LBO Modeling & Private Equity

Learn the PE industry insights and the LBO modeling skills to drive your private equity or investment banking career.

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Taught by Instructors with Experience At

Overview

What you’ll learn

This Leverage Buyout (LBO) Modeling & Private Equity Course will teach you all the necessary skills to perform real LBO models from scratch. We'll start with the theory, from the deal structure to the returns analysis through IRR and CoC returns. Then, we'll work through a Paper LBO, which is widely used as an interview test for investment banking and private equity. Following the Paper LBO, we'll work through an extensive LBO case study covering all the key aspects of a deal. We'll also analyze the intricacies of a real LBO deal and its complexities. Finally, we'll provide further LBO modeling exercises to help you stand out in any PE or investment banking role.

75+ Video Tutorials and Exercises

Downloadable Excel-Based Exercises and PDFs

Lifetime Access on Any Device

Prerequisites: Introductory Knowledge of Financial Accounting and Excel

Overview Student Profiles Curriculum Testimonials Instructors Pricing FAQs

Student Profiles

Who are these courses for?

University Students

If you're a college student looking to secure an internship or full-time job in a top tier business, finance, or investment firm, these courses are for you.

Working Professionals

If you're a working professional looking to level up your technical career skills, these courses are for you.

Career Switchers

If you're looking to boost your technical skills to better your chances of switching into a business or finance role, this course is for you.

Build Comprehensive LBO Models From Scratch

Our hands-on teaching combines both theory and practical exercises for you to test yourself and apply the concepts you've learned. From building a Paper LBO from scratch to creating an industry-standard LBO model, you'll have plenty of Excel-based exercises to master private equity modeling.

Understand the Private Equity Deal Process

Learn all the phases in the PE deal process as we analyze real-world LBO deals step-by-step. From identifying a target company to understanding takeover defense strategies, get an insider's look at what negotiations actually look like.

Drive Your Finance Career in the Buy or Sell Side

This course is specifically tailored to current or aspiring professionals in private equity, investment banking, corporate development, and leverage finance. Stand out in both the buy and sell-side with industry best practices taught by top tier finance professionals.

Course Curriculum

Module 1: Introduction to Leverage Buyouts (LBOs)

Course Overview
Download Materials
What is an LBO?
LBO House Purchase Analogy
LBO Measures of Returns

Module 2: Paper LBO Interview Test

Case Introduction
Excel Page Setup
Entry Assumptions
Growth Assumptions
Cash Buildup
Exit Assumptions
Returns Analysis
Return Drivers

Module 3: The "Ideal" LBO Candidate

Key Company Metrics
Relevant Industries
Debt Market Conditions
Leverage as an Amplifier
Overview of Recent Market Activity

Module 4: The Private Equity Industry Structure

What is Private Equity?
Fund Lifecycle and Capital Raising Process
Overview of Value Creation
1980s - How it all Began
1990s - When PE Grew Up
Technology Takes Over
Valuations Become Too High
The Current Situation: Dry Powder
The Biggest Private Equity Firms
How to Work in the Private Equity Industry

Module 5: LBO Case Study Entry Assumptions

Case Study Introduction
How Assumptions are Presented
Setting up Assumptions in Excel
Pricing off EBITDA multiple
Using a share price
Making the Model Dynamic
Uses of Funds
Sources of funds
Fees

Module 6: LBO Case Study IS & CFS

Module Introduction
Revenue Forecast and Build
Cost build to EBITDA
Long Lived Assets Forecast
Complete Income Statement
Cash Flows From Operating Activities
Cash Flows From Investing Activities
Cash Flows From Investing Activities

Module 7: LBO Case Study Cash & Debt

Module Introduction
Setting Up a Cash Roll-Forward Schedule and Interest Income
Revolver Needs Analysis and Revolver Balance
Modelling the Term Loan and Cash Sweep
Senior and Subordinated Notes
Leverage Statistics
Closing the Cash flow Statement

Module 8: LBO Case Study Interest Expense

Module Introduction
Interest Rates Charged (SONIA, SOFR)
Interest Expense
Managing Circular References (Circularity)

Module 9: LBO Case Study Analyzing Returns

Module Introduction
Sensitising Exit Valuation
Calculating returns - MoM and IRR
Data Tables
Charts and Visuals to Support Presentation

Module 10: Exploring a Recent Deal

Module Introduction
How to Source Deals
Deal Overview: Acquisition of Inmarsat by a Consortium Led by Apax Partners
The Deal Terms
Instructor Personal Deal Experiences
Public Disclosure (Rule 2.7 Announcement)
Hedge Fund Dispute
National Security Concerns
What Happened Next?

Module 11: Additional Private Equity Case Study Exercises

Additional Paper LBO Case Study and Walkthrough
Completed Paper LBO Model
Additional Full LBO Case Study Exercise and Walkthrough
Completed Full LBO Model
Next Steps

Get Certified!

