Show Menu
Breaking Into Wall Street
User Avatar

BIWS Advanced M&A Modeling

Join Our Community Join the 56,763+ students and professionals who have already used our training to win interviews and job offers
Ace Your Interviews Get everything you need to answer deal/technical questions and complete case studies with confidence
Get Expert Support Unlimited access to course files, 5 years of support/updates/video access, and a 90-day money-back guarantee
Outperform At Work The more models and deal analyses you have, the better you'll perform... and the higher your bonus will be

If you’ve spent more than 5 minutes looking at the market for “financial modeling training,” you’ve probably noticed that almost everything focuses on beginners and interview prep.

Sure, you can find courses dedicated to more advanced topics, such as M&A and LBO modeling, but they usually focus on simple models and lots of interview questions.

But if you’re reading this page right now, you’re probably well beyond that.

Our Advanced M&A Modeling course takes a completely different approach and targets experienced bankers who want to enhance their skills even more.

Sure, some of it could come up in interviews, but the topics focus on on-the-job modeling for more complex scenarios.

“More complex scenarios” means modeling deal features such as exchange ratios with collars, stock vs. asset vs. 338(h)(10) transactions, tax-free spinoffs, and parent companies that move from minority stakes to majority stakes in subsidiary companies over time.

You will not find these topics covered in other courses or even other books – because, frankly, the total demand and “market size” are quite small.

But at BIWS, we enjoy a challenge, so we decided to create a full course about these more specialized models.

The approach used in this course involves 3 core elements:

1) Review of the Fundamentals – Before moving into advanced topics, you must know the fundamentals like the back of your hand, so the course starts with an intermediate-level merger model that lets you review and test your knowledge of M&A deals.

2) Advanced Models – Starting in Module 2, you’ll expand on this intermediate-level merger model by adding support for exchange ratios with collars, quarterly projections, stock vs. asset vs. 338(h)(10) deals, and variable transaction close dates. After that, you’ll learn how to model a tax-free cross-border spinoff transaction and a parent company increasing its ownership in another company from a minority to a majority position.

3) Client Recommendations – Finally, you need to understand how to put together all the pieces to advise a client on a potential deal, including the best structure and financing. There are 3 full M&A presentations in the course that do just this, including slides specifically created for these more advanced analyses.

Most other “M&A courses” focus on point #1 (the fundamentals) and never go beyond it… because they’re teaching beginners, not experienced bankers.

There’s a lot here, and everyone is increasingly pressed for time these days – so we’ve also created study plans for different schedules, such as 3 hours, 5 hours, and 10 hours.

If you just want a weekend crash course on the key points, you can get that here.

But if you want to dive into each model and meticulously complete all the steps, you can also take that approach.

The course is divided into 4 full case studies. Through these cases, you’ll learn to:

  • Build an intermediate-level merger model, including the financial statement combination and different financing methods.
  • Add supplemental schedules for a valuation, IRR vs. discount rate analysis, contribution analysis, and value creation analysis.
  • Expand this merger model to support quarterly projections for the buyer and seller with variable close dates.
  • Support fixed and floating exchange ratios with collars and assess their impact on the deal results.
  • Assess the tax implications of stock vs. asset vs. 338(h)(10) deal structures, including the Section 382 Net Operating Losses (NOLs).
  • Set up the basic assumptions required for a spinoff deal, including the distribution ratio and the separation of the financial statements.
  • Model the full impact of a spinoff, including dis-synergies, tax differences, and the additional financing required for the spun-off company.
  • Value the separated parent and subsidiary company following a spinoff via a Sum-of-the-Parts (SOTP) analysis.
  • Model a minority-to-majority stake deal with a variable close date and roll-forward/stub periods for the buyer and seller.
  • Combine the financial statements for < 100% acquisitions, including the proper treatment of equity investments and noncontrolling interests.
  • Understand why changing the ownership in a subsidiary has a counterintuitive impact on EPS accretion/dilution.
  • Advise clients on everything above, including the best financing and legal structures to support their goals.

