Investment Banking Interview Guide:

Course Outline
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Investment Banking Interview Guide
If you’re reading this document, you’re probably considering signing up for the Breaking Into Wall Street
Investment Banking Interview Guide.

If that’s you, then this Special Report explains…

• Everything you get in the Interview Guide, in detail.

• How this course is different from all the other “Interview Guides” on the market.
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This Guide Is Designed with One Purpose in Mind: To Help You

Land Investment Banking Offers Efficiently
Just look at some of the comments below to see a small sampling of the results others have
experienced, thanks to the Investment Banking Interview Guide:

“I was shocked at just how well the guide prepared me for the questions they
asked. It was like they were quizzing me on the guide.”

"Your prep material is by far the best, and you have an amazing intuition for
how people learn information. Thank you so much. I am a customer and
advocate of BIWS for life."

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"As an MBA student with absolutely zero finance experience, your IB Interview
Guide was the most resourceful guide in my preparation.”

"I have secured 4 summer associate offers in London in IBD at Goldman Sachs,
Morgan Stanley, Credit Suisse, and Nomura.”

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"Your courses allowed me to land an internship with Morgan Stanley IBD and
BofAML Equity Research."

"The courses helped land me a sophomore summer internship at a boutique

investment bank.”

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"I interviewed at 3 bulge brackets and 5 elite boutiques. I got superdays at every
single one and ended up with 3 offers (declined 4 superdays due to timing).”

"I just wanted to tell you how things went: got offers from GS, MS, and CS!”

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 IB Interview Guide Highlights
Most Interview Guides throw a lot of information at you, but they make two major mistakes:

1) They don't explain which topics are most important and what bankers want to hear in your
responses.

2) They don't explain how to prepare efficiently.

When you cut away all the nonsense, two topics matter more than anything else in investment banking
interviews:

1) Your answer to the “Tell me about yourself” or “Walk me through your resume/CV” or “Why are
you here?” question.

2) Your ability to answer technical questions competently and prove that you can do the work.

Our Interview Guide is designed around these two critical topics.

Yes, there’s a lot of other stuff in here – “fit” questions and answers, quizzes, practice case studies,
industry-specific questions, deal discussions, and more.

But if you answer questions in these two categories like a pro, the rest is icing on the cake.

Here’s a quick summary of what’s in the Interview Guide:

▪ The Quick Start Guide gives you 4-hour, 2-day, and week-long prep plans, so you know what to
focus on with limited time. If you have more time than that, great – but get the fundamentals
right first!

▪ Pitch Yourself Like a Pro with one of our 18 step-by-step templates for walking through your
background in interviews – regardless of whether you’re an undergraduate, recent graduate,
MBA student, career changer, or seasoned executive.

▪ Gain Conceptual Mastery with 86+ pages of guidance on “Fit” questions, including how to
prepare and examples of good answers in the major categories. You’ll be able to discuss your
strengths and weaknesses, analytical skills, and teamwork/leadership abilities like it’s second
nature. Altogether, there are 109+ questions with model answers.

▪ Discuss Deals and Markets Like a Lifelong Banker with 6 sample “deal discussions.” These
discussions correspond to deals the bank has worked on and ones you have worked on. You’ll
also learn how to research markets and companies efficiently – even if it’s 3 AM, and your
interview starts at 9 AM.

▪ Get Case Study Practice with our 17 Excel-based case studies. These are VERY similar to the
types of case studies you’d encounter at assessment centers in Europe or standard IB/PE
interviews. You’ll build 3-statement models, value companies and build DCF analyses, make

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 M&A and investment recommendations, and complete merger models, LBO models, and even a
debt vs. equity financing model.

▪ Crush Your Technical Questions with conceptual explanations and rules of thumb in all the main
technical categories: Core Concepts, Accounting, Equity Value and Enterprise Value, Valuation
and DCF Analysis, Merger Models, and LBO Models… plus, bonus guides for Industry-Specific
Questions (real estate, oil & gas, banks, insurance, and restructuring), Equity/Debt Capital
Markets and Leveraged Finance, and Private Companies.

▪ Each guide comes with full explanations of the concepts, interview questions and answers, Excel
files, annotated diagrams, and more. You can use these tutorials to answer ANY technical
interview question calmly and confidently.