Impress recruiters with your resume

Upon completion of all course lessons, you will receive a digital certificate with your credentials. Furthermore, you can add it to your LinkedIn to show your skills to recruiters!

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Testimonials

What our students say

This course is extremely beginner friendly, and teaches you all the necessary formulas, concepts, and shortcuts necessary. The end of each module provides a case study allowing you to practice what you've learned.

Beginner friendly

Julian Mascio

Well Organized and very practica course... congratulations..

Well Organized

Hyascar Jesus Vargas Zelada

"I took this course before starting my job as an investing banking analyst, not being from a hardcore finance background, this course helped in solidifying my basic concepts as well building real life excel skills that are required for my job."

Amazing, Detailed and Realistic!

Ishaan Mathur

Course is very well paced and easy to follow

Well paced

Reeta Sooknah

"Semi-retired physician doing this for fun. Wish I had this knowledge in Med School as it would have been very valuable for expanding business knowledge and maybe entrepreneurship."

Very Valuable

Robert Remondino

"Clear explanation with concrete examples."

Clear Explanations!

Russell Tankoua

"Very thorough and comprehensive! The guidance I received from the senior instructors helps me in my everyday life as a financial analyst at Amazon."

Well Done!

Tristan Chiu

"Kenji & Michael's teachings are practical and focus almost entirely on giving the student the tools to succeed in real life business and finance scenarios. After finishing the course, I feel like I am no longer missing out on something that is so essential for my career."

Highly Recommend!

Yakuphan Alptekin

Kenji has done a superb work. Pls add also more cases or pitch deck. However, full program is well designed for MBA students to Proferssionals.

Superb Work

Johnny Chowdhury

This is handy and good. I like the explanations and clarity when formulas and the theory around the formulas are explained. I also like the keyboard cheat sheet and the fact he uses the keyboard shortcuts in the videos.

I like this course and recommend it

Tom Munt-Davies

Great course. One issue for me is I am not a fan of keyboard shortcuts, I wish more of the alternative navigation to input was explained

Great course

Tim Lorentz

Lesson material is extremely relevant, intuitive, and easy to follow. I've learned everything from Microsoft Excel, Power BI to MySQL.

Easy to follow

Michael Dos Santos

I recently concluded an online financial course and found it an excellent learning experience. Meticulously organized, the class offered clear explanations and relatable examples to simplify intricate financial concepts. Additionally, including practical exercises and case studies enabled me to apply these concepts in real-life situations. Consequently, this course has given me a heightened confidence in my financial knowledge and abilities. I highly recommend this course to individuals seeking to enhance their financial literacy.

Excellent Learning Experience

Dinah Fojas

The online Power BI course exceeded my expectations with its comprehensive content and expert instruction. Highly recommended for anyone looking to master Power BI skills. The course platform is better experienced on a laptop than an iPad.

Exceeded my expectations

Khin Yaminn

Very engaging and informative.

Engaging

Justin Risin

Everything about Career Principles' courses are top-notch. They take you through from beginning to end very quickly, and give you fantastic resources to learn. I cannot recommend their courses highly enough!

I cannot recommend their courses highly enough!

Justin Galczynski

The courses are exceptionally helpful and thorough, teaching practical applications of theoretical knowledge, which is exactly what I've been seeking. They're easy to follow, though a solid foundation in finance and accounting is necessary for full comprehension.

Exceptionally Helpful

Garay

"The lessons are structured, clear, and concise. They even have downloadable files that you can practice on! When you complete the courses, you can add them easily to your LinkedIn and reap the benefits! In addition, the team is quick to respond and happy to help."

Extremely Impressed

Josh McDonald

The course was presented in a way that was easy to access and understand. What really stood out to me were the informative tools that were provided to help make my skills and work easier, more professional, and stand out from others. These tools were incredibly helpful and I was able to apply them to my work immediately.

Excellent Experience!

David Rodrigues

"The course was extremely helpful, it has allowed me to build my Excel finance skills from the ground up, the course is perfect for anyone looking to strengthen their knowledge of Excel and finance. Amazing Work!"

A Very Complete Course!

Teo Ballbe

Top experience, top professors and top material. I'm waiting for more powerful finance and Excel courses. Congratulations!

Top Experience

Guillem Bigordà Freixas

Very creative and informative, and I enjoyed learning the course. They cover all the small detailed points and explain each small point with its relation to other points in all the lectures. This is done with high-quality resolution videos. Thank you and good luck to the Career Principles team!

Just What I was Looking For!

Rashed Al-Romaithi

Great course on SQL. I really learned a lot! I would recommend this course for anyone interested in learning more about SQL.

Great Course on SQL

K R

Great Excel and Power BI courses. Lots of interesting and interesting things I've learnt. I do recommend it!

I do recommend it!

Vladimir Sobur

Clear, concise instruction. If you enjoy Kenji's videos you will be more than happy with your purchase

Clear, concise instruction

Matt Pounch

Yes, well done. Great job! Bring you step by step accross solving problems you usually find at work. With downloading file can practise at the same time and so easily memorize and get it. Thanks.

