WST Self-Study Courses
Learn at your own pace, on your own time.
All training models and slides are yours to keep forever.
Learn at your own pace, on your own time.
All training models and slides are yours to keep forever.
Below is a comprehensive list of all our self-study courses.
Packages consist of individual courses that all relate to the same topic. Select a Package to jump to it; select one of its courses for a detailed curriculum.
In turn, Tracks are bundles of certain Packages and/or courses tailored for a specific sector in finance.
All prices are in USD and denote six (6) months of access.
Forget debits & credits, this is accounting for finance!
Enroll NowOur three day Financial Accounting Bootcamp is specifically built as a pre-requisite for our finance, valuation, financial modeling and more complex course topics. The bootcamp is structured as an interactive discussion in which we cover definitions and terminology through examples and case studies. Oftentimes, learning and teaching accounting is associated with boring definitions; however, our approach is to tell a story, and illustrate what the numbers mean through interesting examples, not by reading slides or textbooks.
We emphasize, hone and re-hone concepts via one large integrated case study in which the focus is not on debits/credits and T-accounts, but rather financial analysis. This is geared towards those with little to no accounting background (e.g., liberal arts majors) and is perfect as a refresher of the most important concepts for those having previously taken “Accounting 101” courses.
11 hours / 16 hours
Fundamental, pre-requisite knowledge you must master!
Enroll NowOur basic concepts will allow you to learn and gain the fundamental knowledge that you must master before the advanced content. We answer all the rarely answered “WHY” questions - “why do we do this, why do we do that” - instead of answering: “well, just because” or “that’s the way it’s always been done,” we actually clearly and easily explain the logic of why and how not just the what.
Whether you are an economics or liberal arts major or a business/finance major looking to summarize the critical 30 pages in that 400 page textbook, our Basic & Fundamental course modules will quickly set the proper foundation for you to excel.
Similar to the Accounting Boot Camp above, this program covers the basics of financial accounting including the major financial statements (Income Statement, Balance Sheet and Cash Flow) and the most important components of each as it relates to financial analysis. Concentration is placed on the integration of the financial statements and provides a full integrated grasp of accounting from a finance perspective.
2.5 hours / 4 hours
“How to Analyze a 10-K” builds upon basic accounting and financial statements concepts to focus on the major components of a 10K SEC filing, including the Management Discussion & Analysis, Financial Condition and Results and how to analyze the myriad of footnotes.
It’s simply not enough to merely analyze the financial statements, but especially critical to plow through and understand the footnotes and the management discussion & analysis, where the most of the qualitative information is contained. The challenge is that there are a myriad of footnotes and figuring out which are the important and relevant ones is no small feat. This course provides the overview and analysis for most major common footnotes and gives you a starting point to plow in deeper when we build our financial models. The irony is that in the process of crunching numbers and building numbers, reading comprehension, particularly on the 10K is probably even more important in terms of getting the right inputs.
2 hours / 3 hours
Learn the basic finance concepts that are the backbone of any financial analysis. An understanding of these basic core tools is absolutely critical to mastering any Wall Street analysis. Topics covered include risk / return trade-offs, time value of money, cost of capital, Gordon growth model and basic valuation theories.
Moving beyond the accounting and 10K analysis, this course provides an introduction to the major concepts in finance that many people take for granted. Understanding financial modeling, valuation, and the capital markets in general would be difficult without a full grasp of these fundamental concepts.
1.5 hours / 2 hours
Company profiles are the most basic overview and descriptions of a company being analyzed. Profiles supply the most basic and fundamental, yet probably the most important aspects of a company. Gain an introduction and explanation of the major components of a profile for a publicly traded company.
1 hour / 1 hour
Build very quick financial summary and trading statistics exhibit using historical results, analyst estimates & basic assumptions in Excel. This course will allow you to understand basic structure of building an analysis in Excel and navigating through and becoming efficient in Excel.
1.5 hours / 2 hours
Core fundamental concepts of financial modeling & valuation.
Enroll NowOur core fundamental concepts in finance involve the basic financial modeling and valuation techniques that introduce model building best practices as well as getting used to working efficiently in Excel. After understanding the basic fundamental concepts, the most important building blocks of modeling are introduced as we begin to thoroughly analyze financial statements and their implications. We introduce the underpinnings of fundamental valuation (i.e. DCF analysis) and relative valuation (comps & multiples).
Learn how corporations are valued and the major analytical tools that are used. Go beyond academic theory to real-world methods as used by professionals; includes a crucial primer to Corporate Finance and its non-theoretical application. Apply learning objectives and goals immediately by analyzing a $6 billion+ transaction. Topics covered include: (i) how to value a company (trading comps, deal comps, DCF, LBO, break-up and asset valuation); (ii) importance of Enterprise Value, EBITDA, capital structure, leverage and WACC; (iii) analyze valuation multiples and ratios; why are PE ratios sub-optimal as a valuation metric?; (iv) practical, non-theoretical application of introduction to corporate finance.
2 hours / 2.5 hours
This course builds upon, and implements in Excel, the fundamental financial analysis and valuation topics. Create a top-down, five year income statement projection model and then construct a basic discounted cash flow analysis on top of your projection model.
** Don’t get thrown off by the word “basic” - this Basic Financial Modeling serves as the fundamental basis for all of our additional Excel-based courses. Before you “graduate” onto our advanced modeling courses, we HIGHLY recommend you take this course for the full background on working efficiently in Excel the way we want you to, otherwise you may have a much steeper learning curve in our other classes. **
4 hours / 5 hours
Build upon Corporate Valuation Methodologies with a short, hands-on exercise to hone in the core concepts in practice before diving into the more advanced valuation modeling topics. Translate the valuation concepts into real-life case study that demonstrates and shows the valuation principles.
1.5 hours / 2 hours
Build fully integrated models and detailed projection models.
