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Lessons from people who sat on the other side of the table. The technical ones come with LearnAI to answer your questions as you read. Read up, then go drill it.
Where to start
Read a lesson, then drill it until you pass, then move on to the next. Jump to any section:
Foundations
7 lessonsWhat is investment banking?7 min readPreviewBuy-side vs. sell-side6 min readPreviewCapital markets: ECM and DCM18 min readPreviewHow a deal actually gets done7 min readPreviewTypes of investment banks: bulge bracket, elite boutique, middle market7 min readPreviewWhat banks are really looking for6 min readPreviewThe IPO process7 min readPreview
Networking
6 lessonsHow to get a networking call (Part 1): the outreach11 min readPreviewHow to get a networking call (Part 2): running it in the Recruiting Hub5 min readPreviewThe banking resume, section by section31 min readPreviewThe informational interview12 min readPreviewThe follow-up that earns the second conversation6 min readPreviewManaging competing processes5 min readPreview
Interview Guide
15 lessonsHow a first-round interview is structured4 min readPreviewThe range of technicals you get tested on4 min read
AI AssistantPreviewAnswer the question, then stop5 min readPreviewSTAR is missing a step9 min readPreviewThe 3 questions that start all interviews, Part 1: Walk me through your resume8 min readPreviewThe 3 questions that start all interviews, Part 2: Why investment banking7 min readPreviewThe 3 questions that start all interviews, Part 3: Why this bank9 min readPreviewThe personal questions: not on your resume, three words, outside work9 min readPreviewDo you have any questions for me?9 min readPreviewTalking about markets: deals, stocks and rates12 min readPreviewWhat would you do? Situational judgment questions11 min readPreviewThe superday: how the final round runs9 min readPreviewStrengths and weaknesses13 min readPreviewDefending your profile12 min readPreviewAI is on the desk now: the free courses worth a line on your resume11 min readPreview
AI AssistantPreviewAnswer the question, then stop5 min readPreviewSTAR is missing a step9 min readPreviewThe 3 questions that start all interviews, Part 1: Walk me through your resume8 min readPreviewThe 3 questions that start all interviews, Part 2: Why investment banking7 min readPreviewThe 3 questions that start all interviews, Part 3: Why this bank9 min readPreviewThe personal questions: not on your resume, three words, outside work9 min readPreviewDo you have any questions for me?9 min readPreviewTalking about markets: deals, stocks and rates12 min readPreviewWhat would you do? Situational judgment questions11 min readPreviewThe superday: how the final round runs9 min readPreviewStrengths and weaknesses13 min readPreviewDefending your profile12 min readPreviewAI is on the desk now: the free courses worth a line on your resume11 min readPreviewAccounting
22 lessonsThe income statement, line by line6 min readAI AssistantPreviewThe balance sheet, both sides6 min readAI AssistantPreviewThe cash flow statement, section by section6 min readAI AssistantPreviewWalk me through the three statements7 min readAI AssistantPreviewDepreciation goes up by $20... (Advanced)14 min readAI AssistantPreviewDepreciation and amortization5 min readAI AssistantPreviewWorking capital, and why it eats cash7 min readAI AssistantPreviewEBITDA and the bridge to free cash flow7 min readAI AssistantPreviewDeferred revenue6 min readAI AssistantPreviewDeferred taxes: DTAs and DTLs6 min readAI AssistantPreviewGoodwill and purchase accounting7 min readAI AssistantPreviewDiluted shares and the treasury stock method5 min readAI AssistantPreviewStock-based compensation7 min readAI AssistantPreviewDividends and buybacks5 min readAI AssistantPreviewOperating leverage5 min readAI AssistantPreviewOwning part of another company9 min readAI AssistantPreviewReturn ratios: ROE, ROA and ROIC8 min readAI AssistantPreviewPIK interest through the three statements8 min readAI AssistantPreviewCash vs. accrual accounting9 min readAI AssistantPreviewSelling an asset: gains, losses and the three statements8 min readAI AssistantPreviewInventory: FIFO, LIFO and write-downs8 min readAI AssistantPreviewLeases: operating, finance and the EV question9 min readAI AssistantPreview