▪ Test Your Knowledge with 6 interactive quizzes that cover the core technical topics – you’ll get a
total of 218+ questions and answers, with full analysis of the questions and explanations of why
answers were correct or incorrect.

▪ Expert Support: We have a team of experienced investment bankers standing by to respond to

your questions, comments, and emails, for up to 24 months after you sign up. There are some
limitations on this service – we can’t do your homework for you – but career-related,
qualitative, and technical questions are covered.

▪ Unconditional 90-Day Money-Back Guarantee: We’re so convinced that the IB Interview Guide
is the most practical and effective program of its kind that it comes with an unconditional
money-back guarantee for 90 days.

▪ All the content is downloadable to your preferred device (desktops, laptops, tablets,
smartphones, etc.).

▪ Lifetime Access: You also get lifetime access, so you can come back to the program whenever
you need it – whether that’s in 1 month, 1 year, or 10 years.

Everything You Get, In Detail

Module 1: Action Plan and Quick Start Guide
This module will show you how to get the most out of the Interview Guide with limited time, and what
to focus on if you have only a few hours or a few days to prepare.

You get a Quick Start Guide with 4-hour, 2-day, and 1-week-long study plans, as well as checklists of
everything you need to do before and after the interview.

You'll also learn how the recruiting process works and what you must do to be a competitive candidate.

1.1 Quick Start Guide and Interview Action Plan (Video Length: 7:02)

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In this lesson, you’ll get an introduction to the IB Interview Guide and learn how to use it effectively
even if you have only a few *hours* before your interview begins – plus, you’ll learn what to do if you
have more time than that.

• 1 Written Guide: On the topics above (4 Pages)

1.2 Your Interview Checklist and What to Do Before and After the Interview (Video Length: 7:52)

In this lesson, you’ll get a checklist of items you need to prepare before any interview; you’ll also learn
what to do before and after the interview to maximize your chances of success.

• 1 Written Guide: On the topics above (13 Pages)

1.3 The Recruiting Process and Differences at the MBA Level and in Other Countries (Video Length:
11:10)

In this lesson, you’ll learn about the overall IB recruiting process and differences in other regions, such
as London and EMEA, as well as differences at the MBA level and beyond.

• 1 Written Guide: On the topics above (15 Pages)

Module 2: How to Tell Your Story (Resume Walkthrough Tutorials)

In this module, you’ll learn how to answer the most important question in any interview: “Tell me about
yourself” or “Walk me through your resume/CV” or “Why are you here today?”

If you answer this question effectively, all the other “fit” questions will be easy because you can keep
referencing your ‘story’ to answer those questions.

If you don’t answer this question effectively, the rest of the interview is pointless because the
interviewer will stop paying attention after 1-2 minutes.

2.1 How to Walk Through Your Resume or CV Like a Pro in Investment Banking Interviews (Video
Length: 52:14)

In this lesson, you’ll learn why your “story” is critical in interviews, how to structure it in 4 simple steps,
and what you should include and avoid in each step; you’ll also learn the top 7 mistakes to avoid in your
story, and you’ll see examples good and bad story snippets, along with 3 sample stories and critiques at
the end.

• 1 Video/Presentation and 1 Written Guide: Overview of how to tell your story in interviews
with examples and our recommended 4-point structure (24 Pages)

2.2 How to Walk Through Your Resume or CV as an Undergrad or Recent Grad (Liberal Arts,
Engineering, Consulting, Finance, and Investment Banking Backgrounds) (Video Length: 19:28)

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In this lesson, you’ll get several different templates for walking through your resume/CV as an
undergraduate or recent graduate, including examples from liberal arts, engineering, consulting,
“mixed” finance, and investment banking backgrounds.

• 1 Video/Presentation and 5 Templates/Examples: Engineer to IB, Liberal Arts to IB, Mixed

Finance to IB, Previous Banking Experience to IB, and Consulting to IB.

