Training's wide variety of courses build cumulatively: We treat each client separately, designing a curriculum that fits each specific group's needs. Our live, on-site training programs can cover a very wide variety of topics. Click on a category below to view a detailed curriculum. Our basic concepts will allow you to learn and gain the fundamental knowledge that you must master before the advanced content.

We answer all the rarely answered "WHY" questions—"why do we do this, why do we do that"—instead of answering: Our Financial Accounting Intensive Bootcamp is specifically built as a pre-requisite for our finance, valuation, financial modeling and more complex course topics with an emphasis and focus on investment bankers. The bootcamp is structured as an interactive discussion in which we cover definitions and terminology thru examples and case studies.

Oftentimes, learning and teaching accounting is associated with boring definitions; however, our approach is to tell a story, illustrate what the numbers mean through interesting examples, not by reading slides or textbooks. We stress learning through application, practice and repetition not memorization. This is geared towards those with little to no accounting background e. Our Financial Accounting Intensive Bootcamp is specifically built as a pre-requisite for our finance, valuation, financial modeling and more complex course topics.

Similar to the Accounting Boot Camp above, this program covers the basics of financial accounting including the major financial statements Income Statement, Balance Sheet and Cash Flow and the most important components of each as it relates to financial analysis.

Concentration is placed on the integration of the financial statements and provides a full integrated grasp of accounting from a finance perspective. The challenge is that there are a myriad of footnotes and figuring out which are the important and relevant ones is no small feat. This course provides the overview and analysis for most major common footnotes and gives you a starting point to plow in deeper when we build our financial models.

The irony is that in the process of crunching numbers and building numbers, reading comprehension, particularly on the 10K, is probably even more important in terms of getting the right inputs. Learn the basic finance concepts that are the backbone of any financial analysis. An understanding of these basic core tools is absolutely critical to mastering any Wall Street analysis. Moving beyond the accounting and 10K analysis, this course provides an introduction to the major concepts in finance that many people take for granted.

Understanding financial modeling, valuation, and the capital markets in general would be difficult without a full grasp of these fundamental concepts. Company profiles are the most basic overview and descriptions of a company being analyzed. Profiles supply the most basic and fundamental, yet probably the most important aspects of a company. Gain an introduction and explanation of the major components of a profile for a publicly traded company.

This course will allow you to understand basic structure of building an analysis in Excel and navigating through and becoming efficient in Excel. When you walk into a room, do the people around you notice? To be a successful leader, you will want to command attention and establish executive presence. Not only is it enough to make a powerful first impression—you need to follow up with substance.

Are you a visionary decision maker but too passive when giving presentations? Or a talented public speaker who could use some wardrobe changes? From the tangibles of how you look and sound to the intangibles of how you come off during conversation, developing executive presence is an essential step in taking leadership to the next level.

While your local Toastmasters club can help you get over your public speaking jitters, this workshop will teach you the characteristics of a strong executive presence and help identify what you can do to enhance yours in a corporate setting.

Performing in-depth research of an industry or company is no small feat. Writing a concise yet detailed summary of your findings is sometimes even more difficult. While you may already be familiar with the basic contents of an equity research report, it is equally important to perfect your writing style.

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Carefully craft your overall thesis, organize your argument into clear and concise segments, and choose your words wisely. Although there is currently no governing body dictating the proper way to format your report, you should strive to develop proficiency with both the form and function of your analysis.

This is not simply a grammar class—we will cover many elements of strong, effective writing, including the use of proper syntax, diction, and argument structures.

Our core fundamental concepts in finance involve the basic financial modeling and valuation techniques that introduce model building best practices as well as getting used to working efficiently in Excel. After understanding the basic fundamental concepts, the most important building blocks of modeling are introduced as we begin to thoroughly analyze financial statements and their implications. We start to dive into the underpinnings of fundamental valuation i.

Learn how corporations are valued and the major analytical tools that are used. Go beyond academic theory to real-world methods as used by professionals; includes a crucial primer to Corporate Finance and its non-theoretical application. This course builds upon, and implements in Excel, the fundamental financial analysis and valuation topics.

Create a top-down, five year income statement projection model and then construct a basic discounted cash flow analysis on top of your projection model. Before you "graduate" onto our advanced modeling courses, we HIGHLY recommend you take this course for the full background on working efficiently in Excel the way we want you to, otherwise you may have a much steeper learning curve in our other classes.

Build upon Corporate Valuation Methodologies with a short, hands-on exercise to hone in the core concepts in practice before diving into the more advanced valuation modeling topics. Translate the valuation concepts into real-life case study that demonstrates and shows the valuation principles.

We will make you "super-stars" in Excel and modeling techniques as well as understand the art of valuation. We plow deep into building robust, integrated models and ripping apart footnotes and making subjective inputs and properly analyzing the results of our models.

Build fully integrated 5-yr financial statement projection model by projecting the Income Statement, Balance Sheet, Cash Flow Statement, the Debt Sweep to balance model and Interest Schedule to fully integrate model. This course will allow you to have a complete financial model projecting run-rate profitability which you can easily layer on valuation and merger models.

Learn how to build detailed revenue and segment build-ups into your larger financial model. Many financial projection models are based off simple revenue growth rate and expense margin assumptions, resulting in reduced precision in the projection model. This course teaches various approaches to true, bottoms-up, fundamental analysis, from both an "account-by-account" and "business segment" basis very detailed build-up vs.

The results of build-up analysis roll-up into a consolidating income statement that feeds into the Income Statement revenue items. Build upon completed core model and layer on valuation analysis. This Enhancements course will allow you to have a much more detailed stand-alone financial model and valuation model! Further enhance core integrated financial model by building a detailed tax schedule incorporating NOLs Net Operating LossesSection limitations on NOL usage and differences between book and tax depreciation.

Dive deep into re-calculating depreciation for tax purposes based on accelerated depreciation — MACRS Modified Accelerated Cost Recovery System in the US. Incorporate and flow the accelerated tax depreciation into the larger tax schedule to account for differences in GAAP Pre-Tax Income and Taxable Income.

Finish up with a quick Residual Income analysis and EVA Economic Value Added analysis, which complements our Enhancements Part I course. Pro Forma financial statements are a tool to recast financial results in a manner that is more representative of future performance and to remove the effects of private ownership.

Pro Forma financial statements have one or more assumptions or hypothetical conditions built into the data and are often used to develop core earnings capacity quality of earnings when the objective is to value a company for sale to a third party or for internal perpetuation.

The goal is to examine a sampling of the most common types of Pro Forma adjustments most often seen when valuing closely-held entities. Similar to analyzing one-time adjustments for public companies, the adjustments can affect both revenues and expenses, increasing or decreasing either one.

However, private company pro form adjustments require a much more detailed analysis of each expense line to adjust for the effects of private ownership. We dive deeper into the nuances of valuation by understanding the art not science of valuation. Build upon your core financial models by integrating and layering on hands-on valuation analysis. Dive real deep into the nuances of valuation by ripping apart footnotes and making subjective inputs while balancing objectivity.

Learn the proper way to account for options in valuation context using complex treasury method. Build a detailed, thorough trading comps analysis analysis of selected publicly traded companies and learn how to properly construct a relative valuation analysis the correct way as well as how to normalize financials for extraordinary items, non-recurring and restructuring charges. This course itself isn't terribly complex or difficult, but is very tedious, time consuming and at times frustrating as it requires a great deal of patience, attention to detail and reading comprehension.

Hence, the first four letters of the title "analyst" ring true — perfection is required to get the right numbers. Build a deal comps analysis analysis of selected acquisitionssimilar to trading comps analysis, but from an acquisition context using historical transaction data instead of current market valuation data. This course will allow you to properly construct a deal comps analysis the correct way, uncovering some of the nuances related to calculating transaction value and purchase price.

This course is not a complex course and in fact, is a relative breeze compared with our Complex Trading Comps course, but builds upon the concepts in the latter course. This course builds upon our basic Corporate Valuation course and introduces the complex nuances associated with analyzing and valuing private companies.

We dive deep into the details and concepts deeply imbedded with valuation of large publicly traded and listed companies and take it to next level by applying it to companies and regions with very sparse publicly available data. Learn nuances of adjusting for DCF valuation, WACC analysis when no data exists, how to select and adjust peer comparables when no "good comp" exists. While there is certainly no magic bullet to the tough questions and lack of information, there are techniques and best practices to get us as close as possible.

When investing in earlier stage companies, whether start-up, growth or mezzanine stage investing, there is a fine balance between incentivizing the newest round of investors injecting capital and providing enough returns for earlier round investors, while still motivating management to strive for mutual alignment of economic interests. Investors desire downside protection while craving equity upside. In this course, learn how to structure, and model out such hybrid securities commonly used in VC and earlier stage investing.

Pension and Other Post-Employment Benefits has had an increasing spotlight on a company's reported results and financial statements, especially given the dramatic impact on the airline and car manufacturing industries.

