Financial Modeling Training
Choose Your Preferred Training Format:
LBO Modeling
1-on-1
$1,599
(Virtual)
M&A Modeling
1-on-1
$1,599
(Virtual)
LBO Modeling
Small Class
Contact Us for Quote
M&A Modeling
Small Class
Contact Us for Quote
Learn to Build M&A / LBO Models in Just 3 Days
10X EBITDA designed a virtual financial modeling training program designed to teach you to build LBO / M&A models in just 3 days. Taught by former Goldman Sachs Investment Banking Analysts, both the LBO and M&A programs consists of three instructional sessions and three homework assignments. During the instructional sessions, you’ll build two models together with the instructor. For your homework assignments, you’ll build 4 models. In total, you’ll have built 6 Goldman-quality financial models by the time you finish the program.
What to Expect: Unlike other financial modeling programs, we don’t have a list of pre-scheduled programs. During checkout, you’ll be asked to provide your preferences for when you’d like to receive the training and we’ll work with you to find times that work best for you. During the first session (~2 hours), we will learn to build a “standard” LBO / M&A model. During the second session (~2 hours), we will learn to build a “full-blown” 3-statement LBO / M&A model. During the third session (~1 hour), we will go over some common LBO / M&A complexities. Plan 10-20 hours for homework.
Before the Program: Please do three things: (1) make sure your Skype, microphone (don’t need camera) and Internet are working; (2) spend time to familiarize Excel; and (3) review the conceptual idea of LBO and M&A. We will spend most of our time learning the mechanics of modeling LBO and M&A in Excel instead of learning the concepts.
Two Formats: 1-on-1 vs. Small Class
1-on-1 Format: Our 1-on-1 training format provides a learning setting where you can learn at your own pace, based on your own schedule, covering whatever financial modeling topics you’d like. Whereas you might be one of thirty students (or more) at a typical financial modeling training class, you’ll have the undivided attention of the instructor here at 10X. You can also tell us any special topics that you’d like to focus on and we can personalize the training to meet your specific needs.
Small Class Format: Our Small Class training format is a highly attentive learning experience where you’ll learn financial modeling in a class of 2-4 students. Our firm has a policy limiting maximum instructor-to-student ratio of 1:4 in order to keep the experience highly personalized for everyone. Each student can ask questions freely and you’ll learn from fellow students’ participation as well. Whereas you might find it difficult to get the instructor’s attention for problems with your model in a class of thirty, you won’t have any trouble getting the instructor’s help here at 10X.
Training Format
We conduct our financial modeling training sessions digitally through Skype screenshare. Our training sessions involve a "hands-on" approach where you will build the models along with the instructor during the sessions. For our 1-on-1 format, you'll have the undivided attention of our instructor. For our Small Class format, you will participate in the Skype chat with 1-3 other students, work on the homework assignments separately but go over the homework assignments with the instructor together.
Tech Requirements
1. Please download and create a Skype account on your computer.
2. Please make sure you have a working microphone on Skype computer.
2. Please ensure you have good Internet connection.
3. Please install Microsoft Excel (Mac is OK but Windows is preferred).
Scheduling Policy
For 1-on-1 programs, if you have to reschedule, please let us know at least 12 hour in advance. Please avoid lateness and last-minute cancellations. Each student can reschedule up to 3 times.
For Small Class programs, it's difficult to reschedule once dates and times are finalized, so please make sure you are available during the dates and times you give us. Each student can reschedule once during the program.
Each modeling program consists of three instructional sessions. While the three session can be scheduled consecutively (i.e. first session Monday, second session Tuesday, third session Wednesday), they can also be scheduled with a few days in between at students' choosing.
Overall, it felt very reassuring to know that someone was there to support you in what is a very stressful situation that plays a crucial role in shaping your longer term career trajectory, and I could not be happier with the outcome and more thankful to 10X.
- On-Cycle Pre-MBA Comprehensive Client Received Offers from Multiple $bn+ Hedge Funds
LBO Program Structure
Standard LBO | Full-Blown 3-Statement LBO
1st Session: Build standard LBO
- Homework Assignment #1
2nd Session: Build 3-statement LBO
- Homework Assignment #2
3rd Session: Common LBO complexities
- Homework Assignment #3
The 3 sessions will be conducted on 3 different days. Expect to commit 15-25 hours to the program.
M&A Program Structure
Standard M&A | Full-Blown 3-Statement M&A
1st Session: Build standard M&A
- Homework Assignment #1
2nd Session: Build 3-statement M&A
- Homework Assignment #2
3rd Session: Common M&A complexities
- Homework Assignment #3
The 3 sessions will be conducted on 3 different days. Expect to commit 15-25 hours to the program.
Program Schedule
How Does Scheduling Work?
Our financial modeling training programs offer a highly personalized experience. In 1-on-1 programs, it's just you and the instructor. In Small Class programs, it's you, the instructor, and just 1-3 other students. Therefore, we will try to schedule the training based on your calendar. Simply let us know the dates and times of when you'd like to receive the training during checkout.