Enroll NowTake everything to the next level as we build upon the basic & core concepts to cover the fundamental financial modeling concepts that one must be master in order to perform the minimum financial analysis required. We will make you “super-stars” in Excel and modeling techniques by plowing deep into building robust, integrated models and properly analyzing the results of our models.
Build a fully integrated 5-year financial statement projection model by projecting the Income Statement, Balance Sheet, Cash Flow Statement, the Debt Sweep to balance model and Interest Schedule. This course will allow you to have a complete financial model projecting run-rate profitability, on which you can easily layer valuation and merger models.
3.5 hours / 5 hours
Build upon completed core model and layer on valuation analysis. Construct DCF valuation model, detailed revenue segment build-up, project more precise depreciation schedule, calculate credit & leverage statistics and ratios, construct a reference range and football field summary valuation. This Enhancements course will allow you to have a much more detailed stand-alone financial model and valuation model!
3 hours / 4 hours
Further enhance core integrated financial model by building a detailed tax schedule incorporating NOLs (Net Operating Losses), Section 382 limitations on NOL usage and differences between book and tax depreciation. Dive deep into re-calculating depreciation for tax purposes based on accelerated depreciation - MACRS (Modified Accelerated Cost Recovery System) in the US. Incorporate and flow the accelerated tax depreciation into the larger tax schedule to account for differences in GAAP Pre-Tax Income and Taxable Income. Finish up with a quick Residual Income analysis and EVA (Economic Value Added) analysis, which complements our Enhancements Part I course.
3 hours / 4 hours
Learn how to build detailed revenue and segment build-ups into your larger financial model by quantifying the drivers of growth. Many financial projection models are based off simple revenue growth rate and expense margin assumptions, resulting in reduced precision in the projection model. This course teaches various approaches to true, bottoms-up, fundamental analysis for both publicly trade and listed companies as well as private companies or entities in which you have additional detail. We start by understanding the logic of channel checks and building the case for growth rates based on qualitative analysis and comprehension of industry- and company-specific drivers of growth. We then turn around and quantify our qualitative analysis by incorporating into our financial model on a business and operating segment basis. The results of the build-up analysis rolls into the Income Statement from your core integrated financial projection model. In addition, layer on sensitivity and scenario analysis to easily toggle through various cases, including base (management) case, upside and downside cases.
4 hours / 5 hours
Integrate fundamental and relative valuation analysis.
Enroll NowWe dive deeper into the nuances of valuation by understanding the art (not science) of valuation. Build upon your core financial models by integrating and layering on hands-on valuation analysis. Construct standard full-blown DCF analysis, trading & deal comps analysis and summary football field. Dive real deep into the nuances of valuation by ripping apart footnotes and making subjective inputs while balancing objectivity.
Learn how corporations are valued and the major analytical tools that are used. Go beyond academic theory to real-world methods as used by professionals; includes a crucial primer to Corporate Finance and its non-theoretical application. Apply learning objectives and goals immediately by analyzing a $6 billion+ transaction. Topics covered include: (i) how to value a company (trading comps, deal comps, DCF, LBO, break-up and asset valuation); (ii) importance of Enterprise Value, EBITDA, capital structure, leverage and WACC; (iii) analyze valuation multiples and ratios; why are PE ratios sub-optimal as a valuation metric?; (iv) practical, non-theoretical application of introduction to corporate finance.
2 hours / 2.5 hours
Build a basic, quick and dirty, back-of-the-envelope trading comps analysis (analysis of selected publicly traded companies). This course will allow you to quickly construct a relative valuation analysis and serves as a critical basis for our Complex Trading Comps Analysis course.
1 hour / 1.5 hours
Relative Valuation Basics is an extracted section from Advanced Financial & Valuation Modeling - Enhancements course module. In particular, we construct the reference range and football field analysis to complete the valuation picture. We recommend taking the following courses in order to gain the holistic relative valuation view:
0.5 hour / 1 hour
Build a detailed, thorough trading comps analysis (analysis of selected publicly traded companies) and learn how to properly construct a relative valuation analysis the correct way as well as how to normalize financials for extraordinary items, non-recurring and restructuring charges. This course itself isn’t terribly complex or difficult, but is very tedious, time consuming and at times frustrating as it requires a great deal of patience, attention to detail and reading comprehension. Hence, the first four letters of the title “analyst” ring true - perfection is required to get the right numbers.
4.5 hours / 6.5 hours
Build a deal comps analysis (analysis of selected acquisitions), similar to trading comps analysis, but from an acquisition context using historical transaction data instead of current market valuation data. This course will allow you to properly construct a deal comps analysis the correct way, uncovering some of the nuances related to calculating transaction value and purchase price. This course is not a complex course and in fact, is a relative breeze compared with our Complex Trading Comps course, but builds upon the concepts in the latter course.
1.5 hours / 2 hours
Structuring M&A transactions and build & analyze merger models.
Enroll NowOur merger modeling topics introduce critical skills required for understanding how to structure and analyze mergers & acquisitions. After modeling a company’s profits / cash flow and valuing the entity, one must decide what to do with the company in the grand scheme of its strategic alternatives, including a merger or acquisition. We introduce the basics of deal structuring and implications on accretion/dilution to building more involved merger models with the complexity of complicated FASB and IFRS accounting rules.
The goals of this course include: (i) understand the major steps and timelines of M&A; (ii) learn how to structure an M&A deal; (iii) explore common deal structures and determine optimal deal structures such as cash vs. stock consideration, stock vs. asset deals; and (iv) accretion / dilution and breakeven analysis. This course provides the fundamental knowledge required to understand, analyze and structure mergers & acquisitions. To hone the concepts learned in this module, be sure to follow-up with our hands-on, Excel-based Merger Modeling Basics course.