Understand how different employer paid benefit programs, such as defined benefit pensions, manifest in and impact the firm's financial statements. Learn how and where to find benefit plan liabilities, their implications on valuation and profitability and how to analyze the information provided.

This program begins with a primer on accounting and financial statements, the 10K SEC filing, a thorough review of pension accounting and terminology, the associated footnotes in a 10K filing and how to synthesize the information into a coherent analysis.

Incorporate new Pension Protection Act of and SFAS Accounting for Defined Benefit Plans. The goals of this course include: To hone the concepts learned in this module, be sure to follow-up with our hands-on, Excel-based Merger Modeling Basics course.

This course will allow you to quickly understand basics of merger modeling. This course serves as the backdrop to our super-advanced, complex merger modeling course.

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We tackle and quantify the resulting nuances in deferred tax liabilities and better quantify our synergies estimates. But, the seller reckons, "why should I sell when I believe I can achieve greater growth and then sell for an even larger valuation at that future point?

In this add-on module, we explore different ways to analyze and structure earnouts. The goal of this course is quite simple and yet extremely complex in implementation: This course will allow you to build one of the most dynamic, sophisticated and complex merger models out there, slapping together complete Income Statement, Balance Sheet, Cash Flow Statement, brand new, highly complex Debt Sweep and Interest schedule for the two companies and combined merged entity.

The core LBO model serves as the beginning model for the target company in this Complex, Super-Advanced Merger Modeling course and as such, you must have completed the Complex LBO Modeling course first to have the model! Legal Aspects of Transactions NDA, Due Diligence, SPA. The nondisclosure agreement NDA and purchase agreement are two of the most important legal documents that bankers and other finance professionals need to be proficient with during a transaction.

The NDA is one of the first agreements to be signed during the negotiation phase. This document lays out the boundaries surrounding what information is confidential.

In the NDA portion of this course, you will learn what major components to expect in an NDA. The goal is to translate the financial terms of the deal into proper legal protections for both parties. You may have heard about "kicking the tires" and putting boots on the ground to see what really goes on in a business, but that is just a portion of the legwork required.

Comprehensive paperwork, rigorous cross-referencing, and in-depth research are all key to understanding what exactly is being offered for sale. In this course, explore the rationale behind what the respective buyers and sellers are looking for, including the qualitative and quantitative risks associated with the potential transaction. Our LBO modeling courses introduce critical skills required for properly understanding and quantifying capital structure changes from simple share repurchases to the extreme of a leveraged buyout.

The techniques and concepts learned in building proper, robust, dynamic and flexible LBO models are highly valued given the relatively difficult nature of setting up, quantifying and articulating the complex relationships and intricacies of the LBO. This course provides a basic overview and introduction to leveraged buyouts, including discussion of rationale for 'going private', ideal LBO candidate, drivers of value.

The following items are discussed, including description, importance, implications and general thoughts on: In the normal course of running a company, the CFO must balance capital requirements with capital sources of funds. Changes to the capital structure are not insignificant as each component of capital has an opportunity cost.

In this course, we introduce the impact of changes in capital structure and the resulting impact on a company's decision to borrow vs. We quantify the thought process and the logic that dictates one or the other by examining both extremes of capital structure changes: This class examines and incorporates all the major inputs and value drivers of capital structure changes by building a short, quick and dirty LBO analysis, providing an excellent condensed overview and introduction to LBO modeling.

As LBOs are risky and complex financial transactions, sometimes, building a full-out, complex LBO model is not necessary or required if one just wants to quickly gauge the feasibility of an LBO. Layer a complex LBO model on top core standalone projection model and build one of the most dynamic, sophisticated and complex LBO models out there.

This is a highly complex and a very advanced modeling class and requires an absolute grasp of all basic and advanced accounting and financial concepts. Your finished LBO model will be a highly versatile and functional financial model able to capture and sensitize a great deal of inputs to project a realistic and more precise outcome including the ability to toggle between status quo, standalone model vs.

The core LBO model serves as the beginning model for the target company in our Complex, Super-Advanced Merger Modeling course. Significantly enhance the LBO model by incorporating the following: Further modify LBO model for mezzanine debt, non-cash interest, issue warrants and modify equity acquired. Incorporate all enhancements into end-all IRR analysis by significantly scaling out returns calculation via massive triangulation of cash flows.

In order to succeed and climb to the top, at some point, one must eventually specialize in a specific sector or industry after having enough product knowledge. Learn how to analyze and value distressed companies and securities undergoing restructuring or bankruptcy process. First, appreciate and understand the historical perspective and context of the distressed market. Then, explore various opportunities in distressed investing from securities types to investment strategies.

Understand the reorganization and bankruptcy process, including DIP debtor-in-possession financing, Section sales stalking horseChapter 11 reorganization, and Chapter 7 liquidation.

Learn how to model and value distressed companies and securities undergoing restructuring or bankruptcy process. Build upon our Distressed Investing Overview course by quantifying the dramatic changes to a distressed firm's capital structure and the implications on the valuation process and realignment of economics. Build robust distressed sensitivity financial model. The energy industry impacts everyone in one way or another, from commuters to bottled water consumers.

Oil and natural gas are the world's leading energy supply, with gas stations in every neighborhood fueling cars and trucks that travel millions of miles a day. Understand various industry conventions for rig counts SWACO and Baker Hughes. Balance sheet based companies, such as banks, play by different rules and methodologies based on the unique nature of their business. Focus is placed on our Commercial Banks financial statements primer which dives deep into a bank's unique financial statement terminology and drivers.

Understand how to analyze a bank and why the standard financial analysis and valuation methodologies that apply to most companies do not apply to industries that "use money to make money". Start with a brief overview of the main banking functions commercial, investment, asset management and quickly turn to the quality of book of loans and analysis of net vs gross charge-offs vs provisions, etc.

Understand the critical credit ratios and capital adequacy analysis as well as Tier 1 and II definitions and Basel II impact. Crystallize the impact of Interest Rates, importance of term structure and credit spreads and implications on a bank's profitability. Examine best practices in calculating net interest income via average asset and liability balances on the income statement. Wrap up by analyzing valuation parameters: Build a basic, streamlined bank financial model that builds upon the bank terminology in our Bank Industry Primer course.

Before diving deep into the complex nuances of our Advanced Bank Financial Model, really solidify your understanding of developing the logic in loan losses and provisions and its impact on the rest of the larger bank financial statements. Perform quick back-of-the-envelope calculations for key Balance Sheet items such as Interest Earning Assets and Interest Bearing Liabilities, which yield Net Interest Income.

Estimate and calculate capital adequacy ratios to wrap up your summary simplified basic bank model. Construct a more robust bank financial model by building a bank balance sheet and derived income statement.

Project gross loan balance, provisions for credit losses, gross charge-offs, recoveries, net charge-offs, net loan balance based on important key trends and ratios. Predict the critical funding requirements on the liability side of the balance sheet to support the loans and asset side. Learn the techniques and best practices to balancing the bank model.

Examine different techniques to estimate the crucial interest-earning assets and interest-bearing liabilities. Estimate asset yield, funding costs and net interest spread to minimize forecasting error. Identify line items that constitute non-interest fee revenue beyond using simple percent growth rates. Incorporate and integrate provision for credit losses. Calculate compensation and overhead expenses and leave with a completed balance sheet and income statement.

Make sure you master the concepts in this Intermediate class before diving into our Advanced Bank Financial Modeling course.

The standard financial analysis and valuation methodologies that apply to most companies do not apply to industries that "use money to make money". Balance Sheet based companies, such as banks, play by different rules and methodologies based on the unique nature of their businesses. First, start off with an interactive primer on commercial banks and their financial statement terminology and drivers. Then, build a fully integrated bank financial model that addresses the key drivers of profitability, cash flow, and valuation.

Focus is placed on: Complete the model by projecting different fee revenue sources and integrating the Cash Flow Statement. Finish the model by calculating and analyzing capital adequacy ratios, financial performance indicators and valuation metrics. Balance sheet based companies, such as insurance companies, play by different rules and methodologies based on the unique nature of their business. Focus is placed on our Insurance Industry primer which dives deep into an insurance company's unique financial statement terminology and drivers.

Comprehend all the major players along the insurance spectrum from retail to wholesale brokers, to MGAs and MGUs and captive carriers and much more. Understand the different types of insurance, reinsurance and their financial statement impact. On the Income Statement, differentiate between the different types of premiums direct, ceded, net, written, earned ; comprehend loss triangles and the main differences between statutory vs GAAP accounting.

Understand insurance valuation parameters: Build a basic, streamlined insurance company financial model that builds upon the insurance financial statements terminology in our Insurance Industry Primer course. Before diving deep into the complex nuances of our Advanced Insurance Company Financial Model, really solidify your understanding of the major items on an insurance company's Income Statement and Balance Sheet.