Read a case study on how 10X made an impact on our client’s career.
How 10X Can Help
-
1. Company Valuation
One of the key steps in modeling an acquisition is to determine the valuation of the target company, also known as the “Purchase Price”.
-
2. Sources & Uses
In an M&A / LBO transaction, it’s essential to understand what the buyer needs to pay and where the buyer is going to get the money from.
-
3. Debt Instruments
We’ll learn about the different debt tranches: Revolving Credit Facility (“RCF” or “Revolver”), Term Loan, Bond and Mezzanine.
-
4. Stock Consideration
Strategic acquirers in an M&A transaction can pay the target shareholders with not only cash, but also stocks. (M&A Only)
-
5. Pro Forma Goodwill
We’ll learn the concept and formula for Purchase Price Allocation and understand the resulting impact on Goodwill.
-
6. DTA / DTL
We’ll learn why Deferred Tax Assets (“DTA”) and Deferred Tax Liabilities (“DTL”) get created and how they affect the 3-statements.
-
7. Closing B/S
We’ll learn how to reflect the transaction in the closing Balance Sheet through debit and credit accounting adjustments.
-
8. Working Capital
Working capital can tie up significant cash flow. We’ll learn how to analyze and project working capital line items.
-
9. M&A Synergies
In general, M&A transactions can create two types of synergies: Revenue Synergies and Cost Synergies.
-
10. Levered FCF
Levered Free Cash Flow is the key driver of equity returns. A lot of candidates calculate this metric incorrectly on modeling tests.
-
11. Debt Schedule
The Debt Schedule is where we model the unique characteristics of the Revolver, Term Loan, Bond and Mezzanine.
-
12. Full 3-Statements
We’ll learn to build full-blown 3-statement M&A and LBO models. The Balance Sheet must balance at the end.
-
13. Credit Statistics
After we’ve built the consolidated financials, we’ll calculate the key credit metrics, such as leverage and coverage ratios.
-
14. Returns Profile
We’ll build the LBO exit and calculate the key returns metrics to the sponsor, such as IRR and MOIC. (LBO Only)
-
15. Accretion / Dilution
Accretion / Dilution tells us whether the M&A transaction will make the company stronger or weaker on various key metrics. (M&A only)
-
16. Sensitivity Analysis
We’ll learn to perform sensitivity analysis on key metrics in M&A and LBO models through data tables.
-
17. Circular Reference
Both M&A and LBO models create circular references in Excel. This is absolutely normal but would require a "circ switch".
-
18. Excel Shortcuts
Along the way, we'll learn some helpful Excel shortcuts that will enable us to model faster and more effectively.
Frequently Asked Questions
-
Who will I be learning from?
You will be learning from a seasoned 10X EBITDA consultant who completed his/her Investment Banking Analyst program at Goldman Sachs. The analyst experience is highly valuable because of the heavy modeling experience.
-
Why isn’t there a schedule of dates and locations of the programs?
We don’t have a list of pre-scheduled programs because we’ll try to schedule the training sessions around the dates and times that are convenient for YOU. We understand many of you are full-time students and working professionals with a busy schedule. Therefore, we ask for your preferred dates and times during checkout and we’ll try to work around that. We conduct our financial modeling training programs through Skype so you can participate wherever you are in the world.
-
Can I really learn to build LBO / M&A models in just 3 days?
Yes! The secret is (1) understanding the “why” behind each step in modeling and (2) repetition by building multiple models. In our program, you will build a total of 6 financial models.
-
What does the program include?
The program includes 3 instructional sessions, 3 homework assignments, Excel templates, and email support.
-
What will I be doing during the program?
You will Skype with the instructor, who will share his/her screen with you. Simultaneously, you’ll have Excel open on your computer so you can build the model along with the instructor. Along the way, you should ask any question that you have and let the instructor know whether you’d like him to speed up or slow down the pace. After the instructional session, you’ll complete the designated homework assignment.
-
How is 10X EBITDA’s financial modeling training program different from other programs?
First, our training program is highly personalized where you get lots of attention and interaction with the instructor. You’ll either work 1-on-1 with the instructor or you’ll learn as part of a small class with 4 students or less. This allows us to provide lots of attention to you. Other programs may have 30 students in a room and you’ll have trouble obtaining the instructor’s attention to your individual needs.
Second, we’ve cut out all the unimportant granularities so you’ll only learn the important stuff. These unimportant granularities are things such as building a PP&E / Depreciation Schedule. They are seemingly fancy and sophisticated on the surface but rarely applied and useless in reality. How do we know? Because we didn’t have to build them on live deals in banking nor did we build them at the private equity firms and hedge funds. In addition, most PP&E / Depreciation Schedule will fail to accurately predict the future numbers, partially because you’ll rarely have all the precise information you need to build it. We’ve weeded out all these useless granularities so you can focus on the important stuff that show up in most LBO / M&A situations.
-
Will these programs help me with recruiting modeling tests?
Yes! Learning financial modeling through our programs will prepare you for the modeling tests. In fact, this is one of the main reasons we created this program.