If you're looking for free courses, asimplemodel is a good start if you're just starting to learn financial modelling. If you're willing to put down some money, WallStreetPrep is pretty good at guiding you through more advance models (from my experience) and wso offers a discount on its course as well. But one critique I hear often and I think is important to note (in regards to these modelling courses) is that it doesn't fully explain the theory/reasoning behind some calculations. A free resource I used for this was the videos posted by Aswath Damodaran (finance professor at NYU) on youtube and other sources.

 

Eh I think you can skip a few steps here on your path. Why bother with the accountancy certificate if you're going to do your CFA? Why not just do your CFA and get a job in Asset Management? I definitely recommend getting some exposure to modeling, but at your age most employers bank on you learning on the job (some will even send you to an excel bootcamp to learn these skills). I also don't think they will care about your virtual portfolio.

 

Regrettably I wasn't able to secure a job in the preferred field hence I decided to take the accounting job.

I attended a non-target University in the UK and also graduated with mediocre grades (which are not a true reflection of what I am capable of) plus I don't have experience in the above mentioned industry. For these reasons and others I thought it would be a good idea to gain the accounting qualification in addition to passing all three levels of the CFA to make me more competitive in three years time.

I don't have the monetary funds to invest; hence virtual. I thought so; too.

Thank you!

It is easier to find men who will volunteer to die, than to find those who are willing to endure pain with patience.
 

I've seen several past discussions here about which modeling courses are best for investment banking modeling (Wall Street Prep vs Breaking Into Wall Street vs Wall Street Training). But is one of them better suited for ER modeling, or is it just a matter of preference?

 
NGW:
I've seen several past discussions here about which modeling courses are best for investment banking modeling (Wall Street Prep vs Breaking Into Wall Street vs Wall Street Training). But is one of them better suited for ER modeling, or is it just a matter of preference?

NGW, as a WSO member, you automatically get 15% of any Wall street Prep program if you click one of the banners (like the one below the comment box)...or you can go here to see all of our discounts: //www.wallstreetoasis.com/wall-street-oasis-discounts

good luck! Patrick

 

HF interviews don't usually have a modeling test (unlike PE). More commonly, they'll have some sort of case study where you pitch a stock or some other investment idea. I would focus more on that than on modeling.

 

So then you should be focusing on LBO modeling, rather than DCF. Know how to build a real short form LBO in 30 minutes, and know how to build a full three statement LBO in 2 hours and you should be fine.

 

How is Macabacus? Do you think that is sufficient to learn what I may need? It has the Operating Model as well as LBO modelling tutorials. I suppose I can also learn how to do DCF and other valuation techniques too.

 

Are you at a bank? Macabacus is not a bad resource but I would recommend also asking other analysts if they have models from buyside interviews that you can look at. The Macabacus models will be too detailed/complicated to use in a timed modeling test.

If you're looking to just learn modeling in general, that's not a bad place to start though (unless you're at a bank, where you should have numerous resources... models from old deals, other analysts, etc).

 

Hey Betseat-Getachew, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:

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  • More suggestions...

Or maybe the following WSO members have something to say: epping77 gameover3384 RoyalT

If those topics were completely useless, don't blame me, blame my programmers...

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

What type of financial modeling are you looking for specifically?

I've found it helpful to look for books specific to the type of financial modeling I want to learn. For example, Simon Benninga's Financial Modeling is a good survey of modeling. It has sections on Corp Fin, Bonds, Options, Portfolio, Monte Carlo, etc.

I've also found it helpful to look at graduate schools' course listings and syllabuses. You can often find references to books, notes, etc. It's amazing how much is available to the public.

Youtube, surprisingly, has a lot of videos for financial modeling (excel and otherwise).

You could also hire someone of wework. I found a former head of Structuring and Analytics of a BB on there. The rate is usually negotiable.

There is a ton of info out there if you know how to navigate the world wide web.

