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Stage 1 (2021) “Headcount Analysis”

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Stage 1 (2021) "Headcount Analysis"

This is an actual case from the Financial Modeling World Cup 2021, Stage 1 (Jan 22-25) competition. It can be used to expand your knowledge of financial modeling and train for future FMWC Stages.

The downloadable file consists of the following:
-Task: Excel file with given case assumptions and data for the model; PDF file with Case Materials; PDF file with Questions.
-Solution: Excel file with the full Solution Model; Excel file with an alternative Solution approach; PDF file with correct Answers in Bold.

This model awarded 450 points + 150 Extra points for the bonus question, while the whole 2h Stage allowed to earn 1,150 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at


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