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!

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

Requirements

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

Description

** Updated for January 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!

Overview

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 Early origins 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 What does an IPO timetable look like?

Lecture 21 The IPO syndicate – members and responsibilities

Lecture 22 The pricing process

Lecture 23 Fee distribution among investment banks

Lecture 24 Allocating shares to investors – who gets what

Lecture 25 Taking a long and short position with respect to a security (definition)

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 A particular type of bonds - 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 A detailed description of an M&A process

Lecture 45 Valuation of target companies

Lecture 46 Payment options in M&A deals

Lecture 47 Financial vs. Corporate buyers

Lecture 48 Course challenge #3 - M&A

Section 8: Advisory services – Restructuring

Lecture 49 Restructuring services – why and when

Lecture 50 The different types of Restructuring

Lecture 51 Course Challenge #4 - Restructuring

Section 9: Trading and Brokerage

Lecture 52 How investment banks profit from Trading and Brokerage

Lecture 53 The different types of financial securities traded by investment banks

Section 10: Asset management

Lecture 54 Why hire Investment banks as asset managers?

Lecture 55 A risk-return comparison of different investments

Lecture 56 Private equity funds

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

Lecture 57 Why value a company?

Lecture 58 How much is a company worth for an investor?

Lecture 59 The two variables that drive a firm’s value

Lecture 60 The mechanism of Unlevered cash flow calculation

Lecture 61 Introducing a discount factor – Weighted average cost of capital

Lecture 62 Calculating a firm's cost of debt

Lecture 63 Calculating a firm’s cost of equity

Lecture 64 How to find the beta for an unlisted firm?

Lecture 65 Estimating a company’s future cash flows

Lecture 66 The two stages of a DCF model

Lecture 67 Discounting cash flows and terminal value

Lecture 68 Calculating enterprise and equity value

Section 12: Financial modeling fundamentals

Lecture 69 What is a financial model?

Lecture 70 Why use a financial model?

Lecture 71 Inefficient financial modeling practices

Lecture 72 Efficient financial modeling practices

Lecture 73 Different types of financial models we can build

Lecture 74 The right level of detail we should use when building a 5 or 10-year model

Lecture 75 The right way to approach the forecasting exercise

Lecture 76 Building complete financial models

Lecture 77 Forecasting P&L items

Lecture 78 Forecasting Balance sheet items (1/2)

Lecture 79 Forecasting Balance sheet items (2/2)

Section 13: DCF Valuation - Introduction

Lecture 80 How to value a company - Introduction

Lecture 81 The stages of a complete DCF Valuation

Lecture 82 Let's go through the structure of the DCF model we will create in Excel

Lecture 83 A glimpse at the company we are valuing - Cheeseco

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

Lecture 84 Modeling the top line

Lecture 85 Building flexible financial models in Excel

Lecture 86 Modeling other items: Other revenues and Cogs

Lecture 87 Modeling other items: Operating expenses and D&A

Lecture 88 Modeling Other Items: Interest expenses, Extraordinary items and Taxes

Section 15: DCF Valuation - Forecasting key Balance Sheet items

Lecture 89 How to forecast Balance Sheet items - the clear and practical way

Lecture 90 A key concept for finance practitioners - the "Days" methodology

Lecture 91 How to calculate "Days"

Lecture 92 How to use "Days" to project the future development of BS items

Lecture 93 Forecasting Property, plant & equipment, Other assets and Other liabilities

Section 16: DCF Valuation - Creating clean output sheets

Lecture 94 Excel best practices! Create a good-looking and clean output sheet in your model

Lecture 95 Putting what we learned into practice - Populating the P&L sheet

Lecture 96 How to create a clean output Balance Sheet in your Financial Model

Lecture 97 Completing the output BS sheet for the historical period

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

Lecture 98 Learn how to calculate Unlevered free cash flows

Lecture 99 Important! Reconcile UFCF to Net cash flow

Lecture 100 A very useful lesson! Cash flow calculation

Lecture 101 Arriving to actual Net cash flow figures and performing a check with cash

Lecture 102 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 103 Introducing weighted average cost of capital (WACC) and perpetuity growth rate

Lecture 104 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 105 Calculating Continuing value and Enterprise value of the business