AI AssistantPreviewThe balance sheet, both sides6 min readAI AssistantPreviewThe cash flow statement, section by section6 min readAI AssistantPreviewWalk me through the three statements7 min readAI AssistantPreviewDepreciation goes up by $20... (Advanced)14 min readAI AssistantPreviewDepreciation and amortization5 min readAI AssistantPreviewWorking capital, and why it eats cash7 min readAI AssistantPreviewEBITDA and the bridge to free cash flow7 min readAI AssistantPreviewDeferred revenue6 min readAI AssistantPreviewDeferred taxes: DTAs and DTLs6 min readAI AssistantPreviewGoodwill and purchase accounting7 min readAI AssistantPreviewDiluted shares and the treasury stock method5 min readAI AssistantPreviewStock-based compensation7 min readAI AssistantPreviewDividends and buybacks5 min readAI AssistantPreviewOperating leverage5 min readAI AssistantPreviewOwning part of another company9 min readAI AssistantPreviewReturn ratios: ROE, ROA and ROIC8 min readAI AssistantPreviewPIK interest through the three statements8 min readAI AssistantPreviewCash vs. accrual accounting9 min readAI AssistantPreviewSelling an asset: gains, losses and the three statements8 min readAI AssistantPreviewInventory: FIFO, LIFO and write-downs8 min readAI AssistantPreviewLeases: operating, finance and the EV question9 min readAI AssistantPreviewValuation
7 lessonsHow bankers value a company7 min readAI AssistantPreviewEnterprise value vs. equity value4 min readAI AssistantPreviewThe multiples that matter7 min readAI AssistantPreviewTrading comparables4 min readAI AssistantPreviewPrecedent transactions4 min readAI AssistantPreviewLTM, calendarization and forward multiples7 min readAI AssistantPreviewValuing a private company8 min readAI AssistantPreview
AI AssistantPreviewEnterprise value vs. equity value4 min readAI AssistantPreviewThe multiples that matter7 min readAI AssistantPreviewTrading comparables4 min readAI AssistantPreviewPrecedent transactions4 min readAI AssistantPreviewLTM, calendarization and forward multiples7 min readAI AssistantPreviewValuing a private company8 min readAI AssistantPreviewDCF
13 lessonsThe DCF, explained4 min readAI AssistantPreviewTime value of money7 min readAI AssistantPreviewUnlevered free cash flow6 min readAI AssistantPreviewCAPM and the cost of equity6 min readAI AssistantPreviewLevered vs. unlevered beta4 min readAI AssistantPreviewThe market risk premium4 min readAI AssistantPreviewWACC, explained6 min readAI AssistantPreviewTerminal value5 min readAI AssistantPreviewDCF conventions and the errors that sink you6 min readAI AssistantPreviewThe yield curve and interest rates5 min readAI AssistantPreviewTerminal value (Advanced)5 min readAI AssistantPreviewWACC and beta (Advanced)4 min readAI AssistantPreviewBonds, yields and the Fed9 min readAI AssistantPreview
AI AssistantPreviewTime value of money7 min readAI AssistantPreviewUnlevered free cash flow6 min readAI AssistantPreviewCAPM and the cost of equity6 min readAI AssistantPreviewLevered vs. unlevered beta4 min readAI AssistantPreviewThe market risk premium4 min readAI AssistantPreviewWACC, explained6 min readAI AssistantPreviewTerminal value5 min readAI AssistantPreviewDCF conventions and the errors that sink you6 min readAI AssistantPreviewThe yield curve and interest rates5 min readAI AssistantPreviewTerminal value (Advanced)5 min readAI AssistantPreviewWACC and beta (Advanced)4 min readAI AssistantPreviewBonds, yields and the Fed9 min readAI AssistantPreviewM&A
13 lessonsHow M&A deals actually work8 min readAI AssistantPreviewCash vs. stock: how a deal is paid for6 min readAI AssistantPreviewSynergies: the number that justifies the premium6 min readAI AssistantPreviewAccretion / dilution4 min readAI AssistantPreviewBuilding a merger model6 min readAI AssistantPreviewStrategic buyers versus financial buyers6 min readAI AssistantPreviewAsset deals versus stock deals6 min readAI AssistantPreviewWhat a sell-side M&A process looks like7 min readAI AssistantPreviewShareholder activism and how bankers help clients5 min readAI AssistantPreviewAccretion / dilution (Advanced)5 min readAI AssistantPreviewDeal terms and protections: what moves value besides price13 min readAI AssistantPreviewTypes of deals: mergers, tender offers, spin-offs and carve-outs11 min readAI AssistantPreviewThe CIM: what is in it and how to walk through one10 min readAI AssistantPreview
