Quantitative finance,
one spreadsheet
at a time.
A collection of practical lessons that turn financial models into something you can see, question, and build yourself.
For students finding their way into finance, and practitioners who work in Excel.
Explore the lessons
Explore the model Simulation · Modern Excel
From random shocks to price paths.
Build arithmetic and geometric Brownian motion in Excel. See each step, understand the time scaling, and turn the model into a reusable LAMBDA.
Notes & workbooks
Start with a question.
Follow the calculation.
Simulating Brownian motion
From one price path to many, using LET, SCAN and LAMBDA.
Estimating a covariance matrix
A reusable formula for understanding how returns move together.
Each lesson brings together an explanation, the Excel formulas, and a workbook to explore.
Suggest an improvement
or a new problem to solve.
Spotted something that could be clearer, or a pricing, risk or portfolio problem you would like to see solved in Excel? Send it here: reader suggestions shape the next lessons.
A model is easier to understand
when you can work through it.
I’m Gianluca Fusai, Professor of Mathematical Finance. Excelling in Finance is a place to explore quantitative finance through practical Excel examples, with the calculations open to inspection.
You do not need to use Python or work in a quant team to follow along. Bring some curiosity, open the workbook, and change an assumption.