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If everyone took our training, they'd...

be enlightened, well-rounded finance professionals.
see the holistic, integrated nature of the markets.
understand how to win big during market crashes.
understand all dynamic facets of the market.

Put your vast general knowledge to practical use.

No Crystal Balls

No one knows the future for certain - but you can understand action and reaction.

Where News and Markets Meet

Take a look at who (and what) drives market-moving headlines.

Know Thy Instrument

Equity, debt, converts, hedge fund strategies, and everything in between.

Who needs this?

Professionals in (or looking to transition into) these fields:

Sales & Trading Research / Analysis Asset Allocation Portfolio Management

… and anyone at least tangentially involved with managing investment funds.

  • Understand the major players and participants in the financial markets
  • Discover the impact of regulators/regulations on the capital markets
  • See the interplay between equity and debt markets in the context of your quest for alpha

Course Sections

Section 1

Overview of Financial Markets

What’s the “buy side” and the “sell side”? Who does what on Wall Street?

You know what an investment is, and what banking is… but what about investment banking?

Section 2

Equity & Debt Capital Markets

What are all the ways a company can raise cash?

You’d be surprised at what’s possible beyond IPOs and corporate bonds.

Section 3

Global Macroeconomics

Weak employment figures just came out.

Does this portend a decline in corporate profits and falling equity prices? Or does it signal potential intervention from the central bank, and thus rising equity prices?

Section 4

Capital Structure Manipulation

Do you know the lifecycle of a firm? What are its capital needs? In the event of a liquidation, who gets what (and in what order)?

We exhaustively review all sorts of investors and capital, from seed to mezzanine to distressed fulcrum securities.

Section 5

Quest for Alpha

Portfolio management involves a bit of math, so get ready to dive into volatility, beta, the efficient frontier, smart beta, and more.

Then, head to the front lines of trading and technical analysis, analyzing price charts and studying the must-know order types.

Section 6

Equity Options and Term Structure of Interest Rates & Bond Math

Today, everyone and their grandmother knows about calls and puts. But how are they priced, and what is their role in the broader institutional market?

We explore yield curves and bonds similarly - textbooks don’t prepare you for the global maze of central banks.

Section 7

FX & Futures

What drives currency exchange rates? Is FX a leading or lagging indicator?

We wrap up with an overview of commodities hedging/speculation and futures markets.

Training Methodology

Our approach is to teach you how to fish, rather than give you a fish.

We don't give a one-way lecture where you memorize every cell and formula.

We nudge you toward uncovering answers on your own by leading with the right questions.

The end result? Longer-term knowledge retention that will last an entire career.

I really felt that WST was world class and would recommend it to anyone starting a new career on Wall Street. In particular, the strength of the program is that it concentrates on how analytical work is actually conducted in real life rather than the academic approach of some other competitors.
You'll walk out of this class with a solid understanding of:
  • The big picture and what goes on in the capital markets
  • The next level down: key drivers of capital markets
  • All the nitty-gritty details of individual instruments in the capital markets
  • How to combine both qualitative and quantitative aspects of trading and investments
Not bad for a few days' work.

Get Started

Detailed Curriculum

Capital Markets

Overview of Financial Markets
  • Sell-side vs. buy-side participants and respective roles
  • Research, portfolio managers, asset management, institutional investors
  • Sales & trading, investment banking, commercial banking
  • Money markets, mutual funds, private equity, hedge funds
Equity Capital Markets
  • Primary vs. secondary vs. OTC
  • IPOs, secondary offerings, private placements, PIPEs
  • Common stock, ADRs, converts, preferred, management options and warrants
  • Issuance process, participants, timeline, distribution
  • Spin-off and split-off
Debt Capital Markets
  • Corporate banking vs. bonds (types of credit facilities, hybrids, etc.)
  • Capital structure (revolver, DIP, CP, TL, first/second lien, senior/subordinate, secured/unsecured)
  • Credit ratings (investment grade vs. high yield), leverage statistics
  • Bond issuance process, covenants and credit agreements; structural subordination
  • Munis vs. taxable offerings Sovereign debt, LIBOR, SOFR, etc.
Global Macroeconomics
  • Understanding global macroeconomic dynamics
  • Implications on rates, currencies and capital markets
  • Financial regulators and regulations of importance, Glass-Steagall, Gramm Bliley Leach, Dodd-Frank, Basel
  • Understanding the role and importance of central banks (Fed, BOE, ECB, BOJ)
Capital Structure
  • Life cycle of a firm and capital needs
  • Capital structure components and priority of liquidation
  • Seed, angel, VC, growth capital, mezzanine, IPO, LBO, distressed fulcrum securities
Venture Capital, Private Equity and Leveraged Buyouts
  • Opportunity cost of capital
  • VC participating preferred waterfall structures
  • Source of returns in highly leveraged transactions
  • Financial sponsors and leveraged finance
Equity Markets and Introduction to Portfolio Management
  • Indices, indexing, tracking funds
  • Volatility, Beta , CML, SML
  • Quest for alpha, smart beta, sector rotation
  • Portfolio diversification, efficient frontier, correlations
Hedge Fund Strategies
  • Mechanics and applications of long/short hedge funds
  • Hedge fund strategies

Trading and Technical Analysis
  • Efficient market hypothesis
  • Candlesticks
  • Charting and technical analysis
  • Order types: market, limit, stop market, trailing stop
Equity Options
  • Use of options in the markets for hedging and speculation
  • Greeks (delta, gamma, theta, rho, vega)
  • Option strategies and options spreads
  • Option pricing models, historical vs. implied volatility
Term Structure of Interest Rates and Bond Math
  • Time value of money concepts
  • Types of interest rates (nominal, effective, accrued) vs. types of yields (YTM, YTC, YTW)
  • Basics of bond math, cash flows, pricing, maturity, duration, convexity
  • Yield curve dynamics and term structure of interest rates
FX Market
  • Drivers of FX, FX as leading indicator and implications of FX markets
  • Spot rates and cross rates
  • FX forwards vs. futures vs. swaps
Commodities & Futures
  • Types of commodities
  • Hedging and speculating with commodities
  • Futures markets including notation and trading

Have more questions?

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