Sell-Side Equity Research Certification (ERC©)
$499
Add to Cart
You don't have access to this course, but you can purchase it below.
Comprehensive Training for the Sell-Side Equity Research Role
Learn Directly From Sell-Side Practitioners
This program is for those who are currently pursuing or are new to the sell-side equity research role. Guided step-by-step by experienced sell-side analysts, you'll be immersed in the sell-side equity research role. Learn to construct and maintain a "sell-side model" and write research reports and notes, as you would on the job.
Go Beyond the Sell-Side Earnings Model
In addition to step-by-step technical skills, you'll go through the thesis development process and gain an understanding of how to create a product that is consumed and valued by other functions of the bank, including capital markets and sales & trading, as well as by buy side investors.
The ERC© is derived from the sell-side research training program delivered onsite at the world's leading investment banks
Your Path to Certification
This Sell-Side Equity Research course covers essential skills from equity research basics to advanced financial modeling, valuation techniques and report writing. Each module is designed to build comprehensive expertise in equity research.
Recommended Path
1. Equity Research Processes
Week 1
2. Financial Statement Analysis
Week 1
3. Investment Thesis and Due Diligence
Week 2
4. Writing Equity Research Reports
Week 3
5. Financial Statement Modeling
Week 4
6. Relative Valuation - Trading Comps
Week 5
7. Instrinsic Valuation - DCF
Week 5
8. Soft Skills in Equity Research
Week 6
9. Career Applicant Resources
Week 6
Complete in 30 Hours
The ERC© is a job-focused program that drills down on what sell-side equity research professionals need to know while cutting out the rest. Average completion time (coursework + exam) is 30 hours.
Skills of a Top Research Analyst:
-
Depth in financial statement analysis
-
Strong financial modeling
-
Research and market analysis
-
Detailed report writing
-
Communication and presentation techniques
What's Included
ERC©ERC© 1: Equity Research Process
Module 1 of the Sell-side Equity Research Certification (ERC©) provides an overview of the equity re ...
1
View Course TOC
Course TOC
ERC© 1: Equity Research Process
Module 1 of the Sell-side Equity Research Certification (ERC©) provides an overview of the equity research business and career. Students will learn how research fits into the investment banking industry, what a typical day for the equity researcher looks like, the coverage and initiation processes, ...
Module 1 of the Sell-side Equity Research Certification (ERC©) provides an overview of the equity research business and career. Students will learn how research fits into the investment banking industry, what a typical day for the equity researcher looks like, the coverage and initiation processes, among many other things
More
Less
Introduction to Equity Research
1. Instructor Introduction and Overview
8:55
2. Introduction to Equity Research
7:28
3. Course Downloads
Files
4. Sell-Side vs. Buy-Side Equity Research
4:51
5. How Sell-Side Research Adds Value
4:15
Dynamics in Equity Research
6. Hierarchy in Sell-Side Equity Research
7:22
7. Equity Research Associate Career Snapshot
2:43
8. A Day in the Life of an Equity Research Associate
5:18
Coverage Selection and Initiations
9. Sectors and Coverage Universes
8:18
10. Choosing the Companies to Cover
3:45
Earnings Season
11. Why the Earnings Cycle Matters
2:47
12. US Earnings Season Calendar
7:49
13. Pre-and Post-Earnings Process, Step by Step
11:27
ERC© 2: Financial Statement Analysis
Module 2 of the Sell-side Equity Research Certification (ERC©) dives deep into how to analyze the th ...
2
View Course TOC
Course TOC
ERC© 2: Financial Statement Analysis
Module 2 of the Sell-side Equity Research Certification (ERC©) dives deep into how to analyze the three key financial statements. Here, we’ll learn about key metrics and ratios that can provide insights into how a company is performing, as well as how the financial statements connect to each other t ...