2.3 How to Walk Through Your Resume or CV When You Have Full-Time Work Experience (Big 4 and
Accounting, Corporate Finance, Experienced Executive, Law, Back and Middle Office, Military, Equity
Research or Sales & Trading, and Entrepreneurship to Investment Banking) (Video Length: 25:20)

In this lesson, you’ll learn how to walk through your resume in IB interviews if you’re a career changer
moving into banking with full-time experience in another industry, or if you’re at the MBA level or
beyond and you’re using the degree to make a change.

• 1 Video/Presentation and 8 Templates/Examples: Big 4 and Accounting to IB, Corporate

Finance to IB, Experienced Executive to IB, Law to IB, Back and Middle Office to IB, Military to IB,
Equity Research or Sales & Trading to IB, and Entrepreneurship to IB.

2.4 How to Walk Through Your Resume or CV for IB Exit Opportunities (Private Equity, Hedge Funds,
Venture Capital, and Other Banks) (Video Length: 27:50)

In this lesson, you’ll learn how to walk through your resume or CV when you interview for investment
banking exit opportunities, such as private equity, hedge funds, and venture capital, and also for less
traditional exits such as startups and consulting; several templates here cover your story when you
move to a different group or bank as well.

• 1 Video/Presentation and 5 Templates/Examples: IB to Private Equity, IB to Hedge Funds, IB to

Venture Capital, IB to Different Group, and IB to Different Bank

2.5 Links to Investment Banking Resume and Cover Letter Templates (Video Length: 15:22)

You’ll get links to the resume/CV and cover letter templates we’ve made available in this lesson, and
you’ll learn how to integrate your resume with your story.

Module 3: Fit Questions and Deal and Market Discussions

In this module of the Interview Guide, you’ll learn how to answer "fit" questions (e.g., your strengths,
weaknesses, and leadership skills) and how to discuss deals, companies, and markets, including your
own deal experience.

Instead of presenting a laundry list of questions and answers, we focus on the strategies behind
answering questions and how to prepare your discussions efficiently. We provide sample answers for
the key "fit" questions as well as many examples of transaction discussions – for IPOs and equity deals,
M&A deals, and debt deals.

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You'll also learn how to present your work if you have non-investment-banking deal experience, such as
client work at a Big 4 firm, law firm, consulting firm, or in a credit risk role.

3.1 How to Prepare for and Answer “Fit” Questions in Interviews (Video Length: 8:14)

This guide will show you how to answer the key “fit” questions in interviews, including how you can save
time by preparing several stories upfront and making a list of your “real” weaknesses. If you do that, you
won’t have to memorize dozens of questions and answers because you can re-use the same stories for
everything, saving you hours of time.

• 1 Written Guide – Fit Questions and Answers (86 Pages)

3.2 How to Discuss Deals, Companies, and Markets (12:02)

In this lesson, you’ll learn how to discuss deals, companies, and markets in interviews, including how to
select deals and prepare *efficiently* by doing the least amount of research possible to outline solid
discussions. This lesson covers deals and companies that are NOT from your own experience, but are
instead from the bank you’re interviewing with.

• 1 Video/Presentation and 1 Written Guide – Deal, Company, and Market Discussions (16 Pages)
• 3 Deal/Company/Market Discussion Templates and Examples – IPO Deal Discussion, LBO Deal
Discussion, and Shipping/Maritime Market Discussion

3.3 How to Discuss Your OWN Deals in Interviews (23:58)

You’ll learn how to discuss *your own* transaction experience in this lesson and guide, including M&A
deals and debt and equity deals, and you’ll get several examples of deal discussions and follow-up
questions. You’ll also learn what to do if you have deal experience at a Big 4 firm, a law firm, a consulting
firm, a credit role, or something else outside of banking.

• 1 Video/Presentation and 1 Written Guide – How to Discuss Your Own Deals (17 Pages)
• 3 Deal Discussion Templates and Examples – Sell-Side M&A Discussion, Buy-Side M&A
Discussion, and Debt/Refinancing Discussion

Module 4: Technical Questions and Answers

In this module, you’ll master all the technical concepts.

You’ll start by learning about the core concepts required to understand everything else: The time value
of money, present value, net present value, discount rates, WACC, and IRR.

Then, you’ll move into accounting and 3-statement modeling, equity value and enterprise value, and
valuation and DCF analysis.

