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The #1 Course to Land a Job in Investment Banking. IPOs, Bonds, M&A, Trading, LBOs, Valuation: Everything is included!
What you’ll learn
- Start a career in Investment Banking or Private Equity
- Pass investment banking interviews
- Build financial models from scratch (shown step-by-step)
- Build valuation models – DCF, LBO and multiples
- Have solid financial and business acumen
- Take your career to the next level!
- Tell the story of how investment banking services first appeared
- Understand the difference between investment and commercial banking
- Explain the mechanics of an Initial Public Offering
- Understand how pricing is determined in an IPO
- Draw an IPO timetable
- Understand why companies go public
- Explain the mechanics of a bond offering
- Understand how pricing is determined in a bond offering
- Draw a bond offering timetable
- Understand why companies raise public debt
- Explain loan syndication and who participates in the syndicate
- Understand securitization and explain why banks use securitization
- Learn why companies buy other companies
- Identify successful M&A transactions
- Explain the deal lifecycle
- Tell the difference between Financial and Corporate buyers
- Describe the different payment options in an M&A deal
- Understand the essence of restructuring services
- Learn about the different ways to restructure a company
- Become familiar with trading and brokerage and the securities traded on Financial Markets
- Understand asset management services
- Be able to describe asset management vehicles and expected rates of return
- Calculate a company’s cost of debt, cost of equity, and WACC
- Perform LBO valuation
- Understand the rationale behind Leveraged Buyout deals
- Be able to tell who carries out LBO deals and why they can be very profitable
- After this course, you will have the skills to start a successful career in Investment Banking and Corporate Finance
Requirements
- Absolutely no experience is required. We will start with the basics and gradually build up your knowledge. Everything is in the course.
- A willingness to learn and practice
Description
** Updated for January 2020 **
The Complete Investment Banking Course 2020 is the most hands-on, interactive and dynamic investment banking course you will find online.
+ 64 Pages of Course Notes
+ 12 Course Challenges
+ 26 PDF Files
+ 22 Quiz Questions
+ 32 Excel files
+ A complete Glossary with key terms and phrases
+ Real-world examples and case studies
+ Interesting facts about the industry
+ 2 Valuation models built from scratch
+ 5 hours of Full-HD video
The course starts off by introducing you to the four main areas of investment banking – Capital Markets, Advisory, Trading and Brokerage, and Asset Management.
Then we continue by digging deeper into each line of business.
You will learn the subtleties of Initial Public Offerings, Seasoned Equity Offerings, Private Placements, Bond Issuances, Loan Syndications, Securitizations, Mergers & Acquisitions, Restructurings, Trading Instruments, Asset Management Vehicles and more.
Pretty much everything that can come up in an investment banking interview.
However, the best part is that you will learn different valuation techniques like the ones used by Goldman Sachs, Morgan Stanley and J.P. Morgan. We will show you how to carry out a Discounted Cash Flow valuation, a multiples valuation, and a Leveraged buyout valuation. You will estimate a company’s cost of capital and future cash flows. Don’t worry if these sound unfamiliar right now; everything is shown in the course – step-by-step – with no steps skipped.
This is a one-stop-shop, providing everything you need to land a job on Wall Street.
What makes this course different from the rest of the Finance courses out there?
- High quality of production: Full HD video and animations (This isn’t a collection of boring lectures!)
- Knowledgeable instructor (worked on several M&A transactions)
- Complete training: We will cover all major topics and skills you need to land a job in Investment Banking
- Extensive Case Studies: To help you reinforce everything you’ve learned
- An abundance of materials: PDF & Excel files, Infographics, Course notes; you name it! Everything is inside!
- Excellent support: If you don’t understand a concept or you simply want to drop us a line, you’ll receive an answer within 1 business day
- Dynamic: We don’t want to waste your time! The instructor keeps up a very good pace throughout the whole course
- Bonus prizes: Upon completion of 50% and then 100% of the course, you will receive two bonus gifts
Why should you consider a career as an Investment Banker?
- Salary. Hello? Investment Bankers are some of the best paid professionals in the world
- Promotions. Investment Bankers acquire valuable technical skills, which makes them the leading candidates for senior roles within industrial companies and Private Equity firms
- Growth. This isn’t a boring job. Every day you will face different challenges that will test your existing skills
Please don’t forget that the course comes with Udemy’s 30-day unconditional money-back-in-full guarantee. And why not give such a guarantee, when we are convinced that the course will provide a ton of value for you?
Just go ahead and subscribe to this course! If you don’t acquire these skills now, you will miss an opportunity to separate yourself from the others. Don’t risk your future success! Let’s start learning together now!
Who this course is for:
- Aspiring investment bankers
- People who are ambitious and are interested in earning a seven-figure salary
- Anyone who wants to learn about investment banking and company valuation
Course content
Expand all 159 lectures08:50:30
–Welcome! Course Introduction
03:46
What does the course cover?