Module 2 of the Sell-side Equity Research Certification (ERC©) dives deep into how to analyze the three key financial statements. Here, we’ll learn about key metrics and ratios that can provide insights into how a company is performing, as well as how the financial statements connect to each other to provide a holistic view of the company’s financial position
More
Less
Income Statement Analysis Key Metrics Part 1
1. Financial Statement Analysis Introduction
3:45
2. Course Downloads
Files
3. Income Statement Walk-Through
12:44
4. P&L Analysis Case Study Apple (Part 1)
9:43
5. P&L Analysis Case Study Apple (Part 2)
10:04
6. Income Statement Drivers Revenues to Opex
10:55
7. Income Statement Drivers Operating Profit to EPS
7:48
8. P&L Drivers Case Study Apple
10:36
9. How Ratios Should (and Shouldn’t) Be Used
3:52
10. Key Income Statement Ratios
3:19
11. Pitfalls Be Cautious Interpreting Ratios
3:46
12. Key Income Statement Ratios ROIC
3:14
13. ROIC Practice Exercise
6:37
Income Statement Analysis Key Metrics Part 2
14. ROIC Practice Exercise Solution
3:31
15. ROIC Practice Exercise Analytics
6:18
16. P&L Ratios Case Study Apple vs. Key Peers Exercise
2:48
Income Statement Analysis Key Metrics Part 3
17. ROE and ROIC Analytics Apple vs. Key Peers
8:29
18. ROA and ROS Analytics Apple vs. Key Peers
5:56
Balance Sheet Analysis Key Metrics Part 1
19. What Is the Balance Sheet
4:48
20. Balance Sheet Current and Long-Term Assets
4:38
21. Balance Sheet Liabilities and Equity
3:05
22. Case Study Apple’s Balance Sheet
11:07
23. Balance Sheet Drivers
11:24
24. Key Balance Sheet Ratios
1:47
25. Balance Sheet Ratios Case Study Apple vs. Key Peers Exercise
1:16
Balance Sheet Analysis Key Metrics Part 2
26. Debt-to-Asset, DSO and DPO Analytics Apple vs. Key Peers
5:32
27. Inventory Turnover and Current Ratio Analytics- Apple vs. Key Peers
2:45
28. Net Operating Cycle Apple vs. Key Peers
5:05
Cash Flow Analysis Key Metrics Part 1
29. What Is the Cash Flow Statement
5:15
30. Cash Flow Statement Cash from Operations (CFOA)
2:49
31. CFOA Working Capital
4:08
32. Cash Flow Statement Cash from Investing and Financing
2:36
33. Case Study Apple’s Cash Flow Statement
6:44
34. Key Cash Flow Statement Metrics
2:19
35. Cash Flow Metrics Case Study Apple vs. Key Peers Exercise
1:00
Cash Flow Analysis Key Metrics Part 2
36. Cash Flow Analytics Apple vs. Key Peers
6:01
DuPont Analysis
37. ROE Application DuPont Analysis
4:13
38. DuPont Analysis Apple vs. Key Peers
5:18
ERC© 3: Thesis and Due Diligence
Module 3 of the Sell-side Equity Research Certification (ERC©) addresses one of the most important r ...
3
View Course TOC
Course TOC
ERC© 3: Thesis and Due Diligence
Module 3 of the Sell-side Equity Research Certification (ERC©) addresses one of the most important responsibilities of an equity researcher: building an investment thesis from the ground up. Students will learn about the pillars of a strong thesis and how to navigate the whole process that ranges fr ...
Module 3 of the Sell-side Equity Research Certification (ERC©) addresses one of the most important responsibilities of an equity researcher: building an investment thesis from the ground up. Students will learn about the pillars of a strong thesis and how to navigate the whole process that ranges from learning about the business fundamentals to having a differentiated view on the stock.