The remaining lessons and guides cover M&A deals and merger models, leveraged buyouts and LBO
models, and more specialized topics such as private companies, equity and debt capital markets
analysis, and industry-specific technical questions.

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Each guide has "key rules of thumb" that explain the concepts, as well as interview questions and
answers and accompanying Excel files so you can test yourself.

The core sections alone have 578+ pages of instruction and guidance, along with hundreds of annotated
diagrams and screenshots, making this the most comprehensive coverage of technical questions
available on the planet.

4.1 Core Concepts: Financial Modeling, Present Value, and Discount Rates (Video Length: 4:42)

In this guide and the accompanying Excel files, you’ll learn about the key concepts in finance: the time
value of money, present value (PV), net present value (NPV), the internal rate of return (IRR), the
weighted average cost of capital (WACC), and more. You’ll learn how to use these concepts in real life,
and how to answer interview questions on them.

• 1 Written Guide – Core Concepts: Financial Modeling, Present Value, and Discount Rates (30
Pages)
• 3 Excel Files – The Time Value of Money, Key Financial Concepts, and How to Value Any
Company

4.2 Accounting and the Three Financial Statements (Video Length: 7:18)

In this guide and the accompanying 3-statement “interview question” model, you’ll learn the
fundamentals of accounting, how the financial statements link together, and how to answer both
conceptual and numerical interview questions on the most common accounting topics.

• 1 Written Guide – Accounting and the Three Financial Statements (99 Pages)
• 1 Excel File – 3-Statement Interview Question Model

4.3 Equity Value and Enterprise Value and Valuation Metrics and Multiples (Video Length: 7:12)

In this guide and the accompanying Excel files, you’ll learn what Equity Value and Enterprise Value
REALLY mean, and why every other guide is wrong about them – you’ll also learn how to explain the
impact of capital structure changes, which valuation metrics and multiples are best for different
situations, and more.

• 1 Written Guide – Equity Value, Enterprise Value, and Valuation Multiples (94 Pages)
• 3 Excel Files – How Equity Value, Enterprise Value, and Valuation Multiples Change in Different
Scenarios, Example Calculations for Equity Value and Enterprise Value, and How the Debt-to-
Equity Ratio Affects Enterprise Value

4.4 Valuation and Discounted Cash Flow (DCF) Analysis (Video Length: 13:37)

You’ll get a crash course on DCF analysis and valuation in this guide and the accompanying Excel file,
which provides a full valuation and discounted cash flow analysis for Steel Dynamics. You’ll also get to
test your knowledge with dozens of interview questions spanning all different topics, from Free Cash
Flow projections to the Terminal Value and Discount Rate calculations in a DCF.

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 • 1 Written Guide – Valuation and DCF Analysis (118 Pages)
• 1 Excel File – Valuation and DCF Analysis for Steel Dynamics

4.5 M&A Deals and Merger Models (Video Length: 8:21)

In this guide, you’ll learn all about M&A deals and merger models (accretion/dilution analysis), including
the major conceptual reasons why deals take place, accretion/dilution math, how Equity Value and
Enterprise Value and valuation multiples change in deals, and how to walk through a full-blown merger
model. You’ll also get accompanying Excel files, dozens of interview questions, and a section on more
advanced topics.

• 1 Written Guide – M&A Deals and Merger Models (118 Pages)

• 3 Excel Files – Basic EPS Accretion/Dilution Mechanics, How Equity Value, Enterprise Value, and
Valuation Multiples Change in Deals, and Full-Blown Merger Model for Men’s Wearhouse and
JoS. A. Bank

4.6 Leveraged Buyouts and LBO Models (Video Length: 7:27)

This section of the guide is for BOTH investment banking and private equity interviews, and it covers
everything from simple/conceptual topics up through more advanced features of LBOs and how to use
them to make investment recommendations. You’ll get accompanying Excel files for understanding the
concepts, dozens of interview questions, and examples of how the concepts apply to real deals.

• 1 Written Guide – Leveraged Buyouts and LBO Models (119 Pages)

• 3 Excel Files – LBO Math and Buying a House, Simple LBO Model, and Real LBO Model for 7 Days
Inn

4.7 Industry-Specific Questions and Answers (Video Length: 6:10)

You’ll learn about the industry-specific technical questions and answers we include in the guide here,
including the Q&As for Restructuring / Distressed M&A, Banks and Insurance, Oil, Gas, & Mining, and
Real Estate & REITs.