Preview03:35
Download all course materials
00:11
–The ascendance of investment banking services
27:20
The importance of history, name, tradition, and reputation
Preview02:29
Early origins of investment banking services
05:55
What is the difference between commercial and investment banking?
02:11
Why do universal banks have a competitive advantage?
03:26
Intrinsic conflicts of interest and the role of Chinese walls
02:59
Quiz #1
2 questions
Historical M&A waves
05:33
Three of the most important IPOs in history
04:47
–The four main areas of investment banking activity
23:17
Capital Markets – raising equity and debt capital
Preview07:21
Advisory – M&A and Restructuring services
08:43
Trading and Brokerage – trading with financial securities
Preview03:10
Asset Management – the ability to use money to make more money
04:03
Quiz #2
9 questions
–Strategies pursued by investment banks
09:46
Strategies pursued by investment banks
04:01
Relationship vs transaction-based banking
04:44
The Accidental Investment Banker – Book recommendation
01:01
–Capital Markets – Equity Capital Markets
48:11
Why would a company want to go public?
02:51
Who are the investors in an IPO?
03:04
Coming up with a share price
03:49
What does an IPO timetable look like?
03:52
The IPO syndicate – members and responsibilities
Preview03:09
The pricing process
04:46
Fee distribution among investment banks
04:09
Allocating shares to investors – who gets what
04:31
Taking a long and short position with respect to a security (definition)
03:00
Post-IPO stabilization: Applying the Greenshoe option
05:05
Greenshoe explained – Practical example
02:06
Other ways to place equity capital – SEOs and Private Placements
01:32
Facebook’s IPO – Case Study
05:34
Course Challenge #1 – IPO
00:43
Quiz #3
4 questions
–Capital Markets – Debt Capital Markets
33:33
The four different types of bonds
02:40
Why issue a bond?
03:52
The mechanics of a bond offering. Process description
03:58
A particular type of bonds – Junk bonds
02:57
What is securitization and why can it be useful?
03:20
Securitization – explained
02:43
Asset-backed securities: An example of securitization
05:03
Loan Syndication – a preferred instrument for most banks nowadays
02:33
Project finance
05:46
Course Challenge #2 – Debt Offerings
00:41
Quiz #4
3 questions
–Advisory Services – Mergers and Acquisitions
23:36
Why acquire another company?
Preview05:34
Describing the typical deal lifecycles and buyer companies
Preview03:16
The three types of M&A processes
02:51
A detailed description of an M&A process
00:38
Valuation of target companies
03:59
Payment options in M&A deals
Preview04:09
Financial vs. Corporate Buyers
02:22
Course Challenge #3 – M&A
00:47
Quiz #5
3 questions
–Advisory Services – Restructuring
07:41
Restructuring services – why and when
02:10
The different types of Restructuring
04:50
Course Challenge #4 – Restructuring
00:41
Quiz #6
2 questions
–Trading and Brokerage
07:24
How investment banks profit from Trading and Brokerage
03:07
The different types of financial securities traded by investment banks
04:17
Quiz #7
2 questions
–Asset Management
11:46
Why hire Investment banks as asset managers?
01:32
A risk-return comparison of different investments
02:58
Private equity funds
07:16
Quiz #8
1 question
–A step-by-step guide to Company Valuation
28:41
Why value a company?
Preview01:36
How much is a company worth for an investor?
03:12
The two variables that drive a firm’s value
01:57
The mechanism of Unlevered Cash Flow Calculation
04:33
Introducing a discount factor – Weighted Average Cost of Capital
03:58
Calculating a firm’s cost of debt
00:55
Calculating a firm’s cost of equity
04:41
Estimating a company’s future cash flows
02:31
The two stages of a DCF model
02:24
Discounting cash flows and terminal value
01:44
Calculating Enterprise and Equity value
01:10
–Financial Modeling fundamentals
41:24
What is a financial model?
02:02
Why use a financial model?