Take the time to further immerse yourself with understanding insurance. Build a fully integrated, scalable, new insurance company model including detailed build-up by line of business from Gross Written Premiums to Net Premiums down to Underwriting Income. Consolidate the lines of business performance into a GAAP Income Statement with statutory adjustments.

Integrate income statement projections with a self-balancing balance sheet, an automated cash flow statement and the balancing cash flow sweep schedule. Evaluate the financial feasibility of a greenfield real estate development project. Determine the valuation of an empty plot of land by developing and building different lots, houses and condos.

First, incorporate infrastructure costs required for a master plan development. Account for variability in construction timelines for different types of properties and sensitize the master financial model for various per unit and per square foot costs as the project is in planning, construction and post-construction phases.

Learn how to quickly modify assumptions to customize the model to reflect a poor operating environment as the pace of lot sales significantly decline.

In addition, learn how to determine optimal funding mix of equity vs. Evaluate and analyze the acquisition, construction and renovation of a boutique hotel. Perform detailed construction loan analysis that rolls into larger debt funding facility. Funnel into the core projection, estimating REVPAR revenue per available roomvarious revenue streams and operating expenses. Compute management incentives and ultimately roll into Net Cash Flow and IRR.

Tangential to financial modeling and valuation is credit analysis. We take the typical dry boring credit training and tweak it with perspectives from the buy-side credit point of view. This allows for a much broader and yet, simultaneously deeper, discussion and understanding of credit, a hard task to pull, but we think we've done it. As if that weren't enough, we think we've also been able to nicely blend hard core quantitative and statistics based concepts into our suite of portfolio and risk management courses.

Many independent elements impact a borrower's creditworthiness and the value of its loans; however, true mastery of credit analysis demands an integrated perspective, weaving these disparate parts into a comprehensive, big-picture mosaic.

This program's goal is to assist you in developing a comprehensive foundation in credit analysis. Our framework for evaluating credit begins with the fundamentals; traditional and universally-accepted elements reviewed by lenders: These basics support building a stronger foundation to understand the qualitative and quantitative factors impacting a firm's ability to repay interest and principal.

Learn the qualities which most impact a firm's solvency from a top-down analytical perspective, beginning with global economic trends and business cycles. Further assess a company's credit quality with a bottom-up analysis, evaluating the firm's performance relative to its peers. Finally, drill down even deeper to assess the structure of the company's debt securities and the potential value from specific attributes protecting creditors' investment.

Leverage your foundation to understand how major ratings agencies assess credit and ratings are determined. Learn which elements of credit are most relevant to the agencies and which are evaluated less rigorously. Compare the rating methodologies and contrast the meanings of the underlying credit ratings across credit ratings agencies. Understand how ratings changes can have drastic effects on a security's market pricing.

In addition to employing these academic practices and standard methodologies in evaluating a debtor's creditworthiness, you will also learn and integrate real world market dynamics into your credit analysis. Recognize the actions and tools sometimes applied by lenders to mitigate credit risk, including credit derivatives and insurance, credit tightening, and portfolio diversification.

Understand the costs and benefits of utilizing these tools, and the scenarios in which they are most effective. Finally, put your comprehensive foundation into practice by creating an actual credit review write-up. The comprehensive analysis of a debtor and its securities from both the top-down and the bottom-up will allow you to judge a company's creditworthiness with a greater breadth and depth of understanding relative to many other market participants.

This real world analysis, integrating established methodologies with the tools used by front-line Wall Street credit analysts, is a comprehensive foundation for credit review and analysis.

Understand the legal aspects of issuing bank debt and corporate bonds by analyzing major sections of debt agreements and legal and financial covenants. Comprehend the major types of covenants found in credit agreements and bond indentures: In addition, delve into maintenance and incurrence covenants, reps and warranties, indemnities. Learn objective of relevant credit agreement provisions and common related structural issues and thoroughly analyze senior credit agreements covenants and high-yield bond covenants.

Understand implications of covenants on "events of default" and differentiate between technical defaults as well as compare and contrast "loose" vs. This program's goal is to assist you in developing a comprehensive foundation in forecasting and modeling a business' cash needs. Our framework for developing a cash flow model begins with the fundamentals; understanding the variances between traditional and near-term modeling, of which aspects of operations will have the probable largest impact on cash balances, differences the various rationales for creating a Week Cash Flow TWCF model, and how they impact both a business in both the short and long term.

After gaining a fundamental and in-depth understanding of TWCF models, learn to build and create a business cash flow forecast. Analyze the results to determine potential pressure points on a business, review variances to comprehend short-term changes in the business, and adjust for future periods based on immediate results. Understand how to use this analysis to better manage operations and obligations, and to position a business for long-term success. When Excel and Office first debuted, Excel power-users around the world collectively groaned with a massive headache.

While there are certainly key enhancements to Excel that we like, navigating the new "ribbon" caused some grief as users were forced to re-learn how to use Excel. Thankfully, most of the shortcut accelerator keys are still in place. But change is never easy, so we forex courses vancouver this short tutorial on getting you up to speed real quick - the one stop source on black scholes and beyond option pricing models pdf Excel Embrace it, Excel is here to stay.

This course focuses on how learning the fundamental building blocks of Excel so you can begin to take advantage and leverage all of Excel's true capabilities. In order to efficiently build models and crunch large data dumps in Excel, one must master the basics before the advanced content.

Functions and tools covered in this course include: Emphasis will be on using shortcut keys, simplifying steps, and manipulating data. You will leave with techniques you can use immediately, allowing early stage startup stock options to work faster and with less effort.

This course focuses on how to effectively and efficiently utilize Microsoft Excel for data analysis. A financial analyst will not only use Excel to build financial models, but also to crunch a large data dump.

Learn how to minimize as much manual stock option vesting meaning as possible, thereby saving time and performing more detailed analysis quickly.

Ever get annoyed at constantly having to go back into "Source Data" whenever you add an item to your data series? Or how about getting the perfect sized bar or line without resorting to using a ruler to literally draw it on!

A critical, must-take course especially for professionals that have to create graphs in their presentations, reports and slides. As usual, we emphasize and teach all the best practices and focuses on our core Excel learning goal: This jam-packed session includes: Learn the best practices of integrating into PowerPoint, when to embed, link never and copy as picture, as well as add to our Excel macros with a couple handy PowerPoint macros. Bridge the gap from the fundamental analysis side of finance to actionable trade strategies.

Participants will be introduced to the psyche of a hedge fund and learn how to stock index options stop trading like a buy-side analyst. Through this course, participants will be shown how to expand stock market millionaires story analysis beyond theory valuations, trends, etc.

Trade strategies will be detailed so conceptual ideas can be presented as actionable trades. Trading mechanics such as short interest, liquidity analysis, and ownership will also be discussed. If you're a buy-side professional, you must master these fundamentals.

If you're a sell-side professional, adoption of these empire stockbroker training institute will increase the value of the presenter's ideas and result in increased and stronger buy-side relationships. Technical analysis offers powerful, objective tools for trading stocks and securities.

Certainly, technical analysis combined with fundamental analysis will rule the day; in either case, both sides of the equation are important. This course provides a thorough review and primer to the fundamentals of technical analysis and trading based on technicals. We introduce the major types of technical indicators and tools and dive into the practical application empire stockbroker training institute the real trading world.

While the common saying "you can't time the market" certainly has merit, this course will teach how to make disciplined trades and improve your timing by identifying trends. Learn how to interpret charts and translate them into actionable trades. We debunk the myths and cut through the jargon to provide a straightforward, non-theoretical application—for each technical indicator, we explain: This course is an intensive introduction to option trading strategies and the Greeks.

Several examples of spreads and combinations are covered in detail; strategies that combine options with other types of assets are also explained in depth. These include covered calls, protective puts and collars. In addition to these strategies, the use of options to synthetically replicate other types of positions is also explored.

Several option risk measures, known as the Greeks, are covered in detail: The properties of the Greeks are analyzed, while models for computing the Greeks are derived from the Black-Scholes model using Excel. The importance of the Greeks in trading strategies is shown with numerous examples. This course introduces the Monte Carlo simulation approach to pricing derivative securities.

Several different techniques for simulating random numbers are described; the risk-neutral framework for pricing derivative securities is covered in detail. The properties of Brownian Motion and Geometric Brownian Motion are explored, along with alternative stochastic processes that may be used to price derivatives. The simulation of European option prices and the Greeks is implemented in the VBA programming language. The Longstaff-Schwartz approach to pricing American options is covered in depth.

The properties of several types of exotic derivatives are explained in detail. The prices of these open currency market forex are obtained from Monte Carlo simulation and compared with the results obtained from closed-form models.

Several techniques for reducing the computational time of Monte Carlo simulation are explored, such as low-discrepancy sequences, control variates and antithetic variables. This course provides a detailed overview of volatility and correlation models. First, estimate volatility from historical data then, implied volatility is defined and derived from option prices using root-finding methods.