More
Less
Investment Thesis Part 1
1. Investment Thesis Introduction
9:05
2. Core Elements of the Thesis Results x Valuation
9:11
3. Course Downloads
Files
4. Key Drivers of Variant Financial Results
15:53
5. How the Market Values Financial Results
8:33
6. Key Valuation Expansion Drivers
6:04
7. Valuation Contraction and Expansion Apple and Tesla Cases
9:18
8. The Role of Growth in Value Perception
6:27
9. The Process of Building a Thesis
4:59
10. Critical Business Factors
6:27
Investment Thesis Part 2
11. Building a Thesis from the Bottom Up 4 Key Steps
3:03
12. Step 1 Understanding The Fundamentals of a Company
7:38
13. Step 2 Identifying the Hot Topics
5:41
14. Step 3 Visualizing the Business Opportunities
2:27
15. Step 3 Competitive Advantages
11:53
16. Step 4 What the Market Is Missing
6:46
17. Step 4 Meetings and Conferences
0:58
18. Step 4 Third-Party Research
6:19
19. Step 4 Proprietary Research
5:51
Investment Thesis Part 3
20. Macroeconomic Considerations Introduction
2:16
21. Economic Framework The 3 Cycles
8:23
22. Short-Term Cycle Key Metrics and Indicators
2:34
23. Macroeconomic Impact on the Thesis
2:51
24. Macroeconomic Considerations Sector Sensitivity
6:04
25. Macroeconomic Considerations Other Sensitivities
3:44
26. Catalysts Introduction
2:16
27. Examples of Catalysts Earnings to M&A
5:54
28. More Examples of Catalysts Management Teams to the Economy
5:32
29. In Summary Investment Thesis Quality
3:48
30. Investment Thesis vs. Efficient Markets
8:09
ERC© 4: Writing Research Reports
Module 4 of the Sell-side Equity Research Certification (ERC©) begins by exploring the types of rese ...
4
View Course TOC
Course TOC
ERC© 4: Writing Research Reports
Module 4 of the Sell-side Equity Research Certification (ERC©) begins by exploring the types of research reports and how they fit into the earnings cycle. We’ll look closely at the anatomy of a report, identifying key sections and their purposes using real-life examples. Students will learn about wr ...
Module 4 of the Sell-side Equity Research Certification (ERC©) begins by exploring the types of research reports and how they fit into the earnings cycle. We’ll look closely at the anatomy of a report, identifying key sections and their purposes using real-life examples. Students will learn about writing best practices and be ready to build their own report from scratch. Finally, we discuss the editorial process and stock pitching.
More
Less
Introduction to Reports Part 1
1. Research Reports Introduction
2:27
2. Course Downloads
Files
3. The Anatomy of a Research Report
9:26
4. Types of Equity Research Reports
4:30
5. Reports and the Research Cycle
5:28
6. The Key Components of a Research Report
2:55
7. Apple Earnings Review Case Study Introduction
3:22
8. RBC’s Earnings Review Report on AAPL, Page 1
8:18
9. RBC’s Earnings Review Report on AAPL, Page 2
4:40
10. RBC’s Earnings Review Report on AAPL, Closing Sections
5:46
Introduction to Reports Part 2
11. DA Davidson’s Earnings Review Report on AAPL, Pages 1 and 2
6:08
12. DA Davidson’s Earnings Review Report on AAPL, Closing Sections
4:04
13. Wedbush’s Flash Note on TSLA
8:26
Best Practices Report Writing Part 1
14. Writing Best Practices Introduction
2:28
15. Writing Must Do #1- Outline
1:34
16. Writing Must Do #2 Don’t Overwrite
2:58
17. Writing Must Do #3 Vary Sentence Length
2:32
18. Writing Must Do #4 Understand the Audience
3:59
19. Writing Must Do #5 Rewrite and Edit
4:34
20. Research Reports Message Structure
3:41
21. Research Reports 3 Main Sessions
6:37
22. Research Reports Scope
1:23
23. Research Reports Language Quirks
8:11
Best Practices Report Writing Part 2
24. Writing Case Study Upgrade Report, Page 1
10:46
25. Writing Case Study Upgrade Report, Other Pages
3:03
26. Report Writing Exercise Introduction
3:13
27. Report Writing Exercise Parameters
6:45
28. Report Writing Exercise Earnings Release
3:35
29. Report Writing Exercise Data and Financial Statements
7:22
30. Report Writing Exercise Drafting the Structure
4:17
31. Report Writing Exercise Establishing the Key Points
3:20
32. Report Writing Exercise Summary
4:51
33. Report Writing Exercise Fleshing Out Key Point #1
7:49
34. Report Writing Exercise Fleshing Out Key Point #2
5:00
35. Report Writing Exercise Fleshing Out Key Point #3
4:17
36. Report Writing Exercise Title
1:13
37. Report Writing Exercise Chart
3:26
38. Report Writing Exercise Wrap Up
2:02
ERC© 5: Financial Statement Modeling
Module 5 of the Sell-side Equity Research Certification (ERC©) is about building an entire equity re ...