2 hours / 2.5 hours
This merger modeling course builds on top of our M&A Deal Structuring course in which you will build an accretion / dilution merger consequences model. This foundational merger modeling course will allow you to quickly understand the fundamental concepts of analyzing merger implications. To maximize your learning in this module, you need to absolutely understand the concepts in our M&A Deal Structuring course! This course serves as the backdrop to our Basic and Advanced Merger as well as our Super-advanced, Complex merger modeling course.
0.6 hour / 0.75 hour
Further enhance core integrated financial model by building a detailed tax schedule incorporating NOLs (Net Operating Losses), Section 382 limitations on NOL usage and differences between book and tax depreciation. Dive deep into re-calculating depreciation for tax purposes based on accelerated depreciation - MACRS (Modified Accelerated Cost Recovery System) in the US. Incorporate and flow the accelerated tax depreciation into the larger tax schedule to account for differences in GAAP Pre-Tax Income and Taxable Income. Finish up with a quick Residual Income analysis and EVA (Economic Value Added) analysis, which complements our Enhancements Part I course.
1.5 hours / 2.5 hours
Our Intermediate/Advanced Merger Modeling course significantly builds upon our Merger Modeling Basics course. We go beyond the simple concepts of accretion /dilution and build additional precision into estimating the correct, pro forma combined earnings. First, enhance the Sources & Uses of Funds to allow for additional clarity in deal structure. Then, dive right into the fine details of the complex FASB 141/142 and IFRS 3 purchase price allocation rules and fair market value tangible assets step-up intertwined with intangibles asset allocation. We tackle and quantify the resulting nuances in deferred tax liabilities and better quantify our synergies estimates. Participants should have mastered the merger concepts and financial modeling techniques covered in our M&A Deal Structuring and Merger Modeling Basics course.
2.5 hours / 4 hours
Construct and sensitize LBO models and capital structure changes.
Enroll NowOur LBO modeling courses introduce critical skills required for properly understanding and quantifying capital structure changes from simple share repurchases to the extreme of a leveraged buyout. The techniques and concepts learned in building proper, robust, dynamic and flexible LBO models are highly valued given the relatively difficult nature of setting up, quantifying and articulating the complex relationships and intricacies of the LBO. We clearly convey the complexities involved in understanding the deal structure, sources & uses, refinancing options, credit ratios and the all-important debt sweep.
This course provides a basic overview and introduction to leveraged buyouts, including discussion of rationale for ‘going private’, ideal LBO candidate, drivers of value. The following items are discussed, including description, importance, implications and general thoughts on: valuation, debt capacity, scenario analysis, sources & uses of funds, rollover equity, pro forma capital structure, purchase vs. recap accounting, goodwill treatment and other issues. You will gain some basic & fundamental knowledge required to understand LBO transactions. The purpose of this course is to introduce some of the terminology and concepts required for our Quick & Dirty LBO Modeling and Complex LBO Modeling courses.
1 hour / 1 hour
In the normal course of running a company, the CFO must balance capital requirements with capital sources of funds. Changes to the capital structure are not insignificant as each component of capital has an opportunity cost. In this course, we introduce the impact of changes in capital structure and the resulting impact on a company’s decision to borrow vs. raise equity. We quantify the thought process and the logic that dictates one or the other by examining both extremes of capital structure changes: from a simple small share repurchase to the opposite spectrum, the leveraged buyout. This class examines and incorporates all the major inputs and value drivers of capital structure changes by building a short, quick and dirty LBO analysis, providing an excellent condensed overview and introduction to LBO modeling. As LBOs are risky and complex financial transactions, sometimes, building a full-out, complex LBO model is not necessary or required if one just wants to quickly gauge the feasibility of an LBO.
1 hour / 1.5 hours
Further enhance core integrated financial model by building a detailed tax schedule incorporating NOLs (Net Operating Losses), Section 382 limitations on NOL usage and differences between book and tax depreciation. Dive deep into re-calculating depreciation for tax purposes based on accelerated depreciation - MACRS (Modified Accelerated Cost Recovery System) in the US. Incorporate and flow the accelerated tax depreciation into the larger tax schedule to account for differences in GAAP Pre-Tax Income and Taxable Income. Finish up with a quick Residual Income analysis and EVA (Economic Value Added) analysis, which complements our Enhancements Part I course.
2.5 hours / 4 hours
Take Excel beyond and fine-tune your data analysis skills.
Enroll NowA financial analyst won’t be spending all their time on Excel building financial models, but will be crunching a fair amount of data and creating charts, tables & presentations. From due diligence of analyzing salary rosters and client lists to industry analysis and reports to creating charts and graphs, you will live and breathe Excel, Word & PowerPoint and we will teach you all the best practices of the most important tools.
When Excel and Office 2007 first debuted, Excel power-users around the world collectively groaned with a massive headache. While there are certainly key enhancements to Excel 2007 that we like, navigating the new “ribbon” caused some grief as users were forced to re-learn how to use Excel. Thankfully, most of the shortcut accelerator keys are still in place. But change is never easy, so we created this short tutorial on getting you up to speed real quick - the one stop source on mastering Excel 2007. Embrace it, Excel 2007 is here to stay.
0.5 hour / 1 hour
This course focuses on how learning the fundamental building blocks of Excel so you can begin to take advantage and leverage all of Excel’s true capabilities. In order to efficiently build models and crunch large data dumps in Excel, one must master the basics before the advanced content. Learn relevant financial formulas, proper navigation, formatting of files and worksheets, creating calculations in cells, and linking between worksheets/tabs. Functions and tools covered in this course include: mathematical, financial, logic, date/time formulas; data manipulation; anchoring; data tables; and building a capstone model. Emphasis will be on using shortcut keys, simplifying steps, and manipulating data. You will leave with techniques you can use immediately, allowing you to work faster and with less effort.
