The FAST Standard is a set of rules on the structure and detailed design of spreadsheet based models. It is aimed at providing practical, structured design rules for financial modelling, providing both a clear route to good model design for an individual modeller, and a common style platform on which modellers and reviewers can rely when passing models amongst themselves.
The FAST Standard Organisation (FSO) have recently launched the FAST Level 1 certification. Passing the FAST Level 1 certification will provide evidence that an individual understands The FAST Standard and how to apply it.
The FAST Standard is recognised by ICAEW as being compliant with its twenty principles for good spreadsheet practice.
The exam for the FAST Level 1 certification is in two parts: 30 minutes to complete 25 multiple choice questions followed by 90 minutes to build a Spreadsheet model. Each individual is required to supply details of a sponsoring body who will be asked by the FSO to provide assurance that the test undertaken and submitted was the individual’s own work.
Putting your team through FAST Level 1 certification will ensure that they all have a consistent approach to modelling, building models quickly and effectively, significantly increasing efficiency and reducing risk.
It is often difficult for employers to assess an individual’s spreadsheet capabilities objectively. Achieving the FAST Level 1 certification provides evidence that you understand the principles of The FAST Standard and are able to apply them.
We are a signatory to The Fast Standard which means that we believe that financial models built and maintained according to The FAST Standard significantly increase efficiency and reduce risk. Whilst The FAST Standard is intended to be applied to financial models, we believe that the core principles within The FAST Standard can be applied to all types of Excel modelling.
We are working with the FSO to become a FAST Standard accredited training centre.
Find out more about The FAST Standard and the FAST Level 1 certification at the FSO website.