If you want the modeling skill set of an experienced M&A banker without spending years to get there, this is the course for you.

Brian DeChesare

Brian DeChesare
Founder, Breaking Into Wall Street

Here’s What You’ll Get When You Sign Up for This Advanced M&A Modeling Course:

Module 1: Course Introduction and Merger Model Review (2 Hours)

$ 47


WHY IT’S IMPORTANT: This module lets you review the fundamental skills required for any M&A analysis.

This case study, based on Builders FirstSource and BMC Stock Holdings, walks you through an intermediate-level merger model.

You should already know this material, so this case study moves briskly and presents most of the concepts as a quick review.

You’ll learn how to combine the financial statements, make purchase and financing assumptions, set up a Sources & Uses schedule, estimate the Purchase Price Allocation, and calculate EPS accretion/dilution.

Supplemental lessons cover a valuation/DCF analysis for the target, an IRR vs. discount rate analysis, a contribution analysis, and a value creation analysis to assess the combined company’s per-share value after the deal closes.

The final lesson covers a case study presentation advising the client on this deal’s merits and the recommended financing changes.

Module 2: Quarterly Merger Model for Builders FirstSource / BMC Stock Holdings (4 Hours)

$ 97


WHY IT’S IMPORTANT: This case study expands on Module 1 and explains how to build a quarterly merger model with more advanced deal structures.

This case study expands on the Builders FirstSource / BMC Stock Holdings example from the first module and adds support for quarterly forecasts with variable close dates, linked together with INDEX/MATCH functions.

It also walks you through different types of exchange ratio and collar structures for the 100% Stock version of the deal and how stock, asset, and 338(h)(10) deals shift the purchase price allocation and tax effects.

The lessons also demonstrate how to tweak the Contribution Analysis, Value Creation Analysis, and Synergy Valuation to support this quarterly setup.

The case study presentation at the end explains how you might present your findings to a client and recommend the best close date target and deal structure.

Module 3: Spinoff Case Study with Sum-of-the-Parts Valuation for SunPower and Maxeon (4 Hours)

$ 97


WHY IT’S IMPORTANT: This module walks you through a tax-free spinoff transaction for a company that wants to realize additional shareholder value as two separate entities.

This case study is based on SunPower’s spinoff of Maxeon (i.e., a solar power company separating into service/installation and manufacturing divisions).

It starts with the basics, such as the key assumptions in a spinoff (the Distribution Ratio and the assets/liabilities retained by each entity), and explains the full adjustments on each company’s financial statements, including the transaction-adjusted Equity Value and Enterprise Value.

It also covers shifts in the taxes and the outside funding required for Maxeon, given its negative cash flows, and walks through a valuation of each separate entity.

The module concludes with a Sum-of-the-Parts (SOTP) analysis that demonstrates the much greater potential value that could be realized following the spinoff; a case study presentation lays out the assumptions and makes a client recommendation.

Module 4: Majority-Stake Acquisition Case Study for Fortum / Uniper (2 Hours)

$ 97


WHY IT’S IMPORTANT: This training covers several “unusual” scenarios in M&A deals, such as stub periods, roll-forwards, and minority and majority stake accounting.

This case study is based on Fortum’s majority stake investment in Uniper (two companies in the European power & utilities space).

In the deal, Fortum moves from a minority stake to a majority stake in Uniper, so you’ll learn how to make all the required accounting adjustments around Goodwill, Equity Investments, Noncontrolling Interests, and more.

Additionally, since the deal’s close date was uncertain at the time of the announcement, you’ll learn how to build in support for a mid-year close, including stub periods.

The final lessons present the EPS accretion/dilution results and explain why the numbers change in a counterintuitive way as Fortum increases its ownership percentage in Uniper.

Module 5: Certification Quiz

$ 47


WHY IT’S IMPORTANT: This end-of-course certification quiz lets you test your knowledge and prove it to employers.

This quiz consists of 15 challenging questions based on the case studies in the course.

If you pass the quiz with a 90% score (no restrictions on time or the number of attempts), you’ll gain our Certificate in Advanced M&A Modeling, which you can add to your LinkedIn profile and present in interviews.

