This paper presents an accurate yet compact model for vertical cavity surface emitting lasers (VCSEL), which can be extracted from simple DC and small-signal electro-optical measurements. Since VCSELs are the bottleneck of high-speed electro-optical transceivers, the model is essential in the design of high-speed laser drivers. VCSEL rate equations are used to describe the electrical to optical conversion in the laser, while non-linear parasitcs are modelling the VCSEL interface. The model is applied to a commercially available VCSEL and there is an excellent agreement between the simulated and measured eye diagrams at different data rates and bias currents.