3 hours / 5 hours
This course focuses on how to effectively and efficiently utilize Microsoft Excel for data analysis. A financial analyst will not only use Excel to build financial models, but also to crunch a large data dump. Learn how to minimize as much manual labor as possible, thereby saving time and performing more detailed analysis quickly. Apply commonly-used formulas in new and different ways; uncover often over-looked Excel formulas; streamline number crunching and analysis via functions and tools including pivot tables, sumif, sum+if, transpose, working with arrays, vlook-up, subtotals, and regression analysis; enhance your spreadsheets with drop-down boxes, data validation techniques, automation of alternate row shading; take Excel to the next level with an introduction to building and automating simple macros and more!
3.5 hours / 5 hours
“A Picture is Worth a Thousand Words” - but what happens when you have the perfect image in your head but you can’t get Excel to graph it the way you want? Ever get annoyed at constantly having to go back into “Source Data” whenever you add an item to your data series? Or how about getting the perfect sized bar or line without resorting to using a ruler to literally draw it on! This course builds upon our Advanced Excel for Data Analysis course and focuses advanced charting & graphing techniques and how to properly integrate with PowerPoint. A critical, must-take course especially for professionals that have to create graphs in their presentations, reports and slides. As usual, we emphasize and teach all the best practices and focuses on our core Excel learning goal: automation, automation, automation! Leave nothing to chance, there is always a way to simplify and automate your charting & graphing approach. This jam-packed session includes: waterfall charts, football fields, dymamic ranges, and much much more! Learn the best practices of integrating into PowerPoint, when to embed, link (never) and copy as picture, as well as add to our Excel macros with a couple handy PowerPoint macros.
3.5 hours / 5 hours
Understand industry jargon and review certain key concepts.
Enroll NowIn our Overview of Financial Markets, we introduce the major jargon and terminology in finance, from the sell-side to the buy-side and capital markets, from investment banking to sales & trading and research and asset management. In addition, we quantify and dig deep into specific selected topics of interest from the long-term relationship of depreciation and capital expenditures to share repurchase impacts, to cause of circular references in financial models and much more!
Introduction to the major jargon and finance terminology in finance. What exactly is the sell-side and the buy-side and do they affect the capital markets and why do they have a symbiotic relationship? What exactly is investment banking, sales & trading and research? How is it that asset management is the flip opposite and yet very similar at the same time? Put those questions to rest with this Overview of Financial Markets overview.
1 hour / 1 hour
1 hour / 1.5 hours
A sampling of selected extracts - self-contained video clips - from our courses and packages. For full access to our courses, login and click on Order More Courses. Enjoy!
Learn how to model, analyze and value private companies.
Enroll NowEvaluation of private companies, middle market entities and those with very sparse publicly available data take a completely different approach than those of publicly traded companies. Usually, analysis of private companies requires a different approach to modeling than public entities. Instead of focusing just on corporate finance, a deeper more thorough understanding of the private company’s operations is required.
This course builds upon our basic Corporate Valuation course and introduces the complex nuances associated with analyzing and valuing private companies. We dive deep into the details and concepts deeply imbedded with valuation of large publicly traded and listed companies and take it to next level by applying it to companies and regions with very sparse publicly available data. Learn nuances of adjusting for DCF valuation, WACC analysis when no data exists, how to select and adjust peer comparables when no “good comp” exists. While there is certainly no magic bullet to the tough questions and lack of information, there are techniques and best practices to get us as close as possible.
3 hours / 4 hours
Learn how to build detailed revenue and segment build-ups into your larger financial model by quantifying the drivers of growth. Many financial projection models are based off simple revenue growth rate and expense margin assumptions, resulting in reduced precision in the projection model. This course teaches various approaches to true, bottoms-up, fundamental analysis for both publicly trade and listed companies as well as private companies or entities in which you have additional detail. We start by understanding the logic of channel checks and building the case for growth rates based on qualitative analysis and comprehension of industry- and company-specific drivers of growth. We then turn around and quantify our qualitative analysis by incorporating into our financial model on a business and operating segment basis. The results of the build-up analysis rolls into the Income Statement from your core integrated financial projection model. In addition, layer on sensitivity and scenario analysis to easily toggle through various cases, including base (management) case, upside and downside cases.
4 hours / 5 hours
Pro Forma financial statements are a tool to recast financial results in a manner that is more representative of future performance and to remove the effects of private ownership. Pro Forma financial statements have one or more assumptions or hypothetical conditions built into the data and are often used to develop core earnings capacity (quality of earnings) when the objective is to value a company for sale to a third party or for internal perpetuation. The goal is to examine a sampling of the most common types of Pro Forma adjustments most often seen when valuing closely-held entities. Similar to analyzing one-time adjustments for public companies, the adjustments can affect both revenues and expenses, increasing or decreasing either one. However, private company pro form adjustments require a much more detailed analysis of each expense line to adjust for the effects of private ownership.
1.5 hours / 2.5 hours
This Merger Modeling - Earnout Discussion module builds upon our M&A Deal Structuring and Merger Modeling Basics course by reconciling differences that arise in private middle-market transactions in which a buyer wants to be rewarded for future growth and a seller is only willing to pay for growth that has been achieved. But, the seller reckons - “why should I sell when I believe I can achieve greater growth and then sell for an even larger valuation at that future point”. The main tool to bridge this gap is for the seller to put his money where his mouth is - if you say you can achieve $1 billion of revenue, then prove it - one should be willing to accept deferred, contingent payments for such future growth that has yet to be realized. In this add-on module, we explore different ways to analyze and structure earnouts.
1 hour / 1.5 hours
Master the intricate details of full-blown merger & LBO modeling.
Enroll NowTake your modeling skills to an unmatched level: build full-blown, fully-integrated, merger & LBO models that slap together the complete target + acquiror model into the extremely robust merger model. The integrated full-blown LBO model allows the target to be acquired or LBO’ed.
This is among the most advanced models out there. Period. End of story.
