We train students for a career in Investment Banking
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+44 (0)203 580 4206
London
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+1 212 238 3607
New York
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Course Content: 4-Week and 8-Week Programme
![adult-agency-business-380769.jpg](https://static.wixstatic.com/media/a84ab4_d75c32a8b8fa4a7fbb799ca7fe0c3993~mv2_d_6000_3368_s_4_2.jpg/v1/crop/x_0,y_114,w_5136,h_3163/fill/w_226,h_139,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/adult-agency-business-380769.jpg)
Week 1 :
Accounting
Week 1 (Days 1 to 5):
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Overview of Investment Banking careers, industry, players and prospective employers.
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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 charts and infographics
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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
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Overview of Investment Banking interviews
![adults-business-coffee-1323592.jpg](https://static.wixstatic.com/media/a84ab4_d7ae968aae844fbab2b9374313c88481~mv2_d_4000_2472_s_4_2.jpg/v1/fill/w_228,h_140,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/adults-business-coffee-1323592.jpg)
Week 2:
Financial Modelling
Weeks 2 & 3 (Days 6 to 10)
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Accounting exam
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Financial modelling
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Overview of Income statement
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Overview of Balance sheet
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Overview of Cash flow statement
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Spreading detailed working capital, depreciation, capex and debt schedules
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Forecasting line items of the financial model
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Dealing with circular reference
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Auditing a financial model
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Advanced excel concepts
![architectural-design-architecture-buildi](https://static.wixstatic.com/media/a84ab4_572777045e2f47d7a20edefb3d3b687f~mv2_d_5158_3434_s_4_2.jpg/v1/fill/w_233,h_156,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/architectural-design-architecture-buildi.jpg)
Week 3:
Financial modelling
Weeks 2 & 3 (Days 6 to 10)
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Financial modelling
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Overview of Income statement
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Overview of Balance sheet
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Overview of Cash flow statement
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Spreading detailed working capital, depreciation, capex and debt schedules
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Forecasting line items of the financial model
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Equity options and RSU's - Share-based compensation expense
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Advanced excel concepts
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![apple-devices-books-business-572056.jpg](https://static.wixstatic.com/media/a84ab4_2f0394e521734ed1a2e5d5ea860404c0~mv2_d_5664_3778_s_4_2.jpg/v1/fill/w_226,h_154,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/apple-devices-books-business-572056.jpg)
Week 4:
Valuations
Week 4 (Days 16 to 20)
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M&A deal structures
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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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4th mock interview (Bad cop – Full-scale investment banking interview)
- 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 – overview of valuations methodologies peculiar to each sector
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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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EV/Subscriber - pros and cons
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![business-camera-coffee-1509428.jpg](https://static.wixstatic.com/media/a84ab4_9df6eb4e4f1c4447893451086e53a335~mv2_d_4000_2612_s_4_2.jpg/v1/fill/w_58,h_38,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/business-camera-coffee-1509428.jpg)
Week 5:
Equity Research Masterclass
Advanced Equity Research Report Writing
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The structure of an Equity Research Report
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Giving a breather to the reader
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Use and abuse of style
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The chained logic trap
![ballpen-blur-close-up-461077.jpg](https://static.wixstatic.com/media/a84ab4_9fdb77a239374f30a2e19b45b53d8cb7~mv2_d_4000_2667_s_4_2.jpg/v1/fill/w_58,h_39,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/ballpen-blur-close-up-461077.jpg)
Week 6:
Venture Capital Masterclass
Advanced Venture Capital Masterclass
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Players in the VC game
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Overview of instruments used in VC funding
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Venture capital fund business model
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Negotiating a VC deal
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Overview of Term Sheets
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Case study - IESE Business School - Nordic Technologies
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Socrates Method - Students will negotiate on securing the deal by debating the terms of the sheet.
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Venture capital maths and valuing a start-up
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Case study - Harvard Business School - Web tracker
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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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![charts-computer-data-669615.jpg](https://static.wixstatic.com/media/a84ab4_e917c0dc0e264e98bb18a07b0c919a6a~mv2_d_4928_3264_s_4_2.jpg/v1/fill/w_58,h_39,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/charts-computer-data-669615.jpg)
Week 7:
Private Equity
Masterclass
Advanced Private Equity Masterclass
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Overview of the valuation of Private Equity companies
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Guidelines of Valuation
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Pitfalls of valuing a private company
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Case study - Pueblo clothing
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Case study - Chariot Skates Plc
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Advanced LBO modelling - Toys R Us
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Case study - Toys R Us
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The deal process
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Stakeholders in an LBO
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How do Private Equity companies create value in an LBO?
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Build a pre-transaction operation model
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Uses of funds structure
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Sources of funds structure
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Post-transaction model
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Determining exit multiples and computing IRR
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How private equity companies make operational improvements
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Identifying the opportunities
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Growing EBITDA
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Human Capital
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Recessions and Private Equity.
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Case Study - Invest Industrial's acquisition of Ducati.
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![accounting-achievement-aerial-1043506.jp](https://static.wixstatic.com/media/a84ab4_f8d30a91a3c04924925571b75356672e~mv2.jpg/v1/crop/x_14,y_0,w_1757,h_1092/fill/w_62,h_38,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/accounting-achievement-aerial-1043506_jp.jpg)
Week 8:
M&A Masterclass
Advanced M&A Masterclass
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Purchase price allocation
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Case Study - Stanford Business School - Time Warner's merger with AOL
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Sell-Side M&A theory
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Buy-Side M&A theory
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Case study - Harvard Business School - Adecco's acquisition of Olsten
Internship Training Programme
Weeks 5 to 8: Equity research trainee - Ongoing research project
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Students pick a stock to write a full-fledged Equity Research report
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Download annual and quarterly reports, transcripts and investor day presentations
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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
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Write a detailed 20-page Equity Research report with the following sections
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Summary of investment thesis – 1 page
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Table of contents – 1 page
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Company overview – Major Products and sources of revenue and margins – 2 pages
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Drivers of company growth – 3-5 pages
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Industry overview, drivers/trends of industry growth – 3 pages
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Important Catalysts – 1 page
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Risks to monitor – 2-3 pages
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Management overview – 1 page
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Financials and 5-year projections – 2 pages
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Valuations – 2 pages
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Appendix
Students will be monitored and feedback will be provided on an ongoing basis during the four weeks.
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