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Musings on Financial Modeling and Investment Banking

Lesson Investment bankers can now die and go to heaven: Meet the Excel 2016 IFS function

In the video below, we will introduce you to the Excel 2016 IFS function - an exciting new features that makes writing nested IF statements much more efficient. Click here to download the Excel file...

Adjusted EBITDA: The cure is worse than the disease

Companies are required to file financial statements in accordance with accrual accounting rules that are called Generally Accepted Accounting Principles (GAAP).  GAAP gives you some leeway about which expenses you capitalize (like PP&E) and...

Wall Street Prep and Corality Announce Strategic Partnership

Wall Street Prep has entered into a partnership with Project Finance Modeling leader Corality Financial Group to deliver the most comprehensive training offering in the financial modeling industry. By leveraging Corality’s deep experience and market reputation for...

Matan Feldman Quoted in Business Insider's Article on Wall Street Pay

Great article by Jonathan Marino addressing changes in the compensation for Wall Street's "middle class." While analyst and associate pay is rising via higher base and bonus, mid-level bankers like VPs and Executive Directors are experiencing...

Stock based compensation treatment in the DCF is almost always wrong

A recent SeekingAlpha blog post questioned Amazon management's definition of free cash flows (FCF) and criticized its application in DCF valuation.  The author's thesis is that Amazon stock is overvalued because the definition of FCF that...

Goodwill amortization is back... for private companies

Starting in 2014, private companies can elect to amortize goodwill on a straight-line basis over 10 years.  This is an election (not a requirement), and enables private companies to forgo the costly annual impairment tests that are required...

BLOOMBERG: The Fuzzy, Insane Math That's Creating So Many Billion-Dollar Tech Companies

Below is a link to a great article addressing some of the major reasons that traditional valuation isn't driving early-stage valuation.  In our cap tables course we spend a great deal of time talking...

Listen: From burned out investment banker to founder of Wall Street Prep

Last week I had a chance to sit down with my friend Jared Millman for his new podcast series Dissecting Success.  We spent about an hour talking about how I made the decision to leave...

How Strong is The Chinese Wall Separating Investment Banking and Equity Research?

FINRA fined 10 large investment banks $43.5m for "failing to shield analysts from pressure to promote stocks," specifically claiming that  the "investment banks promised favorable research to Toys “R” Us Inc. and its private-equity owners in 2010 to win...

DealBook: Private Equity Is Top Choice of Young Wall St. Bankers

If you are curious about exit options after investment banking, Dealbook has given us some numbers for 2014.  36% of junior investment bankers who started two-year jobs in 2012 have now joined private equity firms, while...

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The Wall Street Prep Quicklesson Series

7 Free Financial Modeling Lessons

Get instant access to video lessons taught by experienced investment bankers. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts.