## **Course Overview**

This five-day intensive program is designed to accelerate participants’ technical finance skills and prepare them to tackle real-world analytical challenges. The curriculum blends financial statement analysis, Excel efficiency, and step-by-step model construction, ensuring participants develop the hard skills required to succeed in investment banking, private equity, corporate finance, and related fields.

Through guided instruction, modeling workshops, and practical exercises, participants will progress from foundational analysis to building the key financial statements to corporate valuation models. The program emphasizes both conceptual clarity and hands-on application, equipping participants with the tools to interpret financials, construct robust models, and evaluate company value with confidence.

### **Key Disciplines Covered**

##### **Accounting & Financial Statement Analysis**

- Refresh three-statement linkages and accounting fundamentals.
- Analyze revenue, margins, cash flows, and leverage drivers.
- Identify red flags and assess overall financial health.

##### **Excel & Three-Statement Modeling**

- Learn Excel shortcuts and structuring best practices for modeling.
- Build and audit integrated income statements, balance sheets, and cash flow statements.
- Troubleshoot circularities and maintain model integrity.

##### **Intermediate Three-Statement Modeling**

- Extend and refine models with working capital, depreciation, and debt schedules.
- Stress-test assumptions and analyze sensitivities.
- Translate operational drivers into financial outcomes.

##### **Valuation Fundamentals**

- Apply core valuation methods: comparables, precedent transactions, DCF analysis, and LBO analysis.
- Build step-by-step valuation models and analyze outputs.
- Understand multiples, discount rates, and key value drivers.

##### **DCF & LBO Modeling**

- Construct discounted cash flow models with detailed assumptions.
- Learn leveraged buyout mechanics, debt schedules, and return calculations.
- Sensitize exit multiples, leverage ratios, and IRR/MOIC outcomes.

### **Who Should Attend**

- Aspiring finance professionals seeking analyst-level technical skills.
- Students or recent graduates preparing for internships or full-time recruiting.
- Early-career professionals in finance, accounting, or consulting looking to sharpen modeling ability.

### **Program Benefits**

- Career-Ready in One Week: Gain the technical toolkit required for competitive finance roles.
- Hands-On & Practical: Build models from scratch and apply concepts to realistic scenarios.
- Progressive Learning Curve: Move step-by-step from fundamentals to advanced applications.

## 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
 
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

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

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

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

Accelerated training in the core tools of FSA, modeling, and valuation.

Finance Fast Track

Finance Fast Track

Accelerated training in the core tools of FSA, modeling, and valuation.

Course Overview

Key Disciplines Covered

Accounting & Financial Statement Analysis

Excel & Three-Statement Modeling

Intermediate Three-Statement Modeling

Valuation Fundamentals

DCF & LBO Modeling

Who Should Attend

Program Benefits