Dive deeper into the term structure of volatilities and volatility surface are analyzed in great detail. Learn how to price exotic options and the corresponding Greeks from the volatility surface. An overview of hedging and trading strategies using volatility derivatives is given; these include VIX options and futures and OTC derivatives, such as variance and volatility swaps.

Several techniques for estimating correlation are covered, along with an overview of correlation derivatives.

Trading and how to make money fast doing chores strategies with correlation products are explored in detail.

All models are implemented using Excel and the Visual Basic for Applications VBA programming language. Economics — if not dismal, the "science" can certainly be frustrating. Ask yourself, do weak employment figures portend a decline in corporate profits and falling equity prices, or does it signal potential intervention from the central bank and rising equity prices?

The application of economic data to real world investment decisions often requires a secondary and even tertiary analysis of its meaning. Said differently, using economic data in the real world is more a "sentiment game" than a mathematical formula.

What is a sentiment game? Keynes would describe it as a newspaper beauty contest, but more technically it's a strategic interaction between multiple players seeking to ascertain not necessarily their interpretation of a given set of information, but the interpretation and reaction of the other players in the game. Training Global Macroeconomics course examines the practice of interpreting economic information in a way get money maker cp cheats 2016 is helpful to decision makers.

The course is broadly divided into two sections: The Core Concepts section of the course covers introductory economic theories and models that are required background information for economic analysis. This is done through an explanation of content followed by a real nifty options otc stock trading example taken from a leading financial news source.

We use recent economic data to make it more applicable to current investment decisions and avoid the obfuscation that often accompanies older data sets. Students should walk away with a better understanding of basic economic theory, how it translates into real world application, and knowledge about the distribution of and meaning behind important economic indicators. This is perfect for investment decision makers looking to integrate economic analysis into their decision making process or more experienced "economists" looking for a review of key concepts.

Our suite of portfolio and risk management courses takes a quantitative approach to managing diversification strategies in the portfolio context. Understanding the impact of market factors currency converter turkish lira euro monte carlo simulations will allow you to better sensitize and quantify risk factors on your portfolio.

Default Risk and Prepayment Modeling. This course provides an in-depth introduction to credit risk. Techniques for modeling credit transition matrices are covered in great detail, while several statistical techniques for modeling default probabilities and correlations are explored in depth. Methodologies for modeling credit portfolio risk are covered, including the asset value approach trade parts specialists stockport the structural approach.

Prepayment models are developed for Mortgage-Backed Securities MBS. Value at Risk VaR Modeling for Different Asset Classes in Excel. This course provides an overview of Value at Risk VaR modeling for a wide array of financial assets, including stocks, bonds, forward contracts, futures contracts, swaps and options.

The key statistical assumptions underlying the VaR methodology are explored; several different models for computing VaR are implemented in Excel. The Delta-Normal approach is used to compute VaR for bonds, stocks and linear derivative securities, such as forwards, futures black scholes and beyond option pricing models pdf swaps, as well as calls and puts. The Delta-Gamma approach is introduced as an alternative to computing VaR for options; this approach can capture the non-linear behavior of an option but at the cost of greater computational complexity.

Full valuation approaches to computing VaR are covered in great detail; these have the advantage of being independent of any distributional assumptions about financial assets.

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These approaches include Historical Simulation, Weighted Historical Simulation and Monte Carlo Simulation. Several portfolio VaR measures are demonstrated; these are designed to measure the impact of a potential trade on portfolio VaR. These measures are known as Marginal VaR, Incremental VaR the trade by barter system Component VaR.

The course concludes with a discussion of the strengths binary options trading philippines 60 sec strategies weaknesses of the VaR methodology, with a consideration of several alternative possible approaches.

This course provides an overview of portfolio modeling. The course reviews several key components of portfolio math, such as standard deviation, correlation and covariance, as well as optimization techniques. Markowitz' formula for measuring portfolio risk is covered in detail. The equivalent matrix representation is introduced, along with Excel's matrix algebra functions.

The Capital Asset Pricing Model CAPM framework is used to introduce several key concepts, such as beta and the efficient frontier. Excel Solver is used to derive the efficient frontier from a portfolio of stocks. Beta is estimated using linear regression analysis. The Capital Market Line and Security Market Line are derived, showing the relationship between risk and return in equity markets. The Sharpe Ratio is forex russian currency as a measure of relative risk.

Bank Capital Adequacy Modeling and Basel III Compliance. This course presents an overview of the Basel Accords and how they have evolved since their debut in The three-pillar structure is explained in great detail, with a focus on the measurement of capital requirements under Pillar 1.

The Value at Risk methodology is covered in depth as a technique for computing market risk capital requirements. The key features of the approaches to computing credit risk capital are covered: The three approaches to computing operational risk capital are explored in detail: The new features of Basel III are explained, including changes how do you earn money in number days sim date the measurement of Tier 1 and Tier 2 capital, updates to the calculation of credit risk capital and a more advanced approach to measuring liquidity risk.

This course provides an in-depth introduction to credit derivatives modeling. Techniques for calibrating the LIBOR curve are introduced. Alternative approaches to modeling default probabilities are considered, including Merton's model, reduced-form models and the hazard rate model. The basic properties of credit derivatives are covered in detail, along with pricing models.

Strategies for hedging credit risk with these derivatives are discussed in detail. Correlation products are covered, including Collateralized Debt Obligations CDOs and single-tranche CDOs. These are priced with Monte Carlo simulation while hedging strategies are developed. This course is designed to provide an intensive introduction to fixed income markets and interest rate derivatives.

The course presents several alternative measures of interest rates: The measurement and management of interest rate risk is then explored in depth. Interest Rate Derivatives Modeling and Term Structure of Rates.

This course provides an analysis of the term structure of interest rates and interest rate derivatives pricing models. Several different types of interest rate derivatives are covered, including interest rate futures and forwards, interest rate swaps and interest rate options.

The uses of these derivatives for hedging and trading purposes is explored in depth. Black's model is applied to the pricing of European interest rate options. Equilibrium models of the term structure of interest rates are introduced and implemented in Excel.

These models are used to price zero-coupon forex finance yahoo and coupon bonds.

The drawbacks of equilibrium term structure models are considered. No-arbitrage models of the term structure are explored in depth, including the lognormal model, Black-Derman-Toy BDT and Hull-White. The comparative strengths and weaknesses of these models are considered. The BDT model is implemented in VBA as a binomial interest rate tree. The model is then used to price European, American and Exotic interest rate options.

The course presents an overview of exchange rates, foreign exchange risk and strategies for pricing and hedging with foreign exchange derivatives. The basic features of the foreign exchange markets are introduced, along with several international parity conditions.

The key properties of foreign exchanges forwards, futures, swaps cabal online earn money options are covered in detail; pricing models are introduced for each type of derivative along with hedging strategies. Several models are introduced for pricing foreign exchange options and are implemented in VBA. These models are used to compute the Greeks and implement sophisticated hedging strategies.

The properties of exotic foreign exchange options are covered; these are priced with stochastic volatility option stock market is a gambling models.

I accept the Terms of Use. Need help logging in? Corporate Training Courses Wall St. Course Listing Our live, on-site training programs can cover a very wide variety of topics. Current Assets Cash, Inventories, Accounts Receivables, Pre-paid ExpensesFixed Assets PPELong-Term Assets Equity Stock trading halal or haram Goodwill and Intangibles Current Liabilities Accounts Payable and Deferred Revenue Long-Term Liabilities Debt and Capital Leases Minority Interest Equity Common Stock, Additional Paid in Capital, Retained Earnings, Treasury Stock and Other Comprehensive Income Review of working capital and understanding its impact on a business and cash flow Understand how depreciation, amortization and other non-cash expenses are accounted for and how they impact the financial statements Detailed Cash Flow Statement review, including definition, significance and application of: Cash Flow from Investing Capital Expenditures, Acquisitions, Divestitures CFF: Desire to learn accounting terminology, general business smarts and common sense Back to this topic Back to top.

Intensive Accounting for Investment Bankers Our Financial Accounting Intensive Bootcamp is specifically built as a pre-requisite for our finance, valuation, financial modeling and more complex course topics.

Basic EPS, Diluted EPS, Anti-dilution, Options, Warrants, Converts Taxes: Accounting Exam WST Exam review best penny stock reviews grading DAY ONE: Current Assets Cash, Inventories, Accounts Receivables, Pre-paid Expenses Fixed Assets PPELong-Term Assets Equity Investments Goodwill and Intangibles Current Liabilities Accounts Payable and Deferred Revenue Long-Term Liabilities Debt and Capital Leases Minority Interest Non-Controlling Interest Equity Common Stock, Additional Paid in Capital, Retained Earnings, Treasury Stock and OCI Detailed Cash Flow Statement review, including definition, significance and application of: Deferred Taxes Discussion of deferred tax liabilities and deferred tax assets Compare and contrast permanent vs.

