Why Finance Students Must Learn Discipline Before AI Replaces Their Jobs with David Stangeland

Sep 23, 2025

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In this episode of Financial Modeler’s Corner, Host Paul Barnhurst sits down with David Stangeland, a finance professor at the University of Manitoba, to talk about teaching financial modeling, how students learn best, and the tools that have changed over the years, from PV tables to Excel. David shares what he's learned from more than 30 years in the classroom, why planning is so important in modeling, and how he uses real money investing through a student-managed fund to teach hands-on skills. He also talks about the value of the FMI curriculum, the role of judgment in modeling, and why he still learns something new every time he teaches.

David has been teaching at the University of Manitoba’s Asper School of Business since 1991. He has a PhD from the University of Alberta and is both a CPA and a CMA. His research focuses on corporate governance and performance and has been published in top finance journals. He’s co-authored two corporate finance textbooks and currently advises the school’s $2.8 million student-managed investment fund.

Expect to Learn

The most common mistakes students make when building models
How Excel helps students better understand what they're doing
Why structure and layout matter in a financial model
The importance of combining modeling with real-world context
How the FMI curriculum is used in teaching valuation and asset management

Here are a few quotes from the episode:

“There’s no one right answer in valuation. It’s about making good assumptions and thinking through your logic to build a credible story.” - David Stangeland
“Don’t think you know it all. Always be open to learning and improving. That mindset will take you further than any formula.” - David Stangeland
“Spreadsheets aren’t going anywhere. Whether it’s Excel or something else, that flexible grid is still the best way to work with data.” - David Stangeland

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In today’s episode: