THE VALUATION TRAINING PROGRAM

Corporate Finance
M&A
Private Equity
Sales and Trading
Hedge Funds
Equity Research
Asset Management

The definitive Job Search Strategy and Training Program for careers

in Investment Banking, Corporate Finance, Public Finance, M&A,

Private Equity, Equity Research, Sales & Trading, Hedge Funds,

Asset Management, Corporate Law and anywhere else on Wall Street!

THE WALL STREET PROGRAM

 The Wall Street Program’s Valuation Training Program will give you the skills and knowledge to build financial models in Excel to value a
company. The purpose of the Valuation Training Program is to help you understand the bigger picture behind valuation and also all of the ins and
outs of actually doing valuation modeling in Excel. The Training Program takes you step-by-step through the process of building a Comparable
Company Analysis, Precedent Transactions Analysis, Discounted Cash Flow (DCF) Analysis, Leveraged Buy-Out Analysis and a M&A
Accretion/Dilution Analysis. Our goal is to teach you valuation as if you were working at a Wall Street firm. We want you to learn everything
and gain as much experience as you would gain if you worked on Wall Street. With this type of experience, you will be better prepared to
successfully go through any interview process and receive job offers.
Congratulations on taking the vital first step for landing a dream job on Wall Street. At The Wall Street Program, our team is committed to
helping you achieve your personal best, whether it is in the area of job search strategy, cover letter and resume preparation, interviewing or
financial modeling knowledge. We want you to have the requisite financial know-how and top interviewing skills to land a job on Wall Street
and excel once you get there.
Why is The Wall Street Program an essential part of beginning your future career on Wall Street?
The Wall Street Program offers a Comprehensive 360° Approach. Our approach utilizes five tiers of our Training Programs and
Services to help you start your career on Wall Street.
1. Our Job Search Strategy Service will help you formulate and execute a superior job search strategy to gain interviews and successfully pursue
positions on Wall Street. Our Wall Street Community Message Boards will allow you to collaborate and learn from others who have received
offers or are also actively pursuing Wall Street positions.
2. Our Cover Letter and Resume Service will help you prepare your cover letter and resume to demonstrate your ability to succeed in any Wall
Street position.
3. Our Training Programs will teach you the sophisticated financial modeling and valuation skills you need to impress your interviewers and
perform well on the job. We teach you the material in exactly the same way you will learn it and use it on Wall Street. We will take you step-by-
step through the process of building financial models in Excel. Since our Training Programs can be done at home in your own time, you have the
flexibility to learn at your own pace.
4. Our Interview Service gives you the opportunity to experience a mock interview conducted by a Wall Street professional who understands the
ins and outs of the recruitment process. Our professionals have done a considerable amount of interviewing and hiring on Wall Street.
5. The Resume Submission Service offers you the opportunity to submit your resume directly to recruiters who work with the top Wall Street
firms.
Our mission at The Wall Street Program is to help you start a career on Wall Street. We want to make sure you are at your best before you begin
your job search and before you start interviewing. Our 360° Approach is essential because it will give you the financial knowledge, interviewing
prowess and confidence to set you apart from other candidates and get you the most prepared for your Wall Street job search. It is an extremely
competitive process to land a top job in finance. We at The Wall Street Program know that by taking our Training Programs and using our
Services, we can help you stand out regardless of where you went to school or your prior professional experience.

Page 2
Copyright 2006 © The Wall Street Program LLC The Wall Street Program™
 Copyright
2006 The Wall Street Program LLC. All rights reserved.
Published by The Wall Street Program LLC.
“The Wall Street Program” is a trademark of The Wall Street Program LLC.
All Training Program materials and Services included in The Wall Street Program, including proprietary financial models, are for
individual use and are not to be duplicated, copied, distributed or disseminated without the expressed, written permission of The
Wall Street Program LLC. The Training Programs and Services are designed for illustrative purposes only and do not, in any way,
constitute an investment recommendation or thesis.
All information in this book is subject to change without notice. The Wall Street Program makes no claim as to the accuracy and
reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted
in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of The Wall Street
Program LLC.
For information about permission to reproduce selections from this book, contact The Wall Street Program LLC, 225 West 83rd
Street, Suite 6B, New York, New York 10024, (212) 362-2637.
ISBN-13: 978-0-9786754-3-1
ISBN-10: 0-9786754-3-6
Printed in the United States of America.

