Investment Fund


We work with many investment funds at smaller boutique firms, where we heavily customize the program and work with a varied experience level, as well as some of the largest asset managers in the world.

Case Study: Ensuring All Levels of Staff Find Common Ground

Getting your staff up to the same level of knowledge can be challenging.

One of the UK’s fastest growing investing companies decided they wanted to offer formal staff training. Traditionally, having started off as a small team, juniors were taught on the job. However, after five years, the firm had grown dramatically, and new hires were struggling to speak the same language as senior investors.

Our Solution

To ensure all team members had a similar grounding in accounting, modeling, and valuation, staff were given the option to attend regular classes. Each course was 3 days long, with 9 programs offered per year. Suddenly, all levels of staff were able to meet on common ground.

Due to the fact some participants had advanced knowledge of a specific subject area, such as acquisition accounting, but little understanding of the basics, the decision was made to mix classes. This meant everyone learned the same skills with no assumed prior knowledge.

The Result

The program has now been running for over four years, having since widened to include all teams such as finance and sales. The training has resulted in senior participants being able to translate the learning into company specific case studies, bringing the teaching to life in a meaningful way. This underlines the importance of the classes to juniors, meaning commitment is 700% from the start.


Wall Street Instructors and 2 Teaching Assistants
Case studies per training
Years' of industry experience from our Wall Street instructor



  • Income statement analysis, EBIT and EBITDA
  • Balance sheet analysis, including working capital, non-current assets, debt and equity
  • Building cash flow statements using the balance sheet and income statement
  • Earnings per share calculation
  • Equity method investments
  • Full consolidation/ M&A accounting
  • Real companyiinancials are used throughout


  • Using keyboard shoncuts
  • Three statement modelling (income statement, balance sheet, cash flow statement)
  • Modeling circular references with interest, cash, and debt
  • Modeling a cash sweep / debt waterfall in the debt schedule
  • Checking models for integrity and errors Modeling from scratch – sening up the template from a blank
  • Excel sheet, creating cell styles, formatting, etc all the way through to a lull model build
  • Real company financials are used throughout


  • Calculating enterprise value and equity value
  • Dilution from stock options
  • Trading comparables and historical/lmward multiples valuation
  • Calculating weighted average cost of capital IWACCJ
  • Discounted cash flow valuation
  • Valuation complexities such as non-controlling interest, associates, leases and pensions


  • Credit risk analysis: downside protection
  • Getting paid
  • Definition of default Credit analysis
  • Peer group ratio analysis
  • Using a set of pro-form a financial statements participants assess the amount of debt financing a series of case companies can comfonably suppon


  • Credit rating complexities – adjustments
  • Recalculate ratios for a case company
  • Structural subordination
  • Understanding loan agreements

Types of client