Live Equity Research Training Program (5 months - Live Online Program)

Description (5 months - Live Online Program)

​Program Description and Why do the course? 

  • Join the first of its kind Investment Banking Training program which allows students to train and replicate the work of an investment banker on a part-time basis. 

  • Run over 20 weeks Live Online: Two days – Monday and Wednesday each week (6:00 pm to 8:00 pm UK time).

  • Aimed at students and applicants who want to work in investment banking.

  • Train with an Ex- Goldman Sachs and Barclays Investment Banker.

  • Add significant weight to the CV.

  • Advanced programs also helps candidates with Mock Interviews and CV/CL editing and proprietary investment banking jobs platform.

  • Opportunity to earn money after the program finishes working with independent equity research platforms. Candidates can make £200 to £500 a month working 8-10 hours a week or £1200 to £2500 a month (after a year’s practice) working full-time. (These are estimates and actual numbers may differ).

What are the exit opportunities after finishing the course?

  • Be your own boss and continue working on independent equity research platforms: Using the skills developed during the course, candidates can begin writing their own equity research reports, and can then earn money based on their own content. Candidates can make £200 to £500 a month working 8-10 hours a week, or £1200 to £2500 a month (after a year’s experience) working full-time. (These are estimates and actual numbers may differ).

  • Move into a traditional investment banking role: Through learning financial modelling, candidates will have acquired the core investment banking skillset which is necessary to thrive in the industry. They will also have bolstered their CV by adding vital experience. Together, these benefits will help candidates lock down interviews and convert them into offers, be it a bulge bracket or boutiques.

 
 
Programme Content 

4 hours of training and 2-4 hours of homework a week.

  • 3 weeks: Accounting and students start researching a company of their choice.

  • 6 weeks of Financial Modelling: Build a real-life model on Apple Inc.

  • 3 weeks of Valuations – Value Apple Inc using DCF and public comparables. Conduct LBO and M&A Accretion analysis.

  • 4 weeks –Write Initiating coverage Equity research report on Apple

  • 2 weeks – How to cover company earnings – Previews – Reviews and how to update a model.

  • 4 weeks – Writing thematic equity research report and company updates for important news.

Equity Research Modules:

First Three weeks – Accounting

Program Content

  • Accounting – Induction, Introduction to accounting and Income Statement.

  • How to write an Equity Research Log.

  • Overview of Balance Sheet.

  • Cash Flow statement, Ratios and Advanced Accounting.

Weeks Four to Nine– Financial Modelling

Program Content

  • Accounting exam.

  • 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.

Weeks 10 to 12 – Valuations

Program Content

  • 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.

  • 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.

Weeks 13 to 16 – Writing Equity Research Report

Program Content

  • Write a detailed initiation coverage equity research report on a company of student’s choice.

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

  • Value Apple 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 17 to 18 – Writing reports to cover company earnings

Program Content

  • Write a preview on quarterly company earnings.

  • Write a report on reviewing quarterly company earnings.

  • Update financial model for quarterly earnings.

Week 19 to 20 – Writing thematic equity report to cover company earnings

Program Content

  • Write a detailed thematic piece on Apple.

  • Decipher the impact of the new research on valuations and financial model on the company.

  • Update valuations on Apple using the updated financial model.

For course content, please click here: 

 
Internship Training (Second Four weeks)
  • Built-in internship training programme: Replicates real-life internships

  • Through a number of projects, students learn how experienced analysts write equity research reports on public listed companies. 

  • Advanced training takes place via 1 to 3 hours of lectures taking over 2 to 3 days a week. Post-lectures, students are given in-depth case studies written by leading business schools such as Harvard, Stanford, and IESE. 

 
M&A Week
  • 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.     

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TW AOl.jpg
Equity Research Week
  • 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.           

BMW.jpg
Amazon Logo.png
Private Equity Week
  • 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.    

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Bain.jpg
Toys R US 1.jpg
Venture Capital Week
  • Put together term sheets and cap tables for follow on investments in Webtracker.

  • Calculate start-up valuations for Nordic Technologies

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

Nordic Technologies.jpg
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William Dunstan - Summer 2021 Cohort

From City Investment Training to AGC Partners M&A analyst
Careers
  • Past students have gone on to receive offers for well-paid internships and full-time analyst roles at marquee names such as Goldman Sachs, Deutsche Bank, Rothschild, and UBS, among others.

  • We work with a number of boutique Investment Banks, Private Equity and Venture Capital companies to place our students on short-term internships as well as full-time analyst roles. 

  • In the recent past, depending on the batch, we have seen between 50-100% of our students being placed in Investment Banking or related finance roles within 1-4 months of passing the 8-week Full-Time Analyst Programme.

 
Programme Location
  • Our programmes are available both in-class and online.

  • Class location: Varies but previous training has been conducted at 1 and 2 Kingdom Street, Paddington, London, W2 6BD, United Kingdom.

  • Online: Students join us online for our live classes from across North America and Europe.   

 
Programme Calendar

Course starting dates: 

  • March 7th 2022

 
Fees and Financing 
  • £600 a month + VAT (£720 a month) for five months – Total fees £3,000 + 20% VAT.

  • Or pay at once £2,700 (+20% VAT) for the Full Course.

  • Please contact us to get a quote on our fees.

  • Email your CV to info@cityinvestmenttraining.com or fill in the form at the bottom of this page.

  • We are offering a 20% discount on fees for all our 2022 summer 8-weeks program for students who apply before the 31st December 2021.

Admissions

Please fill in the form below and we will get back on programme fees and your eligibility for our courses.

We receive thousands of enquiries a year. To enhance your application, please send your CV to:  info@cityinvestmenttraining.com

Contact: +44 (0) 203 402 3050