Page 3
Copyright 2006 © The Wall Street Program LLC The Wall Street Program™
 Table of Contents

Section 1 Introduction to Valuation Analysis……………………………...5

Section 2 Comparable Company Analysis………………………………..28
Section 3 Precedent Transactions Analysis………………………………67
Section 4 Discounted Cash Flow Analysis……………………………...118
Section 5 Leveraged Buyout Analysis…………………………………..243
Section 6 Valuation Summary…………………………………………..376
Section 7 M&A Accretion/Dilution Analysis…………………………...388
Section 8 Resources and Best Practices…………………………………531

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Copyright 2006 © The Wall Street Program LLC Table of Contents The Wall Street Program™
 Introduction to Valuation Analysis Section 1

Page 5
Copyright 2006 © The Wall Street Program LLC Introduction to Valuation Analysis The Wall Street Program™
 Valuation Analysis: The core of corporate finance and one of
the most critical areas in investment banking and advisory.

• Helps determine value available to the company’s stakeholders in a particular

context.
• Stakeholders generally include: debt holders and equity holders.
• Valuation analysis can be conducted in a variety of circumstances:
–Mergers & Acquisitions: How much should be paid to purchase the company?
–Divestitures: How much can the company/division be sold for?
–Public Equity Offerings: How much value would the company get in the
public market?
–Defense: Is the company vulnerable to a raider or undervalued?
–Fairness Opinions: Is the price offered for the company/division fair from a
financial point of view?
–Equity Research: Should clients buy, sell or hold positions in a security?

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Copyright 2006 © The Wall Street Program LLC Introduction to Valuation Analysis The Wall Street Program™
 Valuation Analysis: The core of corporate finance and one of
the most critical areas in investment banking and advisory.

–Leveraged buy-out: How much should be paid to acquire a company in order to

achieve internal rate of return (IRR) targets?
–Private placements: How much value does a private investor receive for a
private placement?
–JV negotiations: How much value should be assigned to the JV?
–Break-up valuation: How much value is assigned to the different business
units within a company?
As in any other analysis, the quality of the output is inherently linked to the
quality of the inputs. It is extremely important to evaluate the
reasonableness of any information considered and the underlying
assumptions involved.

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Copyright 2006 © The Wall Street Program LLC Introduction to Valuation Analysis The Wall Street Program™
 The Correlation between Financial Statements
– Financial statements reflect the activities and the condition of a company at a given point in time
– The relationship between financial statements should be completely understood before performing a valuation
analysis. The following diagram displays debt and working capital cash flows through the financial statements
(—) Equity Flows (—) Debt flows (-----) Working Capital flows
Accrual Basis Cash Basis

Opening Balance Sheet Income Statement Cash Flow Statement Closing Balance Sheet

Assets Revenue Net income Assets

+Cash -Cost of Sales +Depreciation/Amortization +Cash
+Inventory =Gross Profit +Increase in deferred taxes +Inventory
+Accounts receivable -Operating Expenses +Increase in other non-cash +Accounts receivable
charges
+Plant, Property and +Other income +Plant, Property and
Equipment =Operating cash flow Equipment
-Other expenses
+Intangible assets -Increase in inventory +Intangible assets
=Earnings before income
+Others and taxes (EBIT) -Increase in accounts receivable +Others
=Total Assets (1) +Interest income +Increase in accounts payable =Total Assets (1)
Liabilities -Interest expenses -Capital expenditures Liabilities
+Accounts payable =Pre-tax income =Free cash flow +Accounts payable
+Short term debt -Tax +/- Change in debt +Short term debt
+Long term debt =Net Income (NI) -Dividends +Long term debt
+Others -Dividends +/- Change in equity +Others
=Total Liabilities (2) =Retained Earnings =Change in cash =Total Liabilities (2)
=Shareholders’ equity Shareholders’ Equity (1-2)
(1-2)

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Copyright 2006 © The Wall Street Program LLC Introduction to Valuation Analysis The Wall Street Program™
 Comparable Company Analysis Section 2

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Copyright 2006 © The Wall Street Program LLC Comparable Company Analysis The Wall Street Program™
 Comparable Company Analysis (“Comps”)-Overview

