Each lesson takes one interview topic, explains the idea you need to really understand it, lets you play with the numbers, and ends with a quick check.
Three statements, one business: the three links that tie profit, financial position and cash together, with a worked example.
The most-asked accounting question in IB interviews, explained step by step: what a $10 increase in depreciation does to each statement.
Receivables, inventory, payables and deferred revenue explained through one rule that answers every working capital question.
Goodwill explained from a real acquisition: the premium over fair value, why it isn't amortized, and what an impairment really tells you.
DTAs and DTLs explained through one idea: the timing gap between the tax return and the financial statements.
Who owns what: the difference between equity value and enterprise value, and why bankers compare businesses on EV.
Why we add debt, preferred stock and noncontrolling interest, why we subtract cash, and the one rule that decides every other item.
Raise debt, issue shares, pay a dividend, buy a factory: work out which values change with one simple test.
Options, RSUs and convertibles: how to count every potential shareholder, with the treasury stock method done in your head.
The discounted cash flow model in plain English: project, discount, add a terminal value, and bridge to a share price.
What unlevered free cash flow measures, how to build it from EBIT, and the mistakes that cost points.
What the weighted average cost of capital means, how to calculate it with CAPM, and why debt is cheaper than equity.
Gordon growth vs exit multiple, why terminal value dominates a DCF, and how to sanity-check it.
How each valuation method works, when each one wins, and how bankers combine them in a football field.
What private equity firms actually do in an LBO: buy with borrowed money, pay it down, sell, and why that produces outsized returns.
The two numbers private equity lives by, the rules of thumb to estimate them without a calculator, and why time matters.
Solve a paper LBO with pen and paper: entry, debt paydown, exit and returns, with a fully worked example.
How a merger changes the buyer's earnings per share, worked through with cash, debt and stock, plus why accretion isn't the same as value.
Answer accretion/dilution questions without building a model by comparing the cost of each funding source with the target's earnings yield.
How buyers choose between cash, debt and stock, what each choice signals, and what sellers prefer.