Financial Modeling Courses

Get an edge for your interviews & finance career

The Best (and Most Affordable) Financial Modeling Self-study Courses.

Perfect for self-motivated candidates.

Patrick Curtis


Patrick Curtis
WSO CEO
June 1, 2020

Go from novice to financial modeling ninja.

Update: WSO now offering discount (76% off) for Elite Modeling Package!
*Limited time offer: Expires ...or potentially earlier once additional bonuses are announced

I frequently get e-mails from WSO members asking me which financial modeling online course is the best to prepare them for investment banking, private equity, hedge funds, etc...

To be honest, there are many good options out on the market and if you are diligent and apply yourself, a lot of these courses will do the trick. For those of you that are finance majors and already feel comfortable around Excel, financial modeling and valuation courses may be overkill since you will likely get training once you start full time, as long as you are at a big enough investment bank...

"...visitors asking me which financial modeling training program is the best to prepare them..."

However, for candidates that want that extra bit of edge for their investment banking interviews, or people like me that had no excel modeling or finance background from a liberal arts college, it CAN be very valuable.

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Personally, I wish I had taken one of these before my analyst stint at Rothschild because in my first year I was in a world of pain. I was expected to model in excel as fast as Wharton finance majors with about 10x as much experience as me...a few weeks of wall street training wasn't going to be enough to close that massive gap in skill.

"...I was in a world of excel modeling pain..."

So I reached out to a really sharp coworker. I took him out to lunch and asked "What's your secret?" He told me something that was both basic and profound: "Take an online self-study financial modeling course :)".

I immediately enrolled in an online course and within a few short months, I had cut my hours in half, was producing twice the results, and quickly became the go-to financial modeling expert on my team.

"...quickly became the go-to excel modeling expert on my team..."

Over the years, we have promoted some great financial modeling packages, but many of them missed some key elements and best practices for online training, so we finally decided to launch our own modeling courses.

We started with a fresh slate, cherry-picked the best rock-star instructors and specifically addressed these gaps. The result is a more modern, enjoyable and effective set of modeling courses to help you gain a massive edge for your finance career.

See my comparisons to other courses below to learn more and click on any of the green buttons to take advantage of the 76% off package discount through Wall Street Oasis

Price - The Best Financial Modeling Course

Wall Street Oasis
Wall Street Oasis

$497

WSO Elite Package for $497 with 76% discount, which includes 6 courses + bonuses valued over $2,000

Breaking Into Wall Street
Breaking Into WallStreet

$497

BIWS Premium is $497, and offers the same topics as WSO's Elite Package: Financial Statement Modeling, DCF, LBO, Comps and M&A.

Wall Street Training
WallStreet Training

$1,850

They don't offer a package comparable to WSO's Elite Package or BIWS Premium. Buying packages 2-6 would give you financial and valuation modeling training for a whopping $1,850.


Conclusion:WSO's Elite Package gives you the most bang for the buck.

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Excel Modeling Experts - But Who's Behind the Content?

Wall Street Oasis
Wall Street Oasis

The Wall Street Oasis content development team is a group of investment bankers AND elite PE professionals ranging from Associates to MDs. They come from firms such as Morgan Stanley, MDP, Blackstone, Barclays, Evercore, Greenhill, Moelis and BAML.

Breaking Into Wall Street
Breaking Into WallStreet

All BIWS courses are essentially authored by one person, a former UBS investment banker.

Wall Street Training
WallStreet Training

WST's live training is conducted by team of finance professionals from firms such as TIAA-CREF, ThomasLloyd Capital and GE Capital. It appears that all of their self-study courses are authored by one person.


Conclusion: The Wall Street Oasis team of online instructors has wide-ranging industry and product experience.

Bonuses For Financial Modeling Packages

Wall Street Oasis
Wall Street Oasis

The Elite Package comes with major bonuses including free 1 year access to both WSO Premium (normally $199) which has over 80,000 datapoints on interviews, salaries and company reviews, AND the WSO Video Library (normally $399) which has hundreds of hours of premium video content including cases and templates.


Breaking Into WallStreet
Breaking Into Wall Street

Courses do not include any large company database or large library of content included.


WallStreet Training
Wall Street Training

WST's also does not have any of the crowdsourced value that WSO can provide all its students.