• Comparable Company Analysis is the most widely used valuation methodology in

Corporate Finance.
• Comparable Company Analysis is a valuation methodology that compares a target
company to similar publicly traded firms to see where the target company is trading on the
market compared to its peers.
• Investment bankers put together “Comps” to compare public market valuation levels,
stock trading patterns and basic financial and operating ratios of companies in the same, or
closely related, industries with similar capital structures and growth prospects.
• While other methodologies look at companies on an absolute basis (e.g. discounted cash
flow), Comparable Company Analysis looks at relative comparisons of the Company to its
peers.
• “Comps” are based on publicly available information and reflect how the market values
the companies regardless of whether it is “correct” or “incorrect.”

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Copyright 2006 © The Wall Street Program LLC Comparable Company Analysis The Wall Street Program™
 Comparable Company Analysis (“Comps”)-Overview

Advantages Disadvantages

• Provides an objective comparison of • Putting together a list of truly

companies accounting for industry comparable companies can often be
trends, risk factors and profitability difficult.
expectations. • Issues that are specific to a
• Usually represented as forward particular company may limit the
looking, but also can be viewed as strength of the valuation analysis.
backward looking. • Does not account for control
• Effective way of determining premiums or synergies gained in an
company valuation when no control acquisition.
premium is involved. • Analysis is focused on current
market conditions, industry trends
and growth prospects and ignores
longer term issues.

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Copyright 2006 © The Wall Street Program LLC Comparable Company Analysis The Wall Street Program™
 12) Now we are going to enter in the Balance Sheet inputs. With this additional information we will be able to calculate Net
Debt and the Enterprise Value (EV) for each company.

Includes Out of the Money

Convertible Pref Stock
Outstanding.

Includes Out of the Money

Includes long-term debt and
Convertible Debt Outstanding.
capitalized lease obligations.

Input any Minority

Interest.
Input Cash, Cash Equivalents and Includes notes payable,
any marketable securities. commercial paper, lines of credit,
bank overdrafts, and current
Calculate Total of all Debt.
portion of long-term debt and
Calculation: =GV9+GX9+GZ9+ HB9
capital leases.

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Copyright 2006 © The Wall Street Program LLC Comparable Company Analysis The Wall Street Program™
 Precedent Transactions Analysis Section 3

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Copyright 2006 © The Wall Street Program LLC Precedent Transactions Analysis The Wall Street Program™
 Precedent Transactions Analysis (“Precedents”)-Overview
• Precedent Transactions Analysis is a summary of selected M&A transactions in the same
industry as the company that you are evaluating, which allows you to arrive at a value for
the company under consideration.
• This analysis provides useful information on valuation multiples that acquirers have paid
for companies in the past in a specific sector.
• The purpose is similar to that of doing a comparable company analysis except by looking
at prior acquisitions, you get an idea of the premium that is paid to gain control of the
target company (i.e. control premium).
• Historical multiples represent an index of recent market prices paid by other acquirers and
accepted by sellers. From a potential sellers’ point of view, the multiples suggest a target
price range at which other buyers have been willing to buy. On the other hand, for
potential buyers, the multiples display price ranges that have been acceptable to sellers.

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Copyright 2006 © The Wall Street Program LLC Precedent Transactions Analysis The Wall Street Program™
 Precedent Transactions Analysis (“Precedents”)-Overview

• Doing a “Precedents” analysis is valuable because it helps you to:

• Value a business.
• Establish relative values of various component businesses.
• Determine the market demand for certain types of transactions (i.e. frequency of
transactions and premiums paid).
• Understand who the acquirers and targets are in an industry and the valuation multiples
involved.
• Better evaluate what is being bought (market share, technology, production capacity, etc).

A Precedent Transactions Analysis is very important because it allows you to understand

how much was paid for similar companies in the past so you can properly advise clients on
the value of a company they are interested in buying or the value of an asset they are
interested in selling.

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Copyright 2006 © The Wall Street Program LLC Precedent Transactions Analysis The Wall Street Program™
 Precedent Transactions Analysis (“Precedents”)-Overview

Advantages Disadvantages

• Based on public information. • Public data can be limited.

