## **Course Overview**

This three-week intensive program equips new analysts and associates with the technical, analytical, and professional toolkit required to excel from day one on the job. Designed specifically for investment banking new hires, the program blends core finance instruction, applied modeling, case-based exercises, and communication training to ensure participants are prepared to contribute meaningfully to live deal work and client interactions.

By combining classroom lectures with guided practice and real-world scenarios, participants not only master the mechanics of valuation and financial modeling, but also develop the judgment and presentation skills necessary to thrive in high-stakes, fast-paced environments.

### **Key Disciplines Covered**

##### **Accounting & Financial Statement Analysis**
- Build fluency in three-statement connections and accrual accounting concepts.
- Analyze earnings quality, working capital trends, and leverage metrics.
- Learn how bankers frame financial health in pitch materials and transaction contexts.

##### **Corporate Finance & Valuation**
- Deep dive into DCF, comparables, precedent transactions, and LBO valuation methods.
- Practice building valuation narratives that connect outputs to deal rationales.
- Assess capital structure, cost of capital, and market risk drivers.

##### **Financial Modeling**
- Construct and audit fully integrated three-statement models.
- Build transaction-driven models including M&A accretion/dilution and LBO sensitivity cases.
- Learn best practices for structuring Excel workbooks and communicating assumptions.

##### **M&A and Capital Markets**
- Understand key drivers of accretive vs. dilutive transactions, synergies, and purchase accounting.
- Explore IPO and debt offering processes, underwriting considerations, and market dynamics.
- Apply learnings to simulated deal scenarios.

##### **Professional & Client Skills**
- Develop data visualization and PowerPoint slidecraft for internal and client use.
- Master structured communication, persuasion, and presentation delivery.
- Gain practical insights into time management, teamwork, and professional presence in banking culture.

### **Who Should Attend**
- Incoming investment banking analysts and associates at global and boutique firms.
- Professionals transitioning from adjacent finance roles who require a full onboarding curriculum.

### **Program Benefits**

- Comprehensive Preparation: From accounting fundamentals to advanced modeling and deal execution.
- Hands-On Experience: Live exercises and simulations reinforce technical skills.
- Immediate Impact: Participants return to their desks ready to deliver value on transactions and pitches.

## Overview
The financial statement analysis course provides participants with the “nuts and bolts” of accounting, from a financial analysis perspective. As a solid accounting foundation is critical to grasping more advanced finance concepts, the course prepares participants for subsequent modeling and valuation modules. The course focuses on accounting fundamentals emphasizing the interrelationships between the 3 financial statements. Throughout the course, actual company annual reports are analyzed to show real examples of accounting treatment and disclosure notes.

- What’s in an annual report and where to look (MD&A, financials, notes)
- Structure of 3 financial statements (income statement, balance sheet, cash flow statement)
- Key links between 3 financial statements
- Impact of transactions on 3 statements
 
### Income statement

- Revenue recognition and the matching principle
- Accrual vs. cash accounting
- Types of profits and expenses
- EBIT and EBITDA
- Cleaning earnings for non-recurring items
- Effective tax rate vs. marginal tax rate
- Normalized net income
- Basic vs. diluted EPS
- WASO versus shares outstanding
- Profitability ratios
 
### Working capital

- Working capital vs. operating working capital
- Components of operating working capital
- Operating working capital as a source or use of funding for the company
- OWC days ratios and cash conversion cycle
 
### Non-current assets

- Tangible vs. intangible assets
- Depreciation and amortization
- Difference between intangible assets and goodwill
- Impairments
- Capital expenditures and asset sales
 
### Debt and equity

- Debt vs. long term liabilities
- Current and long term portions of debt
- Senior vs. subordinated debt
- Amortizing vs. bullet payments
- Cash and PIK interest
- Leverage and coverage ratios
- Debt disclosure note
- Common vs. preferred stock
- Authorized, issued and outstanding shares
- Par value and additional paid-in capital
- Share issuances and repurchases
- Retained earnings
- Dividends
 
### Cash flow statement

- Operating, investing and financing cash flows
- Building a cash flow statement from scratch
- Best practices to always ensure your model will balance

Learn about the interrelationships between the 3 financial statements – IS, BS and CFS

Financial Statement Analysis (FSA) Live

## Overview
During the M&A accounting course, full consolidation, noncontrolling interest and equity / associate method investments are covered.