The goal of this course is quite simple and yet extremely complex in implementation: build an all-out, full combination and merger analysis of target and acquirer company, integrating full projection model for both. This course will allow you to build one of the most dynamic, sophisticated and complex merger models out there, slapping together complete Income Statement, Balance Sheet, Cash Flow Statement, brand new, highly complex Debt Sweep and Interest schedule for the two companies and combined merged entity. Determine deal structure, purchase price allocation and tax deductibility, accretion / dilution and a whole host of issues.
Learning objectives include: (i) calculate Sources & Uses of Funds, post-transaction ownership, accretion / dilution; (ii) combine Target and Acquiror Income Statements and incorporate synergies into pro forma merger model; (iii) calculate pro forma, post-transaction opening Balance Sheet and project future combined Balance Sheet; (iv) derive combined Cash Flow Statement, dept sweep & interest schedule to balance and integrate model.
The core LBO model serves as the beginning model for the target company in this Complex, Super-Advanced Merger Modeling course and as such, you must have completed the Complex LBO Modeling course first to have the model!
5 hours / 10 hours
Layer a complex LBO model on top core standalone projection model and build one of the most dynamic, sophisticated and complex LBO models out there. This is a highly complex and a very advanced modeling class and requires an absolute grasp of all basic and advanced accounting and financial concepts. Your finished LBO model will be a highly versatile and functional financial model able to capture and sensitize a great deal of inputs to project a realistic and more precise outcome including the ability to toggle between status quo, standalone model vs. all-out LBO vs. partial recap. The core LBO model serves as the beginning model for the target company in our Complex, Super-Advanced Merger Modeling course.
Significantly enhance the LBO model by incorporating the following: PIKs (Paid-In-Kind), warrants and partial, less than 100% recapitalization. Further modify LBO model for mezzanine debt, non-cash interest, issue warrants and modify equity acquired. Incorporate all enhancements into end-all IRR analysis by significantly scaling out returns calculation via massive triangulation of cash flows.
8.5 hours / 10 hours
Evaluate, analyze, value and sensitize distressed companies.
Enroll NowNormally, our financial modeling & valuation courses are always prefaced with a caveat: “applies to run-rate, going concern entities, not distressed or restructuring” companies. Why? It’s simple - the rules of engagement are completely different for distressed entities that have financial or operational difficulties. Our distressed series will teach you how to model and value distressed companies and securities undergoing restructuring or the bankruptcy process.
Learn how to analyze and value distressed companies and securities undergoing restructuring or bankruptcy process. First, appreciate and understand the historical perspective and context of the distressed market. Then, explore various opportunities in distressed investing from securities types to investment strategies. Properly identify and isolate the true sources and drivers of returns from supply & demand to operational changes to market rebound to recapitalizations. Quantify and comprehend the dramatic changes to a distressed firm’s capital structure and the implications on the valuation process and realignment of economics. Understand the reorganization and bankruptcy process, including DIP (debtor-in-possession) financing, Section 363 sales (stalking horse), Chapter 11 reorganization, and Chapter 7 liquidation. Fully comprehend the key critical covenants required involved in distressed securities as well as the entire turnaround & restructuring process by identifying key parameters for successful business plan implementation.
2.5 hours / 4 hours
Learn how to model and value distressed companies and securities undergoing restructuring or bankruptcy process. Build upon our Distressed Investing Overview course by quantifying the dramatic changes to a distressed firm’s capital structure and the implications on the valuation process and realignment of economics. Build robust distressed sensitivity financial model. Learning objectives include: model out sample distressed company on a standalone basis, with and without restructuring; incorporate detailed valuation sensitivity to identify key value drivers in a distressed situation; analyze the fulcrum security based on various valuation and leverage scenarios.
3 hours / 5 hours
Bank-specific financial modeling and analysis with bank industry primer.
Enroll NowBanks, similar to insurance companies, play by a different set of accounting rules in which the normal approach of building financial models don’t apply (such as revenue growth, COGS and SG&A, % of revenue, BS and days outstanding working capital). When it comes to balance sheet based companies, it’s a whole other world out there, so strap in and get ready! But don’t worry, we’ll take it easy with a detailed commercial bank industry primer and overview to familiarize ourselves with the new terminology and then tee you up methodically before diving into the complex stuff.
Balance sheet based companies, such as banks, play by different rules and methodologies based on the unique nature of their business. Focus is placed on our Commercial Banks financial statements primer which dives deep into a bank’s unique financial statement terminology and drivers. Understand how to analyze a bank and why the standard financial analysis and valuation methodologies that apply to most companies do not apply to industries that “use money to make money”. Start with a brief overview of the main banking functions (commercial, investment, asset management) and quickly turn to the quality of book of loans and analysis of net vs gross charge-offs vs provisions, etc. Understand the critical credit ratios and capital adequacy analysis as well as Tier 1 and II definitions and Basel II impact. Crystallize the impact of Interest Rates, importance of term structure and credit spreads and implications on a bank’s profitability. Examine best practices in calculating net interest income via average asset and liability balances on the income statement. Dive into an analysis of Balance Sheet assets & liabilities and articulate the drivers of EPS growth. Wrap up by analyzing valuation parameters: key banking valuation multiples (PE, PEG, Book Value, ROE).
2.5 hours / 4 hours
Build a basic, streamlined bank financial model that builds upon the bank terminology in our Bank Industry Primer course. Before diving deep into the complex nuances of our Advanced Bank Financial Model, really solidify your understanding of developing the logic in loan losses and provisions and its impact on the rest of the larger bank financial statements. Perform quick back-of-the-envelope calculations for key Balance Sheet items such as Interest Earning Assets and Interest Bearing Liabilities, which yield Net Interest Income. Estimate and calculate capital adequacy ratios to wrap up your summary simplified basic bank model.
