BIWS Premium Financial Modeling Course: Course Outline

This is the condensed version of this outline. Click Here for the full version.

How To Break Into A Lucrative Career In Investment Banking And Gain An Unfair Advantage Once You Start Working

Breaking Into Wall Street Premium is Our Most Popular Financial Modeling Training Program that Makes Complex Accounting, Valuation and Financial Modeling Seem Like Second Nature

The topics in BIWS Premium are designed to give you a crash course on Excel, the fundamentals of financial modeling (accounting, valuation, the DCF, merger model, LBO model, and more), and the advanced modeling skills that you’ll use on the job in the finance industry.

  • There are 440 videos with accompanying Excel files as well as 17 quick reference guide PDFs on key topics. That amounts to 169 hours of video altogether – but you also get full transcripts (over 900,000 words total), so you can quickly skip to anything you need to review.
  • All the content is downloadable to your preferred device (works with all media players and on common devices, including desktops, laptops, tablets, and smartphones).
  • Easily keep track of your progress: As you move through the lessons, you can check off what you’ve completed and what’s still on your “to-do” list.
  • Fast answers to all your questions: Our expert support team is standing by to answer any questions you have about any of the content, 365 days a year.
  • Quizzes and Certifications. After you have completed each course, you will be eligible to take our challenging Certification Quiz. Once you pass the Quiz, you’ll be issued a Certificate that you can add to your resume / CV and refer to in interviews.
  • Included Lifetime Access: You also get lifetime access, so you can come back to the course whenever you need it – whether that’s in 1 month, 1 year, or 10 years.

What Others Are Saying About Our Modeling Courses...

"It Was Very Informative and I Probably Learned More from It Than from Most of the Professors and Advisors at My School."

BIWS is the best value proposition to learn financial modeling. The course is even more effective and has broader utility than advertised. it's great for any one eager to learn Excel, and one who would need to build financial models in any context. Brain teaching is highly effective, the site navigation is clean and simple, and the videos are perfect for mastering the substance.

