The Credit Analyst Course includes

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The Credit Analyst Course

| Micro-Degree

skills certificate

Credit Analysis for Lenders

| Skills Certificate
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4

Hours

5

Topics

18

Practical exercises

1

Exam

Build a comprehensive understanding of the credit process undertaken by the lenders of a loan. Examine the different risks involved against the loan, the tools used to mitigate these risks, and how to analyze a borrower’s ability to meet future obligations. The knowledge and skills developed can be applied directly to any credit analyst role.

Credit Risk Overview

17 video minutes

0 excel exercises

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Video minutes 17

Excel Exercises 0

  • How banks make money
  • The credit perspective
  • How bad loans affect banks
  • Intro to the credit process
  • The 5 Cs of credit
  • Quantifying credit risk
  • Default risk
  • Loss given default risk

Controlling Credit Risk

39 video minutes

3 excel exercises

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Video minutes 39

Excel Exercises 3

  • The components of the credit memo
  • Determining the risk in lending for various purposes
  • Using pricing and fees to mitigate risk and drive the bank’s return
  • The role of covenants in monitoring the loan
  • How banks minimize risk by selling off pieces of the loan
  • Using seniority, security, collateral and guarantees to protect the loan
  • How banks minimize risk by selling off pieces of the loan

Business Risk

10 video minutes

0 excel exercises

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Video minutes 10

Excel Exercises 0

  • Understanding business risk (macro, industry, and company)
  • A closer look at company risk
  • Management risk
  • Estimating business risk

Financial Risk

48 video minutes

4 excel exercises

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Video minutes 48

Excel Exercises 4

  • Determining on and off-balance sheet obligations
  • Assessing the quality and efficiency of a company’s assets
  • How to calculate EBIT and EBITDA for credit analysis
  • How OWC can impact a company’s cash flow
  • Assessing cash flow adequacy
  • Measuring a companies ability to withstand fluctuations
  • Liquidity definition and calculations

Debt Capacity

36 video minutes

6 excel exercises

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Video minutes 36

Excel Exercises 6

  • Determining how much room a company has to borrow additional funds
  • Analyzing a company’s cash flow to determine borrowing capacity
  • Using base case, upside, and downside scenarios to determine debt capacity
  • Using cash flow analysis to determine the timings of a loan repayment
  • Extending debt capacity using cash flows from later years in the forecast
  • Modeling credit scenarios

Credit Analysis Case in Point

37 video minutes

5 excel exercises

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Video minutes 37

Excel Exercises 5

  • -Business Risk – Using descriptive materials provided, simulated 10-k snippets, press releases, etc
  • Financial Risk (current financial position, quality of earnings, cash flow, liquidity)
  • Discussion of Smithy’s corporate structure and structural subordination issues
  • Debt Capacity (cash flow forecasts, debt service coverage ratio DSCR, building scenarios)
skills certificate

13 Week Cash Flow Modeling and Analysis

| Skills Certificate
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1

Hour

17

Practical exercises

1

Exam

Learn how to identify scenarios where companies can get into cash flow trouble and build a 13-week cash flow model for a real company that filed for bankruptcy.

13 Week Cash Flow Modeling Scenarios

62 video minutes

3 excel exercises

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Video minutes 62

Excel Exercises 3

  • Use examples from real world cases to demonstrate the purpose of a 13-week cash flow (True Apparel Inc. and/or Shiloh Industries)
  • Analysis of current trends in case company (identifying areas of weakness, sources of immediate liquidity/cost savings and more)
  • Ramifications of distress (covenants, restructuring, bankruptcy and more)

Building a 13 Week Cash Flow Model

127 video minutes

14 excel exercises

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Video minutes 127

Excel Exercises 14

  • Breaking down operating and non-operating expenses
  • Deep dive on OWC, including the cash flows within AR, AP and Inventory
  • Forecasting non-operating revenues expenses (assets sales, etc.)
  • Adding interest and debt service
  • Determining borrowing need/repayment ability
  • Reconciling cash flows to EBITDA and more!
skills certificate

Distressed Debt Restructuring

| Skills Certificate
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1

Hour

6

Practical exercises

Master the process of restructuring debt and valuing a company on the brink of bankruptcy using industry and company analysis. Learn how to use cash flows to determine debt capacity, discover the approaches to a fire sale valuation, and more.

Distressed Debt Restructuring

57 video minutes

6 excel exercises

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Video minutes 57

Excel Exercises 6

  • Industry and company analysis
  • Using cash flows to determine debt capacity
  • Approaches to a fire sale valuation
  • Liquidating assets
  • Senior versus junior debt
  • First lien vs second lien debt
skills certificate

The Accountant

| Skills Certificate
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13

Hours

10

Topics

100

Practical exercises

1

Exam

Quickly and confidently interpret financial data and statements, evaluate them and use the calculated information to build high-quality reports. Real company data and the latest rules are covered to ensure the methods used and skills developed are immediately applicable in the workplace.