5
View Course TOC
Course TOC
ERC© 5: Financial Statement Modeling
Module 5 of the Sell-side Equity Research Certification (ERC©) is about building an entire equity research-specific, three-statement model starting from a simple Excel template and using it as a tool to support the investmen thesis. Students will learn about historical data and how to source it; con ...
Module 5 of the Sell-side Equity Research Certification (ERC©) is about building an entire equity research-specific, three-statement model starting from a simple Excel template and using it as a tool to support the investmen thesis. Students will learn about historical data and how to source it; consensus-based projections; variant-view projections; the crucial non-GAAP adjustments; and more complex revenue and cost builds.
More
Less
What is Financial Statement Modeling?
1. Financial Statement Modeling The 3 Statements
3:03
2. FSM Importance In Equity Research
3:41
3. Course Downloads
Files
4. FSM Necessary Skills
4:10
5. FSM Excel and Accounting
2:11
Case Study: Introduction
6. Introducing the Apple Case
7:13
7. Where Do We Begin
4:33
Case Study: Model Structure and Historicals
8. An Overview of the AAPL Model
5:02
9. The Structure of the Model
5:34
10. Populating P&L Historical Data
10:29
Case Study: Populating the Balance Sheet
11. Reviewing the P&L Historical Entries
6:41
12. Populating Balance Sheet Historical Data Assets
6:43
13. Populating Balance Sheet Historical Data Liabilities and Equity
3:30
Case Study: Populating the Cash Flow Statement
14. Populating Cash Flow Statement Historical Data CFOA
6:14
15. Populating Cash Flow Statement Historical Data CFI and CFF
9:48
Case Study: Cash Flow Statement Review
16. Reviewing the Cash Flow Statement Historical Entries
1:28
17. Revisiting P&L Historical Data D&A, SBC, and Interest
7:18
Case Study: Forecasting the Income Statement
18. Introduction to Forecasting the P&L Setup
6:07
19. Forecasting the P&L Drivers
7:53
20. Forecasting the P&L Revenues and COGS Formulas
4:53
21. Forecasting the P&L Opex and Tax Expense Formulas
3:22
Case Study: Forecasting the Balance Sheet
22. Forecasting the P&L SBC Formulas
1:53
23. Introduction to Forecasting the Balance Sheet Setup
11:51
24. Forecasting the Balance Sheet Total Assets Formulas
4:23
25. Forecasting the Balance Sheet Liabilities Formulas
4:36
26. Forecasting the Balance Sheet Equity Formulas
3:56
Case Study: Building a Cash Flow Statement
27. Introduction to Forecasting the CF Statement Setup
4:21
28. Deriving the CF Statement Net Income and SBC Formulas
2:23
29. Deriving the CF Statement Working Capital Formulas
7:52
30. Deriving the CF Statement Other CFOA Formulas
5:21
31. Deriving the CF Statement CFI and CFF Formulas
5:31
Case Study: Calculating Shares Outstanding
32. Introduction to FSM Schedules Setup
2:45
33. Schedules Shares Outstanding Historical Data
7:53
34. Schedules Projecting Shares Issued and Purchased
