The Complete Investment Banking Course 2023

The #1 Course to Land a Job in Investment Banking. IPOs, Bonds, M&A, Trading, LBOs, Valuation: Everything is included!
The Complete Investment Banking Course 2023
File Size :
604.85 MB
Total length :
13h 31m



365 Careers


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The Complete Investment Banking Course 2023

What you’ll learn

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

The Complete Investment Banking Course 2023


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


** Updated for April 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 bankingExtensive Case Studies: To help you reinforce everything you’ve learnedAn 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 dayDynamic: We don’t want to waste your time! The instructor keeps up a very good pace throughout the whole courseBonus 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?

Salary. Investment Bankers are some of the best paid professionals in our societyPromotions. Investment Bankers acquire valuable technical skills, which makes them the leading candidates for senior roles in industrial companies and Private Equity firmsGrowth. This isn’t a boring job. Every day you will face different challenges that will test your existing skillsPlease 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!


Section 1: Welcome! Course Introduction

Lecture 1 What does the course cover?

Lecture 2 Download all course materials

Section 2: The ascendance of investment banking services

Lecture 3 The importance of history, name, tradition, and reputation

Lecture 4 The rise of investment banking services

Lecture 5 What is the difference between commercial and investment banking?

Lecture 6 Why do universal banks have a competitive advantage?

Lecture 7 Intrinsic conflicts of interest and the role of Chinese walls

Lecture 8 Historical M&A waves

Lecture 9 Three of the most important IPOs in history

Section 3: The four main areas of investment banking activity

Lecture 10 Capital markets – raising equity and debt capital

Lecture 11 Advisory – M&A and Restructuring services

Lecture 12 Trading and Brokerage – trading with financial securities

Lecture 13 Asset management – the ability to use money to make more money

Section 4: Strategies pursued by investment banks

Lecture 14 Strategies pursued by investment banks

Lecture 15 Relationship vs transaction-based banking

Lecture 16 The accidental investment banker – Book recommendation

Section 5: Capital markets – Equity capital markets

Lecture 17 Why would a company want to go public?

Lecture 18 Who are the investors in an IPO?

Lecture 19 Coming up with a share price

Lecture 20 Technical details of IPO pricing

Lecture 21 IPO share allocation

Lecture 22 What does an IPO timetable look like?

Lecture 23 The IPO syndicate – members and responsibilities

Lecture 24 Fee distribution among investment banks

Lecture 25 Post-IPO stabilization: Definition of long/short position

Lecture 26 Post-IPO stabilization: Applying the Greenshoe option

Lecture 27 Greenshoe explained – Practical example

Lecture 28 Other ways to place equity capital – SEOs and private placements

Lecture 29 Facebook’s IPO – Case study

Lecture 30 Course Challenge #1 – IPO

Section 6: Capital Markets – Debt Capital Markets

Lecture 31 The four different types of bonds

Lecture 32 Why issue a bond?

Lecture 33 The mechanics of a bond offering. Process description

Lecture 34 Junk bonds

Lecture 35 What is securitization and why can it be useful?

Lecture 36 Securitization – explained

Lecture 37 Asset-backed securities: An example of securitization

Lecture 38 Loan syndication – a preferred instrument for most banks nowadays

Lecture 39 Project finance

Lecture 40 Course challenge #2 – Debt offerings

Section 7: Advisory services – Mergers and acquisitions

Lecture 41 Why acquire another company?

Lecture 42 Describing the typical deal lifecycles and buyer companies

Lecture 43 The three types of M&A processes

Lecture 44 M&A private deals

Lecture 45 M&A auctions

Lecture 46 M&A of listed firms

Lecture 47 Valuation of target companies

Lecture 48 Payment options in M&A deals

Lecture 49 Financial vs. Corporate buyers

Lecture 50 Course challenge #3 – M&A

Section 8: Advisory services – Restructuring

Lecture 51 Restructuring services – why and when

Lecture 52 Prioritization of restructuring efforts

Lecture 53 Course Challenge #4 – Restructuring

Section 9: Trading and Brokerage

Lecture 54 The Trading and Brokerage division

Lecture 55 Types of securities traded

Lecture 56 Proprietary trading vs principal investments

Lecture 57 The advent of algorithmic-driven trading

Section 10: Asset management

Lecture 58 Why hire Investment banks as asset managers?

Lecture 59 A risk-return comparison of different investments

Lecture 60 Private equity funds

Section 11: A step-by-step guide to Company Valuation

Lecture 61 Why value a company?

Lecture 62 How much is a company worth for an investor?

