Learn Library
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 process6 min readPreview
Networking
5 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 informational interview11 min readPreviewThe follow-up that earns the second conversation6 min readPreviewManaging competing processes5 min readPreview
Interview Guide
8 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 readPreviewIndustry Specific Guide: Technology14 min read
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Accounting
15 lessonsThe income statement, line by line6 min read
AI AssistantPreviewThe balance sheet, both sides6 min read
AI AssistantPreviewThe cash flow statement, section by section6 min read
AI AssistantPreviewWalk me through the three statements7 min read
AI AssistantPreviewDepreciation goes up by $20... (Advanced)14 min read
AI AssistantPreviewDepreciation and amortization5 min read
AI AssistantPreviewWorking capital, and why it eats cash7 min read
AI AssistantPreviewEBITDA and the bridge to free cash flow7 min read
AI AssistantPreviewDeferred revenue6 min read
AI AssistantPreviewDeferred taxes: DTAs and DTLs7 min read
AI AssistantPreviewGoodwill and purchase accounting6 min read
AI AssistantPreviewDiluted shares and the treasury stock method5 min read
AI AssistantPreviewStock-based compensation7 min read
AI AssistantPreviewDividends and buybacks5 min read
AI AssistantPreviewOperating leverage5 min read
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Valuation
5 lessonsDCF
12 lessonsThe DCF, explained4 min read
AI AssistantPreviewTime value of money6 min read
AI AssistantPreviewUnlevered free cash flow6 min read
AI AssistantPreviewCAPM and the cost of equity6 min read
AI AssistantPreviewLevered vs. unlevered beta4 min read
AI AssistantPreviewThe market risk premium4 min read
AI AssistantPreviewWACC, explained6 min read
AI AssistantPreviewTerminal value5 min read
AI AssistantPreviewDCF conventions and the errors that sink you6 min read
AI AssistantPreviewThe yield curve and interest rates5 min read
AI AssistantPreviewTerminal value (Advanced)5 min read
AI AssistantPreviewWACC and beta (Advanced)4 min read
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M&A
10 lessonsHow M&A deals actually work8 min read
AI AssistantPreviewCash vs. stock: how a deal is paid for6 min read
AI AssistantPreviewSynergies: the number that justifies the premium6 min read
AI AssistantPreviewAccretion / dilution4 min read
AI AssistantPreviewBuilding a merger model6 min read
AI AssistantPreviewStrategic buyers versus financial buyers6 min read
AI AssistantPreviewAsset deals versus stock deals6 min read
AI AssistantPreviewWhat a sell-side M&A process looks like7 min read
AI AssistantPreviewShareholder activism and how bankers help clients5 min read
AI AssistantPreviewAccretion / dilution (Advanced)5 min read
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LBO
10 lessonsThe LBO and the paper LBO4 min read
AI AssistantPreviewWhat makes a good LBO candidate6 min read
AI AssistantPreviewSources and uses6 min read
AI AssistantPreviewDebt tranches and seniority6 min read
AI AssistantPreviewIRR and MOIC6 min read
AI AssistantPreviewWhat drives LBO returns6 min read
AI AssistantPreviewCredit ratings and leverage ratios6 min read
AI AssistantPreviewCapital structure6 min read
AI AssistantPreviewRestructuring basics5 min read
AI AssistantPreviewWhat drives LBO returns (Advanced)5 min read
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Financial Modeling
3 lessonsBank Guides
All →Bulge Bracket
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.