- Full consolidation for acquisition of 100% of a company
- Noncontrolling interest (acquisition of >50% but <100%)
- Equity method / associate investments (acquisition of >20% but <50%)
- Consideration paid
- Calculating goodwill
- Consolidating the income statement and balance sheet
- Impact of M&A transactions on earnings
- Deal financing

Learn about key M&A accounting principles, with an emphasis on full consolidation

M&A Accounting

## Overview
 
This course will introduce participants to Excel and the fundamentals of 3 statement modeling. Participants will learn how to forecast the 3 financial statements, balance a model and handle issues related to circularities. Best practices will be incorporated throughout the course.

- Excel and modeling fundamentals
  - Optimal excel settings
  - Key shortcuts
  - Formula construction
  - Matrix integrity
- 3 statement modeling
  - Steps to building a model
  - Income statement construction
  - Supporting calculations and debt schedule
  - Balance sheet and cash flow statement construction
  - Balancing the model
  - Understanding circular references and building a circ breaker

Learn how to use Excel and the fundamentals of 3 statement modeling

Introduction to Excel and 3 Statement Modeling

## Overview

This course covers Pillars’ 12 steps to building a 3 statement non-cash sweep operating model. Emphasis is placed on the complexities associated with a real company model.

- Steps to building a model
- Income statement construction
- Supporting calculations and debt schedule
- Balance sheet and cash flow statement construction
- Balancing the model
- Modeling noncontrolling interest and equity method investments

Learn how to build a non-cash sweep 3 statement operating model for a real company

3 Statement Real Company Modeling (Non-Cash Sweep)

## Overview

This course covers Pillars’ 12 steps to building a 3 statement cash sweep operating model.

- Uses of a cash sweep model
- Steps to building a cash sweep model
- Handling mandatory and accelerated debt payments

Learn how to build a cash sweep 3 statement operating model for a real company

3 Statement Cash Sweep Modeling

## Overview

DCF valuation can be one of the most intricate valuation methodologies. Small changes in assumptions often result in large changes in value. Both the theory and practical applications of DCF are covered during this course and ultimately participants build a DCF model similar to those found on the desk.

- Calculating unlevered free cash flow
- Ensure cash flows have reached steady state by terminal year
- Calculating WACC
  - Cost of equity vs. debt
  - Target capital structure
  - Determining the after-tax cost of debt and associated tax shield
  - Calculating cost of equity using CAPM
    - Risk free rate
    - Market risk premium
    - Unlevering and relevering beta
    - Small cap “size” premium
   - Calculating the terminal value
     - Perpetuity growth method
     - Exit multiple method
   - Building a discounting model
   - Mid-year adjustments
   - Calculating enterprise and equity values
   - Implied multiples and perpetuity growth rates
   - Sensitivity analysis via data tables

Learn DCF theory and then build a full DCF model including a detailed WACC analysis

Discounted Cash Flow (DCF) Analysis

## Overview

The goal of this course is to introduce participants to corporate valuation. The course focuses on the strengths and weaknesses of the 4 primary valuation methodologies as well as the calculation of equity and enterprise value.

- What is enterprise value
  - The link between the balance sheet equation and valuation
  - Invested capital, net operating assets and the links to enterprise value
  - Book value vs. market value
- What is equity value
- Diluted shares outstanding
- Fundamental vs. relative valuation
- 4 primary valuation techniques
  - Trading comparables
  - Transaction comparables
  - DCF
  - LBO
- Strengths and weaknesses of each valuation technique
- Minority vs. majority stake valuation
- Key multiples
- Valuation football field

Learn about equity value, enterprise value and the 4 primary valuation techniques

Valuation Fundamentals - Live

## Overview

This course focuses on the strengths and weaknesses of trading comparables as a relative valuation methodology. Topics covered include how to pick the appropriate set of comparable companies, spreading the actual comparables and computing the valuation multiples.

