Wall Street Prep seminars for student just starting college?
Hi there, I am starting first year of business undergrad (next month) and wanted to attend a Wall Street prep session (http://www.wallstreetprep.com/, its like analyst exchange) at my b-school (it was originally posted for seniors). It is a 4-day program (2 weekends) that deals with financial modeling, DCF valuation models, M&A models and LBO modeling. The problem is that I have been recommended by a career centre director to avoid taking it because I won’t fully benefit since I haven’t even started bschool yet. Then I emailed wall street prep about it and they said that "We have had several 1st and 2nd year students even from non-business background who have found our seminars very useful. Basic accounting knowledge is sufficient to follow the seminar." I already fully understand the DCF model although I have never built my own using real data so far, and that is one main reason I want to do this, gaining practical knowledge. I also have sufficient knowledge of accounting/reading statements, and am proficient in excel. Details of the specific program can be viewed here: http://www.freewebs.com/73142/valuation.pdf At the end I will be eligible to write a timed, multiple choice exam and get a certificate in valuation and financial modeling. (all knowledge req'd for banking interview) So, would it be worth the $375 or am I just wasting my time?
Also, does anyone recomend any ways to do DCF valuation from scratch? where would I get specific data (beta, expected market return (to calc risk premium)... capital structure etc)
It'll pay off more when you have a much better background in finance/accounting. Of course the WSP people are going to tell you that it's "very useful..." they want your money!
On the other hand, if you're just about to start undergrad, your resume is probably a blank sheet with your name at the top, so you may as well get something to put on it.
I think you should wait and take WSP once you have started school.... It's to early to take a technical course such that. In my opinion, you need to be more exposed to the business world, so that after be able to really understand "why you are doing this and that" and to have a picture of the whole scheme of things..... Do thngs at the right time... you haven't even started your undergrad....
Lui, any advice on how to find updated betas and market return expectations (Rm) for DCF valuation from scratch?
http://www.investopedia.com/university/dcf/
Read that.
already did lol, it assumes alot of stuff, I am trying to get those stats^ somehow for free ( i wont be able to access bloomberg until i start b-school). I already have a model built
and I found it to be useful for exposure to finance. Its worth the price, but only if you really spend a lot of time working through it because its going to be used for discussing in interviews, and you must balance between emphasizing your exposure to valuation without seeming over-confident. There's nothing a full-time banker loves more then to rip apart a college students "know-it-all" over-confidence after attending a modeling seminar by Wall Street Prep.
Another thing to do is to simply get an internship at a very small boutique Investment Bank (often times unpaid).. typically this will provide you with the necessary materials (i.e. Capital IQ, or their proprietary models) and you can use your co-workers as leverage to re-build the models...
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