2 hours / 3 hours
Construct a more robust bank financial model by building a bank balance sheet and derived income statement. Project gross loan balance, provisions for credit losses, gross charge-offs, recoveries, net charge-offs, net loan balance based on important key trends and ratios. Predict the critical funding requirements on the liability side of the balance sheet to support the loans and asset side. Learn the techniques and best practices to balancing the bank model. Examine different techniques to estimate the crucial interest-earning assets and interest-bearing liabilities. Estimate asset yield, funding costs and net interest spread to minimize forecasting error. Identify line items that constitute non-interest fee revenue beyond using simple percent growth rates. Incorporate and integrate provision for credit losses. Calculate compensation and overhead expenses and leave with a completed balance sheet and income statement. Make sure you master the concepts in this Intermediate class before diving into our Advanced Bank Financial Modeling course.
2 hours / 3 hours
The standard financial analysis and valuation methodologies that apply to most companies do not apply to industries that “use money to make money”. Balance Sheet based companies, such as banks, play by different rules and methodologies based on the unique nature of their businesses. First, start off with an interactive primer on commercial banks and their financial statement terminology and drivers. Then, build a fully integrated bank financial model that addresses the key drivers of profitability, cash flow, and valuation. Focus is placed on: projecting the Balance Sheet line items which drive the entire model; estimating interest-earning assets and interest-bearing liabilities which drives profitability; projecting loan portfolio growth, provisions for credit losses, and net charge-offs which determine overall impact on the financial statements. Complete the model by projecting different fee revenue sources and integrating the Cash Flow Statement. Finish the model by calculating and analyzing capital adequacy ratios, financial performance indicators and valuation metrics.
5 hours / 9 hours
Insurance-specific financial modeling and analysis with insurance primer.
Enroll NowInsurance companies, similar to banks, play by a different set of accounting rules in which the normal approach of building financial models don’t apply (such as revenue growth, COGS and SG&A, % of revenue, BS and days outstanding working capital). When it comes to balance sheet based companies, it’s a whole other world out there, so strap in and get ready! But don’t worry, we’ll take it easy with a detailed insurance industry primer and overview to familiarize ourselves with the new terminology and then tee you up methodically before diving into the complex stuff.
Balance sheet based companies, such as insurance companies, play by different rules and methodologies based on the unique nature of their business. Focus is placed on our Insurance Industry primer which dives deep into an insurance company’s unique financial statement terminology and drivers. Distinguish between P&C (Property & Casulaty) and L&H (Life & Health) insurance companies. Comprehend all the major players along the insurance spectrum from retail to wholesale brokers, to MGAs and MGUs and captive carriers and much more. Understand the different types of insurance, reinsurance and their financial statement impact. On the Income Statement, differentiate between the different types of premiums (direct, ceded, net, written, earned); comprehend loss triangles and the main differences between statutory vs GAAP accounting. On the Balance Sheet, understand key assets line items (premiums receivable, reinsurance recoverable, prepaid reinsurance premiums) as well as the liabilities (loss & lae reserve, unearned premium reserve). Understand insurance valuation parameters: key insurance multiples (PE, book value, premium/surplus).
2.5 hours / 4 hours
Build a basic, streamlined insurance company financial model that builds upon the insurance financial statements terminology in our Insurance Industry Primer course. Before diving deep into the complex nuances of our Advanced Insurance Company Financial Model, really solidify your understanding of the major items on an insurance company’s Income Statement and Balance Sheet. Take the time to further immerse yourself with understanding insurance.
1.5 hours / 3 hours
Build a fully integrated, scalable, new insurance company model including detailed build-up by line of business from Gross Written Premiums to Net Premiums down to Underwriting Income. Consolidate the lines of business performance into a GAAP Income Statement with statutory adjustments. Integrate income statement projections with a self-balancing balance sheet, an automated cash flow statement and the balancing cash flow sweep schedule. Learning objectives include: build an integrated set of financials, including LOB, income statement, balance sheet & cash flow; project direct, ceded and net premiums and underwriting income based on assumed loss triangles; consolidate multiple lines of businesses, calculate GAAP and Stat Net Income with Tax Schedule; project self-balancing balance sheet including items such as premiums receivable and recoverables.
5 hours / 9 hours
Property specific modeling for master plan & hotel development.
Enroll NowEvaluate the financial feasibility of a greenfield real estate development project. Determine the valuation of an empty plot of land by developing and building different lots, houses and condos. First, incorporate infrastructure costs required for a master plan development. Then dynamically differentiate among developing empty lots, building single family houses, and constructing & selling condominiums. Account for variability in construction timelines for different types of properties and sensitize the master financial model for various per unit and per square foot costs as the project is in planning, construction and post-construction phases. Learn how to quickly modify assumptions to customize the model to reflect a poor operating environment as the pace of lot sales significantly decline. In addition, learn how to determine optimal funding mix of equity vs. debt based on project cash flows and IRR.
Real estate takes a different twist from traditional companies in that it doesn’t sell or produce any goods. As such, the process of building up the P&L requires a different logic. From quantifying the costs of a development project to the revenue build-up, we explore a master plan for community and condo development to a commercial hotel project.
2 hours / 3 hours
Evaluate and analyze the acquisition, construction and renovation of a boutique hotel. Quantify hotel-specific construction costs and Sources & Uses of Funds. Perform detailed construction loan analysis that rolls into larger debt funding facility. Funnel into the core projection, estimating REVPAR (Revenue per available room), various revenue streams and operating expenses. Compute management incentives and ultimately roll into Net Cash Flow and IRR.
1.5 hours / 2 hours
Real Estate Investment Trust financial projection modeling.
Enroll NowReal Estate Investment Trusts take a different life of their own by aggregating all the real estate investments and development projects the REIT manages and owns. The individual line items per property are not as relevant as everything in totality. The process of quantifying construction-in-progress, acquisitions and new development starts on the overall REIT entity to arrive at a solid set of projections is the goal in our REIT module.
