In English

Contact me if you need a financial model, a business plans, a feasibility study, a financial analysis or projections

I have a vast experience in building financial models for manufacturing, service, software, retail, wholesale and a lot of other enterprises. I prepare business plans, feasibility studies, investment memorandums. Besides I conduct financial and statistical analysis, data crunching with BI tools and help entrepreneurs to make informed well-founded data-driven business decisions, develop presentations and reports.

Also, I teach how to build professional financial models for investment projects, business valuation and other applications.

About me

PhD degree in Economic Science

I am majoring in financial modeling, business valuation, managerial accounting, budgeting, economics, economic history.

Professional knowledge and skills: IFRS, Russian Accounting Standards, taxation, economic forecasting and planning.

Foreign languages: English, Japanese

Computer programs: Excel, PowerQuery, PowerPivot, Visio, PowerPoint, Statistica, 1C:Accounting, 1C:Trade Management and a lot of other tools.

Programming language: Visual Basic, C#, Asp.Net MVC Core, Python, JavaScript, Django, Pandas

Domain-specific language: SQL, LINQ


OGAREV MORDOVIA STATE UNIVERSITY in Saransk, Russia, Republic of Mordovia,

Faculty of Economic Sciences

1996 — 2001

I graduated from Mordovian University with a degree in Public Administration.

OGAREV MORDOVIA STATE UNIVERSITY in Saransk, Russia, Republic of Mordovia, postgraduate studies

2002 — 2003

I defended PhD thesis «Developing enterprise information systems».

In 2005 I received PhD degree in Economic Science.

Professional Background

OGAREV MORDOVIA STATE UNIVERSITY in Saransk, Russia, Republic of Mordovia,

Faculty of Economic Sciences, Senior Lecturer/ Associate Professor/Senior Researcher

2002 — 2012

I taugh the history of public administration in Russia, social and economic forecasting (using statistical methods), business planning, management and subjects in economic sciences. I instructed students how to make statistical data analysis and data visualization using Statistica software package.  I had published more than 100 papers in journals and conference proceedings.

I conducted research activities in the areas of public administration, corporate finance, business valuation and performance management.

I repeatedly received grant fron Russian Foundation for Humanitarian Research and other research funding organisations for conducting research in economic and public administration problems, organizing conferences and seminars. In 2008 I was I received the grant from the President of the Russian Federation for Young Scientists for research in performance measurement and management. Since my research activities involved statistical analysis, I studied statistical programming methods and data visualization with statistical programming software such as R, Matlab, SPSS, EViews, pandas.

2013 — 2017

My special research interest was focused on developing practical financial modeling methods and techniques. I built financial models, made presentations in PowerPoint, wrote business plans for various types of businesses: manufacturing, construction, software, services, real estate, retail, wholesale etc. Also I analyzed financial statemetns under IFRS and Russian Accounting Standards, developed budgets for some small and medium companies, built spreadsheets for business analysis, decision making and performance reporting, created dashboards and data models in Excel and Power BI, prepared entities’ reports for Russian ministry of economic development, ministry of industry and for Russian Federal State Statistics Service. Besides I translated economic, journalistic and technical texts from Russian to English and from English to Russian. As well I taught financial modeling and capital budgeting.

2018 — 2019

My activities concerned developing financial models, creating pro-forma separate and consolidated financial statements models, budgets, business valuation models for small and medium firms, conducting spreadsheet audit and consulting in financial modeling and investment decisions. Also I developed a financial model of a technopark. I has been involved in creating business charts, schemes and presentations, BPMN diagrams. Participated in preparing documentation and presentations for bond IPOs.

2019 — 2021

I focused on developing financial models, business plans, financial analysis. I participated in writing bond offering memorandums for several bond IPOs on the Moscow Exchange.

Paper in English

Cheremushkin, Sergei, Generalized Method of Determining the Payback Period for both Conventional and Non-conventional Cash Flows: Ready-to-Use Excel Formulas and UDF (December 25, 2016). Available at SSRN:

Cheremushkin, Sergei, What’s Wrong with the Economic Value Added? (January 15, 2008). Available at SSRN:

Cheremushkin, Sergei Vasilievich, Long-Term Financial Statements Forecasting: Reinvesting Retained Earnings (September 18, 2008). Cheremushkin, Sergei V. 2010. “Long-Term Financial Statements Forecasting. Reinvesting Retained Earnings,” The Valuation Journal, Vol. 5, No. 2. pp. 46-87., Available at SSRN:

Cheremushkin, Sergei Vasilievich, How to Avoid Mistakes in Valuation — Comment to ‘Consistency in Valuation: A Practical Guide’ by Velez-Pareja and Burbano-Perez and Some Pedagogical Notes on Valuation and Costs of Capital (December 21, 2009). Available at SSRN:

Cheremushkin, Sergei Vasilievich, There is No Hidden Reinvestment Assumption in Discounting Formula and IRR: Logical and Mathematical Arguments (January 10, 2012). Available at SSRN:

Cheremushkin, Sergei Vasilievich, Some Explanations to What’s Wrong with the Economic Value Added? (September 1, 2008). Available at SSRN:

Cheremushkin, Sergei Vasilievich, How to Avoid Mistakes in Valuation: Guidelines for Practitioners (March 13, 2011). Available at SSRN:

Cheremushkin, Sergei Vasilievich, Internal Inconsistency of Downside CAPM Models (January 14, 2012). Черемушкин С.В. Противоречивость конструкции моделей CAPM с односторонним риском (Internal Inconsistency of Downside CAPM Models) // Электронный журнал Корпоративные Финансы, 2011, № 4 (20), с. 90-111., Available at SSRN:

Cheremushkin, Sergei Vasilievich, Revisiting Modern Discounting of Risky Cash Flows: Imbedding Uncertainty Resolution Functions into Risk-Adjusted Discount Rates and Certainty Equivalent Factors (Revised) (December 21, 2009). Available at SSRN:

Cheremushkin, Sergei Vasilievich, Looking into the Black Box of Firm Valuation: A Monte-Carlo Simulation Model for Assessing the Riskiness of Debt and Tax Savings (March 22, 2012). Available at SSRN:

Cheremushkin, Sergei Vasilievich, A Simple Error-Proof Approach to Find Composite Discount Rates Such as CoLE, WACC and the Like (August 2, 2011). Available at SSRN:

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