Lecture 63 The two variables that drive a firm’s value

Lecture 64 The mechanism of Unlevered cash flow calculation

Lecture 65 Introducing a discount factor – Weighted average cost of capital

Lecture 66 Calculating a firm’s cost of debt

Lecture 67 Calculating a firm’s cost of equity

Lecture 68 How to find the beta for an unlisted firm?

Lecture 69 Estimating a company’s future cash flows

Lecture 70 The two stages of a DCF model

Lecture 71 Discounting cash flows and terminal value

Lecture 72 Calculating enterprise and equity value

Section 12: Financial modeling fundamentals

Lecture 73 What is a financial model?

Lecture 74 Why use a financial model?

Lecture 75 Inefficient financial modeling practices

Lecture 76 Efficient financial modeling practices

Lecture 77 Different types of financial models we can build

Lecture 78 The right level of detail we should use when building a 5 or 10-year model

Lecture 79 The right way to approach the forecasting exercise

Lecture 80 Building complete financial models

Lecture 81 Forecasting P&L items

Lecture 82 Forecasting Balance sheet items (1/2)

Lecture 83 Forecasting Balance sheet items (2/2)

Section 13: DCF Valuation – Introduction

Lecture 84 How to value a company – Introduction

Lecture 85 The stages of a complete DCF Valuation

Lecture 86 Let’s go through the structure of the DCF model we will create in Excel

Lecture 87 A glimpse at the company we are valuing – Cheeseco

Section 14: DCF valuation – Forecasting of key P&L items

Lecture 88 Modeling the top line

Lecture 89 Building flexible financial models in Excel

Lecture 90 Modeling other items: Other revenues and Cogs

Lecture 91 Modeling other items: Operating expenses and D&A

Lecture 92 Modeling Other Items: Interest expenses, Extraordinary items and Taxes

Section 15: DCF Valuation – Forecasting key Balance Sheet items

Lecture 93 How to forecast Balance Sheet items – the clear and practical way

Lecture 94 A key concept for finance practitioners – the “Days” methodology

Lecture 95 How to calculate “Days”

Lecture 96 How to use “Days” to project the future development of BS items

Lecture 97 Forecasting Property, plant & equipment, Other assets and Other liabilities

Section 16: DCF Valuation – Creating clean output sheets

Lecture 98 Excel best practices! Create a good-looking and clean output sheet in your model

Lecture 99 Putting what we learned into practice – Populating the P&L sheet

Lecture 100 How to create a clean output Balance Sheet in your Financial Model

Lecture 101 Completing the output BS sheet for the historical period

Section 17: DCF valuation – Calculating unlevered cash flows and Net cash flow

Lecture 102 Learn how to calculate Unlevered free cash flows

Lecture 103 Important! Reconcile UFCF to Net cash flow

Lecture 104 A very useful lesson! Cash flow calculation

Lecture 105 Arriving to actual Net cash flow figures and performing a check with cash

Lecture 106 A fast and effective way to modify multiple cell references in Excel

Section 18: DCF valuation – Calculating present value of cash flows in the forecast period

Lecture 107 Introducing weighted average cost of capital (WACC) and perpetuity growth rate

Lecture 108 Learn how to find the present value of future Cash Flows in Financial Models

Section 19: DCF valuation – Calculating Continuing value, Enterprise value and Equity ealue

Lecture 109 Calculating Continuing value and Enterprise value of the business

Lecture 110 Final steps! Calculating Equity value of the business

Section 20: DCF Valuation – Additional analyses accompanying the Financial Model

Lecture 111 Sensitivity analysis for WACC and perpetuity growth

Lecture 112 An application of Goal seek

Lecture 113 Recap of the financial model with charts and hypothesis testing

Section 21: Tesla valuation – Complete DCF exercise

Lecture 114 Organizing external inputs in a ‘Drivers’ sheet

Lecture 115 The input data we will work with

Lecture 116 Forecasting Tesla’s expected deliveries

Lecture 117 Comparing delivery figures with the ones of industry peers

Lecture 118 Estimating an average selling price of Tesla vehicles

Lecture 119 Calculating automotive revenue

Lecture 120 Peer comparison: Gross profit %

Lecture 121 Calculating automotive gross profit

Lecture 122 Calculating automotive cost of sales

Lecture 123 Forecasting ‘energy’ and ‘services’ revenue

Lecture 124 Calculating ‘energy’ and ‘services’ gross profit and cost of sales

Lecture 125 Forecasting operating expenses

Lecture 126 Building a fixed asset roll forward: estimating Capex

Lecture 127 Building a fixed asset roll forward: D&A schedule

Lecture 128 Peer comparison: D&A as a percentage of revenues

Lecture 129 Calculating DSO, DIO, DPO

Lecture 130 Producing a clean P&L output sheet

Lecture 131 Fill in the P&L output sheet

Lecture 132 Calculating investments in working capital

Lecture 133 Forecasting Unlevered free cash flow

Lecture 134 Forecasting other assets

Lecture 135 Forecasting other liabilities

Lecture 136 Completing Unlevered free cash flow

Lecture 137 Modeling Tesla’s financing needs in the forecast period

Lecture 138 Calculating Net income

Lecture 139 Bridging Unlevered Free cash flow to Net cash flow

Lecture 140 Balancing the Balance sheet

Lecture 141 Estimating Weighted average cost of capital (WACC)