• Information is based on historical • Hard to know all the factors and
information. motives that went into formulation
• Provides index of premiums paid by of acquisition prices.
buyers and accepted by sellers. • The fact that a particular multiple
• Important to know price that was was paid in the past does not
paid for similar assets in necessarily mean it still applies
determining present value of a today.
comparable asset for sale. • Market conditions at the time of a
transaction can have a large impact
on valuation.

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Copyright 2006 © The Wall Street Program LLC Precedent Transactions Analysis The Wall Street Program™
 11) Input Selling, general and administrative expenses, Other (income)/loss and Depreciation and amortization.

Input the SG&A, Other

(income)/loss and Depreciation and
amortization.

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Copyright 2006 © The Wall Street Program LLC Precedent Transactions Analysis The Wall Street Program™
 Discounted Cash Flow Analysis Section 4

Page 18
Copyright 2006 © The Wall Street Program LLC Discounted Cash Flow Analysis The Wall Street Program™
 Discounted Cash Flow Analysis (DCF)-Overview

• Discounted Cash Flow Analysis values a company based on its future expected cash flows.
• DCF Analysis provides a theoretical valuation of the company’s intrinsic value based on
these future cash flows.
• The DCF Analysis is adjusted by the time value of money and the inherent risk of the cash
flows.
• The DCF Analysis involves discounting these future expected cash flows to the present by
a discount factor which is usually the Weighted Average Cost of Capital (WACC). These
cash flows are then summed. We then find a terminal value for the company which is also
discounted back to the present. The terminal value is added to the sum of the cash flows.
This calculation will provide the present value of the assets or the enterprise value of the
company.

Sum of present value of Present value of terminal Enterprise Value

unlevered free cash flow value discounted at WACC
discounted at WACC

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Copyright 2006 © The Wall Street Program LLC Discounted Cash Flow Analysis The Wall Street Program™
 Discounted Cash Flow Analysis (DCF)-Overview

• A Discounted Cash Flow Analysis can be useful for:

• An additional reference point when valuing a company.
• Evaluating early stage companies with finite asset lives or companies that have
revenues and costs that can be forecasted easily.
• Understanding the value of divisions of a conglomerate or a diversified company (for
divestitures or spin off opportunities).
• Conducting a merger valuation in the same sector or geography.
• To display potential upside to a buyer as a result of synergies and strategic
opportunities.

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Copyright 2006 © The Wall Street Program LLC Discounted Cash Flow Analysis The Wall Street Program™
 Discounted Cash Flow Analysis (DCF)-Overview

Advantages Disadvantages

• Theoretically, it is the most • Highly sensitive to assumptions

academically compelling valuation used (WACC, long term growth
method. rate, terminal value, etc.).
• It is forward-looking and • Forecasted future cash flows are
incorporates an expected operating uncertain.
strategy. • Terminal value can have a
• Capital markets volatility has significant impact on valuation.
limited impact on the analysis.
• Recognizes the time value of
money.
• Useful when there are not many
comparable companies.

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Copyright 2006 © The Wall Street Program LLC Discounted Cash Flow Analysis The Wall Street Program™
 48) Calculate the Public Enterprise Value of the company. The Public Enterprise Value is important for purposes of the DCF
Analysis because we are interested in the value of the company as it depends on both its equity and debt. The calculation of
Public Enterprise Value will also give us another point of reference when we conclude the DCF Analysis and find the intrinsic
Enterprise Value based on our analysis.

Calculate Public Enterprise Value.

Calculation: =C74+SUM(C78:C79)-C80

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Copyright 2006 © The Wall Street Program LLC Discounted Cash Flow Analysis The Wall Street Program™
 Leveraged Buyout Analysis Section 5

Page 23
Copyright 2006 © The Wall Street Program LLC Leveraged Buyout Analysis The Wall Street Program™
 Leveraged Buyout (LBO) Analysis-Overview

• A Leveraged Buyout (LBO) is the acquisition of an entire company or a company’s entire

division.
• The buyer, which is known as the LBO sponsor, equity sponsor or financial sponsor, uses
debt to pay the majority of the purchase price of the company. The rest of the purchase
price is funded with equity by the LBO sponsor.
• The goal of an LBO is to use the target company to finance the purchase. LBO analysis is
based on cash flow projections and takes a company’s leveraged capital structure into
consideration.
• It determines what the LBO sponsor would be willing to pay for an asset based on target
investment returns.
• The interaction of the following two factors drives valuation:
—Debt Capacity: Maximizing the leverage or debt capacity of the company will allow the
equity sponsor to maximize the purchase price and contribute as little equity as possible.
—Equity Return: Once the debt capacity has been determined, the initial equity investment
will be determined by assumed equity returns and exit proceeds. Target returns are usually
around 20-30% IRR.

