We train students for a career in Investment Banking
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London
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New York
Program Content
Week 1 - Accounting 101
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Overview of Investment Banking careers, industry, players and prospective employers.
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Overview of Investment Banking interviews
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Industry analysis – each student selects a sector in which to specialise.
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Accounting 101 for Investment Banking
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Income statement, Balance sheet, and Cash flow statement
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Ratio analysis
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Advanced financial statement analysis, including Inventory, Leasing, Pension, M&A accounting, and Investment accounting.
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Creating a research log
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Creating basic and advanced charts
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Navigating the annual and quarterly reports
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Overview of analyst calls and transcripts
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Excel shortcuts 101
Week 2 - Financial Modelling
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Accounting exam
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Introduction to Excel shortcuts for financial modelling
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Setting up a financial model
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Build historical Income statement, Balance sheet and Cash flow statement
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Forecast Income statement line items up to EBIT
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Spread detailed Working capital, PP&E and debt schedules
Week 3 - Financial Modelling
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Setting up a detailed Shareholders Equity Schedule
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Equity options and RSU's - Share-based compensation expense
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Forecasting the rest of the Balance Sheet line items
- Forecasting the Cash Flow Statement
- Balancing the model using proprietary techniques
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Dealing with circular reference
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Auditing a financial model
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Advanced excel concepts
Week 5 - M&A Masterclass
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Put together a detailed M&A pitchbook for a real life deal.
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Replicate the role of an M&A analyst advising Mars Chocolate on the acquisition of Wrigley.
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Calculate M&A Goodwill using the PPA method on the acquisition of Time Warner by AOL.
Week 6 - Equity Research Masterclass
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Write a detailed equity research report on your company.
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Build an advanced BMW financial model with a detailed Revenue breakdown sheet.
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Value BMW using sum of the parts method.
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Use advanced techniques to compute valuations of fast growing internet stocks such as Amazon using the Siegel calculator and an extended DCF model.
Week 7 - Private Equity Masterclass
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Spend a week replicating the role of a Private Equity Analyst at Bain Capital/KKR's acquisition of Toys R US.
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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.
Week 8 - Venture Capital Masterclass
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Put together term sheets and cap tables for follow on investment rounds in Webtracker.
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Calculate start-up valuations for Nordic Technologies
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Negotiate with fellow students on raising funds for Nordic Technologies and Webtracker
Week 4 - Valuations
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Overview of Buy side and Sell side M&A
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M&A modelling – Accretion/Dilution analysis
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Overview of Private Equity
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LBO modelling
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Step 1 - Set up the pre-transaction structure operating model
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Step 2 - Set up the capital structure
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Step 3 - Build the post transaction operating model
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Step 4 - Calculate IRR's
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Step 5 - Optimise the model
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DCF valuation
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Time value of money
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Spreading Free cash flow to Equity and Firm valuations schedule
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WACC
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Terminal value – Gordon growth and Multiple method
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Calculating Fair Value
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Sensitivity Analysis
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Spreading data table for DCF valuation
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Comparable valuations
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PE ratios – pros and cons
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PB ratios - pros and cons
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PEG ratio - pros and cons
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EV/EBITDA - pros and cons
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EV/EBIT- pros and cons
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EV/Revenue - pros and cons
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EV/Sales- pros and cons
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