8:05
35. Schedules Projecting Basic and Diluted Shares Outstanding
3:43
Case Study: Forecasting Fixed Assets
36. Schedules PP&E and Capex Historical Data
4:31
37. Schedules Depreciation Historical Data
5:39
38. Schedules Forecasting Capital Expenditures
1:48
39. Schedules Forecasting Depreciation
3:58
40. Schedules PP&E Roll-Forward
3:03
Case Study: Forecasting Amortization
41. Schedules Amortization Historical Data
2:11
42. Schedules Forecasting Amortization
4:19
Case Study: Other Non-current Assets
43. Introduction to Other Non-Current Assets Setup
2:41
44. Schedules Other Non-Current Assets Historical Data and Forecast
2:32
45. Schedules The Relevance of Additions to ONCA
3:27
Case Study: Retained Earnings
46. Introduction to Retained Earnings Setup
3:09
47. Schedules Retained Earnings Roll-Forward Formulas
9:19
48. Schedules Projecting Dividends and Others
5:17
49. Linking Retained Earnings Schedule to the Three Statements
3:30
50. Linking Cash and Equivalents to Cash Flow Statement
2:52
Updating Quarters Part 2
51. Introduction to Revolver Setup
2:40
52. Schedules- Cash Needs Analysis
7:04
53. Schedules Forecasting the Revolver
6:39
54. Linking the Revolver Schedule to the Three Statements
5:29
Case Study: Short-term Debt and Interest
55. Introduction to Interest Expense Setup
2:05
56. Schedules Short-Term Interest Expenses, Historical Data and Drivers
9:16
57. Schedules Forecasting Short-Term Interest Expenses
3:13
Case Study: Long-term Debt and Interest
58. Schedules Long-Term Interest Expenses, Historical Data and Drivers
4:59
59. Schedules Forecasting Long-Term Interest Expenses
2:28
60. Linking Interest Expense Schedule to the P&L
1:12
Case Study: Other Income and Expense
61. Schedules Interest Income, Historical Data and Drivers
4:31
62. Schedules Forecasting Interest Income
4:02
63. Forecasting Other Income and Expense
3:21
Case Study: Fixing a Broken Model Part 1
64. Working Capital Schedule Exercise
5:08
Case Study: Working Capital Part 2
65. Working Capital Schedule Solution and Discussion
8:00
Case Study: Fixing a Broken Model Part 1
66. Broken Model Exercise Introduction
4:32
67. Broken Model Exercise Focusing on the Balance Sheet
2:26
68. Broken Model Exercise Focusing on the CF Statement
3:31
Case Study: Fixing a Broken Model Part 2
69. Broken Model Exercise Solution
7:32
70. Broken Model Exercise the “Cheat Code”
10:19
Forecasting Frameworks
71. Introduction to Variant View in Forecasting
9:06
72. The 10-Step Framework to Forecasting Steps 1-5
7:54
73. The 10-Step Framework to Forecasting Steps 6-10
9:37
74. 10-Step Framework Apple Case, Steps 1-5
9:52
75. 10-Step Framework Apple Case, Steps 6-10
6:43
76. Variant-View Forecasting Beyond Revenues Other P&L
7:17
77. Variant-View Forecasting Beyond Revenues Tesla COGS Case
2:02
78. Variant-View Forecasting Beyond Revenues BS and CFS
3:35
COGS Modeling Part 2
79. What Is Non-GAAP Reporting