• 4 Written Guides – Banks & Financial Institutions (FIG) (66 Pages), Oil, Gas, and Mining (34
Pages), Real Estate & REITs (45 Pages), and Distressed/Restructuring (15 Pages)

4.8 Equity Capital Markets (ECM), Debt Capital Markets (DCM), and Leveraged Finance (LevFin) (Video
Length: 6:11)

In this guide, you’ll learn how companies make financing decisions (i.e., Equity vs. Debt vs. Convertible
Bonds) and the key analyses you complete for Initial Public Offerings (IPOs), Follow-On Offerings (FOs),
and Debt offerings. You’ll get accompanying Excel files for IPO and FO models, credit analysis (Term
Loans vs. Subordinated Notes vs. Equity), and bond refinancing analysis.

• 1 Written Guide – ECM, DCM, and Leveraged Finance (114 Pages)

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 • 3 Excel Files – Credit Analysis – Debt vs. Equity, Equity Issuance Model for IPOs and Follow-Ons,
and Bond and Refinancing Analysis

4.9 Private Company Analysis and Valuation (Video Length: 3:37)

This guide will teach you how private companies differ from public ones, from the high level to specific
accounting, financial statement, valuation/DCF, and M&A and LBO differences. You’ll also get an
accompanying Excel file that lays out a private company valuation and the most common adjustments.

• 1 Written Guide – Private Company Analysis and Valuation (33 Pages)

• 1 Excel File – Private Company Adjustments and Valuation

Module 5: Interactive Quizzes

This module lets you test your knowledge of the key technical topics by completing quizzes on Core
Concepts, Accounting, Equity Value and Enterprise Value, Valuation and DCF Analysis, Merger Models,
and LBO Models.

These quizzes are intended to be CHALLENGING – even if you have excellent knowledge of the material,
you are unlikely to pass with a score of at least 90% on your first attempt.

Once you’ve tested yourself with these quizzes, you can download the full answer keys to verify that you
understand the fundamental concepts.

In total, you’ll get to test yourself with 218+ questions across all the topics.

5.1 Interactive Quiz Overview and Answer Keys

In this lesson, you can download PDF versions of the interactive quizzes, with and without the answers
filled in.

• Core Concepts (10 Questions and Answers)

• Accounting and the Financial Statements (50 Questions and Answers)
• Equity Value, Enterprise Value, and Valuation Metrics and Multiples (29 Questions and Answers)
• Valuation and DCF Analysis (47 Questions and Answers)
• M&A and Merger Models (41 Questions and Answers)
• Leveraged Buyouts and LBO Models (41 Questions and Answers)

5.2 Core Concepts Quiz

You can test your knowledge of the "core concepts" (the time value of money, present value, IRR,
discount rates, and more) in this 10-question practice quiz.

5.3 Accounting Quiz

You can test your knowledge of accounting and the three financial statements in this 50-question
practice quiz.

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5.4 Equity Value and Enterprise Value Quiz

You can test your knowledge of Equity Value, Enterprise Value, and valuation metrics and multiples in
this 29-question practice quiz.

5.5 Valuation and DCF Quiz

You can test your knowledge of valuation and DCF analysis in this 47-question practice quiz.

5.6 M&A and Merger Model Quiz

You can test your knowledge of M&A deals and merger models in this 41-question practice quiz.

5.7 Leveraged Buyout and LBO Model Quiz

You can test your knowledge of leveraged buyouts and LBO models in this 41-question practice quiz.

Module 6: Case Study Exercises

In this module, you’ll get practice completing a variety of case studies and modeling tests given in
interviews and at assessment centers in the EMEA region.

The time required for these case studies ranges from 30 minutes up to 2 hours to simulate the time
pressure you will encounter in interviews.

The topics covered include 3-statement modeling, valuation and DCF analysis, M&A and merger models,
LBO modeling, and credit analysis. There are both qualitative and quantitative case studies, and some
exercises mix the two.

