Financial Modeling World Cup

FMWC is an annual Excel modeling competition.

During the course of a season (January through November), competitors complete eight stages, and are allotted two hours over a 48 hour window to complete each stage.

Each stage contains three case studies, one to five pages long, with multiple choice or fill-in questions at the end. Contrary to what the name suggests, not all case studies are financial modeling based; Many are business modeling or data modeling based.

Stage points are available for:

• Task: Correctly solving questions on each case (Points vary by question)
• Time: Completing the stage early (10 points per minute, awarded only if the competitor has scored 900 task points)

Each stage winner's score is normalized to 1,000 points, and the score of all other competitors are normalized accordingly.

FMWC rankings and final standings are based on points scored across each competitor's top 6 stages (bottom 2 stages are dropped).

• 2020: The first of four FMWC stages started in September 2020. All stages contributed to the final standings.
• 2021: The stage count increased to twelve. The bottom two stages for each competitor were dropped from the final standings.
• 2022: The stage count decreased to eight. Case authors can not score a higher time bonus than any other player. Stage score normalization was introduced. The prize for top company was eliminated.
• 2023: Case authors may not be the sole winner of a stage.

The MEWC began in 2021 as the FMWC Open, an Excel Esports tournament. The competition was a standalone event that did not impact the Financial Modeling World Cup Rankings in regular seasons.[1]

The tournament consisted of a Qualification Round, with the top 128 qualifiers advancing to a single elimination tournament. [4]

Qualification rounds began on November 13, and continued into December.[4] The last three rounds of the FMWC Open competition were held on December 11, 2021, and were broadcast on FMWC YouTube channel and ESPN3.[5][6] Andrew Ngai (now representing Australia), Anup Agarwal (India), and Michael Jarman (Canada) returned as quarterfinals qualifiers, and Harry Gross from the UK, Jason Moore from the US, Joseph Palisoc from the US, Sameer Jagetia from the US, and Tim Roberts from the UK also qualified.[7] The final round, entitled "Knights and Warriors", had contestants, each representing a fictional nation, send fictional warriors to conquer each other. Ngai defeated Jarman 734–280, with a maximum of 1,000 points per side.[4]

The FMWC Open was rebranded as the Microsoft Excel World Championship (MEWC). Like its predecessor, it also consisted of a Qualification Round, with the top 128 qualifiers advancing to a single elimination tournament.

In total 377 people took part and 128 qualified for the final round. The best ranked participants of the FMWC ranking, were prequalified.

Rank	Name	Total Points	Time
1	Willem Gerritsen	5,000	00:36:50
2	Michael Clarke	5,000	00:46:59
3	Michael Holmes	5,000	00:51:01
4	Brian Hanley	5,000	00:51:28
5	Alfons Oliver Altes	5,000	00:52:23
6	Justin Merson	5,000	00:54:51
7	Britanny Deaton	5,000	00:54:57
8	Jason Webber	5,000	00:55:02
9	Eduardo Gonazales Arias	5,000	00:55:32
10	Peter Rebecchi	5,000	00:55:57
11	David Brown	5,000	00:56:49
12	Stefanus Ng	5,000	00:59:28
13	Diarmuid Early	4,800	00:25:14
14	Paul Dent	4,600	00:50:55
15	Nicolas Micot	4,600	00:52:31
16	Nick McCartney	4,600	00:54:55
17	Lianna Gerrish	4,600	00:57:34
18	Bram Van Eeckhout	4,600	00:58:14
19	Matthew Fried	4,550	00:50:17
20	Isaac Mendez Cortinas	4,400	00:56:55

The MEWC continued in 2023 with a modified format, the Qualification round was split into nine events, called "Road to Las Vegas" and one Qualification Round. However the 128 final-participants will still be competing in a 1v1 grid. The final of the top 8 will be hosted in Las Vegas.