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Copyright 2006 © The Wall Street Program LLC Leveraged Buyout Analysis The Wall Street Program™
 47) Calculate the Total Interest Expense after taxes.

Calculate the Total Interest Expense after taxes.

Calculation: =SUM(G57:G59)*(1-G36)

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Copyright 2006 © The Wall Street Program LLC Leveraged Buyout Analysis The Wall Street Program™
 Valuation Summary Section 6

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Copyright 2006 © The Wall Street Program LLC Valuation Summary The Wall Street Program™
 Valuation Summary

• The Valuation Summary is an important step in understanding the relative results of each
valuation method and to assess the range of valuations for the company.
• Review the high, low and median numbers for each valuation method and analyze the
price per share and the enterprise value calculated.
• Graphically, bankers typically use a chart to demonstrate the valuation for the company
based on each valuation method.
• This chart is usually referred to as a “Football Field.”
• It provides an excellent way to present the Valuation Summary for the company.

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Copyright 2006 © The Wall Street Program LLC Valuation Summary The Wall Street Program™
 M&A Accretion/Dilution Analysis Section 7

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Copyright 2006 © The Wall Street Program LLC M&A Accretion/Dilution Analysis The Wall Street Program™
 M&A Accretion/Dilution Analysis-Overview

• Merger Analysis assesses the impact that a corporate transaction would have on the
income statement and balance sheet of the acquirer and target company.
• It is comprised of three main parts which serve to answer some important issues:
• Relative Ownership Analysis
• What is the stake in the combined company?
• What forms of consideration should be paid: cash/shares/what combination?
• What impact would an acquisition premium have on ownership levels?
• Accretion/Dilution Analysis
• What is the potential impact on the income statement?
• What is the potential impact on the balance sheet?
• Value Creation Analysis
• What are the value implications resulting from the market reaction to the
announcement of the merger?

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Copyright 2006 © The Wall Street Program LLC M&A Accretion/Dilution Analysis The Wall Street Program™
 M&A Accretion/Dilution Analysis-Overview

Advantages Disadvantages

• Relative Ownership Analysis • Relative Ownership Analysis

- Intuitive and straightforward. - Provides information on
- Preliminary approach to transaction consideration that
understand how the companies should be further analyzed by
combine. accretion/dilution analysis.
• Accretion/Dilution Analysis • Accretion/Dilution Analysis
- Determines effect of the - Evaluating synergies can be very
transaction. subjective.
- Primarily focused on EPS. • Value Creation Analysis
• Value Creation Analysis - It can be difficult to understand
- Assesses market reaction. how the market may react to long
term strategic objectives.

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Copyright 2006 © The Wall Street Program LLC M&A Accretion/Dilution Analysis The Wall Street Program™
 15) Link the Diluted Shares Outstanding for the Target back to the Calculation of Offer Value section.

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Copyright 2006 © The Wall Street Program LLC M&A Accretion/Dilution Analysis The Wall Street Program™
 Resources and Best Practices Section 8