BIWS Premium Financial Modeling Course Highlights

Module 1: Overview & Excel Setup
  • In this module, you’ll watch the lessons and make sure that you’ve set up Excel correctly on your own computer, so we do not dive into the case study in much detail yet. If you already know Excel quite well and you’re taking this course to refresh your memory of certain topics, skip to the last lesson and the quick start guide so you can decide what to focus on.
Module 2: Navigation & Data Manipulation
  • In this module, you’ll skip between the two case study files and complete portions of both of them to master different features of Excel related to navigation and data manipulation.
  • You’ll learn how to insert, edit, and delete rows, columns, cells, worksheets, and workbooks, and how to enter formulas, text, and numbers properly, as well as how to use absolute and relative references and name and jump to cells.
Module 3: Formatting, Importing & Sorting Data
  • In this module, you’ll fix much of what’s incorrect in both case study files by applying proper formatting and changing around the background colors, font colors, fonts, font sizes, alignment, and more.
  • You’ll also learn key formatting mistakes to avoid, and how to perform common tasks such as color-coding your financial models and “cleaning up” data by using text, date, and time functions in Excel.
Module 4: Grouping, Hiding, Zooming & Printing
  • This module will teach you how to group and hide rows and columns, when it’s appropriate and inappropriate to do so, and also how to freeze panes and zoom in and out in Excel – so that you can print out exactly what you want and nothing more.
  • You’ll learn how to change the print and worksheet settings to change everything from headers and footers to grid lines and even the order that pages get printed in.
Module 5: Formulas, Lookups & Calculations
  • In this module, you’ll learn how to use Excel’s built-in arithmetic, logical, and financial functions and how to write and manipulate your own formulas for calculation and lookup purposes.
  • In addition, you’ll learn how to validate data, set up scenarios, audit formulas and handle errors, work with circular references, and use features such as sensitivity tables, goal seek, and pivot tables to analyze the output of models under different assumptions.
Module 6: Graphs and Charts
  • You’ll learn how to create the most important graphs and charts that you use in investment banking, private equity, and related fields in this course, from simple line and column graphs to combination graphs to valuation metrics and multiples and the “football field” graph. You’ll also learn how to create price-volume graphs for stock analysis and how to create “waterfall graphs” for EBITDA bridge analysis or a Sum-of-the-Parts valuation.
Module 7: Intro to VBA, Macros, Form Controls, Custom Shortcuts, and User-Defined Functions
  • In this module, you’ll get an introduction to the more advanced and programming-like features of Excel, such as macros, VBA (Visual Basic for Applications), user-defined functions, form and ActiveX controls, interactive charts, and custom keyboard shortcuts.
  • You’ll learn how to use these features to save time and perform common operations, such as color-coding your financial models, more efficiently. If you want to learn more, you’ll learn about recommended resources for learning these features in greater depth.
Module 1: Accounting Fundamentals
  • In this module, we'll cover accounting fundamentals - including the 3 major financial statements, how to link them together, and common interview questions on accounting.
  • We'll start out by looking at Apple's financial statements and building a 3-statement model from the ground up, going through the Income Statement, Balance Sheet, and Cash Flow Statement, and then linking them together.
  • After we've created the basic model, we'll go through a set of common interview questions on accounting, including how changes to different line items affect the statements.
Module 2: Creating 3-Statement Projections
  • In this module, we’ll show you how to create a 3-statement projection model from the ground up, starting with a blank sheet in Excel and progressing all the way to a finished model.
  • We'll start by using Apple's Income Statement, Balance Sheet, and Cash Flow Statement we created previously and to analyze the historical numbers and determine trends.
  • Then we'll use those trends to determine the company's profile in future years and project all 3 statements.
Module 3: Equity Value, Enterprise Value & Multiples
  • In this sequence of videos, we'll explain Equity Value, Enterprise Value, and common valuation multiples to bridge the gap between accounting and valuation and financial modeling.
  • Buying a company is just like buying house: there are always hidden costs, and the "real" price you pay is different from the list price. Throughout this sequence, we'll use this house analogy to explain the key concepts of Equity Value and Enterprise Value.
  • Then, we'll show you how to calculate key valuation metrics and multiples and answer common interview questions.
Module 4: Valuation Overview & Comparables
  • In this module, we'll begin our discussion of Valuation with an overview of how we use public company comparables, precedent transactions, and discounted cash flow analysis to value a company.
  • We start by showing you how to select comparable companies and transactions, then how to find the data in filings, and finally how to calculate and display all the relevant metrics.
Module 5: Discounted Cash Flow Analysis
  • In this module, we'll extend our valuation model by projecting our company's cash flow into future years and building a Discounted Cash Flow Analysis from the ground up.
  • We'll start with an overview of the analysis and our basic assumptions, and then move into the projections and how to combine their net present value and the terminal value to arrive at an overall valuation.
  • Then we'll take a detailed look at how to calculate the Weighted Average Cost of Capital and go through possible interview questions on all these topics.
Module 6: Valuation Summary
  • In this module, we'll link together the valuation methodologies we've created in previous modules and use them to arrive at an overall idea of what our company is worth.
  • Once we've done that, we'll go through each methodology and summarize the conclusions we can draw and what the model tells us about whether this company is over-valued or under- valued.
  • Finally, we'll answer a set of sample interview questions on the topic of valuation, focusing on the overall methodology as well as public company comparables and precedent transactions.
Module 7: Merger Model
  • In this module, we'll create a merger model between Apple and Research in Motion from the ground up and show how you combine the income statements of the buyer and seller and the purchase assumptions to get a view of the combined company.
  • We'll start by extending our house analogy to explain the concept of a merger model, and then go into the mechanics of the model and the key acquisition effects.
  • Then, we'll take a look at some advanced additions: revenue and expense synergies, combining the balance sheets, goodwill, intangible assets, and deferred tax liabilities, and sensitivity tables.