Lecture 106 Final steps! Calculating Equity value of the business

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

Lecture 107 Sensitivity analysis for WACC and perpetuity growth

Lecture 108 An application of Goal seek

Lecture 109 Recap of the financial model with charts and hypothesis testing

Section 21: Tesla valuation - Complete DCF exercise

Lecture 110 Organizing external inputs in a 'Drivers' sheet

Lecture 111 The input data we will work with

Lecture 112 Forecasting Tesla's expected deliveries

Lecture 113 Comparing delivery figures with the ones of industry peers

Lecture 114 Estimating an average selling price of Tesla vehicles

Lecture 115 Calculating automotive revenue

Lecture 116 Peer comparison: Gross profit %

Lecture 117 Calculating automotive gross profit

Lecture 118 Calculating automotive cost of sales

Lecture 119 Forecasting 'energy' and 'services' revenue

Lecture 120 Calculating 'energy' and 'services' gross profit and cost of sales

Lecture 121 Forecasting operating expenses

Lecture 122 Building a fixed asset roll forward: estimating Capex

Lecture 123 Building a fixed asset roll forward: D&A schedule

Lecture 124 Peer comparison: D&A as a percentage of revenues

Lecture 125 Calculating DSO, DIO, DPO

Lecture 126 Producing a clean P&L output sheet

Lecture 127 Fill in the P&L output sheet

Lecture 128 Calculating investments in working capital

Lecture 129 Forecasting Unlevered free cash flow

Lecture 130 Forecasting other assets

Lecture 131 Forecasting other liabilities

Lecture 132 Completing Unlevered free cash flow

Lecture 133 Modeling Tesla's financing needs in the forecast period

Lecture 134 Calculating Net income

Lecture 135 Bridging Unlevered Free cash flow to Net cash flow

Lecture 136 Balancing the Balance sheet

Lecture 137 Estimating Weighted average cost of capital (WACC)

Lecture 138 Performing Discounted cash flow valuation (DCF)

Lecture 139 Calculating enterprise value, equity value, and price per share

Lecture 140 Closing remarks

Section 22: Multiples valuation – triangulating DCF results with multiples

Lecture 141 What are valuation multiples and why we use them?

Lecture 142 What types of valuation multiples are there?

Lecture 143 Trading vs transaction valuation multiples

Lecture 144 Main principles of multiples valuation

Lecture 145 Comparison of earnings multiples (P/E vs EV/EBITDA)

Section 23: Multiples valuation - practical example - Volkswagen

Lecture 146 Introduction to the exercise

Lecture 147 High-level assessment of peer companies

Lecture 148 Assessment of P&L data - comparable companies

Lecture 149 How to adjust EBIT - theoretical framework

Lecture 150 How to adjust EV - theoretical framework

Lecture 151 How to adjust EBIT - practical example - Volkswagen

Lecture 152 How to adjust EV - practical example - Volkswagen

Lecture 153 Conclusion of the practical exercise

Section 24: A guide to Leveraged Buyouts

Lecture 154 What is an LBO?

Lecture 155 How does an LBO work in practice?

Lecture 156 Who are the lenders?

Lecture 157 What is debt capacity?

Lecture 158 When is an LBO a feasible option?

Lecture 159 The LBO price

Lecture 160 LBO exit strategies

Section 25: LBO Case study: Dell's LBO

Lecture 161 Intro to the deal

Lecture 162 Dell's business from a strategic perspective

Lecture 163 Details and information about the deal

Lecture 164 The aftermath

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

Lecture 165 Introduction to the model we will build

Lecture 166 Establishing the maximum amount of debt that can be used in the transaction

Lecture 167 Financial sponsors’ perspective

Lecture 168 Forecasting financials until EBIT

Lecture 169 The optimal debt structure

Lecture 170 Estimating cash flows and debt payments

Lecture 171 Completing the model for the period 2018-2021

Lecture 172 Calculating Enterprise value and IRR

Lecture 173 Performing sensitivity analysis

Section 27: Interview preparation

Lecture 174 Career guide and frequently asked interview questions

Section 28: Who Does What in Finance?

Lecture 175 Who Does What in Finance?

Section 29: Bonus lecture

Lecture 176 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