We feature companies and deals from all 6 inhabited continents and a variety of industries, including
airlines, manufacturing, professional services, retail, and more.

6.1 Three-Statement Modeling Case (30 Minutes) (Illinois Tool Works, Industrials, Manufacturing)
(Video Length:34:34)

In this tutorial, you’ll learn how to complete a three-statement modeling case study for an industrials
company (Illinois Tool Works) under extreme time pressure – 30 minutes – and you’ll get the key tips,
tricks, mistakes to avoid, and suggested completion order.

• Files: Blank and Completed 3-Statement Model and Case Instructions/Answers

6.2 Three-Statement Modeling Case (60 Minutes) (Frank Recruitment, UK, Europe, Professional
Services, Growth Equity) (Video Length:54:39)

You’ll get practice completing a 3-statement projection model for a recruiting/professional services
company (Frank Recruitment in the U.K.) in this 60-minute case study, and you’ll learn how to create

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financial statements and supplemental schedules, how to set up a Debt schedule, and how to calculate
the IRR and multiples from a growth equity investment.

• Files: Blank and Completed 3-Statement Model and Case Instructions/Answers

6.3 Operating Model and Debt / Credit Case (90 Minutes) (Avianca, Latin America, Airlines, Quarterly
Model, Debt Capital Markets, Leveraged Finance, DCM, LevFin) (Video Length: 1:17:54)

In this case study, you’ll complete a 90-minute operating model and debt/credit exercise for Avianca, a
leading airline in Latin America, and you’ll get practice creating quarterly cash flow projections,
calculating credit stats and ratios and covenants, and making a recommendation on the best refinancing
method for the company.

• Files: Blank and Completed Operating Model with Credit Stats and Ratios; Case Description and
Solutions

6.4 Equity Value and Enterprise Value Case (30 Minutes) (Idea Cellular, India, Telecom, Mobile) (Video
Length: 28:08)

In this practice case study, you’ll get 30 minutes to calculate Idea Cellular’s Equity Value, Enterprise
Value, and valuation multiples, and to answer questions about more advanced nuances of Enterprise
Value and what the company’s valuation multiples mean.

• Files: Calculations Excel File; Case Description and Solutions, Company Financial Statements, and
Investor Presentation

6.5 Valuation and DCF Case (90 Minutes) (Michael Hill, Australia and New Zealand, Specialty Retail,
Luxury, Investment Banking, Business Plans) (Video Length: 1:12:41)

You’ll complete a 90-minute valuation and DCF case study based on Michael Hill, a luxury retailer in
Australia and New Zealand, in this case study, and you’ll learn how to assess a company’s expansion
strategy and value a retailer with high growth potential.

• Files: Blank and Completed Valuation/DCF Analysis; Case Description and Solutions

6.6 Valuation and DCF Case (30 Minutes) (Attendo, Nordics, Europe, Healthcare Services) (Video
Length: 33:29)

In this exercise, you’ll complete a 30-minute DCF model for Attendo, a nursing home provider based in
Sweden and Finland, and you’ll use the model to draw quick conclusions about whether or not the
company is undervalued at its current stock price.

• Files: Blank and Completed Valuation/DCF Analysis; Case Description and Solutions

6.7 Qualitative M&A Discussion (30 Minutes) (Steinhoff, Mattress Firm, South Africa, Retail, Cross-
Border) (Video Length: 28:21)

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In this case study, you’ll look at Steinhoff’s acquisition of Mattress Firm (A South African / U.S. cross-
border deal), and answer questions related to the deal process, the valuation and premium paid, and
the accretion/dilution.

• Files: Case Description and Solutions; Investor Presentation on Deal, Merger Timeline from
Proxy, and Press Release on Deal

6.8 Qualitative Sell-Side M&A Deal Discussion (30 Minutes) (Video Length: 23:30)

In this case study, you’ll get practice analyzing qualitative and quantitative criteria for potential buyers
and making a recommendation on the best buyer for a company to pursue in an M&A deal; you’ll also
learn why the company willing to pay the most isn’t necessarily the best buyer.