Lecture 142 Performing Discounted cash flow valuation (DCF)

Lecture 143 Calculating enterprise value, equity value, and price per share

Lecture 144 Closing remarks

Section 22: Multiples valuation – triangulating DCF results with multiples

Lecture 145 What are valuation multiples and why we use them?

Lecture 146 What types of valuation multiples are there?

Lecture 147 Trading vs transaction valuation multiples

Lecture 148 Main principles of multiples valuation

Lecture 149 Comparison of earnings multiples (P/E vs EV/EBITDA)

Section 23: Multiples valuation – practical example – Volkswagen

Lecture 150 Introduction to the exercise

Lecture 151 High-level assessment of peer companies

Lecture 152 Assessment of P&L data – comparable companies

Lecture 153 How to adjust EBIT – theoretical framework

Lecture 154 How to adjust EV – theoretical framework

Lecture 155 How to adjust EBIT – practical example – Volkswagen

Lecture 156 How to adjust EV – practical example – Volkswagen

Lecture 157 Conclusion of the practical exercise

Section 24: A guide to Leveraged Buyouts

Lecture 158 What is an LBO?

Lecture 159 How does an LBO work in practice?

Lecture 160 Who are the lenders?

Lecture 161 What is debt capacity?

Lecture 162 When is an LBO a feasible option?

Lecture 163 The LBO price

Lecture 164 LBO exit strategies

Section 25: LBO Case study: Dell’s LBO

Lecture 165 Intro to the deal

Lecture 166 Dell’s business from a strategic perspective

Lecture 167 Details and information about the deal

Lecture 168 The aftermath

Section 26: LBO Valuation – Building a leveraged buyout (LBO) model from scratch

Lecture 169 Introduction to the model we will build

Lecture 170 Establishing the maximum amount of debt that can be used in the transaction

Lecture 171 Financial sponsors’ perspective

Lecture 172 Forecasting financials until EBIT

Lecture 173 The optimal debt structure

Lecture 174 Estimating cash flows and debt payments

Lecture 175 Completing the model for the period 2018-2021

Lecture 176 Calculating Enterprise value and IRR

Lecture 177 Performing sensitivity analysis

Section 27: Building a comprehensive LBO model

Lecture 178 Case description

Lecture 179 Introduction to LBO Modeling exercise

Lecture 180 Key drivers in the LBO model

Lecture 181 Constructing the Profit and Loss header

Lecture 182 Analyzing historical Profit and Loss figures

Lecture 183 Valuing the Target company

Lecture 184 Estimating transaction fees

Lecture 185 Sources and uses of funds

Lecture 186 Shaping the Balance sheet at transaction

Lecture 187 Goodwill calculation

Lecture 188 Integrating assumptions into the Drivers sheet

Lecture 189 Building a Fixed asset roll forward schedule

Lecture 190 Forecasting financials using the Drivers sheet

Lecture 191 Completing the Profit and Loss statement (up to EBITDA)

Lecture 192 Modeling Working capital

Lecture 193 Filling in the Balance sheet at transaction sheet

Lecture 194 Add financials to the Balance sheet

Lecture 195 Projecting Fixed asset roll forward

Lecture 196 Developing a Debt schedule

Lecture 197 Creating a Fixed asset amortization schedule

Lecture 198 Structuring Cash Flow

Lecture 199 Designing the Financing sheet

Lecture 200 Calculating Cash Flow

Lecture 201 Building an Equity schedule

Lecture 202 Finalizing the Financing Cash Flow

Lecture 203 Modeling the Revolver facility (first part)

Lecture 204 Completing the Profit and Loss statement

Lecture 205 Modeling the Revolver facility (second part)

Lecture 206 Balancing the Balance sheet

Lecture 207 Exit valuation and IRR comparison

Section 28: Interview preparation

Lecture 208 Career guide and frequently asked interview questions

Section 29: Who Does What in Finance?

Lecture 209 Who Does What in Finance?

Section 30: Bonus lecture

Lecture 210 Bonus lecture: Next steps

Aspiring investment bankers,People who are ambitious and are interested in earning a seven-figure salary,Anyone who wants to learn about investment banking and company valuation

Course Information:

Udemy | English | 13h 31m | 604.85 MB
Created by: 365 Careers

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