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Free lessons from people who sat on the other side of the table. 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 Interview Guide Accounting Valuation DCF M&A LBO Financial Modeling Brainteasers Bank Guides

Foundations

7 lessons

What is investment banking?6 min readPreview Buy-side vs. sell-side6 min readPreview Capital markets: ECM and DCM7 min readPreview How a deal actually gets done7 min readPreview Why investment banking?6 min readPreview What banks are really looking for5 min readPreview The IPO process6 min readPreview

Interview Guide

5 lessons

How a first-round interview is structured4 min readPreview The range of technicals you get tested on4 min readPreview Answer the question, then stop5 min readPreview STAR is missing a step9 min readPreview The 3 questions that start all interviews, Part 1: Walk me through your resume8 min readPreview

Accounting

15 lessons

The income statement, line by line6 min read The balance sheet, both sides6 min read The cash flow statement, section by section6 min read Walk me through the three statements7 min read Depreciation goes up by $20... (Advanced)15 min read Depreciation and amortization5 min read Working capital, and why it eats cash7 min read EBITDA and the bridge to free cash flow6 min read Deferred revenue6 min read Deferred taxes: DTAs and DTLs6 min read Goodwill and purchase accounting6 min read Stock-based compensation6 min read Diluted shares and the treasury stock method5 min read Dividends and buybacks5 min read Operating leverage5 min read

Valuation

5 lessons

How bankers value a company7 min read Enterprise value vs. equity value4 min read The multiples that matter7 min read Trading comparables4 min read Precedent transactions3 min read

DCF

12 lessons

The DCF, explained4 min read Time value of money6 min read Unlevered free cash flow6 min read CAPM and the cost of equity6 min read Levered vs. unlevered beta4 min read The market risk premium4 min read WACC, explained6 min read Terminal value5 min read DCF conventions and the errors that sink you6 min read The yield curve and interest rates5 min read Terminal value (Advanced)5 min read WACC and beta (Advanced)4 min read

M&A

10 lessons

How M&A deals actually work7 min read Cash vs. stock: how a deal is paid for6 min read Synergies: the number that justifies the premium6 min read Accretion / dilution4 min read Building a merger model6 min read Strategic buyers versus financial buyers6 min read Asset deals versus stock deals6 min read What a sell-side M&A process looks like6 min read Shareholder activism and how bankers help clients5 min read Accretion / dilution (Advanced)5 min read

LBO

10 lessons

The LBO and the paper LBO4 min read What makes a good LBO candidate6 min read Sources and uses6 min read Debt tranches and seniority6 min read IRR and MOIC6 min read What drives LBO returns6 min read Credit ratings and leverage ratios6 min read Capital structure6 min read Restructuring basics5 min read What drives LBO returns (Advanced)5 min read

Financial Modeling

3 lessons

Financial modeling best practices7 min read Building a three-statement model6 min read The debt schedule and circular references6 min read

Brainteasers

2 lessons

Brainteasers and market sizing7 min read Mental math for the interview6 min read

Bank Guides

Bulge Bracket

Goldman SachsGS Morgan StanleyMS JPMorganJPM Bank of AmericaBAC CitiC BarclaysBCS Deutsche BankDB UBSUBS

Elite Boutiques

Centerview PartnersPrivate EvercoreEVR LazardLAZ Moelis & CompanyMC PJT PartnersPJT Perella Weinberg PartnersPWP Greenhill (Mizuho)Private Allen & CompanyPrivate

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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. Then go drill it until it sticks.

Where to start

Read a lesson, then drill it until you pass, then move on to the next. Jump to any section:

Foundations Interview Guide Accounting Valuation DCF M&A LBO Financial Modeling Brainteasers Bank Guides

The library

Every section, in the order it clicks

Ten sections that build on each other, from what the job actually is to the banks you'll interview at. Work top to bottom, or jump to what you need.

1
Foundations
What the job actually is, how deals work, and the language of the Street.
2
Interview Guide
How a first-round actually runs and the full range of technicals you get tested on.
3
Accounting
The three statements, how they link, and the questions every interviewer asks.
4
Valuation
Enterprise vs. equity value, multiples, and how to triangulate what a company is worth.
5
DCF
Free cash flow, WACC, terminal value — building a discounted cash flow from scratch.
6
M&A
Accretion/dilution, synergies, and the mechanics of buying a company.
7
LBO
Leverage, returns drivers, and why private equity loves debt.
8
Financial Modeling
Best practices, circularity, and structuring a model an MD can actually read.
9
Brainteasers
Mental math, logic puzzles, and the curveballs that test how you think on your feet.
- 9.1Brainteasers and market sizing7 min read
- 9.2Mental math for the interview6 min read
10
Bank Guides
New
A scouting report on every major bank: history, live share price and market cap, M&A / DCM / ECM league tables, and the questions candidates report being asked there.
All banks →
Bulge Bracket
Elite Boutiques