02:34
Inefficient financial modeling practices
05:49
Efficient financial modeling practices
04:58
Different types of financial models we can build
04:42
The right level of detail we should use when building a 5 or 10-year model
02:34
The right way to approach the forecasting exercise
02:51
Building complete financial models
02:15
Forecasting P&L items
05:58
Forecasting Balance sheet items (1/2)
02:34
Forecasting Balance sheet items (2/2)
05:07
–DCF Valuation – Introduction
11:45
How to value a company – Introduction
01:03
The stages of a complete DCF Valuation
06:34
Let’s go through the structure of the DCF model we will create in Excel
02:57
A glimpse at the company we are valuing – Cheeseco
01:11
–DCF Valuation – Forecasting of key P&L items
15:13
Modeling the top line
03:56
Building flexible financial models in Excel
02:16
Modeling other items: Other revenues and Cogs
03:51
Modeling other items: Operating expenses and D&A
02:27
Modeling Other Items: Interest expenses, Extraordinary items and Taxes
02:43
–DCF Valuation – Forecasting key Balance Sheet items
08:19
How to forecast Balance Sheet items – the clear and practical way
00:42
A key concept for finance practitioners – the “Days” methodology
01:34
How to calculate “Days”
01:20
How to use “Days” to project the future development of BS items
02:22
Forecasting Property Plant & Equipment, Other assets and Other liabilities
02:21
–DCF Valuation – Creating clean output sheets
10:41
Excel best practices! Create a good-looking and clean output sheet in your model
02:36
Putting what we learned into practice – Populating the P&L sheet
02:29
How to create a clean output Balance Sheet in your Financial Model
01:53
Completing the output BS sheet for the historical period
03:43
–DCF Valuation – Calculating Unlevered Cash Flows and Net Cash Flow
19:47
Learn how to calculate Unlevered Free Cash Flows
03:18
Important! Reconcile UFCF to Net Cash Flow
01:53
A very useful lesson! Cash flow calculation
06:38
Arriving to actual Net Cash Flow figures and performing a check with Cash
03:57
A fast and effective way to modify multiple cell references in Excel
04:01
–DCF Valuation – Calculating Present Value of Cash Flows in the forecast period
04:54
Introducing Weighted Average Cost of Capital (WACC) and perpetuity growth rate
01:55
Learn how to find the present value of future Cash Flows in Financial Models
02:59
–DCF Valuation – Calculating Continuing Value, Enterprise Value and Equity Value
03:48
Calculating Continuing Value and Enterprise value of the Business
02:21
Final steps! Calculating Equity Value of the business
01:27
–DCF Valuation – Additional analyses accompanying the Financial Model
10:48
Sensitivity analysis for WACC and perpetuity growth
04:40
An application of Goal Seek
01:41
Recap of the Financial Model with charts and hypothesis testing
04:27
–Tesla valuation – Complete DCF exercise
01:52:50
Organizing external inputs in a ‘Drivers’ sheet
03:54
The input data we will work with
01:27
Forecasting Tesla’s expected deliveries
14:08
Comparing delivery figures with the ones of industry peers
02:54
Estimating an average selling price of Tesla vehicles
04:50
Calculating automotive revenue
04:37
Peer comparison: Gross profit %
02:18
Calculating automotive gross profit
02:48
Calculating automotive cost of sales
02:04
Forecasting ‘energy’ and ‘services’ revenue
02:53
Calculating ‘energy’ and ‘services’ gross profit and cost of sales
02:47
Forecasting operating expenses
05:16
Building a fixed asset roll forward: estimating Capex
06:20
Building a fixed asset roll forward: D&A schedule
05:42
Peer comparison: D&A as a percentage of revenues
01:26
Calculating DSO, DIO, DPO
01:54
Producing a clean P&L output sheet
01:29
Fill in the P&L output sheet
01:54
Calculating investments in working capital
01:58
Forecasting Unlevered Free Cash Flow
05:31
Forecasting other assets
03:53
Forecasting other liabilities
02:13
Completing Unlevered Free Cash Flow
03:42
Modeling Tesla’s financing needs in the forecast period
04:55
Calculating Net income
01:23
Bridging Unlevered Free Cash Flow to Net Cash Flow
03:58
Balancing the Balance sheet
00:57
Estimating Weighted Average Cost of Capital (WACC)
06:07
Performing Discounted Cash Flow valuation (DCF)
03:33
Calculating enterprise value, equity value, and price per share
02:10
Closing remarks
03:49
–Relative valuation – triangulating DCF results with multiples
13:41
Why do we use multiples?
03:51
What types of multiples are there?
02:37
Finding the right comparable companies
01:43
The most widely used multiples
03:28
Best practices that ensure accurate calculation of multiples
02:02
–A guide to Leveraged Buyouts
15:03
What is an LBO?
Preview02:05
The phases of an LBO process
01:44
When is an LBO a feasible option?
03:23
Making money in an LBO
03:53
Who are the lenders in an LBO?
03:58
–LBO Valuation – Building a Leveraged Buyout model from scratch
36:38
Introduction to the model we will build
05:04
Establishing the maximum amount of debt that can be used in the transaction
04:16
Financial sponsors’ perspective
02:27
Forecasting financials until EBIT
05:17
The optimal debt structure
02:59
Estimating cash flows and debt payments
03:15
Completing the model for the period 2018-2021
04:17
Calculating Enterprise Value and IRR
05:01
Performing sensitivity analysis
04:02
–Bonus lecture
00:42
Bonus lecture: Next steps
00:42
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