4 week IBI training programs - is it legit?

You know, just because you go through in-class training programs like IBI, Wall Street Prep and the like, doesn't mean you come out of it a financial modeling pro. You can really only build on such skill sets through practice and practical experience (re: when you're working).

In-Class training programs often teach the class off of pre-made templates. So you learn how everything is linked and why certain numbers/assumptions are used and etc., but you'll only know it from a high-level standpoint.

You PROVE you took them (both online and in-class programs) via the technical questions interviewers ask you. If you can't answer their questions, then you either look like a liar or you look like you weren't committed to the programs.

I've done both BIWS and in-class training, btw. BIWS is newer, so some places may not hear of it, training programs in general are just a sign of commitment and interest in finance.

Well, to get an internship, you'll need an edge as well. There are generally fewer internship positions and American U. is not exactly a target.

I'd say: if you can afford it, I'd strongly consider it. No, you won't be an expert on it - BUT: 1) It'll be an important part of your resume (actual section with bullets), which I think is important to show to banks that you're interested, and 2) it'll be good practice to complement your classes or whatever else you're studying. I did Wall Street Prep before my senior year having spent my summer in non-finance, and all-in-all I think it was helpful. It didn't actually GIVE me a job, but it got my foot through the door.

It seems kinda fishy to put a internet-do-it-yourself program BIWS on your resume... right?

IBI at least you can say you went thru a 4 week training course with an investment banker learning modeling and valuation.

I don't know, I'm wondering if banks (for summer internships, not even a summer analyst program) could care less about IBI. I'm just trying to get some internship at some boutique getting my foot in the door.

I need to decide quick because IBI starts in 2 weeks and Jefferies wants my Resume and Cover Letter ever since I cold-called their M.D. in Washington, DC so if I take IBI I can put it on my Resume immediately.

EDIT: a quick google got me this post: "Many new companies are springing up and starting IB training classes for inexorbitant prices. IBI was one of the front runners, but the whole concept is a waste of time.

I fell into this gimick to learn financial modeling (which is a useful tool) and basic accounting/finance (if you have finance/accounting degree, its nothing new). It is by no means worth $2,000. Also Carlos (the guy who runs the place) charges difference prices to difference students varying from $2,000 up to $2,400. Also the resume help isn't strong either, they used cached templates you can find online at cheaper rates and there are too many students for them to truly give you the focus you require.

If you actually put "Investment Banking Institute" on your resume, people will laugh at you (I actually put this on a few times, and people laughed) because it is by no means validation whatsoever. There is no certification and no official stamp of approval that you know your finance or are a pro in excel.

Bulge Bracket banks (like Morgan, Goldman, and the one I work at), do not like this type of training. It expresses desire that you want to be an investment banker (but who the heck doesn't??)and it doesn't show that you are a candidate pursueing excellence. These banks want brilliant young candidates (not necessarily finance or econ majors either) that they can train themselves. Regardless of IBI, if you manage to land a job in a bulge bracket bank, they will put you through their training program anyway (and if you are over 28, and not at a target school, just be pragmatic and forget about it)"

at this forum: http://www.topix.com/forum/business/investment-banking/T7C4RPN69QEIUR4I…

So IBI is actually worse than nothing? Any thoughts?

Hey I'm currently in the program now and can give you feedback that I believe will help you get a better understanding of what it is.

Content: In terms of content this course is pretty advanced stuff imo. I was in the Investment Banking Club in college and even though they went over the valuation techniques over there, this course was more detailed. One of the things I liked was how the homework was designed for you to look at SEC filings and pull info from there. You get a lot of practice doing that.

Modeling in particular: the models are given to you. The income statement, BS, an cash flow statements are easy to model out (Depending on how familiar you are with financial statements) This course lets you go deeper in terms of modeling out the debt schedule as well. They dont do depreciation schedule and the equity schedule idk why but you can ask them for additional help if you'd like. The valuation techniques are full blown, not just basic stuff. Ex: LBO' changes are also incorporated into financial statements etc

More pros: This course lets you come back again and again for free. It seems too good to be true but there's some guys in my class that have come back for some better understanding. Idk if I'm going to go back since I dont have time but ya

DO THE HOMEWORK, put in as much time and effort into the course and homework materials if you can. That's the ONLY way you'll learn outside of class. This course is not easy, it seems easy when you're walked through the models with the instructor in class. I dont mean to discourage you, the content is faily simply when you think about it (or if you're a finance/Business major) but there's so much more thought that goes into doing the models and understanding investment banking (which is why IBankers get paiud big bucks). This course allows you to do that

What I recommend: do a couple of case studies with kids from the class to get actual practice. I am currently working on a Microsoft Case Study, and an M&A case for 2 indian companies. You can do whatever you like but make sure you do an actual project that you can show people. Its tangible work, will sharpen your technical skills, make you a better analyst.

Cons: the classes go by fast so if you dont do the hw/readings or don't already know some of the content (like me since I was in that IBanking Club in school) you wont have fun learning all of it.

Hope all this helps, good luck! In the scheme of things its $2000 for quality training in my opinion. But that too depends on how much you work you put into it.