Financial Modeling
Whether you’re leveling up on the desk or prepping for interviews, this course gives you the foundational skill set that underpins everything in finance: Financial Modeling. In just 12 hours, you’ll go from Excel novice to building fully integrated three-statement models, learning the exact techniques used by investment bankers, private equity investors, and fundamental investors.
This isn’t a static, cookie-cutter course. Through The Wall Street Skinny podcast, we layer in up-to-date insights and tools, including how to incorporate AI like ChatGPT, so you’re not just learning how to model…you’re learning how to think like a modern finance professional.
Peek Inside the Course
No Boring Powerpoint Slides
14 hours of dynamic, visually engaging videos that will walk you through everything you need to know – without your eyes glazing over.
The Basics...and Beyond
Build full-blown financial models in Excel, including a DCF and LBO with cash flow waterfalls, multiple debt tranches, and free cash flow sweeps.
Hands-on Learning
Apply what you’ve learned along the way and practice your skills with knowledge checks and exercises, including: spreading actual comps, running analyses, and building models in Excel.
Finance x Pop Culture
Fun case study based on Waystar Royco from Succession, along with analyses of actual companies and deals using real filings, including Fox Corp and Disney’s acquisition of Twentieth Century Fox
Interview Prep
Build intuition and get reps in with a paper LBO that will help you crush a Investment Banking and Private Equity interview like an experienced practitioner.
Learn More with Your Besties
Access to additional video learning modules: “IPOs 101: The PE Exit” and “Private Equity vs. Hedge Funds” — plus our full library of Masterclasses.
Part I
Accounting
As Warren Buffet puts it: “Accounting” is the language of business; it is the foundation for all our topics that follow, like financial modeling, LBO analysis, and valuation. In this section we cover everything you must know to be weaponized to value companies and analyze deals.
12 hrs
Total Content
Module 1
Accounting Introduction
Overview of what we will be covering in Part 1.
Module 2
Overview of Key Documents
We paint a picture of the two different situations you might find yourself in: working with and analyzing a private company or working with a public company, and we arm you with the information you will need in both situations.
Module 3
Public Company Documents
Get an overview of the 10K, 10Q, Earnings call transcripts, S1, S4, 8K and more.
Module 4
Navigating the 10K
When using a company’s filings like their 10K, you should absolutely not read starting from page 1 until the end. You should go in with a plan. In this video we dive into the strategy.
Module 5
Complications with Private Companies
Private companies present a unique set of challenges… namely they don’t always keep diligent records and the information is often just that… private. If however you are hired to advise on a private company you will have access to documents via a CIM and a data rooms… so what can you expect?
Module 6
Overview of the Financial Statements
The foundation to all banking analysis requires an understanding of these big three financial statements, the Income Statement, Cash Flow Statement and Balance Sheet. This video goes through how these three statements tie together in a diagram that will continue to pop up throughout the remainder of this course and into our financial modeling course.
Module 7
Income Statement 101
Learn the rules, conventions and analyses for the income statement as we walk from Sales down to Net Income in layman terms and go through the most important calculations for analysis and modeling as we map out the growth and margins formulas.
Module 8
Income Statement Mini Quiz
This exercise reinforces all the key take aways related to the income statement. There is an Excel file that can be downloaded you as the viewer can work through on your own before coming back and reviewing the solution.
Module 9
Cash Flow Statement 101
Learn the rules, conventions and analyses for the Cash Flow Statement including how it connects to the other statement, the overall structure, and what the cash flow statement can tell us about the financial health of a business.
Module 10
Cash Flow Statement Mini Quiz
This exercise reinforces all the key take aways related to the cash flow statement. There is an Excel file that can be downloaded you as the viewer can work through on your own before coming back and reviewing the solution.
Module 11
Balance Sheet 101
Learn the rules and basics of the Balance Sheet including how it connects to the other statement, the overall structure.
Module 12
The Golden Accounting Rule: A = L + E
Assets = Liabilities + Equity is one of the most important accounting concepts there is. Think of it like Newton’s First Law for accounting. In this video we walk through how to use it to logic your way through how how transactions impact cash, and each account, a skill that is the foundation for financial modeling.
Module 13
Balance Sheet Structure
Here we dive into current vs. long term assets and liabilities
Module 14
TL;DR on the Balance Sheet
The Skinny on what you must know about the Balance Sheet
Module 15
The Matching Principle and Non Cash Expenses
The matching principal is the second essential law of accounting… let’s call it Newton’s Second Law of Accounting.
Module 16
How Depreciation Flows Through the 3 Financial Statements
Understanding how non cash expenses flow through the three financial statements is essential not only for understanding accounting, building financial models, calculating EBIT and EBITDA, it’s also one of the most common interview questions you should be prepared to get.
Module 17
Amortization Overview
Now that we understand depreciation, we tackle depreciation’s twin, amortization.
Module 18
Separating Depreciation from Amortization
On the cash flow statement depreciation and amortization are often combined. Therefore, if we want to find depreciation separate from amortization, how do we do it?
Module 19
What is Stock Based Compensation ("SBC”)?
The final non cash expense we tackle is stock based comp. What is it, why do companies use it?
Module 20
How Does SBC Impact the Financial Statements?
We go through how stock based compensation flows through the three financial statements.
Module 21
EBIT 101
EBIT, which stands for Earnings Before Interest and Taxes, is one of the most important financial metrics used in finance. In this video we walk through what EBIT is and how it’s used.
Module 22
EBITDA 101
EBITDA is probably THE most important financial metric used for everything from raising debt to valuing businesses. In this video we walk through how EBITDA is calculated and used by bankers.