• Files: Case Description and Solutions; Company Profiles in Excel

6.9 Qualitative Buy-Side M&A Deal Discussion (30 Minutes) (DSV, Europe, China, Transportation and
Logistics) (Video Length: 24:58)

In this exercise, you’ll get practice evaluating four different potential acquisition targets for a European
transportation/logistics company, and you’ll use financial and strategic criteria to make a
recommendation on the best M&A deal to pursue.

• Files: Case Description and Solutions; Company Profiles in Excel

6.10 Assessment Center M&A Case Study (30 Minutes) (Video Length: 25:35)

You’ll complete a 30-minute, time-pressured case study on M&A analysis and merger models in this
lesson, and you’ll learn how to simplify the assumptions and formatting to determine the answers in the
allotted time.

• Files: Case Description and Solutions; Blank and Completed Calculations Excel File

6.11 M&A Calculations Case Study (60 Minutes) (Assessment Centers, Accretion/Dilution, Exchange
Ratio, Purchase Premiums, Deal Financing, Private Companies, Contribution Analysis, Earn-Outs)
(Video Length: 58:48)

In this case study, you’ll get practice completing 6 separate M&A exercises in 60 minutes and answering
questions on accretion/dilution, valuation multiples, purchase premiums, deal financing, and private
company acquisitions; these exercises are representative of what you might receive in assessment
centers.

• Files: Case Description and Solutions; Blank and Completed Calculations Excel File

6.12 Full Merger Model and M&A Advisory Case Study (90 Minutes) (Starbucks, Krispy Kreme, US,
Restaurants, Consumer Retail) (Video Length: 1:14:27)

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In this lesson, you’ll complete a full merger model for Starbucks’ potential acquisition of Krispy Kreme,
and you’ll answer questions relating to the best bidder for Krispy Kreme and whether or not Starbucks
can beat out JAB Holding’s offer for the company.

• Files: Case Description and Solutions; Blank and Completed Full M&A Model

6.13 Paper LBO Model (30 Minutes) (Video Length: 30:01)

In this exercise, you’ll learn how to complete a simple LBO model without Excel or a calculator, and
you’ll understand the best methods for rounding the numbers to arrive at an answer quickly.

• Files: Case Description and Solutions; Simple Excel Demonstration/Scratch File

6.14 Simple LBO Model (60 Minutes) (Diana Shipping, Maritime, Transportation, Greece, Management
Options Pool, Mezzanine Equity, Value Creation) (Video Length: 57:04)

In this tutorial, you’ll learn how to complete a 60-minute LBO case study for Diana Shipping, a
shipping/maritime company based in Greece, and you’ll learn how a turnaround deal might differ from a
traditional leveraged buyout. You’ll also learn how to make a concise investment recommendation
based on a company’s expansion plan and operational improvements.

• Files: Case Description and Solutions; Blank and Completed LBO Model

6.15 Mid-Complexity LBO Model (90 Minutes) (Fromageries Bel, France, Europe, Dairy, Food and
Beverages, Shareholder Loans, Waterfall Returns, Net Operating Losses, Value Creation) (Video
Length: 1:16:07)

In this LBO case study, you’ll build a model for a €4 billion leveraged buyout of a dairy producer based in
France, and you’ll learn how to make a quick, concise investment recommendation in a time-pressured
case study.

• Files: Case Description and Solutions; Blank and Completed LBO Model; Step-by-Step
Walkthrough in Slide Format (PDF)

6.16 Mid-Complexity LBO Model (2 Hours) (Mobile Apps, Singapore, Asia, 3-Statement LBO Model,
Scenarios, Cash Flow Sweeps, Call Premiums, Credit Stats and Ratios, Earn-Outs, Management Options
Pool) (Video Length: 1:38:53)

In this case study, you’ll build an LBO model for a Singaporean mobile app company and use different
operational scenarios and variable exit years to analyze the deal under different outcomes; you’ll also
make a concise investment recommendation at the end based on the multiples, IRRs, and credit stats
and ratios.