Minority Interest Understand the accounting treatment for: Financial Statement Analysis Income Statement, Balance Sheet, Cash Flow Statement defined and importance explained Components of each major financial statement IS: Revenue and expense items, EBITDA defined and discussed BS: Assets, Liabilities, and Shareholders' Equity CF: Cash Flow from Operations, Investing Activities and Financing Understand how financial statements are inter-related Relationship between the Income Statement and Cash Flow Statement Explanation of Accrued Expenses, Receivables and Payables and how they tie together Key Ratios Overview and explanation of major financial ratios, including liquidity, asset management, debt management, profitability, and market value ratios Hands-On Exercise Interactive group project break-out to analyze, compare and contrast financial statements of various companies; discussion and recommendation of which companies are more attractive Prerequisites Desire to learn accounting terminology, general business smarts and common sense Back to this topic Back to top.

Introduction to Finance "Finance " Learn the basic finance concepts that are the backbone of any financial analysis. Calculating returns and measuring risk, benefits of diversification systematic and unsystematic risk, total risk, market risk and firm-specific risksecurity market line, capital asset pricing model, beta Time Value of Money: Company Profiles Company profiles are the most basic overview and descriptions of a company being analyzed.

Company Profiles Summary business description and financial summary and trading analysis Stock price charts: Financial Summary Build a very simple financial overview exhibit by inputting historical results, analyst estimates and basic projections. Trading Statistics Build trading statistics exhibit displaying standard market valuation multiples. Introduction to Finance Corporate Valuation Methodologies Prior experience with Excel, decent ability to type and follow instructions Back to this topic Back to top.

Sell-Side Investment Banking, Research Overview of the Sell-Side Process: Buy-Side Asset Management, Why did islam spread so quickly trade Equity, Hedge Funds Overview of the Buy-Side Process: Capital Markets Role of Institutional Players Overview of the Capital Markets: Depository institutions, securities firms, government sponsored enterprises, investment companies, insurance companies, institutional investors, financial advisors Markets and Orders: Securities markets and exchanges, types of trade orders market, limit, stop, stop limit, etcbuying on margin Efficient Market Hypothesis: Weak form, semi-strong form, strong form Technical Analysis: Difference between fundamental analysis and technical trading strategies, which players use which and why Part IV: Securities Market and Finance Overview of Securities Markets: Types of securities, and basic approaches to valuation Finance Types of Securities: Cash, stock, bonds, mutual funds, exchange traded funds ETFsREITs, ADRs, securitizations, derivatives, stock market indexes Finance Executive Presence When you walk into a room, do the people around you notice?

Introduction What are the key elements of executive presence? What is special about executive presence that extends beyond simply having good posture and charisma? Why is a baseline level of self-confidence a prerequisite to developing executive presence? What do you need to have before forming a plan to strengthen it? Self-Expression in the Boardroom How do you quickly gauge your audience in both professional and social settings? How can consulting a speech coach result in an improvement of your executive voice?

What are the different expressive tools you can use to be perceived as an executive? What are universal communication cues, and how can they be used most effectively? The "Executive" in "Executive Presence" How do you maintain focus and a level head during adversities or otherwise unfamiliar situations? What are the key indicators of somebody who can remain calm and collected under pressure?

How do you maintain a sense of authenticity in a variety of social and professional interactions? How do you increase your leadership visibility over time? The "Presence" in "Executive Presence" How can personal branding supplement your executive presence? How should you reconcile your individual reputation with your executive behavior?

How can you become more linear regression curve indicator mt4 of your personal branding and reputation in and out of the office? Personal Branding How can personal branding supplement your executive presence?

Plan of Action What cash buyout stocks can you use to evaluate yourself on your current level of executive presence? Who should you enlist in order to help you improve your performance?

Back to this topic Back to top. Research Report Writing Performing in-depth research of an industry or company is no small feat. Equity Research Overview Get money maker cp cheats 2016 is the aim of an equity research report, and who is the intended audience?

What are the key differences between industry vs. Why is it insufficient to proofread for only spelling, grammar, and punctuation? Anatomy of a Report What information needs to be included in an equity research report? How do you employ appropriate logical argument structures to succinctly drive your thesis?

In which sequences should the different segments of equity analysis be arranged? How do the length and style of the report's individual parts affect reader comprehension? Why is structure relevant to the quality of your argument — how can you use this knowledge to enhance your thesis?

Content Decisions How do you tailor the content of the report to your specific audience? Which assumptions or determinations are acceptable for an analyst to make? How do you elegantly balance the wide spectrum of facts and opinions in the world of financial research? Writing Mechanics What are the different types of sentence formations commonly found in research reports? How can you assess the degree to which a report's vocabulary choices are appropriate?

How can you determine whether certain words are unnecessary or redundant? Is there a maximum sentence length for business writing? How should you use qualifiers and hedges to reduce or strengthen your message?

When should you use nominal form vs. Learn By Doing What are some writing exercises that can strengthen concise communication and argumentation skills? What resources are available as a reference regarding best practices in grammar and style? How should you conduct the editing and rewriting process, especially among a team of multiple analysts? Valuation Methodologies How much is a company worth? Why is the current stock price not an accurate indication of value?

How do you tell if a company is under-valued or over-valued? Why would one company command a higher or lower premium than its direct competitor?

What is the importance between enterprise value and equity value? Why do we include minority interest and exclude capital leases? What is the relevance of capital structure and leverage on a companys value? Why and how is corporate finance so critical to managing a firm's profitability?

What exactly does a multiple tell us? What is EBITDA and why is it so important? Utilizing the correct numerator for multiples analysis Calculating implied value based on multiples analysis What is a leveraged buyout and what are the main motives for LBOs?

Case Study Discussion Analysis of "football field" and reference ranges Detailed discussion of the major valuation methodologies, their nuances and application in the real-world Analyzing, comparing and contrasting trading comps, deal comps and premiums paid Detailed explanation of Discounted Cash Flow DCF valuation, its theory stock buyback agreement template application Discussion of why the DCF is arguably one of the most important analyses while simultaneously one of the most academic and least practical of them all Review of WACC weighted average cost of capitalCAPM Capital Asset Pricing Model How do you approach valuing a company with completely disparate businesses?

Introduction to Finance Back to this topic Back retail stocks to buy before christmas top. Basic Financial Modeling This course builds upon, and implements in Excel, the fundamental financial analysis and valuation topics.

What is the difference between the stock market crash 1929 documentary value and perpetuity growth approaches and what are the implications on value?

Introduction to Finance Corporate Valuation Methodologies Company Overview Back to this topic Back to top. Basic Valuation Techniques Build upon Corporate Valuation Methodologies with a short, hands-on exercise to hone in the core concepts in practice before diving into the more advanced valuation how much money does a cnc programmer earn topics.

Learning Objectives Earn cash for paypal current trading and valuation statistics of industry competitors Project value of a company and stock based on estimated industry average valuation multiples Construct a sample DDM and DCF valuation analysis Estimate WACC, component costs of capital and CAPM and incorporate into valuation analysis Back to this topic Back to top.

How the stock market crashed in the great depression Financial Modeling — Core Model Build fully integrated 5-yr financial statement projection model by projecting the Income Statement, Balance Sheet, Cash Flow Statement, the Debt Shark binary options trading system striker9 light to balance model and Interest Schedule to fully integrate model.

What are the different methodologies to forecasting the different types of assets on the balance sheet and how do they compare and contrast with projecting liabilities? How do you project the shareholders' equity account? What is the importance of financial ratios in building the balance sheet projections? How do you approach building an integrated cash flow statement? How do you build each component of the cash flow statement and why is cash the last item to project?

Supporting Schedules Incorporate calculation and payment of dividends into your integrated financial model Emulate ira investment options bank share repurchase program by estimating implied price and shares repurchased Integration and Balancing of Financial Model Balance the model using the debt schedule and debt sweep logic — the most important analysis in terms of balancing the model!!

How does the cash actually flow through the model? Incorporate automatic debt payments and use cash generated to either pay down debt or build cash How does the revolver facility actually balance the model?

Avoid messy nested "if" statements!! How does the balance sheet and financial statements balance by itself without the use of "plugs"? How are the financial statements integrated using the Interest schedule? Advanced Segment Build-up Sensitivity Modeling Learn how to build detailed revenue and segment build-ups into your larger financial model.

Detailed Business Segment Build-Up: Bridge the gap and quantify future, as-yet-unachieved growth initiatives based on concrete assumptions Analysis would roll into core "organic growth" model and sensitized Model out effects of hiring new sales representatives and the associated increased revenue Triangulate new revenue and tiered commission expenses due to renewal business Calculate incremental salary and bonus cost of new sales representatives Calculate additional cost of sales and other expenses related to new business Detailed Account by Account Build-Up: Enhancements to Core Integrated Financial Model Build a stand-alone depreciation schedule to better estimate working capital changes and free cash flow by depreciating existing PPE as well as new capital expenditures Credit and leverage statistics ratio analysis with automated comparisons vs.