NOTE: Our REIT Model is not yet available in our streaming-video online format; however, we do make it available for purchase. The REIT Model starts at $750 USD (see below), which includes access to our Core Model online class, completed industry model and an optional half-hour consultation with Hamilton Lin, CFA, our President & Founder, after you have reviewed the model. See details below:
1) ONLINE ACCESS
Our REIT Model builds upon our Advanced Financial Model - Core Model online course. The “Core Model” builds the fully integrated model but is not REIT- specific (actually it uses a retail company with base-case accounting). Below are the following purchase options for our REIT-specific courses:
Completed, standalone REIT model (Model)*: $750
Model + 1 month online access to Core Model: $900
Model + 6 month online access to Core Model: $1,000
Optional Consultation to review model: $500 for half hour (see below)
Model also includes any relevant industry overview slides.
2) INTERACTIVE, EXCEL-BASED MODELING
The above referenced “Core Model” course is Excel-based modeling. Please see Package 3 for more information. Click on video learning platform and product demo links to learn more. Note: Basic Excel skills are required (and sufficient) as the Core Model course will get you up to speed on Excel shortcuts and model-building best practices very quickly.
3) TIME TO COMPLETION
The Core Model is about a full day of work. You can break up the course however you like, based on your free time - an hour here and there, etc. Hence, we allow for different duration options based on your timing and availability. Add to that the amount of time it takes you to go thru the completed industry specific model supplied to you.
4) CONSULTATION
Hamilton Lin, CFA is WST’s President and Founder. He is all over YouTube (search for Wall Street Training). He personally constructed the industry specific models. The consultation would be done via conference call at a mutually convenient time to be arranged after completion of the Core Model online course and going through the industry-specific model.
5 hours / 7 hours
Think like a hedge fund manager & buy-side professional.
Enroll NowOftentimes, the results of your quantitative, fundamental and relative valuation provides an answer and decision rule, but results in a different (and opposite) action item than the buy-side analyst. The goal of our buy-side series is to get introduced to the psyche of a hedge fund and learn how to think like a buy-side analyst. If you’re a buy-side professional, you must master these fundamentals. If you’re a sell-side professional, adoption of these techniques will increase the value of the presenter’s ideas and result in increased and stronger buy-side relationships.
Participants will be introduced to the psyche of a hedge fund and learn how to think like a buy-side analyst. Through this course, participants will be shown how to expand their analysis beyond theory (valuations, trends, etc.) and apply the same practical techniques that hedge funds do. Specifically, learn what information is valued by funds, how and when hedge funds buy stocks, how single stock ideas are vetted through the construct of an entire portfolio, and how/why short decisions are made. Trade strategies will be detailed so conceptual ideas can be presented as actionable trades. Trading mechanics such as short interest, liquidity analysis, and ownership will also be discussed. Participants will be shown where to gain insights on funds and how to cater ideas/information to the fund’s existing book of stocks, market exposure, and stated mandate. If you’re a buy-side professional, you must master these fundamentals. If you’re a sell-side professional, adoption of these techniques will increase the value of the presenter’s ideas and result in increased and stronger buy-side relationships.
2 hours / 3 hours
These highly customized programs will help you propel to the top of your field and industry by sharpening and honing specific technical skills. Our courses are thorough and comprehensive to help you achieve your goals, regardless of your specialty within fundamental analysis.
In all cases, you must always master Package 1 (Basic & Fundamental Concepts) and Package 2 (Core Fundamental Concepts) before progressing. Select a track below for curriculum and ordering information.
All Tracks price in a 20% discount versus ordering each item individually. All prices are in USD and denote six (6) months of access.
Investment bankers need to learn financial modeling so they can properly project the profitability of the clients they work on as well as valuation. Ultimately, they help companies raise equity capital and debt financing as well as advisory services such as mergers & acquisitions. In all cases, they need to predict the future earnings and cash flow for valuation purposes. Our courses teach both the modeling and valuation aspects.
Boutique investment banks focus on a specific niche, usually an industry. These firms most likely have only M&A capabilities since they don't have the reach and distribution / sales force aspect of the larger banks. Professionals working at boutique investment banks are perfect for our self-study courses since boutiques usually have fewer people to train and need formalized training but don't have the headcount to justify corporate, in-house training.
At a minimum, bankers need the suite of financial and valuation modeling courses, as well as merger and LBO modeling courses. Boutique firms may not need the complex LBO and advanced merger courses but probably would be nice to have. Obviously in all cases, the bankers need to master the basic and fundamental concepts.
*Only included in the Investment Banking (Middle Market) Track.
Research professionals analyze and value stocks and fixed income securities in the industries that they follow. Sell-side equity analysts recommend buy, sell or hold and their responsibility is to generate independent investment ideas to sell to their clients (individuals and institutions). Buy-side research analysts make their investment recommendation and pitch them internally to their portfolio manager.
Sell-side research professionals are either part of a larger bank or are "independent research firms" that sell their research to other larger firms. Nowadays, the research staff is thinly staffed, with no more than a handful of professionals per team. Fewer and increasingly, younger, junior research staff supporting a head analyst or portfolio manager further increases the need to master financial modeling.
Asset managers are the buy-side, typically large institutional investors with sums of money to invest. These can be mutual funds, independent asset managers, pensions, foundations, endowments or insurance companies. These can fall into a multitude of possibilities but either way, they need to evaluate if they should buy a stock or security and therefore, need financial modeling and valuation courses.
Oftentimes, the focus of the job is diverted away from proper learning, training and understanding towards simply "updating the quarterly model." Mastering our financial and valuation courses will give you the leg up to spend more time on qualitative instead of quantitative analysis. A key course is our Segment Build-up Modeling course to better quantify drivers of growth.
Research professionals are supposed to generate investment ideas by identifying the catalyst - what will make this stock move? The rigor of analysis actually is a little bit less focused on financial modeling. Financial modeling is merely step one, and serves as a tool to quantify the research analyst's qualitative assessment; as such, financial modeling is a critical skill, though not the "end-all, is-all." A research analyst's coverage might include 30-50 companies and so when a deal is inevitably announced in their industry they need to be able to analyze the deal and ascertain quickly if this is good or bad for the parties involved.