Module 23
EBITDA Mini Quiz
This exercise reinforces all the key concepts covered related to EBIT and EBITDA.
Module 24
Net Working Capital (”NWC”) vs. Operating Working Capital (”OWC”)
The distinction between Net Working Capital and Operating Working Capital is one that is a bit tricky due to the language used by bankers. We set the record straight here.
Module 25
Cash Conversion Cycle (”CCC”)
The cash conversion cycle is a way to calculate metric bankers and CEOs use to measure how quickly a company converts a cash outlay for resources to a cash inflow from a sale. This video dives into how it’s calculated as well as diagrams out how to think about it in an intuitive way.
Module 26
Calculating Activity Ratios
In order to actually calculate the cash conversion cycle we use activity ratios, but where do they come from? In this video we walk through the calculation and again the intuition for these important metrics.
Module 27
Timing Conventions: LTM, TTM, NTM, FY, CY, etc.
When we talk about financial metrics on the income statement or cash flow statement so, EBIT, EBITDA, sales etc. the timing matters. Are we talking last twelve months (LTM)? Last fiscal year (FY)? Projected calendar year (CY)? And by the way how the heck do we calculate LTM when our 10K and 10Q don’t provide it? In this video we get into all of that.
Module 28
Balance Sheet Mini Quiz
This exercise reinforces all the key concepts from the balance sheet.
Module 29
Fair Market Value vs. Book Value
Dive into the rules that govern when we see on the balance sheet are book value or fair market value so that we can understand where we need to take the time to approximate the market value for various line items and where we can get away with using the book value.
Module 30
Debt, Cash and “Net Debt”
Learn the nuances of what “cash” means to a banker. (Spoiler it’s more than just the cash and cash equivalents” line item on the Balance Sheet) as well as what is considered “debt” and finally how to calculate and why bankers use “net debt”
Module 31
Non Controlling Interest, Preferred and Equity Investments
This might be the concepts that junior bankers struggle with the most. We break it all so you will walk away feeling confident in what these mean and how they impact a company’s value.
Module 32
Conclusion of Accounting
Here we wrap up the section and get you ready for what is coming next!
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Part II
Excel Foundations
This one hour express class sets the foundation for you to be able to build models efficiently
Module 33
Excel Foundations
Our Excel Foundations video is a one hour express class to get you up the learning curve fast, so you have the framework and foundation to be able to build models efficiently. We’ll be covering: optimizing your computer, setup, keyboard shortcuts, patterns of financial modeling we’ll see in the videos to follow, and so much more.
Part III
Financial Modeling
In this 7 hour module we go through three in-depth modeling builds: a simple private company, a more advanced public company, and a real-world case study using Fox’s SEC filings.
Module 34
Introduction to Financial Modeling
In this kickoff video, we lay the groundwork for why financial modeling is such a powerful learning tool, even in an age of AI. You’ll learn how building a 3 statement integrated financial model teaches you: accounting, valuation, and business analysis, in a way no textbook or chatbot can replicate. We’ll also walk through how the modeling series is structured and what you need to get the most out of it.
Module 35
Private Company Modeling (Simple)
In this 3+ hour video, we build a simple private company model to reinforce the core mechanics of financial modeling. Private companies offer a cleaner framework, allowing us to focus on the intuition behind projections and how the numbers connect in Excel. It’s the perfect foundation before layering on public company complexity in later modules.
Module 36
Public Company Modeling (Simple)
In this one hour video, we take our private company model and adapt it for a public company, focusing on key differences like share count projections, earnings per share, and a more complicated equity schedule. You’ll learn how to incorporate public-company-specific features like buybacks and options, while also layering in more advanced accounting concepts, specifically Non-Controlling Interest and Equity Investments. This sets the stage for our next step: building a full model using real public company financials.
Module 37
Real Public Company From Scratch (Fox)
In this 2.5 hour capstone video, we build a fully integrated three-statement model for Fox FROM SCRATCH using real SEC filings and actual financial data. You’ll learn how to source, clean, and structure data from public filings and tools like CapIQ, while incorporating advanced topics like equity raises, primary vs. secondary proceeds and more. We’ll also show where AI tools like ChatGPT can streamline your workflow – and where these tools fall short.
Part IV
Advanced Excel
We wrap up our Financial Modeling course covering all the advanced Excel functions you need to sensitize your model – analyzing a company isn’t just about building a model; it’s about understanding the drivers of value and what can cause the values to change.
Module 38
Advanced Excel
Now that you’ve mastered three-statement modeling, this video takes things to the next level by teaching you how to truly make sense of the projections. You’ll learn to run sensitivity analyses using Data Tables, build dynamic scenarios with functions like CHOOSE and OFFSET, and create flexible summary outputs using techniques like self referencing IF statements or “sticky cells.” These are the tools professionals use to evaluate upside, base, and downside cases, and they’re essential for real-world deal work.
Courses Coming Soon
Exciting updates are always in the works! Stay tuned for fresh content coming your way
THE SKINNY ON
Financial Modeling
Master the skills to build financial models for forecasting, valuation, and decision-making in various investment scenarios.
THE SKINNY ON
Fixed Income Sales, Trading, & Investing
Explore the strategies, instruments, and market dynamics involved in the buying, selling, and investing of bonds and other fixed-income securities.
THE SKINNY ON
M&A: Mergers & Acquisitions
Learn the key processes, valuation techniques, and strategic considerations behind corporate mergers, acquisitions, and takeovers.
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