Conclusion: Wall Street Oasis has the most significant bonuses on top of the modeling courses.

Best Practices for Online Learning

Wall Street Oasis
Wall Street Oasis

All WSO courses use best practices in online learning 1) gamification 2) high production quality with animation 3) microlesson format for immediate feedback loop 4) desktop and mobile friendly with downloadable videos + materials.

Breaking Into Wall Street
Breaking Into WallStreet

BIWS Premium allows for downloads and is also mobile-friendly, but it has many long drawn out videos with low production quality, no gamification, and no microlesson format.

Wall Street Training
WallStreet Training

WST offers good content, but an outdated platform with the same long formats that plague BIWS students and students of other providers


Conclusion: Wall Street Oasis courses were built with the best practices of online learning as a core focus to make sure you retain these critical skills

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Money Back Guarantee + Support

Wall Street Oasis
Wall Street Oasis

Elite Package users get lifetime access to their courses + an industry best 12-month 100% money back guarantee + 24 months of free support from actual finance pros (700+ elite WSO mentors).


Breaking Into WallStreet
Breaking Into Wall Street

BIWS provides only a 90-day money-back guarantee and also 24 months of free support, but from a smaller team of pros to choose from.


WallStreet Training
Wall Street Training
Onlyl 6 months of access and no money-back guarantee and no support listed that I could find.

Conclusion: Wall Street Oasis has the most generous access and refund policy in the market by far.

All of these programs have solid content to help you prepare you for what you'll face as an investment banking analyst, but we are confident that WSO is a step above the rest (and also is conveniently, the most reasonably priced). Whatever you decide, good luck!


Detailed Financial Modeling & Valuation Course Outline

Financial Modeling & Valuation Course Outline

The amount of lessons and detail you get with this package is pretty incredible. You can really accelerate your learning and go at your own pace with this self-study course. It has online video training and templates, so you get hands-on experience like you would as an analyst building financial models.

Excel Modeling

Excel Modeling

Introduction
  • Learn the foundations of why Excel and main use cases
  • Excel the best navigation across 7 videos
  • Aggressive benchmark excercise to measure yourself
Efficiency and Formatting Foundations
  • Quickeys and how to get fast at modeling
  • Best practices in financial modeling in Excel
  • Math functions in the context of IB/PE and finance careers
Logic & Data Functions
  • Learn best practices for logic and data functions
  • IF and Nested IF statements, ISERRORS and much more
  • Insert circularity toggles and learn other tools for formula auditing
  • Customize Excel for effective modeling using macro shortcuts
Lookup & Financial Functions
  • Explore hlookup and vlookup in context of IB
  • Scenarios, data tables and auditing
  • Sorting, pivots and filtering

Financial Statement Modeling

Financial Statement Modeling

Introduction
  • Learn to integrate assumptions and drivers into financial models
  • Excel techniques and shortcuts for financial modeling
  • Learn formatting and structural best practices
Project the core financial statements
  • Income statement, Balance sheet and Cash flow statement
  • Supporting schedules: Working Capital, Deferred Taxes, PP&E / Depreciation, Intangible Assets, Retained Earnings and Debt & Interest
  • Financial Ratios Output Sheet
Error-Proofing
  • Learn best practices for check models for errors, accuracy and integrity
  • Check and fix circular reference and iteration problems (#REF)
  • Insert circularity toggles and learn other tools for formula auditing
  • Balancing the model and inserting automated crosschecks

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LBO Modeling Overview

LBO Modeling Overview

Build an integrated pro forma LBO projection model
  • Using typical deal structures and current market metrics
  • Build a dynamic Base/Best/Worst Case scenario toggles
Debt modeling
  • Learn to integrate typical LBO debt structures, including
  • secured, unsecured, pref/mezzanine and PIK debt, convertible securities and equity sweeteners
  • Build a revolving credit facility and cash sweep
  • Model LBO Equity Structures
Equity modeling
  • Integrate typical equity structure, including management Incentives and rollover, Preferred Stock, contingencies and earn-outs
  • Build a dynamic Sources and Uses of Funds Schedule
  • Modeling Goodwill, and various transactional adjustments
  • Build a returns analysis with XIRR functions
  • Error-proofing and integrity-checking an LBO model.
  • Build sensitivity tables required for correct analysis of an LBO, including the construction of multiples, and IRR tables using both data tables and various sorting functions in Excel, including VLOOKUPS, OFFSET, CHOOSE, and INDEX.
Updated Tax Module for Major Changes in 2017
  • Learn how to build out dynamic tax integrations so that your returns are more accurate
  • Accelerated Depreciation vs EBIT vs EBITDA considerations
  • Future switches and toggles based on years
  • Fully dynamic and robust model
Advanved Bonus Modules for Dividend Recaps + Rollup Strategy
  • More details on purchase price accounting in context of an LBO
  • Learn how to build in a dynamic dividend recap assumptions
  • Learn how to build in add-on acquisitions like a pro for a common rollup strategy
  • Future switches and toggles based on years
  • Fully dynamic and robust model