Thus, research analysts also need to know enough about M&A and LBOs, but not necessarily the super complex deal structuring aspects. Analysts need to know the basics to carry one a good conversation and make the quick determination of good or bad. Get the basic terminology, understand the implications and how to evaluate the results and screen for companies that are ideal LBO candidates for private equity firms to swoop in and snatch up. At a minimum, research professionals need our suite of financial modeling and valuation courses with just the basic merger and LBO courses.
Private equity and venture capital firms invest large sums of money to buy an entire company as opposed to just shares or stock of a company. This falls right into the leveraged buyout courses. Basically, leverage means use of debt, using massive amount of debt to buy a company, take it private (off the public markets). Private equity and LBO professionals basically need to master all of our courses, from modeling to valuation and including (and especially), the super advanced modeling packages.
The rigor of financial analysis & modeling that PE professionals undertake is considered to be more rigorous than investment banking. Investment banking tends to be transaction oriented (close the deal, get the fee), whereas with private equity, you have to live with the company - you own the company and therefore you actually care about what happens after you buy the company. Private equity is considered a very natural next step career-wise after investment banking.
Many private equity firms hire experienced bankers from M&A, leveraged finance or financial sponsors groups and as such, mastery of LBO modeling is a required skill. Merger courses are also required since the PE fund first needs to buy the company, perhaps integrate it with an existing portfolio company and then in the future, exit the company. Understanding and articulating capital structure is critical as well.
Credit analysts evaluate whether or not to make loans to companies. They focus on modeling out future cash flows to forecast ability to pay down debt, as opposed to a focus on earnings & valuation. Credit and leverage statistics (i.e. ratios) are covered in detail in our Accounting and Advanced Financial & Valuation Modeling - Enhancements courses. Investment grade debt (bonds) and bank loans are usually safer securities whereas high yield (junk bonds) are more risky. Many of these banks lend debt in transactions and as such, credit analysts would need to be familiar with LBOs and M&A to understand how bankers priced and structured the deal.
The lending side of the world can be broken down into Corporate Banking (bank debt such as revolvers and term loans) and Commercial Banking (public or private bonds and fixed income securities). In either case, banks lend debt in LBO and M&A transactions and as such, need to understand how to evaluate such transactions - does it make sense for the company to borrow that amount of debt or should they borrow more or less, what is the ideal structure. Historically, banks more focused on what was earned in previous years and not on what will be earned next yr to pay the loan. This is why our courses on the credit side are important!
Corporate development and business development professionals are the internal buy-side division of companies that make acquisitions. As such, they need to understand the full financial modeling, valuation and merger modeling topics. Emphasis should be placed on the Advanced Financial Modeling and Valuation - Enhancements courses, M&A Deal Structuring, Merger Modeling Basics and our Complex, Super-Advanced Merger Modeling for complete thoroughness. Beyond understanding capital structure impacts, the LBO courses are not required other than personal learning.
The WST Certification can be granted to both classroom training and self-study clients who have successfully completed our financial modeling, valuation, M&A and LBO courses. It is an official document that confirms your completion of WST courses, and certifies that you have a full understanding and solid grasp of our finance topics, application of modeling, and valuation skills.
If you are interested in applying, please get in touch with us. We will send over more information including list of eligible courses, pricing structure, and grading criteria.
WST is the forerunner in equipping individuals with solid financial skills. We are fully committed to helping our clients, corporations, and individuals attain the most competent skill sets and we pride ourselves in setting the gold standard in the financial training industry. A WST Certificate holder has the competitive edge over her/his peers and will inevitably be regarded by current and prospective employers as someone who has the expertise and skills necessary to excel in the financial industry.
The WST Certification is best for those who are looking to enter or transition into the finance field. Our expertise and integrity are evident in our relationships with credible corporate clients and 3rd party affiliations.
After successful completion of our self-study courses, the optional certification process can begin. You will be given a case study to complete which will test your ability to valuate, build a financial model, and demonstrate your concept application. No outside sources are necessary: all prior knowledge is taught in our self-study courses. Your work will be evaluated by the WST staff.
Only existing subscribers with a valid and unexpired subscription are eligible to undergo the certification process, which can be accessed by going to "More Courses" in their user log-in. You MUST have purchased the corresponding self-study course in order to undergo the certification process.
The following levels and courses are available for certification:
*Note: Level V certification excludes Advanced Excel for Data Analysis topic. Successful completion of WST Certification implies a solid grasp and understanding of the stated Learning Objectives for the respective courses and levels.
WST is proud of the standards we have set in the financial industry. Therefore, when we issue a Certificate, we are putting our name and reputation behind the candidate. Therefore, we have high standards and will not distribute a passing grade if the student does not meet our expectations. When we issue a Certificate, it means that the recipient actually knows the material, as opposed just answering 70% of 50 multiple choice questions correctly or something to that effect. Admittedly, our grading criteria is pretty strict.
A cell will be marked as incorrect if EITHER of the following below are inconsistent with our internal proprietary master model. Please note that EACH instance will be marked incorrect, so it is possible to have one cell with 5 errors, which would alone result in a FAIL grade.
Our internal proprietary master model is built following the exact same methodologies as per our online self-study videos. All PASS/FAIL decisions are at the sole discretion and judgment of WST staff. Under no circumstances will a refund be issued.
The Verification of Completion is a cost-effective, less rigorous alternative to WST Certification. It is similar to WST Certification except that instead of being given a brand-new set of case study financial models, we will check your completed financial models from the self-study video exercises.
Thus, the verification simply verifies that you have successfully completed the video exercises. Since the answers are fully provided, cell-by-cell, formula-by-formula, it is our expectation that all submissions should be 100% accurate and correct. This option does not test one's ability to apply the concepts learned to a new problem.