Plus… This Course Comes With The Following
Valuable Tools To Accelerate Your Learning:


  • FULL Subtitles/Captions and Transcripts

  • 365-Day-per-Year Q&A

  • 140 Pages of Written Guides

  • Free Updates

  • Watchable on ANY Device

  • Expert Support

  • Practice Quizzes with Full Answer Keys

…and Our Legendary, 90-Day
No-Questions-Asked Money-Back Guarantee

Take a full 90 days to review the Advanced M&A Modeling course and make certain it’s everything we promise.

You do not have to finish everything in that time – think of it as your “trial period” or “evaluation time.”

If you aren’t satisfied for any reason, simply ask for your money back, and we’ll issue a prompt refund – no questions asked.

Plus Expert Support from
Experienced Finance Professionals

Just moments after you enroll, you’ll gain Instant Access to the Advanced M&A Modeling course.

But that’s not the best part.

The best part is expert support for a full 5 years after purchase!

If there’s anything that you don’t understand, just go to the “Question/Comment” area below each lesson, and ask your question there.

These comments are monitored and responded to by our expert support team – every one of whom has personal experience working on deals at finance firms.

That ensures that you’ll get responses from people with deep experience in the field – not a clueless high school temp clutching the “Help Desk” manual.

This personalized, expert support is one of the things that sets Breaking Into Wall Street apart and gets you to your goals faster.

You can often learn just as much from reading other students’ questions and our responses as you will from the lessons themselves!

Our 1-on-1 coaching rate is $200+ per hour. But when you invest in the Advanced M&A Modeling course, personal support is included for FREE.

NOTE: There are some limitations to these support services. For example, we cannot complete models, case studies, or homework assignments for you.

We also cannot provide play-by-play support with an earpiece during interviews.

Finally, we cannot answer questions about topics not covered in these courses, such as sales & trading interview questions or coding/programming interview questions.

We’re happy to answer career-related, qualitative, and technical questions that are related to the course materials.

 

What’s Your Investment In This Advanced M&A Modeling Course?

To put this in context, let’s look at your Return on Investment in this course…

If you’re reading this, you’re probably already in the investment banking industry – or a closely related role – so we’ll focus on the compensation trajectory here.

Put simply, entry-level IB Analysts earn between $150K and $200K (slightly more at some firms), which quickly grows to $275K to $450K+ at the Associate level and well above $500K as a Vice President.

From there, MD-level bankers easily clear $1 million+ per year, and that can go even higher for Group Heads and other senior positions.

So, it’s safe to say that you will multiply your earnings as you move up the ladder – and the skills you learn in this course will help you do so more effectively.

We could sell the core components of this course for a total of $385, per the prices above, but since this course is new, we’re offering an even better deal and discounting it to just $97.

Compared with your potential upside – promotions into higher levels of banking that could multiply your earnings – your investment in the course is nominal.

Just to be conservative, let’s say that you complete this course and earn a promotion to the next level within investment banking for an additional $50K in total compensation.

By investing just $97 in this course, you’re greatly improving your chances of boosting your compensation by $50,000 – that’s more than a 500x return on investment!

And, of course, if this training helps you win a new job on the buy-side or at a different bank, your potential earnings from it are even higher.

There is no other way to get this level of training… this level of on-demand support… this level of testing and case study practice… and this level of access to a community of thousands of peers…

…at ANY price!

So yes, you have to invest in yourself to gain access to this specialized training and support, but it will be one of the smartest, highest-return investments you ever make – we guarantee it!

We’ve bent over backward to deliver the best, most comprehensive program on the market that gives you everything you need to acquire sought-after-but-rarely-found “on-the-job” financial modeling skills.

To date, over 56,763+ people have invested in BIWS training and gone on to secure lucrative jobs in the industry. I want you to be next, and I want to make this a “no-brainer” decision for you.