Module 8: LBO Model
  • In this module, we'll show you how to build an LBO model from the ground up, starting with an overview of the concepts behind the model and proceeding from assumptions to finished model.
  • We'll use the analogy of buying a house to explain LBO models, and then go through the transaction and operating assumptions necessary to complete the model. Then, we'll project Apple's financial statements 5 years and get a view of what it looks like when investors sell it.
  • Finally, we'll link together the entire model, project debt and interest payments, and look at investor returns over a range of values using sensitivity tables.
Module 9: More Advanced LBO Model
  • In this module, you'll learn how to build a more advanced LBO model that incorporates all 3 financial statements, pro-forma balance sheet adjustments, and 5 tranches of debt from the revolver to PIK notes.
  • We'll start by explaining how this model differs from the more basic one that we looked at, and then go into transaction assumptions, sources & uses, purchase price allocation and balance sheet adjustments.
  • Then, we'll cover how to set up a more advanced debt schedule, build in a cash flow sweep and revolver borrowing, and conclude by linking everything together and calculating returns and sensitivity tables.
Module 1: Advanced Financial Modeling: Yahoo! Operating Model
  • This module will teach you how to create a detailed 3-statement model for Yahoo!, including revenue and expense builds by segment and supporting schedules such as the PP&E, Working Capital, and Share/Dividend schedules.
  • We'll use a combination of Yahoo's own filings, their investor presentations, and an equity research report from Morgan Stanley to create our 5-year projection model.
  • Once we finish the core operating model, we'll also cover supplemental topics such as deferred income taxes, quarterly projections and calendarization, and possible interview questions and answers.
Module 2: Advanced Financial Modeling: Yahoo! Valuation
  • In this module, you'll learn how to value Yahoo! using public company comparables, precedent transactions, DCF, and more "exotic" methodologies like future share price analysis, sum-of-the- parts, and liquidation valuation.
  • We'll also look at how to value Yahoo's equity investments and net operating losses, and how to factor these into our analysis.
  • Just like at a real bank, we'll use 10-K and 10-Q filings as well as real equity research to complete this exercise.
Module 3: Advanced Financial Modeling: Microsoft / Yahoo! Merger Model
  • In this module, you'll learn how to create a full-fledged 3-statement merger model showing what Microsoft's acquisition of Yahoo would really look like.
  • In addition to covering how to combine and project the 3 statements for both companies, we'll look at more advanced topics like detailed transaction adjustments, asset write-ups, net operating losses in M&A, synergies, and contribution analysis.
  • Just like at a real bank, we'll use 10-K and 10-Q filings as well as real equity research to complete this exercise.
Module 4: Advanced Financial Modeling: Yahoo! LBO Model
  • In this module, you'll learn how to create a detailed LBO model for a hypothetical buyout of Yahoo! by large-cap private equity firms such as KKR and Blackstone.
  • We'll look at how to modify our 3-statement model to support an LBO, and then go into more advanced topics like multiple debt tranches, PIK vs. cash interest, a complex debt schedule with mandatory and optional repayments, tax implications, asset write-ups, balance sheet adjustments, and dividend recaps.
  • In addition, we'll also give you a crash course on the different types of debt and how to use each of them in an LBO model.
Module 5: Advanced Financial Modeling: Deal Commentary & Pitch Book
  • In this module, you'll learn all about the history behind Microsoft's proposed transaction of Yahoo and what impact it would have had on the industry.
  • We'll also look at a sample pitch book that bankers would have used to present the deal to Yahoo's Board of Directors, and go through the contents of the presentation as well as a PowerPoint tutorial on how to create such a pitch book.
  • Finally, we'll conclude with sample interview questions and answers you might receive on this case study and give you Excel printouts you can bring with you to interviews.
Module 1: Valuation Bonus Case Studies
  • You'll learn about valuation, the DCF analysis, and how to select public comps and precedent transactions for companies, deals, and potential investments in different industries in this set of bonus case studies.
Module 2: Merger Model Bonus Case Studies
  • You'll learn how to build merger models to analyze the impact of M&A deals, and even look back on historical results compared to what we predicted, in this set of bonus case studies.
Module 3: LBO Model Bonus Case Studies
  • In this set of bonus case studies, you'll get practice with LBO models of all different types and complexity levels, ranging from basic to advanced - and you'll learn how to present your findings and make investment recommendations in private equity and other buy-side interviews.
Module 4: Silver Lake / Dell Leveraged Buyout (LBO) – Extended Case Study
  • In this case study, you’ll analyze Silver Lake Partners’ $24 billion leveraged buyout of Dell, one of the top 15 biggest LBOs on record.
  • The deal represented an aggressive bet on Dell’s ability to turn itself around and move away from its declining desktop PC and notebook businesses and re-orient itself toward software, services, and possibly tablets.
  • In addition to the challenges of turning around a $50+ billion revenue company like this, the deal also stood out for the following reasons:
    • A key strategic partner of Dell, Microsoft, also participated in the deal via a $2 billion subordinated loan – it is highly unusual for strategic partners to invest in the capital structure of partner companies that are being taken private.
    • Michael Dell,the Founder, already owned 15% of the company and planned to retain his stake – so this was a leveraged buyout for 85% of the company rather than 100% of it.
    • The deal immediately sparked controversy,with a letter from South eastern Asset Management, one of the company’s largest shareholders, arriving several days afterward and announcing the firm’s intent to vote against the deal because they believed that Dell was worth at least $24.00 per share rather than the $13.65 per share that Silver Lake offered.
    • The company has many different business lines,some of which are declining (desktops and notebooks), and others that are growing quickly (servers and networking); as such, you’ll need to consider different revenue and expense scenarios on a segment-by-segment basis.
    • Finally, the company is unlikely to turn it self around strictly from organic growth, so acquisitions must factor into this deal. You’ll need to analyze potential post-buyout acquisitions and determine what margin and growth profiles would be required for Silver Lake to realize an acceptable IRR

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