- Factors to consider when identifying comparable companies
- Key metrics and multiples
- Determining a company’s value (spreading a comp)
  - Calculating diluted shares outstanding and market capitalization
  - Scrubbing the balance sheet to look for invested capital items
- Calculating clean, recurring earnings for each comparable company
  - LTM
  - Calendarization issues
  - Use of consensus for forward multiples
- How to apply the correct multiples to target earnings to derive the implied enterprise value and share price

Learn to spread trading comps, including picking the right comp set and computing valuation multiples

Trading Comparables

## Overview

This course covers the strengths and weaknesses of transaction comparables as a relative valuation methodology and is contrasted with trading comparables valuation. Topics covered include considerations in selecting the appropriate transactions, spreading their values and computing the transaction multiples.

- Factors to consider when identifying the universe of comparable transactions
- Difference between trading multiples and transaction multiples
- Public vs. private targets
- Determining a transaction value (spreading a transaction)
  - Transaction enterprise value vs. equity value
  - Announced vs. close date
  - Determining share capital
  - Form of consideration
  - Buying the entire equity vs. select assets
  - Deal dynamics
- How to think about the multiples
  - LTM vs. Forward
  - Synergized
  - What does research say?
- Control premium

Learn to spread transaction comps, including picking the right comp set and computing transaction multiples

Transaction Comparables

## Overview

This course briefly reviews the fundamentals of DCF valuation and then proceeds to tackle advanced DCF issues. Topics covered include:

- Incorporating stub periods
- How to handle synergies in a DCF model
- WACC and changing capital structure over the forecast period
- Forecasting steady state cash flows
- Multi-stage DCF and annuity period
- Sensitivity analysis

Learn to tackle advanced DCF issues such as stub periods, synergies and annuity periods

Advanced DCF Modeling

## Overview

Principles of LBO valuation will be covered and participants will build a short-form LBO model. How private equity firms create value and the unique attributes of LBO valuation are examined.

- How LBO’s and private equity firms create value
- What makes a good LBO candidate
- Common valuation drivers
  - Buyer’s return requirements
  - Availability of leverage in credit markets
  - Sustainable company cash flows for debt repayment
  - Ability of buyer to achieve operating synergies
  - Exit opportunities (sale or IPO)
- Building a flexible sources and uses of funds table
- Determining debt capacity
- Calculating the exit value
- Calculating the IRR and deriving football field valuation range
- Sensitivity analysis

Learn about LBO theory and PE value creation, and then build a short-form LBO model

Short-Form LBO Valuation and Modeling

## Overview

Master the mechanics of deal modeling with this hands-on course where participants build a fully integrated three-statement LBO model from the ground up. Learn how to layer in a complex capital structure, explore the rationale behind dual equity ownership levels, and calculate detailed returns for both equity and mezzanine holders. Topics include:

- Differences between the short-form and long-form LBO
- Sources of capital and associated costs / attributes
  - Term loans A, B and C
  - Second lien
  - Mezzanine and high yield
  - Preferred equity
  - Common equity
- PIK interest
- PIK dividends
- Warrants
- Rollover of existing management equity
- Understanding the need for two types of equity in the capital structure
- Constructing the opening, pro forma balance sheet
- Constructing the projected income statement, balance sheet and cash flow statement
- Cash sweep with mandatory and accelerated payments
- Calculating returns to equity and mezzanine holders

Build a long-form 3 statement LBO model, including layering in a multi-tranche debt schedule and 2 levels of equity

Long-Form LBO Modeling - Live

## Overview

Participants will construct a streamlined M&A model while diving into the core principles of deal analysis. The session highlights critical drivers such as accretion/dilution impact and assessing deal feasibility through ability-to-pay metrics.