7:17
80. Non-GAAP Reconciliation Table
4:13
81. Prevalence of Non-GAAP Reporting in the US
3:06
82. Non-GAAP Impact on Guidance or Outlook
1:05
83. Non-Recurring Items Restructuring, Write Downs, and Others
4:44
84. Mapping Non-GAAP Adjustments to the P&L
1:36
85. Non-GAAP Stock-Based Compensation
4:26
86. Non-GAAP Workday Case
1:59
Non-GAAP Modeling Part 1
87. Introduction to Wabtec Non-GAAP Exercise
6:13
Non-GAAP Modeling Part 2
88. Wabtec Exercise Solution and Discussion GAAP Results
3:36
89. Wabtec Exercise Solution and Discussion 4Q’22 Non-GAAP Adjustments
7:54
90. Wabtec Exercise Solution and Discussion 4Q’21 Non-GAAP Adjustments
5:32
Introduction to Revenue Builds
91. Introduction to Revenue Build Units x Price
6:24
Revenue Build Modeling Part 1
92. United Airlines Revenue Exercise Introduction
1:49
93. United Airlines Revenue Exercise Earnings Release
3:10
94. United Airlines Revenue Exercise Key Operating Metrics
5:40
95. United Airlines Revenue Exercise Passenger Revenue Model
4:07
96. United Airlines Revenue Exercise Cargo Revenue Model
3:12
Revenue Build Modeling Part 2
97. United Airlines Revenue Exercise Solution and Discussion
4:46
COGS Modeling Part 1
98. United Airlines COGS Exercise Introduction
2:31
99. United Airlines COGS Exercise Earnings Release
4:27
100. United Airlines COGS Exercise Model
5:50
COGS Modeling Part 2
101. United Airlines COGS Exercise Solution and Discussion
7:14
Revenue Build Challenges
102. Revenue Build Apple Model Challenges
4:47
103. Revenue Build Modeling Without Reliable Historical Data
7:41
104. Revenue Build Forecasting Without Reliable Historical Data
4:50
Quarterly Modeling Part 1
105. “Flip the Quarter” Exercise Introduction
2:05
106. Creating a Quarter Analysis Table Actuals and Estimates
9:49
107. Creating a Quarter Analysis Table Variances
6:51
Updating Quarters Part 2
108. “Flip the Quarter” Exercise Updating 1Q’23 P&L
8:01
109. “Flip the Quarter” Exercise Updating 1Q’23 Balance Sheet
3:59
110. “Flip the Quarter” Exercise Updating 1Q’23 Cash Flow Statement
8:09
111. “Flip the Quarter” Exercise Variance Analysis
6:05
ERC© 6: Relative Valuation
Module 6 of the Sell-side Equity Research Certification (ERC©) dives deep into the art and science o ...
6
View Course TOC
Course TOC
ERC© 6: Relative Valuation
Module 6 of the Sell-side Equity Research Certification (ERC©) dives deep into the art and science of valuing a company and stock using the relative valuation method. We’ll focus on how to best use comps or multiples, exploring the fundamental reasons why a stock may trade at a rich or a discounted ...
Module 6 of the Sell-side Equity Research Certification (ERC©) dives deep into the art and science of valuing a company and stock using the relative valuation method. We’ll focus on how to best use comps or multiples, exploring the fundamental reasons why a stock may trade at a rich or a discounted price.