You’re Also 100% Protected By Our Unique
90-Day, No-Questions-Asked, Money-Back Guarantee

Since I want to make this a “no-brainer” decision for you, the Advanced M&A Modeling course comes with the same iron-clad guarantee that we offer on everything:

You have 90 days to evaluate the course material and see if it’s right for you.

If you decide at any point during those 90 days that Advanced M&A Modeling doesn’t meet your expectations, simply request a refund.

We perform for you, or you get your money back – that’s how it always should be.

 

Here’s What Will Happen Within a Few Short Moments of You Joining the Advanced M&A Modeling Course:

The minute you join, you’ll have access to the complete Advanced M&A Modeling course, including 52 separate videos, 140 pages of detailed written guides and interview questions, transcripts and subtitles/captions for all the videos, “Before and After” Excel files, and 4 case studies based on different companies, deal types, and model complexities.

And the best part: We’ll be here to guide you every step of the way because your enrollment comes with a full 5 years of expert support. If there’s something you don’t understand, just go to the “Question/Comment” area below each lesson and ask your question, and we’ll respond with a detailed answer.

On top of that, you’ll also get access to free updates over time as we upgrade these courses and add new material.

Decision and Action Time

Of course, there are other options for learning this material.

For example, you could complete a course on this topic from another provider, buy a generic course on a random e-learning site for $10 or $20… or read a long book about M&A deal structuring.

These methods have their merits, but they won’t get you the same results as this course because they’re designed for “generalist” audiences – not bankers who are currently in the field at the top firms.

So, if you want to master more advanced merger models, deal structuring, spinoff analysis, and the more “unusual” scenarios that come up in real life, this training is your best option.

Yes, it is more of an investment than a book or an online course written by ChatGPT, but ask yourself about the value of your time and career opportunities.

If you’re up for promotion, but it’s contingent on your ability to review financial models and analyses for real-life deals and offer constructive input, do you want to “wing it?”

Or do you want to maximize the probability of winning promotions and compensation increases?

If you’re serious about your future career in the finance industry, you should not even have to think about this one.

And if you have any doubts, it’s all backed by our no-questions-asked, no-hassle, 90-Day Money-Back Guarantee.

In fact, the ONLY risk is that you might be up against someone else who has completed this type of training – but you have not.

The next move is up to you.

You can hope that you’ll be fully prepared for all real-life deal scenarios by reviewing random files online, asking former co-workers, and rolling the dice…

…or you can complete the most targeted deal training available, based on 4 full case studies and authored by finance professionals who have collectively worked on dozens of deals.

I know you’ll make the right choice.

click here to get advanced m&a modeling
Just 1 Payment of $97
(100% Unconditional Money-Back Guarantee)

To YOUR success,

Brian DeChesare
Breaking Into Wall Street Founder

P.S. Remember that you have NOTHING to lose and nearly unlimited upside – your future career in a high-paying industry – to gain. You have a full 90 days to evaluate the program and return it for a full refund if you’re not satisfied.

Of course, it’s much more likely that you’ll be writing in to thank me in the future – just like so many others have. Here’s what some of our BIWS students have said about their experiences:

"I have learned more about the technicalities of the industry through these lessons than 1. being a finance major at a reputable college, and 2. having an internship with a boutique investment bank."

"You are simply the best in the industry. In fact, through the improved efficiency I have gained and noticed by senior management, our company decided to make your course an onboard course for all new analysts."

"Though I can't claim there's a direct link between the course and my job offers (Big Four and VC), what I can say 100% for sure is the course has given me the confidence to present my models and logic."

"BIWS is an amazing tool for any financial analyst out there, whether in IB, HF, PE, or equity research. I used to work at a bulge bracket firm, am currently [in] my last semester [in] my MBA at a top 10 and am currently working at a HF."

"I worked in this role for a little over a year and I was recently offered a position at a PE firm in NYC. I had modeling tests and case studies that I passed with ease because of everything I had done with BIWS in my down time, especially the merger/LBO tutorials."

"I cannot [imagine] surviving that first round without having gone through this experience. Safe to say that my increase in salary after having broken in does quite a bit more than cover the cost of these two guides that I purchased."