AI AssistantPreviewCash vs. stock: how a deal is paid for6 min readAI AssistantPreviewSynergies: the number that justifies the premium6 min readAI AssistantPreviewAccretion / dilution4 min readAI AssistantPreviewBuilding a merger model6 min readAI AssistantPreviewStrategic buyers versus financial buyers6 min readAI AssistantPreviewAsset deals versus stock deals6 min readAI AssistantPreviewWhat a sell-side M&A process looks like7 min readAI AssistantPreviewShareholder activism and how bankers help clients5 min readAI AssistantPreviewAccretion / dilution (Advanced)5 min readAI AssistantPreviewDeal terms and protections: what moves value besides price13 min readAI AssistantPreviewTypes of deals: mergers, tender offers, spin-offs and carve-outs11 min readAI AssistantPreviewThe CIM: what is in it and how to walk through one10 min readAI AssistantPreviewLBO
11 lessonsThe LBO and the paper LBO4 min readAI AssistantPreviewWhat makes a good LBO candidate6 min readAI AssistantPreviewSources and uses6 min readAI AssistantPreviewDebt tranches and seniority6 min readAI AssistantPreviewIRR and MOIC6 min readAI AssistantPreviewWhat drives LBO returns6 min readAI AssistantPreviewCredit ratings and leverage ratios6 min readAI AssistantPreviewCapital structure6 min readAI AssistantPreviewWhat drives LBO returns (Advanced)5 min readAI AssistantPreviewDividend recaps8 min readAI AssistantPreviewHow a PE fund makes money9 min readAI AssistantPreview
AI AssistantPreviewWhat makes a good LBO candidate6 min readAI AssistantPreviewSources and uses6 min readAI AssistantPreviewDebt tranches and seniority6 min readAI AssistantPreviewIRR and MOIC6 min readAI AssistantPreviewWhat drives LBO returns6 min readAI AssistantPreviewCredit ratings and leverage ratios6 min readAI AssistantPreviewCapital structure6 min readAI AssistantPreviewWhat drives LBO returns (Advanced)5 min readAI AssistantPreviewDividend recaps8 min readAI AssistantPreviewHow a PE fund makes money9 min readAI AssistantPreviewRestructuring
9 lessonsRestructuring basics5 min readAI AssistantPreviewWhy companies get into trouble7 min readAI AssistantPreviewCovenants8 min readAI AssistantPreviewRecovery waterfalls in practice7 min readAI AssistantPreviewLiquidity and the 13-week cash flow6 min readAI AssistantPreviewInside a Chapter 117 min readAI AssistantPreviewValuing a distressed company6 min readAI AssistantPreviewLiability management7 min readAI AssistantPreviewHow creditors get paid6 min readAI AssistantPreview
AI AssistantPreviewWhy companies get into trouble7 min readAI AssistantPreviewCovenants8 min readAI AssistantPreviewRecovery waterfalls in practice7 min readAI AssistantPreviewLiquidity and the 13-week cash flow6 min readAI AssistantPreviewInside a Chapter 117 min readAI AssistantPreviewValuing a distressed company6 min readAI AssistantPreviewLiability management7 min readAI AssistantPreviewHow creditors get paid6 min readAI AssistantPreviewCoverage Banking
10 lessonsTechnology16 min readAI AssistantPreviewFinancial Institutions (FIG)19 min readAI AssistantPreviewHealthcare18 min readAI AssistantPreviewReal Estate & REITs17 min readAI AssistantPreviewEnergy21 min readAI AssistantPreviewFintech20 min readAI AssistantPreviewConsumer & Retail19 min readAI AssistantPreviewIndustrials20 min readAI AssistantPreviewMetals & Mining19 min readAI AssistantPreviewInfrastructure20 min readAI AssistantPreview
AI AssistantPreviewFinancial Institutions (FIG)19 min readAI AssistantPreviewHealthcare18 min readAI AssistantPreviewReal Estate & REITs17 min readAI AssistantPreviewEnergy21 min readAI AssistantPreviewFintech20 min readAI AssistantPreviewConsumer & Retail19 min readAI AssistantPreviewIndustrials20 min readAI AssistantPreviewMetals & Mining19 min readAI AssistantPreviewInfrastructure20 min readAI AssistantPreviewFinancial Modeling
3 lessonsBank Guides
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Elite Boutiques
Learn investment banking, properly.
Every technical concept that comes up in an IB interview, explained in plain English by people who sat on the other side of the table. Accounting, valuation, DCF, M&A, LBO, modeling, brainteasers. Every technical lesson comes with LearnAI, an assistant that answers your questions on that lesson while you read it, and asks one back. Then go drill it until it sticks.