- Key assumptions and drivers needed to build a short-form M&A model
- Building a flexible sources and uses of funds table
- Stock vs. cash financing
-  Relative P/E’s: acquirer P/E vs. debt P/E vs. acquisition P/E
- Earnings accretion/dilution analysis
- Sensitivity analysis
- Synergies-to-break-even analysis
- Analysis at various prices
- Ability to pay analysis

Learn M&A theory and then build a short-form M&A model, with an emphasis on accretion-dilution

Short-Form M&A Modeling Live

## Overview

Participants build a full three statement Long Form M&A model with relevant outputs. Concepts covered include:

- Need for long-form M&A model versus short-form
- Standalone acquirer and target models
- Asset vs. stock deal toggle and related tax consequences
- Deal terms
  - Transaction data
  - Key assumptions
  - Sources and uses
  - Fees (advisory, equity, debt)
  - Deal goodwill
  - Combo shares & Refinancing debt
  - Stock vs. cash
  - Fair value adjustments and resulting DTLs
Synergies
- Combo income statement, balance sheet and cash flow statement
- Deal analysis
  - EPS accretion/dilution
  - Ownership dilution
  - Sensitivity analysis
  - Synergies-to-break-even analysis
  - Credit analysis
  - ROIC analysis
  - Contribution analysis
  - Analysis at various prices
  - Ability to pay analysis

Build a long-form 3 statement M&A model, including advanced concepts such as DTLs and synergies

Long-Form M&A Modeling (Live)

## Overview

This course focuses on advanced Excel features in order to maximize productivity on the desk.

- Logic functions
  - AND, IF, OR, IFERROR
- Math functions
  - AVERAGE, AVERAGEIF, AVERAGEIFS
  - COUNT, COUNTA, COUNTIF, COUNTIFS
  - MAX, MEDIAN, MIN
  - SUM, SUMIF, SUMIFS
- Extracting information from a database/model
  - CHOOSE
  - VLOOKUP, HLOOKUP
  - OFFSET, INDEX, MATCH
  - INDIRECT
- Data validation
  - Lists
  - Other
- Text functions
- Date functions
- Data tables
- Pivot tables
- Conditional formatting
- Self-referencing IF statements

Learn how to maximize productivity by mastering advanced Excel formulas

Advanced Excel Features

## Overview

The goal of this course is to teach the foundational skills to effectively work with PowerPoint. Emphasis is placed on how to navigate and effectively use the ribbon, when to use shortcuts, and how to use key elements of PowerPoint.

- Essential skills
  - Creating slides
  - Adding text
  - Creating objects
- Editing
  - Cut, copy, paste
  - Formatting & fonts
- Objects
  - Creating and modifying common shapes
    - Boxes
    - Lines
    - Text boxes
  - Alignment
  - Rotating objects to the slide and other objects
  - Grouping commands for ease of use
- Tables
  - Creating new tables
  - Modifying tables
  - Formatting tables
- Graphs
  - Choosing the right graph
  - Creating new graphs from your data
  - Changing graph data source
  - Formatting graphs
- Working with images
  - Sizing
  - File types
  - Formatting
- Speeding it up
  - Creating a quick access toolbar
  - Shortcut keys

Learn about foundational PowerPoint concepts

PowerPoint Fundamentals Live

## Overview
 
Advanced PowerPoint is a case-study focused course on the creation of a formal presentation. Emphasis is placed on how to convey an argument, the layout of an effective presentation, and the creation of entire slides instead of individual elements.

- Templates
  - Creating a new slide master
  - Working with existing slide master
  - Backgrounds & colors
- Headers and Footers
  - When to use headers
  - When to use footers
- Table of Contents
  - Creating a dynamic TOC
  - Formatting
- Creating a Presentation
  - Students will create a presentation that incorporates the topics   -   - covered with the instructor
    - How to choose a layout
    - How to show your information effectively

Learn about advanced PowerPoint concepts, including the creation of a formal presentation

Advanced PowerPoint

Practical core skills required to prepare participants for roles in investment banking

Investment Banking New Hires

Investment Banking New Hires

Practical core skills required to prepare participants for roles in investment banking

Course Overview

Key Disciplines Covered

Accounting & Financial Statement Analysis

Corporate Finance & Valuation

Financial Modeling

M&A and Capital Markets

Professional & Client Skills

Who Should Attend

Program Benefits