Capital City’s self-study courses allow you to flexibly undertake our programmes in your own time and at your own pace. Our expanding range of courses cover key skills and knowledge which are the foundation of any investment banking training. These courses should be invaluable to you if you are: an undergraduate thinking of a career in investment banking; want to cross-train for a lateral move in a Bank; or you’re an ACA wanting to improve your commercial and planning skills.
The courses comprise some bootcamp Excel skills modules, covering core Excel skills and discounted cash flow, which are then followed by more extensive programmes on analysis and modelling. Along with access to our e-learning video library and Excel exercises and case studies, you will receive copies of the relevant course manuals. These are available in book form by post or in Kindle download format.
Mark Woolhouse introduces you to some core Excel Skills. These are essential if you want to be able to produce
your own models in an efficient way. Excel is very intuitive and easy to use – if you can do arithmetic you
can write simple formulae in Excel. Many users however never get shown how to go beyond using Excel as a basic
calculator and only “survive” in Excel rather than thrive. The techniques we demonstrate will help inexperienced
users solve more complex modelling problems in Excel.
We’ll show you how to plan and set up your workbook for
ease of use; how to use shortcuts to speed you up; how to use $s and names to allow you to “bulk-code”, i.e.
write one formula to use across a whole row, column or range; and how to solve logical problems in Excel. We
hope to make you fast, efficient, and reliable as you work in Excel and so give you an “easy life” when using
Time Value Of Money
completion time approximately 2 hours
The time value of money is the most fundamental concept in finance. It is the cornerstone of understanding asset
valuation at all levels – from Fixed Income and Equities to Derivatives and Real Estate. It also provides the
basis for understanding investment performance. It is far too easy to rely on models and calculators to do
all the work for us, so in this e-learning course we explain the concept from first principal – why is there
a time value of money? - as well as going on to look at some simple Excel calculations and functions. There
are simple excel models to accompany the course.
Statistical Measures In Finance
completion time approximately 2 hours
In financial markets and products, there are plenty of standard measures of ‘averages’ and ‘risk’ that are thrown
around without any specific definition. It is assumed that those in the financial world are comfortable with
what is being talked about. Are you? When we talk of volatility, what is it exactly? When investment funds
return annualised ‘average’ returns, how is that calculated? This module covers the key measures, how they
are determined and how they can be applied.
more extensive programmes
Accounting & Analysis
completion time approximately 9 hours
The course is aimed at analysts with little accounting knowledge, or as a refresher of key concepts. It aims to
teach delegates how to analyse and interpret company accounts, not how to be an accountant! Beginning with
the primary accounting overview the course explains what the accounts ‘ headings’ mean in commercial and practical
terms and how the balance sheet, income statement and cash flow are linked together in the “accounting flow”.
Downloadable exercises, with full video de-briefs, will allow delegates to understand how the operations of the
business and the cash cycle in a business drive the “shape” of the accounts and the company’s ability to generate
cash (or not!).
Delegates will learn how to calculate and interpret key operating and performance metrics used in valuation and
credit assessment. The course will also show delegates the most common accounting adjustments made to these
metrics to make them comparable across companies with interesting corporate structures, for example involving
pension deficits and leasing for example. This course is equally relevant to people in management and accounting
in a corporate context and analysts, investors and managers in banks and financial institutions.
Financial Modelling Best Practice
completion time approximately 10 hours
This programme will train you how to build robust forecast models for companies. We recommend (and provide as part
of this programme) our Excel skills module. You should have basic competency in Excel and accounting to get
maximum benefit from this programme.
You will progressively build an integrated balance sheet, profit and loss, and cash flow forecasting model. We
will also build a discounted cash flow valuation and sensitivities to make it useful as a credit analysis,
debt structuring and capital structure optimisation tool. The model is of Unilever and gives an interesting
insight into the drivers behind the Kraft-Heinz bid and how the market valuation has closely tracked the DCF
valuation implied from Management’s guidance to equity researchers.
The key to our technique of integrated model building is “Building in Balance”: using the basic principles of double
entry book-keeping and carefully choosing the order in which we build and integrate we ensure that our forecasts
balance from the beginning and stay in balance as we go. “Building in Balance” also gives us some simple troubleshooting
tools to “shake-out” errors as soon as they arise, leading to a robust, error-free model straight out of the
The training will develop your Excel skills and show you how to reliably quickly and accurately build rigorous,
flexible financial models. You’ll understand the flow and logic of typical forecasting models and you’ll be
able to get more out of the peer/third party models you use.
Leveraged Buyout Modelling
completion time approximately 4 hours
This programme will teach you step-by-step how to build a leveraged buyout model. This is exactly the kind of model
you might use as an investment banking analyst to “trawl” for deal opportunities and prepare a pitchbook. The
crucial word here is Leveraged and a key element of the programme is to introduce you to the typical debt instruments
used, the different roles they play in leveraged financing schemes and how the market has changed. The bottom
line here is that the leveraged financing market in Europe grows more and more like the US market in terms
of the depth of liquidity available, the range of investors, and the aggressiveness of financing terms. We’ll
give you some background into the development of the market and how the arrival of new investors, such as Hedge
Funds and CLOs pre-crunch, and more recently insurance companies and other institutions to the B loan market,
have changed the funding landscape.
The model we’ll build is highly flexible, so it will allow you to model “old-school” A,B loan and mezzanine structures,
unitranche financings and mixed loan and high yield bond schemes.
The model will produce all of the main return metrics that P/E investors use and the standard credit risk metrics
that potential debt investors will use. We will also produce a value bridge – disaggregating returns into their
various drivers: sales growth, operating margin expansion, debt paydown, “multiple arbitrage” and fees.
Simple models like this one are excellent tools to give you insight into what drives the economics (or lack of!)
in a deal. This is precisely the sort of model you might build as part of your investment banking induction
programme (or indeed you might discover it’s the “standard model” in your department – albeit with a few formatting
changes). We hope you enjoy the programme.