The Complete Investment Banking Course 2020

The #1 Course to Land a Job in Investment Banking. IPOs, Bonds, M&A, Trading, LBOs, Valuation: Everything is included!

All Levels 4.3(13,123 Ratings) 65,209 Students enrolled
Created by 365 Careers Last updated 01/2020 English English [Auto-generated]
What will i 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

Curriculum for this course
167 Lectures 08:44:52
Welcome! Course Introduction
1 Lectures 00:03:35
  • What does the course cover? 00:03:35
  • Download all course materials 00:00:11
  • The importance of history, name, tradition, and reputation 00:02:29
  • Early origins of investment banking services 00:05:55
  • What is the difference between commercial and investment banking? 00:02:11
  • Why do universal banks have a competitive advantage? 00:03:26
  • Intrinsic conflicts of interest and the role of Chinese walls 00:02:59
  • Historical M&A waves 00:05:33
  • Three of the most important IPOs in history 00:04:47
  • Quiz #1 2 questions
  • Capital Markets – raising equity and debt capital 00:07:21
  • Advisory – M&A and Restructuring services 00:08:43
  • Trading and Brokerage – trading with financial securities 00:03:10
  • Asset Management – the ability to use money to make more money 00:04:03
  • Quiz #2 9 questions
  • Strategies pursued by investment banks 00:04:01
  • Relationship vs transaction-based banking 00:04:44
  • The Accidental Investment Banker - Book recommendation 00:01:01
  • Why would a company want to go public? 00:02:51
  • Who are the investors in an IPO? 00:03:04
  • Coming up with a share price 00:03:49
  • What does an IPO timetable look like? 00:03:52
  • The IPO syndicate – members and responsibilities 00:03:09
  • The pricing process 00:04:46
  • Fee distribution among investment banks 00:04:09
  • Allocating shares to investors – who gets what 00:04:31
  • Taking a long and short position with respect to a security (definition) 00:03:00
  • Post-IPO stabilization: Applying the Greenshoe option 00:05:05
  • Other ways to place equity capital – SEOs and Private Placements 00:01:32
  • Facebook's IPO - Case Study 00:05:34
  • Course Challenge #1 - IPO 00:00:43
  • Quiz #3 4 questions
  • Greenshoe explained – Practical example 00:02:06
  • The four different types of bonds 00:02:40
  • Why issue a bond? 00:03:52
  • The mechanics of a bond offering. Process description 00:03:58
  • A particular type of bonds - Junk bonds 00:02:57
  • What is securitization and why can it be useful? 00:03:20
  • Asset-backed securities: An example of securitization 00:05:03
  • Loan Syndication – a preferred instrument for most banks nowadays 00:02:33
  • Project finance 00:05:46
  • Course Challenge #2 - Debt Offerings 00:00:41
  • Quiz #4 3 questions
  • Securitization - explained 00:02:43
  • Why acquire another company? 00:05:34
  • Describing the typical deal lifecycles and buyer companies 00:03:16
  • The three types of M&A processes 00:02:51
  • A detailed description of an M&A process 00:00:38
  • Valuation of target companies 00:03:59
  • Payment options in M&A deals 00:04:09
  • Financial vs. Corporate Buyers 00:02:22
  • Course Challenge #3 - M&A 00:00:47
  • Quiz #5 3 questions
  • Restructuring services – why and when 00:02:10
  • The different types of Restructuring 00:04:50
  • Course Challenge #4 - Restructuring 00:00:41
  • Quiz #6 2 questions
  • How investment banks profit from Trading and Brokerage 00:03:07
  • The different types of financial securities traded by investment banks 00:04:17
  • Quiz #7 2 questions
  • Why hire Investment banks as asset managers? 00:01:32
  • A risk-return comparison of different investments 00:02:58
  • Private equity funds 00:07:16
  • Quiz #8 1 question
  • Why value a company? 00:01:36
  • How much is a company worth for an investor? 00:03:12
  • The two variables that drive a firm’s value 00:01:57
  • The mechanism of Unlevered Cash Flow Calculation 00:04:33
  • Introducing a discount factor – Weighted Average Cost of Capital 00:03:58
  • Calculating a firm's cost of debt 00:00:55
  • Calculating a firm’s cost of equity 00:04:41
  • Estimating a company’s future cash flows 00:02:31
  • The two stages of a DCF model 00:02:24
  • Discounting cash flows and terminal value 00:01:44
  • Calculating Enterprise and Equity value 00:01:10
  • What is a financial model? 00:02:02
  • Why use a financial model? 00:02:34
  • Inefficient financial modeling practices 00:05:49
  • Efficient financial modeling practices 00:04:58
  • Different types of financial models we can build 00:04:42
  • The right level of detail we should use when building a 5 or 10-year model 00:02:34
  • The right way to approach the forecasting exercise 00:02:51
  • Building complete financial models 00:02:15
  • Forecasting P&L items 00:05:58
  • Forecasting Balance sheet items (1/2) 00:02:34
  • Forecasting Balance sheet items (2/2) 00:05:07
  • How to value a company - Introduction 00:01:03
  • The stages of a complete DCF Valuation 00:06:34
  • Let's go through the structure of the DCF model we will create in Excel 00:02:57
  • A glimpse at the company we are valuing - Cheeseco 00:01:11
  • Modeling the top line 00:03:56
  • Building flexible financial models in Excel 00:02:16
  • Modeling other items: Other revenues and Cogs 00:03:51
  • Modeling other items: Operating expenses and D&A 00:02:27
  • Modeling Other Items: Interest expenses, Extraordinary items and Taxes 00:02:43
  • How to forecast Balance Sheet items - the clear and practical way 00:00:42