Financial Accounting Review

33 video minutes

3 excel exercises

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Video minutes 33

Excel Exercises 3

  • Making entries and ensuring the balance sheet balances
  • Preparing a balance sheet
  • Preparing an income statement from the entries to retained earnings
  • Preparing a cash flow statement from the entries to the cash account
  • A review of the different categorizations on the income statement, balance sheet, and the cash flow statement

Income Statements

61 video minutes

15 excel exercises

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Video minutes 61

Excel Exercises 15

  • Revenue recognition issues
  • Cost recognition issues
  • Identifying non-recurring items from the income statement, the MD&A, the notes to the accounts and the financial statement press release
  • Calculating EBIT and EBITDA for the historical year, and on an LTM basis

Earnings Per Share

27 video minutes

11 excel exercises

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Video minutes 27

Excel Exercises 11

  • Basic EPS calculations including weighted average shares
  • Dilutive securities: options (treasury method) and convertibles (as if converted)
  • Calculating recurring EPS

Working Capital

56 video minutes

12 excel exercises

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Video minutes 56

Excel Exercises 12

  • Inventory accounting including the impact on EBIT of LIFO and FIFO accounting choices (where relevant)
  • Accounts receivable and bad debts (identifying when companies are manipulating sales)
  • Accounts payable and accruals and the difference between them from a due diligence perspective
  • Other items including taxes payable, deferred revenue, and pre-paid items
  • Working capital and operating working capital and the cash impact of changes in operating working capital
  • Credit implications of working capital movements
  • Day ratios

Non-Current Assets

39 video minutes

11 excel exercises

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Video minutes 39

Excel Exercises 11

  • Gross PP&E, accumulated depreciation, depreciation expense and net PP&E
  • Building a simple forecast of fixed assets
  • Establishing the age of a company’s fixed asset base
  • Finite, and infinite intangibles including goodwill
  • A review of key methods of accounting for financial investments
  • At fair value through the income statement
  • Available for sale
  • Associate (equity method) accounting

Capital Structure

50 video minutes

14 excel exercises

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Video minutes 50

Excel Exercises 14

  • Debt issues and repurchases
  • Simple yield to maturity and all in cost calculations and understanding Original Issuer Discounts
  • Calculating net debt
  • Equity issuance and repurchases
  • The difference between authorized, issued and outstanding shares and multiple share classes
  • Other capital items: preference shares and convertible bonds
  • Leverage ratios
  • Debt liability maturity analysis

Accounting Ratios

41 video minutes

5 excel exercises

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Video minutes 41

Excel Exercises 5

  • Profitability ratios, including margins
  • Liquidity ratios, including operating working capital
  • EBIT and EBITDA for the historical year, and on an LTM basis
  • Leverage ratios, including net debt and interest coverage
    Asset ratios

Cash Flow Statements

25 video minutes

3 excel exercises

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Video minutes 25

Excel Exercises 3

  • Understanding how to categorize cash flows between operating, investing, and financing
  • Deriving a cash flow statement from two balance sheets and an income statement
  • Deriving a balance sheet from a cash flow statement and an income statement
  • Different cash flow statement presentations

Equity Method Investments

9 video minutes

5 excel exercises

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Video minutes 9

Excel Exercises 5

  • What are equity method investments?
    • Equity affiliates/associates
    • Joint ventures
  • Equity method accounting
    • Income statement
    • Balance sheet
    • Cash flow statement
    • Financial statement integration

Intro to Full Consolidation

68 video minutes

21 excel exercises

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Video minutes 68

Excel Exercises 21

  • M&A accounting overview
  • Balance sheet consolidation
  • Sources and uses of funds
  • Goodwill calculation
  • Income statement consolidation
  • Non controlling interests – NCI
skills certificate

The Modeler

| Skills Certificate
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12

Hours

6

Topics

71

Practical exercises

1

Exam

Financial modeling is one of the most useful skills in the world of finance. Knowing how to build models quickly and error-free is critical for the decisions and recommendations that they underpin. Our online financial modeling course provides the perfect introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.

Introduction to Modeling

55 video minutes

13 excel exercises

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Video minutes 55

Excel Exercises 13

  • Key settings
  • Formatting and layout standards
  • Building a simple income statement and balance sheet model, on one sheet, then across sheets
  • Balancing the balance sheet using the cash flow statement
  • Preparing the model for handover
  • Key formatting and putting the output into a pitch book

Three Statement Modeling with Iterations

77 video minutes

10 excel exercises

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Video minutes 77

Excel Exercises 10

  • Income statement construction and highlighting key numbers
  • Calculation schedules (PP&E, retained earnings, operating working capital, and debt)
  • Balancing the balance sheet with a cash sweep
  • Calculating interest using average balances
  • Circular references and iterations
  • Working with a circular reference switch
  • Preparing the model for handover
  • Key formatting and putting the output into a pitch book