Construct flexible Tax Depreciation Schedule GAPP depreciation schedule is off simplistic straight-line assumption while tax write-offs allow for accelerated depreciation schedule Incorporate real-world MACRS schedule US IRS tax code to depreciate assets based on various property classes and recovery year Integrate with new capital expenditures assumptions by asset class Compare and contrast with GAAP depreciation Gain better precision into cash flow modeling and working capital line items Construct and reconcile extremely detailed Book vs.

Tax Income Tax Schedule Combine GAAP and tax depreciation schedule into tax schedule for model's deferred tax liability Further enhance detailed tax schedule incorporating NOLs Net Operating Losses Incorporate limitations on NOL usage based on change of control provisions Construct detailed accelerated tax depreciation schedules based on MACRS How to earn gold in elsword build-up detailed deferred tax assets and liabilities Balance Sheet accounts Perform and analyze Residual Value and EVA analysis Construct a discounted cash flow analysis, estimate unlevered free cash flow free karvy stock broking limited careers flow to firm and terminal value using multiples approach and perpetuity growth approach Build reference range and football field to summarize valuation Understand differences among traditional DCF analysis vs Residual Income and EVA analysis Calculate equity capital charge total capital charge Use correct discount rate for each analysis Compare cattle sale livestock market galt contrast pros and cons and the purpose of each analysis Career journal india investigates work from home opportunities Basic Financial Modeling Advanced Financial Modeling — Core Model Enhancements to the Core Model — Part 1 Back to this topic Back to top.

Private Company Pro Forma Modeling Pro Forma financial statements are a tool to recast financial results in a manner that is more representative of future performance and to remove the effects of private ownership.

Estimate unlevered free cash flow free cash flow to firm Why is amortization non-tax-deductible from a tax perspective and what are the implications on value? What are different proxy methods for calculating working capital? Complex Trading Comps Analysis Build a detailed, thorough trading comps analysis analysis of selected publicly traded companies scottrade download stock data learn how to properly construct stock options canada cra relative valuation analysis the correct way as well as how to normalize financials for extraordinary items, non-recurring and restructuring charges.

Deal Comps Analysis Precedent Transactions Build a deal comps analysis analysis of selected acquisitionssimilar to trading comps analysis, but from an acquisition context using historical transaction data instead of current market valuation data.

Private Company Pro Forma Valuation This course builds upon our basic Corporate Valuation course and introduces the complex nuances associated with analyzing and valuing private companies. Detailed explanation of Discounted Cash Flow DCF valuation, its theory and application Discussion of why the DCF is arguably one of the most important analyses while simultaneously one of the most academic and least practical of them all Analysis of EBITDA and growth approaches to Terminal Value estimation and pros and cons of each Discussion on the correct Cash Flow starting point for Gordon Growth Rate: Application of WACC and matching of cash flows with the riskiness of the cash flows Correct Cost of Debt to use: Adjusting WACC and DCF for private companies, liquidity, size and country-specific adjustments DCF Revisited: Proper Allocation of TEV in HoldCo context Case study analyzing proper allocation of value of public traded parent and subsidiaries Analysis of market valuation attribution to standalone parent and majority owned subsidiary Difference in treatment of TEV based on if subsidiary's debt is owed to third party or to parent Reconciliation of book value treatment of Minority Interest vs.

Participating Preference Securities When investing in earlier stage companies, whether start-up, growth or mezzanine stage investing, there is a fine balance between incentivizing the newest round of investors injecting capital and providing enough returns for earlier round investors, while still motivating management to strive for mutual alignment of economic interests. Cash pay vs PIK; compounding vs simple; cumulative vs.

Pension Accounting for Valuation Pension and Other Post-Employment Benefits has had an increasing spotlight on a company's reported results and financial statements, especially given the dramatic impact on the airline and car manufacturing industries. Overview from financial analysis perspective and implications Hands-On Exercise: Learn pension-specific accounting terminology in the context of financial analysis Thorough review of pension expense factors and assumptions as well as impact to profitability Assess projected benefit obligation, change in retirement plan assets, funded status of plan Brief overview, discussion and implications of SFAS Interactive, hands-on group project break-out to analyze financial statements selected company Analyze and interpret actual 10K SEC filing footnotes on pensions and OPEB.

Synergies switch, cash vs. Construct a sample earnout model based on a base earnout and a "super-earnout": Create a two-tiered earnout structure that is dependent on achieving management projections Structure earnout based on both Revenue and EBITDA targets Evaluate the "base" target financial goals and calculate corridor earned Review best practices in calculating the actual earnout earned Repeat analysis for second earnout tier, the "super-earnout", a much more difficult to achieve set of financial projections Evaluate pros and cons of being too optimistic in management projections vs.

Legal Aspects of Transactions NDA, Due Diligence, SPA The nondisclosure agreement NDA and purchase agreement are two of the most important legal documents that bankers and other finance professionals need to be proficient with during a transaction. Who is supposed to initially send out the NDA? Does this benefit the buyer or the seller in the transaction more? Which key items should be considered by the buyer, by seller, and by both parties?

How is "confidential information" and the use thereof defined? What information may and may not be disclosed? What exceptions should be carved out? What are the rules governing destruction of confidential materials?

Are there industry-wide standards for items such as term and remedies? What is a "no-shop" clause, and how does it relate to a deal's term sheet? Due Diligence for Dummies What does due diligence entail? In what cases is financial due diligence required? When and where does this process typically take place? Which parts of due diligence are supposed to be quantitative vs. Besides financial due diligence, what other types tax, legal, operational, etc.

The Due Diligence Process What are all the steps involved in the due diligence process? Who are the parties responsible for compiling and organizing the initial due diligence information?

Who performs the actual due diligence? What is a "data room" and what belongs inside of it? How might it change throughout the course of a deal? Corporate Due Diligence What documents should be reviewed to verify the validity, scope, and reach of the business's incorporation?

What are the relevant pieces of a company's history, such as its product lines and management team? How many subsidiaries of this business exist? Where do they operate, and how are they structured? Are there any synergies available?

If so, what are their potential revenue increases and cost reductions? Have there been external studies? Which trends can people working closely in this industry identify and support? What are the key relevant facts regarding branding, customer relationships, distribution, and sales? Is there a cohesive product development pipeline? Human Resources Due Diligence How will the deal account for compensation and benefit plans? Are there plans for cultural and logistical transitioning programs?

How can you smooth out the various employee-related issues that will arise, such as personnel costs, executive compensation, dismissal costs, and more? Why is operational transparency vital to enhancing the value of the enterprise? Are the information technology and business technology solutions currently in place secure and efficient? Financial Due Diligence Which sections of the balance sheet need to be accounted for and assessed? How do you challenge both a target's historic and projected financial data?

What are the critical factors behind working capital, insurance, and debt forecasts? What records are commonly requested? What are all of the required official documents regarding the target's real property? Are there any plans to relocate or expand? If so, what will be the resulting financial and legal impacts?

Legal and Environmental Due Diligence Which legal documents must be secured and verified? Is there any current or potential litigation? What about past claims and lawsuits, threatened or otherwise? What intellectual property considerations are required? How have past IP lawsuits affected the business? How is the current state of research and development, and what are the documentation policies? What complications arise from cross-jurisdictional transactions? Which regulatory bodies will govern legal and environmental matters?

Overview What are the primary sections of a purchase agreement, and how do they vary across deals? At which point of a deal is a purchase agreement drafted? What is the difference between a letter of intent LOI and an indication of interest IOI? Traditionally, who provides the first draft of a purchase agreement? Purchase Price Adjustments How are post-closing adjustments to the final purchase price handled? What are earnouts and milestone payments? What is the rationale behind Net Working Capital Adjustments, and which specific provisions apply?

What other types of purchase price adjustments are typically available? Legal Deal Structure In a business combination, what will the corporate structure of the surviving entity be? How do stock purchases, asset purchases, tender offers, and mergers all differ?

Which structures are preferable to buyers and to sellers? For stock purchases and asset purchases, what exactly changes hands between the parties, and how? How is the acquisition or transfer of intellectual property handled? Assess the pros and cons of the various deal structures, including tax, liability, and other implications in the following structures: Merger Consideration What is the valuation methodology behind the acquiring party's shares?

What mechanisms are in place to address floors and caps for the value and price of issued shares? If stock is involved, how are ownership rights and the conversion of fractional shares determined? Representations and Warranties How are representations and warranties outlined? Who will own what? Which aspects of the business being sold are accounted for in a purchase agreement? How do these relate to the due diligence process?

Covenants What are some examples of covenants that are agreed upon in between the signing and closing phases? How are regulatory- and financing-related covenants structured?