Good luck

 
quantitativeman13:

Because I don't have $500 laying around, anyone willing to lend me their login temporarily for Breaking Into Wall St? PM me if you're willing

LOL

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Best Response

-caP1taL1sm..

I'm on my phone, so please excuse any typos made.

There really are two things here to think about. First, from a Resume standpoint, any training program you take will add little to no value whatsoever. Anyone looking at your resume will see your IB and corp dev experience and assume you know how to model, so you spelling it out for them by listing TTS or something similar will not make a difference. The thing you should be doing is studying the models from the bank that puts them together and then building your own. This will allow you to speak to them during interviews and will qualify as modeling experience, which a training program really does not.

Second, the way to get your group to fund this is by framing it as a benefit to them (this is how to get anyone to do anything). Is the bank you use a boutique? If so, you guys are probably paying them well over $10,000 a month as a retainer. Explain to your group how the cost of training is less than that and how outsourcing your modeling is more expensive. Then, explain how training you is in their best interest. It's an investment into their employees and benefits them over the long run.

That being said, if your employer is a large, publicly-traded company, they probably have an education policy that reimburses employees a certain amount for continuing education per year. Even if your firm does not have this, I cannot imagine them balking at you asking for modeling training.

 

This is terrible advice and I'm shocked its the "best response"

Do NOT buy any of the packages recommended above - they are poor quality and a rip off. Macabacus has some simpler templates that I would suggest trying (it's free so doesn't cost you anything to try). Also, the other programs are shitty quality and don't live up to real modeling, whereas macabacus is better quality than anything my bank had, etc. If the Macabacus models are too much though, then fall back to asimplemodel.com - this costs money but is still far cheaper than the alternatives mentioned above. You could also just practice doing DCFs and basic P&Ls which are fundamental and a quick google search will give you a lot of free options for.

@Attack_Chihuaha" - your label says you're an intern so frankly you don't know what you're talking about. I spent 2 years as an analyst and am now in PE. Don't buy overpriced, rip-off training materials.

 

get comfortable with excel, be eager to learn. you probably will get little/if any modeling experience... but I would ask a lot of question to the person you shadow and also when you have free time build their model templates completely from scratch so you get a good feel for what are the main drivers, what will change if you change specific variables, etc.

 

Modeling is an absolute joke. I'm trained as a mathematician and am absolutely shocked at the lack of intellectual honesty of IBankers in a profession purportedly staffed with the best and brightest. The arbitrary assumptions, the subjective decisions to exclude/include statements, inappropriate proxying, etc. It's a regular hodgepodge of half-truths and lies. What's the alternative? I guess there is none. But I would love it if the people in this profession would at least have the decency to admit their precious modeling is BS.

 
ufff:
Modeling is an absolute joke. I'm trained as a mathematician and am absolutely shocked at the lack of intellectual honesty of IBankers in a profession purportedly staffed with the best and brightest. The arbitrary assumptions, the subjective decisions to exclude/include statements, inappropriate proxying, etc. It's a regular hodgepodge of half-truths and lies. What's the alternative? I guess there is none. But I would love it if the people in this profession would at least have the decency to admit their precious modeling is BS.

speaking of jokes....

 

You're being a tool.

Everyone knows modeling is bs, but people need to see some kind of justification for putting millions/billions on the line. As a banker, how else can you justify pitches or whatever else? It might be useless or impossible to predict, but at least you're not pulling assumptions out of thin air entirely, at least.

I don't think you'd find a single person who thought their "precious modeling" wasn't BS, or precious in the first place. They're called models for a reason, it's just to set price floors or ceilings, general guidelines for when people actually try to negotiate deals.

But way to assert yourself.

 

Wall St. Training, Breaking Into Wall St.

Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.
 

Freshman here chiming in. There's a thread on this already, and it basically sums up that you really need to go through at least the basic accounting and finance classes first before you start learning how to model. It's all about projections and valuation and not something you just watch a couple videos and start doing. I did a dcf model with the IB society at my school and essentially had no idea what anything meant since I hadn't taken any business classes. Your time would be better suited reading the wsj daily and following the markets. I also suggest dealbook of the nyt. Just my 2 cents. I was trying to do the same thing as you are this time last year.

