Financial Statement Analysis Program
Real-world analysis skills meet practical application. Our six-month program teaches you to read between the lines of balance sheets and income statements — because numbers tell stories when you know how to listen.
Apply for September 2025What Drives Our Teaching
We built this program around principles that actually matter. Not corporate buzzwords or empty promises — just straightforward values that shape how we work with students in Chiang Mai and beyond.
Honest Assessment
Financial analysis isn't about spinning stories. We teach students to spot discrepancies, question assumptions, and present findings without sugar-coating. Last year, a student identified inventory valuation issues in a local retailer's statements — their honest reporting helped the business correct course before audit season.
Practical Application
Theory matters, but you'll spend more time analyzing actual statements from Thai SMEs than memorizing formulas. We partner with businesses who share their real financials — the messy, complicated ones that don't fit textbook examples. That's where learning happens.
Mentorship Focus
Small cohorts mean individual attention. You'll work directly with instructors who've spent years analyzing statements for banks, investors, and audit firms. They'll review your work, challenge your conclusions, and help you develop the judgment that separates competent analysts from exceptional ones.
Ethical Standards
Numbers can be manipulated, and analysts face pressure to see what stakeholders want them to see. We spend significant time on professional ethics — recognizing red flags, maintaining independence, and understanding when to push back against optimistic interpretations.
Common Obstacles and Our Solutions
Learning financial analysis comes with predictable challenges. Here's how we address the ones students mention most often.
Information Overload
Financial statements contain hundreds of line items. New analysts often can't distinguish crucial data from routine details, leading to paralysis or superficial reviews.
We use a progressive disclosure method. Week one covers just three key ratios. Week two adds three more. By month three, you're analyzing complete statements — but you've built a mental framework for what matters most. Students also create personal reference guides that become their go-to tools long after graduation.
Context Confusion
A ratio that signals trouble in manufacturing might be perfectly normal in retail. Without industry context, analysis becomes guesswork.
Our curriculum rotates through five sectors common in Thailand: hospitality, manufacturing, retail, agriculture, and professional services. You'll analyze statements from each industry, learning how business models affect financial presentation. Guest speakers from these sectors explain what's normal in their world versus what raises concerns.
Technical Gaps
Some students arrive with strong accounting backgrounds but weak Excel skills. Others can build complex models but struggle with accounting concepts.
First two weeks include optional skill-building workshops — accounting fundamentals on Tuesdays, Excel and data tools on Thursdays. No judgment, just practical help. Most students attend at least a few sessions to shore up specific weaknesses. Recordings stay available throughout the program.
Confidence Issues
Many students can perform solid analysis but struggle to present findings clearly or defend their conclusions when questioned.
Monthly presentation sessions where students present analysis to peers and instructors. Early presentations are low-stakes practice. Final presentations involve external reviewers from local businesses. You'll also write analysis reports that mirror real-world deliverables — we provide detailed feedback on both technical accuracy and communication clarity.
Where Financial Analysis Is Heading
The fundamentals don't change much, but tools and expectations do. Here's what's shaping the field right now.
Current Developments
More Analysis, Less Data Entry
Software now pulls data directly from accounting systems and calculates standard ratios automatically. The valuable skill is knowing which follow-up questions to ask when something looks odd — that's where analysts add value that machines can't replicate.
Speed Without Shortcuts
Investors and lenders want analysis faster than before, but they still expect thoroughness. Analysts who can deliver both — through efficient workflows and sharp judgment — stay in demand. We emphasize building systems that support quick turnaround without compromising quality.
Transparency Requirements
Thai reporting standards continue aligning with international frameworks. Businesses need analysts who understand both systems and can explain differences. This creates opportunities for those who stay current — and challenges for those who rely on outdated knowledge.
SME Focus Growing
Large corporations have established analysis teams, but Thailand's thousands of small and medium businesses increasingly need professional financial analysis as they grow. This market needs analysts who can communicate clearly with owners who aren't finance experts.
Who You'll Learn From
Our instructors bring practical experience from years of actual analysis work. They know the field because they've lived it.
Pratchaya Wongsawat
Program Director
Spent twelve years analyzing statements for a Bangkok investment firm before moving to education. Still consults with regional banks on credit analysis. Brings a healthy skepticism to everything that looks too good to be true.
Nalinee Charoensuk
Senior Instructor
Former audit manager who's seen every creative accounting technique imaginable. Teaches the fraud detection module and emphasizes the importance of professional skepticism. Known for case studies that make students question their initial conclusions.
Kornkamon Phutrakul
Industry Liaison
Coordinates relationships with local businesses that provide real statements for student analysis. Also works with graduates to identify opportunities where their skills might fit. Understands what employers actually want versus what job postings claim they want.