  • A key concept for finance practitioners - the "Days" methodology 00:01:34
  • How to calculate "Days" 00:01:20
  • How to use "Days" to project the future development of BS items 00:02:22
  • Forecasting Property Plant & Equipment, Other assets and Other liabilities 00:02:21
  • Excel best practices! Create a good-looking and clean output sheet in your model 00:02:36
  • Putting what we learned into practice - Populating the P&L sheet 00:02:29
  • How to create a clean output Balance Sheet in your Financial Model 00:01:53
  • Completing the output BS sheet for the historical period 00:03:43
  • Learn how to calculate Unlevered Free Cash Flows 00:03:18
  • Important! Reconcile UFCF to Net Cash Flow 00:01:53
  • A very useful lesson! Cash flow calculation 00:06:38
  • Arriving to actual Net Cash Flow figures and performing a check with Cash 00:03:57
  • A fast and effective way to modify multiple cell references in Excel 00:04:01
  • Introducing Weighted Average Cost of Capital (WACC) and perpetuity growth rate 00:01:55
  • Learn how to find the present value of future Cash Flows in Financial Models 00:02:59
  • Calculating Continuing Value and Enterprise value of the Business 00:02:21
  • Final steps! Calculating Equity Value of the business 00:01:27
  • Sensitivity analysis for WACC and perpetuity growth 00:04:40
  • An application of Goal Seek 00:01:41
  • Recap of the Financial Model with charts and hypothesis testing 00:04:27
  • Organizing external inputs in a 'Drivers' sheet 00:03:54
  • The input data we will work with 00:01:27
  • Forecasting Tesla's expected deliveries 00:14:08
  • Comparing delivery figures with the ones of industry peers 00:02:54
  • Estimating an average selling price of Tesla vehicles 00:04:50
  • Calculating automotive revenue 00:04:37
  • Peer comparison: Gross profit % 00:02:18
  • Calculating automotive gross profit 00:02:48
  • Calculating automotive cost of sales 00:02:04
  • Forecasting 'energy' and 'services' revenue 00:02:53
  • Calculating 'energy' and 'services' gross profit and cost of sales 00:02:47
  • Forecasting operating expenses 00:05:16
  • Building a fixed asset roll forward: estimating Capex 00:06:20
  • Building a fixed asset roll forward: D&A schedule 00:05:42
  • Peer comparison: D&A as a percentage of revenues 00:01:26
  • Calculating DSO, DIO, DPO 00:01:54
  • Producing a clean P&L output sheet 00:01:29
  • Fill in the P&L output sheet 00:01:54
  • Calculating investments in working capital 00:01:58
  • Forecasting Unlevered Free Cash Flow 00:05:31
  • Forecasting other assets 00:03:53
  • Forecasting other liabilities 00:02:13
  • Completing Unlevered Free Cash Flow 00:03:42
  • Modeling Tesla's financing needs in the forecast period 00:04:55
  • Calculating Net income 00:01:23
  • Bridging Unlevered Free Cash Flow to Net Cash Flow 00:03:58
  • Balancing the Balance sheet 00:00:57
  • Estimating Weighted Average Cost of Capital (WACC) 00:06:07
  • Performing Discounted Cash Flow valuation (DCF) 00:03:33
  • Calculating enterprise value, equity value, and price per share 00:02:10
  • Closing remarks 00:03:49
  • Why do we use multiples? 00:03:51
  • What types of multiples are there? 00:02:37
  • Finding the right comparable companies 00:01:43
  • The most widely used multiples 00:03:28
  • Best practices that ensure accurate calculation of multiples 00:02:02
  • What is an LBO? 00:02:05
  • The phases of an LBO process 00:01:44
  • When is an LBO a feasible option? 00:03:23
  • Making money in an LBO 00:03:53
  • Who are the lenders in an LBO? 00:03:58
  • Introduction to the model we will build 00:05:04
  • Establishing the maximum amount of debt that can be used in the transaction 00:04:16
  • Financial sponsors’ perspective 00:02:27
  • Forecasting financials until EBIT 00:05:17
  • The optimal debt structure 00:02:59
  • Estimating cash flows and debt payments 00:03:15
  • Completing the model for the period 2018-2021 00:04:17
  • Calculating Enterprise Value and IRR 00:05:01
  • Performing sensitivity analysis 00:04:02
    Bonus lecture: Next steps 00:00:42
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
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Description

** Updated for January 2020 **

The Complete Investment Banking Course 2020 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  

+ 5 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 a Leveraged buyout valuation. You will 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 (worked on several M&A transactions)

  • Complete training: We will cover all major topics and skills you need to land a job in Investment Banking

  • Extensive Case Studies: To help you reinforce everything you’ve learned

  • An 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 day

  • Dynamic: We don’t want to waste your time! The instructor keeps up a very good pace throughout the whole course

  • Bonus 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?  

  1. Salary. Hello? Investment Bankers are some of the best paid professionals in the world

  2. Promotions. Investment Bankers acquire valuable technical skills, which makes them the leading candidates for senior roles within industrial companies and Private Equity firms

  3. Growth. This isn’t a boring job. Every day you will face different challenges that will test your existing skills

Please 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!

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About the instructor
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