 

@Shaikshack" I agree with LePrestige about needing to know the basics first, being an incoming sophomore I learned all corp fin and accounting concepts my freshman year through many free websites. My friend also let me use his Wall Street Prep account which if you have money for it, it is a great investment. I suggest you reach out to alumni in banking (I am at a non target and found some) and networking your first semester and most importantly building a relationship with people before you ask any favors.

So 1st semester: Learn Accounting Basics and Networking also fully understanding what Investment Bankers do (in depth), Literally 4/5 of freshman i've met so far (from different schools) who are thinking of banking don't even know in full detail what Investment Bankers do.

Winter Break: Learning Corp Fin concepts; continue relationships going from networking

2nd Semester:

Understand what a DCF is

Look into DCF and other two important valuation methodologies (Comparable Companies, precedent transactions) build basic model, there's some free templates out there.

Start looking into interview prep books;M&I 400, Vault, and other books which you can basically find all for free if you look hard enough

and then see how you can leverage the connections you have

if you need more insight on stuff just DM me. More than happy to help.

If you want IB you need to really grind or others will grind more than you and get it.

P.S Pharma Bro Shkreli is cool Everything to learn the basics is online For the most part, no freshman will be taking finance classes so study on your own and don't wait until you take it

 

What would you say qualifies as basic accounting? I am comfortable with reading the three financial statements and have picked up a lot from Martin shkreli's course and will start Damodaran's course soon. I also swing trade here and there, keep up with the markets, reading the WSJ daily and financial books as well. I just have a lot of free time rn and want to spend it efficiently.

 

If you want to be able to put financial modeling on your resume then I think you should go with on of the training programs: wall street prep, analyst exchange, breakintowallstreet, IB institute etc You may be able to find some introductory videos but it's definitely better to have an experienced person training you so you can ask questions and go over different scenarios. An actual training program outweighs anything self-taught.

 
[Comment removed by mod team]
 

if you're actually serious about getting into IB then you need to cough up the cash for one of the programs listed above. no one is going to waste their time putting quality training materials together and then just giving that shit away when people are willing to pay for it. BIWS and wall street prep are both exceptional resources and easily worth what you pay for them

----------------------------------------------------------------------------------------- I tend to think of myself as a one-man wolfpack Buyside strongside
 

i recommend the book Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance)

you can read some of the contents on http://books.google.com/

---------------------------------------------------------------------------------------- Love all, trust a few, do wrong to none.——William Shakespeare
 

Well it's brave of you to have decided so early to go into finance. I thought I was going to be a doctor my freshman year of college but now in my late 20's I'm in back/mid office Asset Management and on this forum. Hah... life's a mystery! WSO has some modeling courses if you look up top there's a Chart with an upward trending arrow going through it. Click on that. Otherwise youtube can be your friend for some nice tutorials. How good are you with just basic Excel and shortcuts, formatting, formulas, etc? Master that stuff first. It will make modeling soooo much easier. Try the youtube channel: Excelisfun

 

Interesting, like the key drivers section. Models pretty basic. I wonder what the site does to track validity of the models it rates, for example one for a co. I checked puts growth at 10% forever and another seems to actually adjust for new product launches etc both rated the same.

Cool concept thanks for bringing it up.

Rarely will any of my posts have enough forethought/structure to be taken seriously.
 

Yeah i took at look at it but if you're going to actually use it for work you'll need to have the K, Q, + 8-k back-ups

"Respect others in their view, and demand that they respect yours. Love your life, perfect your life, beautify all things in your life."
 

agree w faraday - companies doing advisory work will not post their model onlines, let alone use public models. Comps and/or benchmarks maybe, but these are already pre-built internally and simply pull data automattically therefore not much added value...

 

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If I had asked people what they wanted, they would have said faster horses - Henry Ford
 

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