What are the differences between "best efforts" and "reasonable efforts" to close the deal? Which post-merger covenants are most typical, such as employee considerations? Indemnification What do exclusive remedy provisions entail, and which exceptions are often covered? What limitations on liability are commonly found in purchase agreements? What contractual approaches may be taken to handle indemnification? For how long are acquirers usually indemnified? What affects the duration of this period?

What are baskets and caps? Completion and Complications What is the seller obligated to deliver upon closing the transaction? How does the purchase agreement handle these, if at all? What are the standard conditions precedent that govern the buyer's and seller's obligations before the deal can successfully go through?

Leveraged Buyout Overview This course provides a basic overview and introduction to leveraged buyouts, including discussion of rationale for 'going private', ideal LBO candidate, drivers of value. Valuation Summary Maximum Debt Capacity Refinancing Scenarios Expenses — Definitions and Accounting Treatment Sources and Uses of Funds Equity Sources and Rollover Equity Interest Rate Scenarios Pro Forma Capital Structure Purchase Accounting vs. Discussion on LBOs, including: Build an expanded Sources and Uses of Funds analysis that dictates LBO value Sources of Funds: Standalone Projection Model Build standalone, fully-integrated projection model that serves as the core model for the LBO model and to check final LBO model against status quo, no transaction scenario.

Mirrors our Advanced Financial Modeling — Core Model course LBO Summary Layer LBO model on top by modifying core standalone projection model Build the ever-so-critical "LBO Summary" page that controls all the drivers and inputs of the LBO model: Incorporate mezzanine securities with PIKs paid-in-kind Account for dilution due to warrants attached to preferred securities Enhance LBO model to dynamically incorporate recapitalizations vs. Distressed Investing Overview Learn how to analyze and value distressed companies and securities undergoing restructuring or bankruptcy process.

Distressed Financial Modeling Learn how to model and value distressed companies and securities undergoing restructuring or bankruptcy process. Construct robust sensitivity analysis to determine ultimate recovery to capital structure classes Sensitize distressed model based on leverage, valuation, new pro forma capital structure Analyze what constitutes a "bad" deal and its implications for the distressed investor Understand and appreciate various financial stakeholders and inherent conflicts of interest Quantify and evaluate the importance of determining the right fulcrum security Prerequisites Distressed Investing Overview Back to this topic Back to top.

How did oil start? Products that use petroleum; different types of oil light vs. Learn all the services with which oil firms need assistance Who do they call on when they need help, tools and parts? Deep dive into major oil services: How many oil rigs are out there today? How are they counted? Basic Financial Modeling The energy industry impacts everyone in one way or another, from commuters to bottled water consumers.

However, oil's ubiquity should not be mistaken for simplicity; sound investment decisions require the exploration of the many intricacies within this space. How was oil formed?

What are the different worldwide benchmarks? Estimate unlevered free cash flow free cash flow to firm Terminal Value estimation: Learn subtle nuances including the proper figure for "cash flow" in perpetuity growth models Calculate from enterprise value down to equity value and ultimately down to stock price per share NAV and PV Valuation Model Analyze reported proven reserves footnote which serve as the starting point NAV and PV analysis Incorporate production curve projections by product type to project future total production Estimate realized prices and production costs per barrel by product type, during and past projection period Calculate revenue and costs to derive pre- and post-tax cash flows and discount for NAV and PV analysis Include other segments downstream and petrochemicals to arrive at estimated Total Enterprise Value Prerequisites Analyze reported proven reserves footnote which serve as the starting point NAV and PV analysis Incorporate production curve projections by product type to project future total production Estimate realized prices and production costs per barrel by product type, during and past projection period Calculate revenue and costs to derive pre- and post-tax cash flows and discount for NAV and PV analysis Include other segments downstream and petrochemicals to arrive at estimated Total Enterprise Value Back to this topic Back to top.

Basic Bank Financial Modeling Build a basic, streamlined bank financial model that builds upon the bank terminology in our Bank Industry Primer course. Prerequisites Bank Industry Primer Back to this topic Back to top. Intermediate Bank Financial Modeling Construct a more robust bank financial model by building a bank balance sheet and derived income statement. Prerequisites Bank Industry Primer Basic Bank Financial Modeling Back to this topic Back to top.

Advanced Bank Financial Modeling The standard financial analysis and valuation methodologies that apply to most companies do not apply to industries that "use money to make money".

Project gross loan balance, provisions for credit losses, gross charge-offs, recoveries, net charge-offs, net loan balance based on important key trends and ratios Analyze detailed components of and balance scope vs depth in projecting mix of loan portfolio Project the critical funding requirements on the liability side of the Balance Sheet to support the loans and asset side of the Balance Sheet based on bank modeling best practices Dynamically calculate the critical fed funds sold and purchased line items Properly incorporate the equity account based on financing activities from Cash Flow Statement Calculate crucial interest-earning assets and interest-bearing liabilities from the Balance Sheet Estimate asset yield, funding costs and net interest spread to minimize forecasting error Income Statement: Insurance Industry Overview Types of Insurance: Direct vs Ceded vs.

Net and Written vs. Losses Incurred and LAE Incurred ALAE vs ULAE and Commissions vs. DAC Statutory vs GAAP Net Income — main differences BS Assets: Premiums Receivable, Reinsurance Recoverable, Prepaid Reinsurance Premiums BS Liabilities: Basic Insurance Company Financial Modeling Build a basic, streamlined insurance company financial model that builds upon the insurance financial statements terminology in our Insurance Industry Primer course.

Advanced Insurance Company Financial Modeling Build a fully integrated, scalable, new insurance company model including detailed build-up by line of business from Gross Written Premiums to Net Premiums down to Underwriting Income. Line of Business Breakdown: Calculate all revenue items including various top-line premiums and investment income Calculate total expenses including underwriting expenses and other relevant expenses Tax schedule to properly adjust for deferred acquisition costs DAC and any NOLs Adjust from GAAP Net Income to estimated Statutory Net Income Balance Sheet: Real Estate Development Modeling Master Plan Evaluate the financial feasibility of a greenfield real estate development project.

Hotel Development Evaluate and analyze the acquisition, construction and renovation of a boutique hotel. REIT Financial Modeling REITs, REIT Terminology and REIT Market: Overview of REITs, terminology and legal structure ie UPREIT REIT profitability and performance metrics including FFO, AFFO, straight-lining and FAS Acquisitions: Model out future quarterly projected acquisition volume based on historical trends Estimate revenue, expenses, margins and NOI Calculate associated estimated depreciation expense Dispositions: Model out future quarterly projected development starts and completions Estimate revenue, expenses, margins and NOI Calculate net change to development properties, construction in process and investments Income Statement: Overview of Credit and Lending Day 2: Create a Credit Memo Day 3: How do debt and equity investors differ in their approach to risk and reward?

List the standard elements examined by lenders, and define the importance of each Understand the perspectives taken by analysts in evaluating credit, and how they differ across the sell-side and the buy-side Why is a security's position in the capital structure important? Why is a company's capital structure relevant to the firm's value?

Who are the main ratings agencies and what role do they play? Understand why a loan's price isn't necessarily related to its credit rating How do the major credit ratings agencies evaluate debt or a debtor? How do the major credit rating agencies approach the rating process differently? How do ratings at similar levels differ across the agencies? Recognize industry trends and metrics used to measure performance Predict the impact that global capital markets activity may have on the structure of loan documents Describe how a change in interest rates or future interest rate expectations can impact current debt pricing.

Which types of debt securities are most sensitive to this risk? Explain how macroeconomic factors can influence counterparty risk Describe how historical or recent events may influence a lender's perception of a borrower Company Factors Calculate a firm's credit ratios, and evaluate how they compare to the company's peers.

Analyze what these ratios mean for the company from a credit analysis perspective Evaluate whether a company is a leader or a laggard within its sector Conduct an analysis of the company's Strengths, Weaknesses, Opportunities, and Threats SWOT Analysis How will a company's owners, and lenders, influence the company's value?

Understand the conflicts of interest between equity holders and bond holders What factors do major rating agencies typically not take into account when rating a bond, loan, or note? Examine a firm's financial ratios to determine its operational success and the management's performance in efficiently running the business Describe the potential conflicts of interest between a debtor's management team and the creditors.

List several counterbalances that lenders can utilize to control or this conflict Explain why asset coverage is a significant factor for a lender. Describe one way borrowers previously took advantage of this perspective, and explain why they typically can no longer do so How can the Use s of Proceeds impact the pricing of a loan? Assess the impact from a security's possessing tighter or looser terms relative to its peers Explain the most common loan and pricing structures, and under which circumstances each would be most appealing to borrowers and to lenders Why do more senior loans typically mature prior to less senior loans?

Consider the liquidity of a security and its impact on the loan's value. How do a firm's lenders, and the lenders' strategies, influence the security's liquidity? How do they influence its value? Differentiate between counterparty risk at the macroeconomic level and at the individual holder level Distinguish between the disparate components which may comprise a bond's yield - principal repayment, cash interest, and PIK interest - and evaluate the circumstances in which each might be preferred relative to the others Identify reasons for a security's price fluctuations that are isolated from the security's underlying value Describe the steps taken by lenders to mitigate credit risk, and characterize the scenarios in which each action may be most effective What are the advantages or disadvantages to portfolio diversification?