More
Less
Introduction to Comparable Modeling
1. Overview of Valuation
5:33
2. Course Downloads
Files
3. Valuing a Stock Fundamental Unit of Value and Other Considerations
2:03
Understanding Valuation Multiples
4. Comparable Company Analysis
6:12
5. Relative Valuation Key Multiples
9:37
6. Relative Valuation Factors to Consider
3:20
7. Forward vs. Trailing PE Apple Example
2:55
8. Relative Valuation Analysis Three-Step Framework
1:59
9. What Valuation Multiple to Pick Apple vs. Raytheon
4:30
10. Three-Step Framework in the Real World
5:16
11. Key Drivers of PE Growth, Risk, and Reinvestment Needs
7:21
12. Breaking Down PE Amazon vs. Ford
3:23
13. Why Companies Trade at a High or Low Multiple
7:00
Comps Modeling Exercise
14. Apple Comps Sheet Exercise Setup
6:15
Comps Modeling Peer Selection
15. Apple Comps Sheet Exercise- Peer Group Selection, Sector Approach
3:57
16. Apple Comps Sheet Exercise Peer Group Selection, Fundamentals Approach
4:48
Comps Modeling Analyzing Multiples
17. Apple Comps Sheet Exercise Analyzing the Multiples
2:43
Comps Modeling Exercise Review
18. Apple Comps Sheet Exercise Solution and Discussion, Peer Group
2:12
19. Apple Comps Sheet Exercise Solution and Discussion, Multiple
5:48
20. Apple Comps Sheet Exercise Solution and Discussion, Digging Deeper
1:31
21. Apple Comps Sheet Exercise Solution and Discussion, Conclusion
5:05
ERC© 7: Intrinsic Valuation
Module 7 of the Sell-side Equity Research Certification (ERC©) shifts gears to discounted cash flow, ...
7
View Course TOC
Course TOC
ERC© 7: Intrinsic Valuation
Module 7 of the Sell-side Equity Research Certification (ERC©) shifts gears to discounted cash flow, or DCF. Student’s will start with the basics of time value of money, then quickly progress to more advanced topics like weighted average cost of capital (WACC) and a discussion about the most impactf ...
Module 7 of the Sell-side Equity Research Certification (ERC©) shifts gears to discounted cash flow, or DCF. Student’s will start with the basics of time value of money, then quickly progress to more advanced topics like weighted average cost of capital (WACC) and a discussion about the most impactful drivers of value in DCF analysis.
More
Less
DCF Modeling Concepts
1. Discounted Cash Flow Time Value of Money
5:45
2. Discounted Cash Flow Simple Exercise
1:07
3. Course Downloads
Files
4. Discounted Cash Flow Simple Exercise, Solution
2:04
5. Discounted Cash Flow CFs in Perpetuity
3:23
6. Discounted Cash Flow Perpetuity Exercise Solution
3:43
7. Enterprise Value vs. Equity Value
3:46
8. EV = Net Debt + Equity Value
2:55
9. Enterprise Value Introducing Net Operating Assets
2:52
10. Two-Stage DCF Model
2:21
11. Two-Stage DCF Hot Dog Stand Exercise
2:34
12. Two-Stage DCF Hot Dog Stand Exercise, Solution
4:11
13. DCF Valuation Pros and Cons
5:27
Steps to Building a DCF
14. Steps to Building a Two-Stage DCF Model
5:27
15. Step 1 Unlevered Free Cash Flow (UFCF) Formula
4:21
16. Step 2 Calculating the Terminal Value
4:36
17. Step 3 Weighted Average Cost of Capital (WACC)
6:45
18. Steps 4 and 5 Plus Cash, Minus Debt
3:36
19. Step 6 Calculate Shares Outstanding
2:25
Building a DCF Model Part 1
20. Apple DCF Model Introducing Stage 1
4:52
21. Apple DCF Model Introducing Stage 2 and Fair Equity Value
3:21
Building a DCF Model Part 2
22. Apple DCF Model Linking Inputs from the FS Model
3:37
23. Apple DCF Model Analyzing Net Working Capital
2:07
24. Apple DCF Model Discounting Stage 1 CFs to Present Value
11:20
Building a DCF Model Part 3
25. Apple DCF Model Stage 2, Perpetuity Approach
8:20
26. Apple DCF Model Stage 2, EBITDA Multiple Approach
4:58
27. Apple DCF Model Stage 2, Which Approach to Choose
3:06
Building a DCF Model Part 4
28. Apple DCF Model Net Debt
8:56
29. Apple DCF Model WACC
5:05
30. Apple DCF Model Summary Table
2:00
ERC© 8: Professional Soft Skills
Module 8 of the Sell-side Equity Research Certification (ERC™) addresses the crucial, yet underappre ...
