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Program Content

Week 1
Week 1 - Accounting 101
  • Overview of Investment Banking careers, industry, players and prospective employers.

  • Overview of Investment Banking interviews

  • Industry analysis – each student selects a sector in which to specialise.

  • Accounting 101 for Investment Banking

  • Income statement, Balance sheet, and Cash flow statement

  • Ratio analysis

  • Advanced financial statement analysis, including Inventory, Leasing, Pension, M&A accounting, and Investment accounting.

  • Creating a research log

  • Creating basic and advanced charts 

  • Navigating the annual and quarterly reports

  • Overview of analyst calls and transcripts

  • Excel shortcuts 101

Week 2
Week 2 - Financial Modelling
  • Accounting exam

  • Introduction to Excel shortcuts for financial modelling

  • Setting up a financial model

  • Build historical Income statement, Balance sheet and Cash flow statement

  • Forecast Income statement line items up to EBIT

  • Spread detailed Working capital, PP&E and debt schedules

Week 3
Week 3 - Financial Modelling
  • Setting up a detailed Shareholders Equity Schedule

  • Equity options and RSU's - Share-based compensation expense

  • Forecasting the rest of the Balance Sheet line items

  • Forecasting the Cash Flow Statement
  • Balancing the model using proprietary techniques
  • Dealing with circular reference

  • Auditing  a financial model

  • Advanced excel concepts

Week 4
Week 5 - M&A Masterclass
  • Put together a detailed M&A pitchbook for a real life deal.

  • Replicate the role of an M&A analyst advising Mars Chocolate on the acquisition of Wrigley. 

  • Calculate M&A Goodwill using the PPA method on the acquisition of Time Warner by AOL.     

Mars Wrigley.png
TW AOl.jpg
Week 6 - Equity Research Masterclass
  • Write a detailed equity research report on your company.

  • Build an advanced BMW financial model with a detailed Revenue breakdown sheet.

  • Value BMW using sum of the parts method. 

  • Use advanced techniques to compute valuations of fast growing internet stocks such as Amazon using the Siegel calculator and an extended DCF model.           

Amazon Logo.png
Week 7 - Private Equity Masterclass
  • Spend a week replicating the role of a Private Equity Analyst at Bain Capital/KKR's acquisition of Toys R US.

  • Build a detailed ten spreadsheet LBO model and make a presentation to the investment committee on the attractiveness of Toys R US as an LBO target.    

Toys R US 1.jpg
Week 8 - Venture Capital Masterclass
  • Put together term sheets and cap tables for follow on investment rounds in Webtracker.

  • Calculate start-up valuations for Nordic Technologies

  • Negotiate with fellow students on raising funds for Nordic Technologies and Webtracker

Nordic Technologies.jpg
Week 5
Week 6
Week 4 - Valuations
  • Overview of Buy side and Sell side M&A

  • M&A modelling – Accretion/Dilution analysis

  • Overview of Private Equity 

  • LBO modelling

    • Step 1 - Set up the pre-transaction structure operating model​

    • Step 2 - Set up the capital structure

    • Step 3 - Build the post transaction operating model

    • Step 4 - Calculate IRR's

    • Step 5 - Optimise the model

  • DCF valuation

    • Time value of money

    • Spreading Free cash flow to Equity and Firm valuations schedule

    • WACC

    • Terminal value – Gordon growth and Multiple method

    • Calculating Fair Value

    • Sensitivity Analysis

    • Spreading data table for DCF valuation

  • Comparable valuations

    • PE ratios – pros and cons

    • PB ratios - pros and cons

    • PEG ratio - pros and cons

    • EV/EBITDA - pros and cons

    • EV/EBIT- pros and cons

    • EV/Revenue - pros and cons

    • EV/Sales- pros and cons

Week 7


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Contact: +44 (0) 203 402 3050

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Week 8
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