Credit Agreements and Covenants Analysis Understand the legal aspects of issuing bank debt and corporate bonds by analyzing major sections of debt agreements and legal and financial covenants. Types of Default and Post-default Debt Tranche Interdependence: Importance of Legal Borrower, Corporate Structure Overview Table of Contents Recitals: Detail on Guarantors Definitions: Emphasize importance of definitions due to variability across CAs Loan Terms: Affirmative Covenants Role as reporting covenants 1.

Solutia EBITDA definition to exemplify reporting complications 1. Negative Covenants Role of Negative Covenants 2. In which funding is received or unavailable In which working capital balances may be stretched In which emergency cash expenditures may be necessary In which suppliers or vendors demand adjusted payment terms Show inventory roll-forwards and other collateral balances, again differentiating between scenarios in which balances can be stretched or collateral can be liquidated for an emergency cash injection Create a master summary page which shows inflows, outflows, and expected cash balance at the end of each week Determine timing of potential liquidity issues and cash balance cushions to understand the business' margin of safety Week Cash Flow Analysis Once the TWCF model is built, track weekly and monthly variances to projections Adjust on a go-forward basis, taking variances into account Determine whether additional costs may be cut and whether strategy implementation is effective Identify potential problem areas or departments within a business to determine accountability Review customer behavior to ensure payments are consistent with contract terms and historical performance Review customer losses to gauge competitors' reactions to a business' transition or distress Review supplier and vendor activity to ensure contract and delivery terms have remained consistent Evaluate additional options to manage cash balances, such as accelerating collections Determine whether recent performance or collateral balances may allow eligibility for financing which was previously unavailable Evaluate 'emergency' options, such as temporary staff reductions or the factoring of accounts receivable in order to keep the business afloat Use positive variances to improve supplier and vendor relationships, potentially negotiating a relaxation of terms Back to this topic Back to top.

Excel pertaining to financial professionals If you don't want to spend hours figuring out how to navigate the new interface, then you're at the right place No need to spend hundreds of dollars on a book that you won't read We'll teach you the key things in a fraction of the time Prerequisites Excel Fundamentals for the Finance Professional Back to this topic Back to top.

Excel Fundamentals for the Finance Professional This course focuses on how learning the fundamental building blocks of Excel so you can begin to take advantage and leverage all of Excel's true capabilities. SUM, MAX, AVERAGE, MEDIAN, MIN Financial functions: PV, FV, RATE, NPV, IRR Logic Functions: IF, nested IF, CHOOSE, AND, OR Date Functions: MONTH, DAY, YEAR, WEEKDAY, EO MONTH Time Functions: HOUR ,MINUTE, SECOND, TODAY, NOW Formatting: Advanced Excel for Data Analysis This course focuses on how to effectively and efficiently utilize Microsoft Excel for data analysis.

Learn the most useful and overlooked Excel shortcuts to make life easier! What are the different ways to make your Excel worksheet into a model instead of just a flat analysis?

Learn different "switches alternatives" if, choose, offset Learn data validation techniques to dummy proof your model! Perform basic regression analysis using least squares approach How do you perform one-dimension and two-dimensional sensitivity analyses using data tables? Utilize the vlookup function to its fullest to streamline tedious lookup jobs Pivot Tables: Everybody's heard of it but who knows how to use it! Learn how to summarize and dissect large amounts of data for analysis!

Even better - add built-in and custom calculated fields to really use pivot tables to the max! Automate alternate row shading in a table of data using complex conditional formatting Learn how to use the transpose array function Add some spice to your Excel analysis and models using drop-boxes Introduction to recording macros, modifying and coding macros and creating macro icons Prerequisites Knowledge of Excel and fundamental concepts in finance and valuation since data is finance oriented Company Overview and Basic Financial Modeling Back to this topic Back to top.

Introduction to Technical Analysis Fundamental Analysis vs. Technical Analysis Effectiveness of Technical Analysis Step One: Learning Objectives Excel - understand how to implement several key mathematical and statistical Excel functions, such as variance, standard deviation, covariance, correlation, the normal probability distribution and the cumulative normal probability distribution.

Visual Basic for Applications VBA - learn how to extend the capabilities of Excel with the VBA programming language. Understand the basic programming structures of VBA, such as arrays, objects, properties, methods, and branching and looping statements. Learn how to write user-defined functions and macros. Options - review basic options terminology and understand how options are priced with the Black-Scholes model.

Understand the statistical foundations of the Black-Scholes option pricing model and how to implement the Black-Scholes model in Excel. Learn how the put-call parity condition enables Black-Scholes to price puts and calls.

Option trading strategies - understand the basic types of trading strategies, including spreads and combinations. Understand the payoff profile and the break-even point of each strategy. Understand which strategies are appropriate when the market outlook is bullish, bearish or neutral.

Learn the potential rewards and risk associated with each strategy. Understand how changes in volatility affect each strategy, and how the passage of time affects the profitability of each strategy. Learn how to synthetically reproduce various payoff profiles with the use of options. Black-Scholes - learn how European options may be priced with the Black-Scholes model. Understand the statistical foundations of the Black-Scholes option pricing model and the concept of risk-neutral pricing.

Be able to implement the Black-Scholes model in Excel and VBA. Learn how to extend the Black-Scholes model to price European puts with the put-call parity condition. Learn how the Greeks may be calculated with the Black-Scholes model. Understand how the assumptions underlying the Black-Scholes model may be violated in practice. Option volatility - Understand how to calculation implied volatility and the implications volatility has in pricing options. Internalize the impact of volatility skew on in-the-money calls and out-of-the-money puts which all relate to the term structure of volatility and how mispricing arises.

The Greeks - understand five of the most important Greeks: Understand how delta and gamma can be used to measure the sensitivity of an option's price to changes in the price of the underlying variable. Learn how theta measures the impact of the passage of time on an option's price. Understand the relationship between option prices and volatility, as measured by vega. Gain insight into how interest rates impact option prices, as measured by rho.

Learn how to compute these measures in Excel and understand their role in measuring and managing risk. Understand the role of the Greeks in trading strategies. Learning Goals Learn the properties of several types of exotic derivatives and the concept of path-dependence; then model and price the exotics Specific options strategies covered include: Visual Basic for Applications VBA: Learn the statistical properties of Brownian Motion. Understand how a stochastic process such as Geometric Brownian Motion can be used to model the behavior of financial assets.

Learn several techniques for simulating random numbers from a probability distribution, and be able to evaluate their relative strengths and weaknesses. Learn how to implement a Monte Carlo simulation in VBA. Learning Objectives Excel - understand how to use Excel's optimization package Solver to estimate volatility models.

Historical volatility - understand how to estimate volatility from historical data. Implement the simple moving average approach, the Exponentially-Weighted Moving Average EWMA approach and the GARCH methodology using Excel. Understand the advantages and disadvantages of each approach. Implied volatility - understand how implied volatility can be computed from the Black-Scholes model using root-finding techniques such as Newton-Raphson.

Understand the properties of the volatility skew and how the term structure of volatilities is calculated. Learn how the implied volatility surface is constructed from the volatility skew and the term structure of volatilities. Implied trees - understand the methodology used to generate implied binomial and trinomial trees from the volatility surface.

Learn how to implement the Derman-Kani implied tree model in order to price exotic options and calculate the Greeks for these options. Understand how the Greeks may be used for hedging.

Stochastic volatility models - learn how volatility can be modeled as a two-factor stochastic process. Understand how the Heston model may be implemented with Monte Carlo simulation and as a closed-form solution using numerical methods. Use the Heston model to calculate the implied volatility surface and use this information to price exotic options.

Volatility derivatives - understand the properties of several volatility derivatives, including VIX options and futures, variance and volatility swaps. Understand how the VIX index is constructed and how VIX options and futures may be used to hedge volatility risk. Understand several trading strategies using VIX options and futures to speculate on the future direction of volatility, including bull and bear spreads, calendar spreads, diagonal spreads, butterfly spreads and condors.

Correlation models - understand how correlation can be estimated from historical data using simple moving averages, Exponentially-Weighted Moving Averages and GARCH. Be able to extract implied correlations from the prices of currency options. Understand the properties of the correlation skew. Learn how default correlations may be estimated from structural models such as Merton. Correlation derivatives - learn the key properties of correlation derivatives, such as covariance swaps, correlation swaps, nth-to-default swaps and Collateralized Debt Obligations CDOs.

Understand the different types of risk carried by correlation products, such as default risk, spread risk, implied correlation risk and time decay and how these risks may be managed using delta and gamma. Learn how a position in correlation may be taken with CDS or CDO tranches.