8
View Course TOC
Course TOC
ERC© 8: Professional Soft Skills
Module 8 of the Sell-side Equity Research Certification (ERC™) addresses the crucial, yet underappreciated topic of soft skills in equity research. Here, we’ll explain what it means to act professionally in a banking environment; the importance of the analyst-associate relationship; dealing with str ...
Module 8 of the Sell-side Equity Research Certification (ERC™) addresses the crucial, yet underappreciated topic of soft skills in equity research. Here, we’ll explain what it means to act professionally in a banking environment; the importance of the analyst-associate relationship; dealing with stress in the office and the long hours that are often required of an equity researcher.
More
Less
Professionalism and Communication
1. The Importance of Soft Skills
4:35
2. Professionalism in the Office
4:03
3. Course Downloads
Files
4. Professionalism Communication
5:02
5. Professionalism Punctuality
3:10
6. Professionalism Dress Code
1:25
7. Professionalism Hierarchy
2:02
8. Interacting with Management Teams and Clients
4:55
Dealing with a Broken Thesis
9. Broken Thesis How to Handle the Inevitable
9:42
Stress in the Office
10. Long Hours in the Office What to Expect
2:47
11. Long Hours in the Office Busy Season
3:26
12. How to Deal with Long Hours in the Office
2:47
13. Multitasking Common Case and How to Handle
6:10
14. Dealing with Ambiguity
3:57
Associate-to-Analyst Dynamics
15. The Analyst-Associate Work Dynamic
6:04
ERC© Bonus: Breaking Into Research
Breaking into equity research can be very hard, but an aspiring ER professional can gain an advantag ...
9
View Course TOC
Course TOC
ERC© Bonus: Breaking Into Research
Breaking into equity research can be very hard, but an aspiring ER professional can gain an advantage by using the right tools and strategies. In this bonus module, we’ll see how an “application package” and the most effective LinkedIn tactics can help a college/MBA graduate or career switcher land ...
Breaking into equity research can be very hard, but an aspiring ER professional can gain an advantage by using the right tools and strategies. In this bonus module, we’ll see how an “application package” and the most effective LinkedIn tactics can help a college/MBA graduate or career switcher land a desirable job in equity research.
More
Less
50 Key Interview Questions
1. Interview Questions for Equity Research Candidates
4:19
2. Course Downloads
Files
Report Pitch Template
3. Recruiting Preparing an “Application Package”
7:51
Writing a Strong Resume
4. Writing a Strong Resume 5 General Tips
5:01
5. Equity Research-Specific Skills, Abilities, and Interests
5:41
LinkedIn Application Portfolio
6. LinkedIn as an Application Portfolio
2:58
7. How Recruiters Find You on LinkedIn
4:39
8. Optimizing Your Home Page on LinkedIn
10:11
Marketing Yourself on LinkedIn Part 1
9. Filtering for ER Opportunities Outside LinkedIn
5:25
Marketing Yourself on LinkedIn Part 2
10. Marketing Yourself on LinkedIn “Apply and Wait” Approach
4:05
11. Marketing Yourself on LinkedIn “Tap the Network” Approach
4:35
12. Marketing Yourself on LinkedIn “Cold Call” Approach
4:00
Course Samples
Sectors and Coverage Universes
Investment Thesis: Introduction
Introduction to Retained Earnings: Setup
Apple Comps Sheet Exercise: Solution and Discussion, Peer Gr...
Apple DCF Model: Stage 2, Perpetuity Approach
Writing a Strong Resume: 5 General Tips
Earn the Sell-Side Equity Research Certification
All learners are eligible to earn Wall Street Prep's globally recognized Sell-Side Equity Research Certification (ERC©). The certification is earned by successfully completing the final exam from each of the program's 8 core modules. These online assessments can be taken any time after enrollment in the program.
Earn CPE Credits with WSP Online Courses
Wall Street Prep is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.