ChatGPT for Financial Models: How to Review Excel Files Like a Senior Partner
Reviewing financial models is a core part of many roles—whether you’re screening a potential investment, evaluating a strategic project, or assessing performance. But not everyone on the team brings senior-level intuition to that task.
Senior partners don’t just read models. They challenge assumptions, look for missing context, and ask questions that reshape the conversation.
With the right prompts, ChatGPT can help you think like a partner—even if you’re just starting your career in finance, consulting, or investing.
Why Use ChatGPT to Review Financial Models?
Financial models are detailed, dense, and prone to silent errors. Reviewing them manually is time-consuming, and it’s easy to miss hidden assumptions or inconsistencies—especially under time pressure.
ChatGPT (paired with a file upload) can act as a second set of eyes—quickly surfacing key insights, structural issues, and strategic questions.
It’s not about automating financial judgment. It’s about amplifying your ability to challenge and interpret what you see.
Step-by-Step: Using ChatGPT to Analyze Excel Files
Step 1: Upload the Model with Clear Instructions
Start by uploading your Excel file and giving ChatGPT a role.
*This is a financial projection model for a company we’re evaluating. You are a senior partner reviewing this as part of a pre-investment check. I want your perspective on:
1. Key assumptions,
2. Any inconsistencies or unrealistic projections,
3. What’s missing from the model.*
This prompt already sets the tone: high-level, critical, and strategic.
Step 2: Ask for Strategic Observations, Not Just Numbers
Instead of asking for a summary, push the model to think beyond the spreadsheet.
Based on this model, what are the top three questions you’d raise before moving to due diligence?
Which line items would you challenge, and why?
What do the assumptions say about how this company sees itself growing? Are they reasonable?
This is where ChatGPT starts acting like a seasoned reviewer—not just a calculator.
Step 3: Drill Down Into Key Areas
Once high-level insights are clear, go deeper.
Try prompts like:
• Break down the revenue drivers. Are they volume-based, price-based, or both?
• What’s assumed about customer churn? Is it typical for this industry?
• Does the cost structure look scalable? Where would you expect margin compression?
• Is working capital modeled realistically based on the business model?
This turns the exercise from number-checking to business-model thinking.
What You Can Expect
✔️ A concise summary of what the model says
✔️ A short list of red flags or inconsistencies
✔️ Suggestions for founder or CFO follow-up questions
✔️ Scenario prompts (e.g. “What if COGS increase by 15%?”)
✔️ Faster onboarding for junior team members reviewing models
Limitations to Watch
ChatGPT can’t “see” formulas. It only analyzes visible values unless you copy-paste formulas directly.
It can misinterpret raw data. Always verify outputs manually, especially in high-stakes decisions.
It doesn’t replace judgment. It accelerates insight but doesn’t make the call for you.
Final Thought
Using ChatGPT to review Excel files isn’t about shortcuts—it’s about leveling up how you think through models.
It helps you:
• Ask smarter questions
• Surface blind spots
• Save time without cutting corners
This is how senior partners operate. And with the right prompts, you can too.
If your team works with financial models—across investment, strategy, or operations—and you want to bring AI into your review process safely and effectively, book an intro call. I’ll help you build the prompts, habits, and workflows that make ChatGPT a valuable thinking partner—not just a shiny tool.
