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** Updated for November 2023 **

The Complete Investment Banking Course 2023 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  

+ 11 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 an LBO valuation. You will learn how to 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 (1.5 million students on Udemy; worked in M&A)

  • 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?  

  1. Salary. Investment Bankers are some of the best paid professionals in our society

  2. Promotions. Investment Bankers acquire valuable technical skills, which makes them the leading candidates for senior roles in industrial companies and Private Equity firms

  3. 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!

Bạn sẽ học được gì

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

Yêu cầu

  • 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

Nội dung khoá học

30 sections

Welcome! Course Introduction

2 lectures
What does the course cover?
03:35
Download all course materials
00:09

The ascendance of investment banking services

8 lectures
The importance of history, name, tradition, and reputation
01:38
The rise of investment banking services
04:16
What is the difference between commercial and investment banking?
01:46
Why do universal banks have a competitive advantage?
03:41
Intrinsic conflicts of interest and the role of Chinese walls
02:40
Quiz #1
2 questions
Historical M&A waves
05:24
Three of the most important IPOs in history
04:40

The four main areas of investment banking activity

5 lectures
Capital markets – raising equity and debt capital
06:45
Advisory – M&A and Restructuring services
07:47
Trading and Brokerage – trading with financial securities
03:12
Asset management – the ability to use money to make more money
02:54
Quiz #2
9 questions

Strategies pursued by investment banks

3 lectures
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

15 lectures
Why would a company want to go public?
03:12
Who are the investors in an IPO?
04:04
Coming up with a share price
04:13
Technical details of IPO pricing
02:42
IPO share allocation
04:07
What does an IPO timetable look like?
05:24
The IPO syndicate – members and responsibilities
03:22
Fee distribution among investment banks
03:55
Post-IPO stabilization: Definition of long/short position
03:17
Post-IPO stabilization: Applying the Greenshoe option
04:44
Greenshoe explained – Practical example
02:11
Other ways to place equity capital – SEOs and private placements
01:43
Facebook's IPO - Case study
05:40
Course Challenge #1 - IPO
00:43
Quiz #3
4 questions

Capital Markets – Debt Capital Markets

11 lectures
The four different types of bonds
03:25
Why issue a bond?
04:00
The mechanics of a bond offering. Process description
04:04
Junk bonds
02:57
What is securitization and why can it be useful?
03:48
Securitization - explained
02:43
Asset-backed securities: An example of securitization
05:03
Loan syndication – a preferred instrument for most banks nowadays
02:13
Project finance
05:46
Course challenge #2 - Debt offerings
00:41
Quiz #4
3 questions

Advisory services – Mergers and acquisitions

11 lectures
Why acquire another company?
05:12
Describing the typical deal lifecycles and buyer companies
03:57
The three types of M&A processes
03:54
M&A private deals
02:03
M&A auctions
04:12
M&A of listed firms
03:39
Valuation of target companies
04:09
Payment options in M&A deals
04:19
Financial vs. Corporate buyers
02:36
Course challenge #3 - M&A
00:47
Quiz #5
3 questions

Advisory services – Restructuring

4 lectures
Restructuring services – why and when
02:59
Prioritization of restructuring efforts
06:08
Course Challenge #4 - Restructuring
00:41
Quiz #6
2 questions

Trading and Brokerage

5 lectures
The Trading and Brokerage division
03:18
Types of securities traded
04:34
Proprietary trading vs principal investments
01:12
The advent of algorithmic-driven trading
03:16
Quiz #7
2 questions

Asset management

4 lectures
Why hire Investment banks as asset managers?
02:44
A risk-return comparison of different investments
03:12
Private equity funds
07:16
Quiz #8
1 question

A step-by-step guide to Company Valuation

12 lectures
Why value a company?
01:36
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
How to find the beta for an unlisted firm?
00:44
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

11 lectures
What is a financial model?
02:02
Why use a financial model?
02:34
Imperfect financial modeling practices
05:49
Best 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

4 lectures
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

5 lectures
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

5 lectures
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

4 lectures
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

5 lectures
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

2 lectures
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 ealue

2 lectures
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

3 lectures
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

31 lectures
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
02:49
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)
03:34
Calculating enterprise value, equity value, and price per share
02:10
Closing remarks
03:49

Multiples valuation – triangulating DCF results with multiples

5 lectures
What are valuation multiples and why we use them?
04:52
What types of valuation multiples are there?
03:24
Trading vs transaction valuation multiples
03:07
Main principles of multiples valuation
06:30
Comparison of earnings multiples (P/E vs EV/EBITDA)
05:31

Multiples valuation - practical example - Volkswagen

8 lectures
Introduction to the exercise
04:42
High-level assessment of peer companies
08:36
Assessment of P&L data - comparable companies
05:18
How to adjust EBIT - theoretical framework
04:40
How to adjust EV - theoretical framework
03:09
How to adjust EBIT - practical example - Volkswagen
07:43
How to adjust EV - practical example - Volkswagen
06:16
Conclusion of the practical exercise
02:33

A guide to Leveraged Buyouts

7 lectures
What is an LBO?
04:28
How does an LBO work in practice?
05:26
Who are the lenders?
04:35
What is debt capacity?
03:21
When is an LBO a feasible option?
04:16
The LBO price
03:27
LBO exit strategies
04:39

LBO Case study: Dell's LBO

4 lectures
Intro to the deal
02:28
Dell's business from a strategic perspective
04:31
Details and information about the deal
05:10
The aftermath
01:24

LBO Valuation - Building a leveraged buyout (LBO) model from scratch

9 lectures
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

Building a comprehensive LBO model

30 lectures
Case description
01:55
Introduction to LBO Modeling exercise
01:29
Key drivers in the LBO model
08:29
Constructing the Profit and Loss header
02:48
Analyzing historical Profit and Loss figures
01:50
Valuing the Target company
03:12
Estimating transaction fees
05:25
Sources and uses of funds
04:22
Shaping the Balance sheet at transaction
05:02
Goodwill calculation
01:22
Integrating assumptions into the Drivers sheet
05:41
Building a Fixed asset roll forward schedule
04:16
Forecasting financials using the Drivers sheet
04:09
Completing the Profit and Loss statement (up to EBITDA)
05:07
Modeling Working capital
04:34
Filling in the Balance sheet at transaction sheet
03:25
Add financials to the Balance sheet
03:11
Projecting Fixed asset roll forward
05:24
Developing a Debt schedule
05:54
Creating a Fixed asset amortization schedule
04:38
Structuring Cash Flow
02:49
Designing the Financing sheet
04:51
Calculating Cash Flow
04:06
Building an Equity schedule
03:57
Finalizing the Financing Cash Flow
01:30
Modeling the Revolver facility (first part)
08:16
Completing the Profit and Loss statement
02:10
Modeling the Revolver facility (second part)
00:35
Balancing the Balance sheet
03:55
Exit valuation and IRR comparison
07:05

Interview preparation

1 lectures
Career guide and frequently asked interview questions
00:12

Who Does What in Finance?

1 lectures
Who Does What in Finance?
01:01:01

Bonus lecture

1 lectures
Bonus lecture: Next steps
00:28

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