Wall Street Prep – Buy-Side Financial Modeling

Wall Street Prep - Buy-Side Financial Modeling

Led by Hedge Fund Veteran Brett Caughran (ex-Maverick, Citadel, DE Shaw, Schonfeld), this program begins where financial modeling training ends — with a deep-dive into how buy-side analysts build models to make key investment decisions.

Learn the “Buy-Side Mentality”

Taught by an Experienced Hedge Fund Professional

Led by a hedge fund veteran with experience at top buy-side firms, this course is a deep-dive into buy-side modeling that provides tools, frameworks and over a decade of industry experience for students to learn from.
Develop Buy-Side Modeling Intuition and Frameworks

Learn to build buy-side models, understand why the buy-side model is the backbone of investment decisions and how it differs from the sell-side and investment banking model.
Understand Buy-Side Modeling Applications

Learn the importance of tracking and incorporating company-specific key drivers into your models and how to set up your model to develop an actionable perspective on stock valuation.

What You Will Learn

Process Driven Investing

Understand the role of modeling as a tool for thesis development in the investing process. You’ll learn about:

“Alpha load” and the quest for outperformance
The model as the backbone of the investing process
Stock selection frameworks
The typical model use cases (i.e. “Is this a good or bad business”, “Will this stock beat or miss earnings?, etc.)

Buy-Side Model Construction

Learn what a PM wants to see from a buy-side model and how that differs from a sell-side model. Starting with a “scratch build” using TSLA, you’ll learn about:

The upside of bespoke modeling
The raw ingredients needed for your model
Architecture to handle a torrent of earnings prints, news flow and market moves.

Analyzing a Business

Learn how buy-side Analysts go about the process of understanding a business in depth. You’ll learn:

The good business / bad business framework
The importance of key driver identification and build your model around what actually drives value
Unit economics (i.e. “how does this business make money”)
Cost structure analysis, and incremental margins

Buy-Side Forecasting Frameworks

Gain a general orientation to forecasting and learn key forecasting frameworks including:

Growth stack forecasting, mix accelerator, comp waterfall, box replicator, ramp curve, creative lags, mid-Cycle, data correlations
Revenue forecasting & sustaining growth
Approaches to expense forecasting
The role of company guidance and investor relations in your modeling process.

Buy-Side Valuation

Learn the factors that influence valuation, from growth, business momentum, business quality, capital deployment/structure, and terminal value stability.

The dichotomy of the DCF and the messy reality of equity pricing
The roles of multiples in buy-side investing
The core formula for price target derivation
Normalized earnings analysis

Buy-Side Thesis Development

Here, we will move from the model towards a thesis. You’ll learn:

How buy-side analysts use the model to generate outputs that answer “what is the risk/reward”, “what is the upside / downside”?
How the model can clarify thoughts on the FEV framework (fundamentals, expectations, and valuation
What is baked in? What do we believe is true / what is the expectations gap?
Evaluating a view on variance versus consensus

Who Should Take This Course?

Aspiring Hedge Fund Analysts
Upcoming Portfolio Managers
Seasoned Asset Managers
Sell-side to Buy-Side Career Switchers
Public Equity Investors

Course Samples

Process Driven Investing and The Role of the Model

Case Study: Revenue Build

Business Momentum

Case Study: Forecasting

Key Questions: Is This a Good Business?

Case Study: Price Target

Prereq 1	Accounting Crash Course
Prereq 2	Excel Crash Course
Prereq 3	Analyzing Financial Reports
Prereq 4	Non-GAAP Reporting
Prereq 5	Basic Financial Modeling
Prereq 6	Valuation & DCF Modeling

Program Prerequisites

This course presumes knowledge of basic financial & valuation modeling, accounting, financial reporting and Excel. Students with limited experience in these areas can enroll in these prerequisite courses during checkout at special prerequisite pricing.

Course TOC

Process Driven Investing

Buy-Side Model Construction

Analyzing a Business

Buy-Side Forecasting Frameworks

Buy-side Valuation

Buy-Side Thesis Development

Course Highlights

Taught by a Top Hedge Fund Manager

Brett Caughran (Maverick, DE Shaw and Citadel) will walk you through modeling techniques typically developed over years on the job.

Used by Leading Buy-Side Investment Firms

Go through the same training program that our hedge fund, family office and pension fund clients use to train their analysts.

Real Case Studies and Excel Models

This course uses real financial filings and Excel models to show you how buy-side valuation is done in the real world.

In-Lesson Instructor Support

Have a question on course content? Communicate directly with the instructor by asking questions throughout the course.

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