Peter Watson and Jiling CaoFinancial modelling is an accessible and practical way to expose students to the power of mathematical modelling and the Excel spreadsheet with its extensive collection of financial functions is often incorporated into courses on financial mathematics. At AUT University we have chosen to focus on the Excel spreadsheet for our introductory courses and this has served us well as students have developed modelling skills and Excel skills at the same time as being exposed to financial functions. In our more advanced course we have introduced students to the financial toolbox in Matlab. In this study we report on some experiences of this initial group of students as they grapple with the different mindset needed to relearn from a Matlab perspective functions they had mastered using Excel and explore the potential that Matlab offers to move beyond what Excel can offer. Our report will also identify some of the limitations we have uncovered as we have developed our course and allow us to demonstrate why financial modelling provides a fruitful source of worthwhile examples to help students to develop modelling skills.