• Files: Case Description and Solutions; Blank and Completed LBO Model

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6.17 Debt vs. Equity Analysis (60 Minutes) (Central Japan Railway, Transportation, Logistics,
Industrials, Capital Markets, Term Loans, Subordinated Notes, Debt Service Coverage Ratio, Scenarios)
(Video Length: 52:13)

You’ll get practice analyzing a company’s credit profile and making a recommendation on the best
financing method (Equity vs. Term Loans vs. Subordinated Notes) in this lesson; you’ll also learn how to
set up a cash flow model where the credit stats and ratios can help you make a quick decision.

• Files: Case Description and Solutions; Blank and Completed Credit Analysis Model

Instructor Interaction and Your Questions… Answered

You don’t just get hundreds of pages of written guidance, video tutorials, templates, and Excel files with
this Interview Guide. You also get to ask questions on anything you don’t understand – whether it’s an
entire module, just one lesson, or just one sentence of one guide.

We have a team (you can read more about everyone here) who is on call to answer detailed questions
for up to 24 months after you sign up – and you can access all previous questions and answers from the
thousands who have already enrolled in the courses.

You’re looking at accessing not only years of wisdom and questions and answers all in one spot, but also
the ability to get new answers on anything you need – even if it’s Christmas or New Year’s Day.

Some of our lessons have hundreds of questions and answers, and more are being added every day:

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I no longer offer 1-on-1 consulting, and the last time I did offer it, the price was over $200 per hour.

And even when you had hired me for a session, you couldn’t ask questions and receive responses every
day of the year.

This support function and the superb community of Breaking Into Wall Street mean that you get an
even better deal – it’s like getting a detailed guide, hiring a seasoned coach to answer your questions,
and getting to access the experience of thousands of previous and current students.

So, What’s Your Investment in

the IB Interview Guide?
To put this in context, let’s look at your Return on Investment in this guide…

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The compensation for entry-level investment banking jobs varies from year to year, but it's safe to say
that even entry-level Analysts right out of university would make $140,000 USD at the bare minimum.

And the pay is often closer to $150,000 – $160,000, depending on your region and firm. At the MBA
level, that climbs to $200,000 - $250,000 USD or more.

And as you progress, your total compensation only gets higher and higher; top senior bankers earn over
$1 million USD annually.

And every top banker had to start at the entry level and get their foot in the door, just like you today.

So, we could charge $500 or $1,000 for this Guide because of the huge payoff potential and the fact it's
flat-out impossible to find out all this information and knowledge any other way (unless you have
several years to do full-time research).

But I also want to make this information as accessible as possible to the finance community.

Many customers who sign up for the Interview Guide are so impressed that they go on to do more
business with us down the road – so it benefits both of us if I lower the barrier to entry as much as
possible.

That's why I've decided to offer the complete Investment Banking Interview Guide, including everything
described above, for a one-time payment of just $197.

At $197, the price shouldn't be an object – the right role at the right firm could make you thousands of
times that amount over the course of your career.

And perhaps more importantly: you only get one chance to make a good first impression.

That’s why we focus so heavily on your “story” in this Guide: You can do all the preparation in the world,
but if you mess up those first 2-3 minutes of the interview, it’s all over.

How much is it worth to avoid that disastrous, but all-too-common, outcome?

An IB internship at a large bank pays $10,000+ USD, and a full-time role might pay 15x that amount, so
the answer is “A lot more than $197.”

Plus, You Get a No-Hassle Money-Back Guarantee

Just like every one of the BIWS products and courses, this comes with our unconditional 90-day money-
back guarantee.

That’s right – take a full 90 days to evaluate everything, and if you’re not 100% satisfied, simply contact
us via the “Contact” link displayed on every page of the site and ask for your money back. You’ll receive
a prompt and courteous refund.

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 Here’s What Happens Within Minutes of Signing Up
Once you sign up, you’ll immediately have access to the 578+ pages of written technical guides, the 18
templates for pitching yourself in interviews, the “Fit” guide and the deal/market discussion templates,
the 18+ Excel files, the 218+ practice quiz questions, the 17 case studies, the video tutorials, and more.

And you’ll have access to our expert support team to get detailed answers on any questions you have,
for up to 24 months after you sign up.

You also get lifetime access to the site, free upgrades, and new content as we add it.

Click Here to Sign Up Now for the

Investment Banking Interview Guide
Best Regards,

Brian DeChesare
Mergers & Inquisitions
Breaking Into Wall Street

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