The first spreadsheet applications have been developed in the 1980’s. Since then the functionality of spreadsheet application technology has developed enormously, allowing users to construct increasingly sophisticated spreadsheet models. Today, spreadsheets are among the most widely used software applications in the business world. The demand for increasingly complex spreadsheet calculations for financial applications has led to the rise of a relatively new area of expertise called “Financial Modeling”. This can be defined as the “practice of constructing abstract mathematical models to represent a financial decision making situation”. With more and more decision makers relying on spreadsheet-based analysis, financial modeling as a distinct practice has been gaining acceptance over the years and the demand for financial modeling skills continues to rise.