  • M&A Modeling Overview


    M&A Modeling Overview

    Accretion/Dilution Modeling
    • Introduction to M&A and typical buy side and sell side processes
    • Learn to perform both a back-of-the-envelope and extensive accretion-dilution analysis
    • Project consolidated financial statements, and learn to make correct adjusting entries for goodwill and fair market value write ups, advisory fees and financing fees and debt refinancing
    • Learn proper treatment of deferred taxes created in M&A and convertible securities and options
    Output Analysis
    • Sales, EBITDA, and ownership contribution analysis
    • Calculating pre-tax synergies to break-even
    • Sensitivity analysis using data tables to determine
    • accretion/dilution to target shareholders in various stock/cash scenarios
    • Error-check a merger model
    Topics in M&A
    • A review of common deal structures
    • A review of changes in the accounting for business combinations
    • Understand the asset vs. stock purchase decision
    • Address situations in which amortization may be tax-deductible
    • A discussion of 338(h)(10) election and wholly owned subsidiary acquisitions

    Valuation Modeling Overview


    Comps Modeling Overview

    Selecting and Evaluation Appropriate Multiples
    • Learn to select appropriate comparable companies by evaluating operational, financial, size, and other similarities
    • Select comparable companies
    • Input financial data
    • Calculate and interpret financial and market ratios
    • Common analytical challenges including calendarization, nonrecurring items, dilutive securities, and classification issues are addressed using industry best practices.
    Presenting Trading and Transaction Comparable Analysis
    • Structuring an output schedule
    • Selecting key valuation multiples using the VLOOKUP function
    • Building multiple tables

    DCF Modeling Overview

    DCF Modeling Overview

    Modeling free cash flows (FCF)
    • Unlevered vs. levered FCF
    • Capitalizing inappropriately classified expenses
    • Handling stub periods and midyear adjustments
    • Handling working capital items, deferred taxes and long-term accruals
    • Integrating synergy assumptions into the DCF model
    • Common pitfalls - enterprise vs. equity value, unlevered vs. levered FCF
    Discounting the cash flows
    • Deriving the cost of debt
    • Derive the cost of equity using CAPM
    • Delevering and relvering beta
    • Estimating the weighted average cost of capital (WACC)
    • Determining the optimal WACC
    • Avoiding inconsistency between the FCF and discount rate
    Estimating terminal value
    • Perpetuity approach
    • EBITDA multiple approach
    • Common pitfalls
    From enterprise value to equity value per share
    • Calculating net debt and treatment of debt equivalents such as preferred stock, convertible securities, capital leases and minority interest
    • Calculating options and convertible securities using both the standard and treasury stock methods
    Sensitivity analysis
    • Using data tables to analyze a broad range of scenarios given different assumptions

    24 Month Unlimited E-Mail Based Support
    The Elite Package is a self study program but you are not on your own. Wall Street Oasis Support Team is comprised entirely of experienced former investment bankers and private equity pros. Upon enrollment, students gain 24 month free and unlimited access to the WSO Online Support Center, embedded within each lesson, where they receive answers to questions, free downloads, and important updates from the support staff.
    Prerequisites
    Accounting The program assumes a basic introductory knowledge of accounting (e.g. interaction of balance sheet, cash flow, and income statement). Students with no prior background in Accounting should enroll in a basic online accounting course in addition to the Self Study Program.

    corporate finance Although general exposure to corporate finance is helpful, it is not required.ExcelBasic introductory Excel knowledge is not needed. Students with limited or no experience using Excel should start with the Excel Modeling Course prior to starting the other courses.


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