Three Statement Model Editing

44 video minutes

6 excel exercises

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Video minutes 44

Excel Exercises 6

  • Steps before editing
  • Inserting a new item
  • Removing an old item
  • After editing
  • Relevant keyboard shortcut keys

Three Statement Model With Estimates

70 video minutes

12 excel exercises

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Video minutes 70

Excel Exercises 12

  • Cleaning up the income statement and balance sheet and simplifying the line items
  • Getting estimates for revenues and EBIT
  • Building multiple scenarios into a model’s assumption
  • Modeling a forecast debt repayment schedule from the notes
  • Key ratios
  • Checking the model for reasonableness
  • Formatting and putting the output into a pitch book

Building a Model with Cash Sweep

71 video minutes

19 excel exercises

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Video minutes 71

Excel Exercises 19

  • Why banks want to be repaid early
  • Cash sweep mechanisms
  • How to model cash sweeps
  • Building a three statement model with a cash sweep

Checking a Model for Integrity and Errors

36 video minutes

11 excel exercises

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Video minutes 36

Excel Exercises 11

  • Top ten errors
  • Auditing and error checking toolkit
  • Checking your own model
  • Checking someone else’s model

Skills & Learning Objectives in The Credit Analyst Micro-Degree

Reviewed by Industry Experts

Colin Evans

Managing Director at J.P. Morgan

Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.

Dr. Bridget Lyons

Professor of Finance

Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.

Chris Bishko

CFO

CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.

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Wall Street Recognized Certification

Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.

This course is officially CPD certified

Continuing Professional Development (CPD) keeps a record of your increasing skills, knowledge and experience throughout your career, which now includes select Financial Edge certifications.

Complete a Micro‑degree to join our exclusive alumni

Sit beside the world’s best investment bankers on LinkedIn, and take advantage of exclusive must-have benefits for new and experienced analysts.

What Our Students Say

The Credit Analyst Course Micro-Degree is included in your Felix Plan

Boost

Includes full access to all certified courses.

£449 /year
Billed annually.
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Boost includes:
  • 184+ hours of instructor-led learning
  • Search across 350+ playlists, 3000+ videos and Q&As
  • Role-focused pathways
  • Expert instructor support

Pro

Full Felix access including all learning content and data features.

£699 /year
Billed annually.
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Pro includes:
  • Everything in the Boost plan
  • Streamlined company data
  • Current and historic filings for over 7000 companies
  • Market and industry data
  • Ready-to-use sector and transaction models

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Boost Pro
Completion certificates 37 37
Skills certificates 48 48
Micro-degrees 11 11
Searchable library of 350+ playlists, 3000+ videos and Q&As
10 role-based learning pathways, including Investment Banking, Equity Research, Sales and Trading and more
Expert instructor support
Practical exercises to work alongside videos and quick quizzes to test your understanding
Weekly live webinars
Streamlined company data (WACC. & EV bridge calculator, custom comparables)
Current and historic filings for over 4,000 US firms
Current and historic filings for over 7,000 firms globally
Link to, label and share data points in filings (limited to 10 for Free and Boost users, unlimited for Pro)
Regional and industry data sets
Ready-to-use sector and transaction models
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Frequently Asked Questions

What tech do I need?

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Access your course across desktop, laptop, tablet or phone; either via our web portal or the dedicated mobile app. While we have optimized our video quality and size, we recommend a broadband connection to enable uninterrupted video playback. A PDF reader and spreadsheet application are required to open the supporting resources.

Is it right for me?

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Our online courses reflect the training new analysts receive at the leading financial organizations. They're challenging, but if you want to demonstrate you are as good as the best in the industry then this is the course for you. The top investment banks will recognize our micro-degree certifications, making them perfect for graduates looking to land a job or a professional preparing for a new role.

Are Financial Edge's courses credible?

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The leading investment banks, as rated by the FT, hire us to train their incoming analysts. If you are looking to join the best analysts in the world, why not challenge yourself with the same content and certification with the same Wall Street instructors ready to answer your questions.

Will this course help me get a job?

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Absolutely. Develop practical skills you can use to impress at interviews, whether you’re looking to break into finance or change roles.

How long do I have to complete the courses?

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Everyone works at their own pace so there's no restrictions, all you need is an active Felix plan for the course you are completing. All Felix plans renew annually.

Are there any hidden costs?

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No. Everything you need is included, from instructor-led videos and Excel exercises to the exams.

What is CPD?

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All of our online courses are CPD accredited. CPD stands for Continuing Professional Development and makes demonstrating your commitment to learning easy. Your institution or accrediting body may track CDP points through activities, units or hours. Check with the relevant party to find out how you should be monitoring your progress.

What support will I get along the way?

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Our expert instructors are standing by to answer questions and help you develop a detailed understanding of finance complexities. Our technical support team are also ready to help with any system problems.

Start earning your Credit Analyst Micro‑degree certificate today.