91% of our students find jobs in banking and high-finance
+44 (0)204 534 7454
London
Program Content
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 - 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 - 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 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.
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.
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.
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
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
-
