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This paper presents the formulation of an axi-symmetric element based on an efficient method called 'Inverse Approach' (I.A.) for the numerical modeling of cold forging process. In contrast to the classical incremental methods, the Inverse Approach exploits the known shape of the final part and executes the calculation from the final part to the initial billet. The assumptions of the proportional loading and the simplified tool actions make the I.A. calculation very fast. The metal's incompressibility is ensured by the penalty method. The comparison with ABAQUS® and FORGE® shows the efficiency and limitations of the I.A. This simplified method will be a good tool for the preliminary preform design. [ABSTRACT FROM AUTHOR]