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Copyright 2006 © The Wall Street Program LLC Resources and Best Practices The Wall Street Program™
 THE WALL STREET PROGRAM
The List of Excel Shortcuts
Always use Excel shortcuts whenever possible. It will help you work faster and will make you a more proficient model builder in the
future.
The following is a list of the most useful Excel shortcuts. For shortcuts in which you press two or more keys together, the keys to press
are separated by a plus sign. For shortcuts in which you press keys one after the other, the keys to press are separated by a comma.
The list is organized by function and by type of keys.
Document Actions Shortcut Text Style Shortcut
Open a File CTRL + O Bold CTRL + B
New File CTRL + N Italics CTRL + I
Save As F12 Underline CTRL + U
Save CTRL + S Strikethrough CTRL + 5
Print CTRL + P
Find CTRL + F Formatting Shortcut
Replace CTRL + H Edit active cell F2
Go to F5 Format as currency with 2 decimal places SHIFT + CTRL + $
Format as percent with no decimal places SHIFT + CTRL + %
Cursor Movement Shortcut Cut CTRL + X
Top of worksheet (cell A1) CTRL + Home Copy CTRL + C
End of worksheet (last cell with data) CTRL+End Paste CTRL + V
End of row Home Copy then paste special formats CTRL + C, Alt, E, S, T
End of column CTRL + Left Arrow Copy then paste special formulas CTRL + C, Alt, E, S, F
Move to next worksheet CTRL + PageDown Undo CTRL + Z
Redo CTRL + Y
Formulas Shortcut Format cells dialog box CTRL + 1
Current date CTRL + ; Applies the general format CTRL + SHIFT + ~
Curent time F7 Bold CTRL + B
Spelling F1 Underline CTRL + U
Help ALT + = Italicize CTRL + I
Macros ALT + F8 Strikethrough CTRL + 5
Apply the outline border to selected cell CTRL + SHIFT + &
Selecting Cells Shortcut Remove the outline border from selected cell CTRL + SHIFT + _
All cells left of current cell SHIFT + Left arrow
All cells right of current cell SHIFT + Right arrow
Entire column CTRL + Spacebar
Entire row SHIFT + Spacebar
Entire worksheet CTRL + A

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Copyright 2006 © The Wall Street Program LLC Resources and Best Practices The Wall Street Program™
 THE WALL STREET PROGRAM
The List of Excel Shortcuts
Entering Special Characters Shortcut Function Keys Shortcut
Press F2 to edit the cell. Using Num Lock, enter the Help menu F1
numbers using the numeric key pad. Go into cell/go out F2
To enter the cent character ¢ ALT + 0162 Paste name into formula F3
To enter the euro symbol € ALT + 0128 Absolute reference F4
To enter the yen symbol ¥ ALT + 0168 Go to F5
To enter the pound sterling symbol £ ALT + 0163 Next pane (if split) F6
Spell check F7
Entering and Calculating Formulas Shortcut Select anchor F8
To enter a formula as an array CTRL + SHIFT + ENTER Calculate F9
To display the Insert Function dialog box in a formula SHIFT + F3 Activate menu bar F10
To insert an AutoSum formula with the Sum function ALT + = Creates chart sheet F11
Edit inside a cell F2 Save as F12
Spell check F7
Insert a comment SHIFT + F2 CTRL Keys Shortcut
Undo the last action CTRL + Z Select all CTRL + A
Redo the last action F4 or CTRL + Y Bold CTRL + B
Fill to the right CTRL + R Copy CTRL + C
Fill down CTRL + D Italicize CTRL + I
Recalculate all worksheets in all open workbooks F9 Underline CTRL + U
Go to precedent cells CTRL - [ Paste CTRL + V
Highlight dependent cells F2 Cut CTRL + X
Auditing toolbar ALT-T-U Undo last action CTRL + Z
Hide row CTRL + 9
Hide column CTRL + 0
Menu Commands Shortcut
Show formulas/values CTRL + ~
Copy format, but not the cell contents CTRL + C, Alt, E, S, T
Precedents CTRL + [
Copy a formula, but not its format CTRL + C, Alt, E, S, F
Select column CTRL + Space
Insert a function ALT, I, F
Switch between workbooks CTRL + Tab
Clears out format without erasing contents ALT, E, A, F
Switch between worksheets CTRL + PgUp/Dn
Change the sheet tab name ALT, O, H, R
Show Windows START menu CTRL + ESC
Adjusts column width to width of the current cell ALT, O, C, A
Clears everything out of a cell ALT, E, A, A
Zoom ALT, V, Z
Print preview; press ESC to get out of it ALT, F, V
Insert a message ALT, I, M
Auto sum ALT =

Page 34
Copyright 2006 © The Wall Street Program LLC Resources and Best Practices The Wall Street Program™
THE WALL STREET PROGRAM
The definitive Job Search Strategy and Training Program for careers in Investment Banking,
Corporate Finance, Public Finance, M&A, Private Equity, Equity Research, Sales & Trading,
Hedge Funds, Asset Management, Corporate Law and anywhere else on Wall Street!

