are hundreds of relevant Excel formulas, with a good financial modeler needing to be familiar with a multitude of these to achieve any particular result needed.

The best formulas have two advantages:

  • They achieve a particular result in a lightweight way, without encumbering the model too much so that the file remains fairly light and easy to load.
  • They can be understood and modified by others and the formula must continue to work when other parts of the model are altered. This is particularly relevant when formulas are combined to achieve a particular result.

Q: Company Y is updating its business model ahead of a Series A round of fundraising. However, its first attempt at financial modeling in Excel was not done proficiently, resulting in a very heavy model, which is unclear to use and takes a long time to recalculate. Please update, improve and simplify it.

Examples of how a modeler should be making models more lightweight are as follows:

  • Non-volatile formulas. Certain types of formulas in Excel are considered “volatile” as they get recalculated every time a change is made. This makes an Excel sheet much slower. A good modeler will identify these and change them to non-volatile types. A specific example would be changing OFFSET formulas to INDEX formulas.
  • Pivot tables: A common reason for slow Excel sheets is large amounts of data. If summary tables or output tabs are made using formulas referencing large amounts of data, the model will slow down significantly. A good way to avoid this is through the use of pivot tables.
  • Tables can hold data: Tables are a good way to store data due to their more dynamic nature. If data is added or removed, the table still works, which allows for easier referencing in formulas (for instance, by referencing a table column as opposed to the exact array of cells).
  • Macros: Macros allow for a host of added functionality. Whilst many models will not need a macro, a candidate who understands how to create and use focused macros can clearly provide more advanced Excel functionality when the time comes.

A real data sleuth

“An unsophisticated forecaster uses statistics as a drunken man uses lamp-posts - for support rather than illumination.”
—Andrew Lang

Financial modelers will often be tasked with producing models in the absence of much guidance or data. When faced with this situation, experienced modelers will know which type of information they need to source, where to find it, and most importantly, how to filter out data which is irrelevant to their exercise. In other words, strong modelers should be able to construct their own scenarios and guidance to produce the results they have been asked to produce.

A good way to test a candidate’s ability in this regard could be as follows:

Q: The CEO of a Fortune 500 company is considering a takeover bid for a major competitor. He has asked you to perform a valuation analysis of the takeover candidate, through a financial model, while applying the right methodology.

A financial modeling expert must be familiar with the main methods of company valuation. But more importantly, for this exercise, they should be familiar with the sources of data one would use in order to perform a company valuation. The candidate would first need to model some estimates of the company’s performance going forward.

Forward financials can be estimated by analyzing historical figures and predicting future performance, learning about overall market dynamics and using the forward estimates of comparable companies.

A good financial modeler would be expected to investigate in the following way:

  • Request specific historical company information.
  • Analyze historical performance and ask questions to understand numbers driving factors behind the company’s performance.
  • Become familiar with market the company operates in: competitors, products, market share, etc.
  • Seek information on comparable companies, such as private industry reports (Pitchbook, Thomson One, Capital IQ, Bloomberg). For American companies, the SEC provides original filings of the companies’ financials, while the likes of Google Finance and Yahoo Finance can be used to look into publicly listed companies.
  • Look for external analysis (analyst research reports, media articles), so as to build an understanding of company’s reputation and overall industry drivers.

The above exercise is not to have the candidate perform a valuation analysis but to hear from how they would go about sourcing the information needed to build their model and provide the analysis.

Step back and see the bigger picture

Despite the above, an extremely common pitfall in financial modeling and business modeling is the inability to take a step back and see the bigger picture. It is all too easy to get bogged down in the details of a model and forget that a model is supposed to simulate a real world situation. seeing the bigger picture. Top financial modelers need to constantly be asking themselves the following questions:

  • Do the numbers I am showing make sense?
  • Is the outcome of my model feasible?
  • How do my numbers compare to real-life comparables?

If financial models are meant to guide senior executives in their decision-making, the modelers must anticipate what the executives need and the questions they expect the model to answer. If done well, this answers the need for structure, no superfluous data being included, and avoids time loss right due to unreasonable outcomes in the financial model.

It is worth testing a candidate’s thought process at this stage.

Q: A CFO is considering investing in a new production facility, and has been soliciting bank proposals for financing. His bankers have sent him a model of what sort of financing structure they could provide as well as their forecasts on the investment’s performance. The CFO has asked you to analyze the numbers and draw some conclusions and recommendations.

In performing the analysis, a top financial modeler would be expected to do the following in order to immediately understand the structure of the model:

  • Understand where the key inputs are (pertaining to operational projections as well as to the financing structure).
  • Define key outputs/metrics CFO is looking for to make a decision. Here, the most appropriate metric is likely to be an analysis of the Net Present Value (NPV) of the projected investment. Strong modelers would be familiar with the concept behind NPV but should also ask what key metrics the decision will be based on to include them prominently in the model.
  • How the model ties everything together. Once the key inputs and outputs have been determined, the modeler should figure out how the model uses the inputs to create the desired outputs. In this case, the two key parts of the model will be the operational projections of the investment and the financing structure being proposed by the bank.

Once this is established, a stress testing process should be carried out to put the model through its paces.

  • Providing for variables - Once the model structure is defined, the modeler should see how key outputs change with a given change in the inputs. This also allows for forecasts to cover more extreme scenarios.
  • Trying different financing structures - In this example, the modeler can see how different financing structures might influence the outcome. For instance, a comparison of how debt and equity instruments affect the desired outputs provides the CFO with some good perspective.
  • Test operational assumptions - The model can only work if the assumptions within it make sense. Wildly optimistic assumptions on the cash flows of the investment would produce skewed results and help no one. A good modeler is likely to question these assumptions until they are satisfied.

To summarize, a good modeler cannot focus only on the model and its complexities. Putting themselves in the shoes of the decision-maker allows them to understand what drives these decisions and make the model reflect that.

Pride and joy in their work

As a final note, it has become very clear that the best modelers tend to really enjoy modeling. Like an architect approaching the completion of a building, they will tend to see it as an art. They will enjoy discussing modeling tips and tricks with their coworkers. And they will spend time on their own learning about new skills.

When assessing a freelancer, they should be allowed to wax lyrical, to share their favorite model or speak of their proudest creation, revealing from where their pride comes from or how its complex parts were put together. An interviewer should leave this process to flow organically, allowing themselves to be given the grand tour of a financial modeler’s portfolio. The pride and fulfillment they derive from their work is a clear benchmark of how they will approach future challenges set before them.

Financial modeling is a mission-critical task for many companies. Having strong financial modelers on the financial consultant team can make a CFO’s life far easier, streamline decision-making and often help gain an edge over one’s competitors. As such, hiring expertise talent in this area is fundamental. Nevertheless, doing your due diligence and judging a candidate’s ability to model is not easy. Much like a model itself, the interview process cannot be static but ebb and flow to test out the various pointers laid out in this guide. Dive in.

Featured Toptal Financial Modeling Publications

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