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Course Content: 4-Week and 8-Week Programme

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Week 1 :
Accounting

Week 1 (Days 1 to 5):

  • Overview of Investment Banking careers, industry, players and prospective employers.

  • 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 charts and infographics

  • Navigating the annual and quarterly reports

  • Overview of analyst calls and transcripts

  • Excel shortcuts 101

  • Overview of Investment Banking interviews

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Week 2:
Financial Modelling

Weeks 2 & 3 (Days 6 to 10)

  • Accounting exam

  • Financial modelling

    • Overview of Income statement

    • Overview of Balance sheet

    • Overview of Cash flow statement

    • Spreading detailed working capital, depreciation, capex and debt schedules

    • Forecasting line items of the financial model

    • Dealing with circular reference

    • Auditing  a financial model

  • Advanced excel concepts

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Week 3: 
Financial modelling

Weeks 2 & 3 (Days 6 to 10)

  • Financial modelling

    • Overview of Income statement

    • Overview of Balance sheet

    • Overview of Cash flow statement

    • Spreading detailed working capital, depreciation, capex and debt schedules

    • Forecasting line items of the financial model

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

    • Advanced excel concepts

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Week 4:
Valuations

Week 4 (Days 16 to 20)

  • M&A deal structures

  • M&A modelling – Accretion/Dilution analysis

  • Overview of Private Equity 

  • LBO modelling

  • 4th mock interview (Bad cop – Full-scale investment banking interview)

  • 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 – overview of valuations methodologies peculiar to each sector

    • 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

    • EV/Subscriber - pros and cons

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Week 5:
Equity Research Masterclass

Advanced Equity Research Report Writing

  • The structure of an Equity Research Report

  • Giving a breather to the reader

  • Use and abuse of style 

  • The chained logic trap

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Week 6:
Venture Capital Masterclass

Advanced Venture Capital Masterclass

  • Players in the VC game

  • Overview of instruments used in VC funding

  • Venture capital fund business model

  • Negotiating a VC deal

  • Overview of Term Sheets

    • Case study - IESE Business School - Nordic Technologies

    • Socrates Method - Students will negotiate on securing the deal by debating the terms of the sheet. 

  • Venture capital maths and valuing a start-up

    • Case study - Harvard Business School - Web tracker

    • Socrates Method - Students will negotiate on securing the deal by debating the valuations of the start-up and the term sheet. 

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Week 7: 
Private Equity 
Masterclass

Advanced Private Equity Masterclass​​

  • Overview of the valuation of Private Equity companies

  • Guidelines of Valuation

  • Pitfalls  of valuing a private company

    • Case study - Pueblo clothing

    • Case study - Chariot Skates Plc

  • Advanced LBO modelling​ - Toys R Us

    • Case study - Toys R Us

    • The deal process​

    • Stakeholders in an LBO

    • How do Private Equity companies create value in an LBO?

    • Build a pre-transaction operation model

    • Uses of funds structure

    • Sources of funds structure

    • Post-transaction model

    • Determining exit multiples and computing IRR

  • How private equity companies make operational improvements​

    • Identifying the opportunities

    • Growing EBITDA

    • Human Capital

    • Recessions and Private Equity.​​

    • Case Study - Invest Industrial's acquisition of Ducati. 

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Week 8:
M&A Masterclass

Advanced M&A Masterclass

  • Purchase price allocation

    • Case Study - Stanford Business School - Time Warner's merger with AOL​

  • Sell-Side M&A theory

  • Buy-Side M&A theory 

  • Case study - Harvard Business School - Adecco's​ acquisition of Olsten

Internship Training Programme

Weeks 5 to 8: Equity research trainee - Ongoing research project  

 

  • Students pick a stock to write a full-fledged Equity Research report

  • Download annual and quarterly reports, transcripts and investor day presentations

  • Read through the last 3 years' transcripts and prepare a detailed research log broken into company overview and strategy, drivers of growth and profitability, financials, industry trends, catalyst and principal risks faced by the company

  • Write a detailed 20-page Equity Research report with the following sections

  1. Summary of investment thesis – 1 page

  2. Table of contents – 1 page

  3. Company overview – Major Products and sources of revenue and margins – 2 pages

  4. Drivers of company growth – 3-5 pages

  5. Industry overview, drivers/trends of industry growth – 3 pages

  6. Important Catalysts – 1 page

  7. Risks to monitor – 2-3 pages

  8. Management overview – 1 page

  9. Financials and 5-year projections – 2 pages

  10. Valuations – 2 pages

  11. Appendix

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Students will be monitored and feedback will be provided on an ongoing basis during the four weeks.

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