THE WALL STREET PROGRAM is the Training Program to prepare

you for a top finance career on Wall Street or anywhere else in the world.

If you want to get a top job in finance, The Wall Street Program will give you the skills to ace your interviews, the
experience and the knowledge to do financial modeling and the ability to hit the ground running on day one of your job.

Why is The Wall Street Program an essential part of beginning your future career on Wall Street?
The Wall Street Program offers a Comprehensive 360° Approach. Our approach utilizes five tiers of our Training
Programs and Services to help you start your career on Wall Street.

www.wallstreetprogram.com
 THE WALL STREET PROGRAM

1. Our Job Search Strategy Service will help you formulate and execute a superior job search strategy to gain interviews and successfully pursue positions on Wall
Street. Our Wall Street Community Message Boards will allow you to collaborate and learn from others who have received offers or are also actively pursuing
Wall Street positions.

2. Our Cover Letter and Resume Service will help you prepare your cover letter and resume to demonstrate your ability to succeed in any Wall Street position.

3. Our Training Programs will teach you the sophisticated financial modeling and valuation skills you need to impress your interviewers and perform well on the job.
We teach you the material in exactly the same way you will learn it and use it on Wall Street. We will take you step-by-step through the process of building financial
models in Excel. Since our Training Programs can be done at home in your own time, you have the flexibility to learn at your own pace.

4. Our Interview Service gives you the opportunity to experience a mock interview conducted by a Wall Street professional who understands the ins and outs of the
recruitment process. Our professionals have done a considerable amount of interviewing and hiring on Wall Street.

5. The Resume Submission Service offers you the opportunity to submit your resume directly to recruiters who work with the top Wall Street firms.

Our mission at The Wall Street Program is to help you start a career on Wall Street. We want to make sure you are at your best before you
begin your job search and before you start interviewing. Our 360° Approach is essential because it will give you the financial knowledge,
interviewing prowess and confidence to set you apart from other candidates and get you the most prepared for your Wall Street job search.
It is an extremely competitive process to land a top job in finance. We at The Wall Street Program know that by taking our Training Programs
and using our Services, we can help you stand out regardless of where you went to school or your prior professional experience.

If you are interested in getting a top finance job on Wall Street or anywhere else in the world, your first step is THE WALL STREET
PROGRAM.

For more information and to order our Training Programs and Services, visit us at:

www.wallstreetprogram.com
About Us:
The Wall Street Program was formed in 2005 by a group of Wall Street investment bankers from leading Wall Street firms. We realized through running
the interview process at these firms that many deserving, highly motivated, smart and successful candidates were not receiving top finance jobs on Wall Street.
The sole reason they did not receive offers came down to one indisputable fact: they did not know what it took to get through the recruitment process.
It had nothing to do with their grades, prior work experience or ability to perform successfully on the job.

We knew we could change that. We understand the ins and outs of the Wall Street recruitment process. We knew we could teach candidates the skills they
need to develop a job search strategy, learn the necessary finance and financial modeling, excel at their interviews and land these highly sought after jobs.

We developed The Wall Street Program as the premier job search preparation, strategy and financial modeling training program devoted only to Wall Street.
We want it to be the first stop on your way to beginning a successful career in finance on Wall Street or anywhere else in the world.

Why is The Wall Street Program an essential part of beginning your future career on Wall Street?
The Wall Street Program offers a Comprehensive 360° Approach. Our approach utilizes five tiers of our Training Programs and Services to help you start your career on Wall Street.
1. The Job Search Strategy Service will help you formulate and execute a superior job search strategy to gain interviews and successfully pursue positions on Wall Street.
2. The Cover Letter and Resume Service will help you demonstrate your ability to succeed in any Wall Street position.
3. The Training Programs will teach you the sophisticated financial modeling and valuation skills you need to impress your interviewers and perform well on the job.
4. The Interview Service will help you make sure you are prepared and are conducted by Wall Street professionals who understand the ins and outs of the recruitment process.
5. The Resume Submission Service offers you the opportunity to submit your resume directly to recruiters who work with the top Wall Street firms.
Our 360° Approach is essential because it will give you the financial knowledge, interviewing prowess and confidence
to set you apart from other candidates and get you the most prepared for your Wall Street job search.

For more information and to order our Training Programs and Services, visit us at: www.wallstreetprogram.com