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 readAI AssistantPreview
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 readAI AssistantPreviewAccounting
15 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 DTLs7 min readAI AssistantPreviewGoodwill and purchase accounting6 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 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 DTLs7 min readAI AssistantPreviewGoodwill and purchase accounting6 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 AssistantPreviewValuation
5 lessonsDCF
12 lessonsThe DCF, explained4 min readAI AssistantPreviewTime value of money6 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 AssistantPreview
AI AssistantPreviewTime value of money6 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 AssistantPreviewM&A
10 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 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 AssistantPreviewLBO
10 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 AssistantPreviewRestructuring basics5 min readAI AssistantPreviewWhat drives LBO returns (Advanced)5 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 AssistantPreviewRestructuring basics5 min readAI AssistantPreviewWhat drives LBO returns (Advanced)5 min readAI AssistantPreviewFinancial 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.