Our Top 5 Most-Downloaded Financial Modelling Tutorials

Whether you’re deep into project finance modelling or just starting to explore industry-standard methodologies, sometimes you just need a concise, practical explanation, not a 300-page textbook.

That’s exactly why we created our online tutorials library, where we break down technical concepts into short, digestible resources. With over 20 tutorials available, it’s become a go-to destination for finance professionals wanting quick clarity without the fluff.

Explore all tutorials here: Financial Modelling Tutorials Library

And the best part?
Each tutorial includes a downloadable Excel file, so you can follow along and apply the concepts directly in a working spreadsheet.

Today, we’re highlighting the Top 5 tutorials that our global community keeps returning to.

1. Debt Service Coverage Ratio (DSCR)

Understanding DSCR is fundamental in project finance. This tutorial walks through:

• What DSCR measures and why lenders focus on it
• How to calculate DSCR correctly within a model
• What constitutes a “healthy” DSCR depending on the sector

View DSCR tutorial >

2. Debt Service Reserve Account (DSRA)

The DSRA acts as a cash safety net for lenders. This tutorial covers:

• The purpose of the DSRA and how it protects lenders
• Methods for sizing the reserve
• The correct Excel logic to model DSRA movements

View DSRA tutorial >

3. CFADS — Cash Flow Available for Debt Service

CFADS is the foundation for all debt-related analysis. This tutorial explains:

• Why CFADS ≠ EBITDA
• Step-by-step derivation within the model
• How CFADS links directly to lender decision-making

View CFADS tutorial >

4. Features of a Cash Flow Waterfall

The cash flow waterfall determines who gets paid, in what order, and at what priority. This tutorial highlights:

• Standard sequencing of cash movements
• Treatment of reserves, distributions and debt repayment
• Why clear logic improves auditability and model transparency

View Cash Flow Waterfall tutorial >

5. Loan Life Coverage Ratio (LLCR)

LLCR provides lenders with a long-term view of repayment capacity. You’ll learn:

• How LLCR differs from DSCR and PLCR
• When LLCR is most influential in negotiations
• How to model LLCR correctly without circular calculations

View LLCR tutorial >

These tutorials = a preview of our financial modelling training courses

Each tutorial includes a downloadable Excel file and offers short insights into how we teach structured, industry-standard modelling.

They’re not just articles, they’re mini extracts from our financial modelling training programs, delivered through Forvis Mazars Financial Modelling, our structured capability-building pathway for modellers at every level.

Final Thoughts

Whether you’re levelling up your modelling skills or brushing up on project finance fundamentals, these tutorials are a smart place to start. They’re concise. Practical. Instructional. And designed by modellers who actively build and audit project finance models around the world.

Dive into the full collection of 20+ tutorials (with Excel files):