Great job!

Marco Franceschini

Amazing course, with the essential things that you might need in future workplace + the case studies are really good to test yourself.

Amazing Course!

Erik Reznicek

Awesome learning Power BI and Kenji's' explanations are very clear and easy to follow.

Awesome learning Power BI

Jim Brooks

"Very thorough and practical, definitely recommend for those who want to level up their Excel skills."

Excellent

Bilal Kamara

"The senior instructors have really helped me develop the skills I needed to perform at the level of a finance professional. These practical skills have carried me a long way in my banking career!"

Just What I Needed!

Daniel Mwabila

I love that it's interactive I learn best when I am doing the work not just watching. The instructors answer your questions so quickly. Better than LinkedIn courses by a long shot.

I love that it's interactive

Ashley Thompson

"The case studies are just perfect!"

Perfect!

Murilo Cangueiro

"Really enjoyed the practical case studies that made it feel like a real scenario I could encounter at work."

Super Helpful!

Isabella West

At first I was a bit worried that having to remember the different shortcut keys, would slow down my progress. However, after applying them to the exercises a few times, I now try to do the case studies on my own first, then watch the videos to see if my approach makes sense.

Makes sense!

Ikmareka Hunt

I thoroughly enjoyed this Power BI course! The content was clear, well-structured, and incredibly helpful for improving my skills. The examples and case studies provided valuable insights and made the learning experience more engaging and practical. I recommend this course to anyone looking to enhance their Power BI proficiency. Thank you for such an informative and enriching experience.

Thoroughly Enjoyed Power BI

Selina Chee

I just randomly encountered Kenji on his Youtube videos. As a finance lover, I decided to pay for this course and learned a lot from what he and his team taught me. I hope I would be able to connect them on LinkedIn some days.

Learned a lot

Hai Nguyen

"It was a wise decision to purchase this course. As an analyst, I'm learning a lot and applying what I've learned to my current position."

Worth the Money!

Jamaal Tobias

I have been enjoying learning SQL with Career Principles. Thank you, so much. This course covered SQL from basis till advanced. I could understand SQL better. I wish all the best to all the team members of Career Principles!

Thank you, so much.

Katia Rues

As an investment club president, I wholeheartedly recommend the Finance & Valuation Module for people who want to develop their technical finance skills. The digestible lessons, straightforward content, and hands-on walkthroughs helped our new members secure finance internships as freshmen.

Exceptional Training Solution!

Michael Penna

I'm currently taking the Power BI online course. The instructors break down the teaching to bite size videos. The demos are easy to follow and gives me the confidence to build my own dashboards. Really thankful to have discovered this course. Keep up the good work!

Keep up the good work!

Jennifer Ng

"This course has given me the opportunity to strengthen my accounting foundations, learn how to build a dynamic 3-statement model, conduct a complex DCF, Comps and Precedent Transactions valuation, and create a stock pitch deck to present to target clients."

Cheers!

Marvel Tanudjaja

This excel course for finance is very useful, I recommend it to those who work in finance

Recommend to those in finance

Aditiya Kusuma

I have been using Excel to keep track of assignments for years. It wasn't until I decided to shift career paths that I found this course and realized just how powerful Excel is! This course does an amazing job of breaking down concepts, formulas, functions, visualizations, dashboards, you name it, this course explains it! I love Kenji's YouTube channel, and this course is like an extension of the videos he produces. Great stuff!

Great stuff!

David H

Very thorough and informative no matter your excel skill level.

Informative

Tam Tran

Excellent videos, walkthroughs, and explanations!

Excellent

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It was a wise decision to purchase this course. As an analyst, I'm learning a lot and applying what I've learned to my current position.

Wise Decision to Purchase

Jamaal T

The Power BI course is outstanding! The pace is perfect, the content is business relevant, and the instructor does a great job explaining concepts. This course is a game changer for me and I'm excited to apply the new skills that I've learned!

Outstanding!

Linda Fligg

Very well structured course. I've been working with Excel for over 10 years, but I still learned a lot of neat shortcuts and functions that's applicable to my role as a business analyst.

Very well structured course

Will

"The best Excel course. My Excel skills have improved significantly. Thank you guys for creating such a wonderful course."

Wonderful Course!

Ebenezer Anane

Great content! Highly recommend for refresh accounting skills

Great Content!

Naseef Kamal

I've taken multiple courses with Career Principles and some of them I'm still going through. The way the material is presented in each course has been clear and easy to understand with the many examples. The key to effective training is the real world application of key concepts and projects. In other words, how can this training be used in real world projects that you would need in your career. Thank You!

Thank you!

Keith Aul

Pretty good. Compiled and comprehensive. Good excel exercises and good to work with real examples! You might have to have some knowledge to make sense of everything presented here. This is not a course for finance. It is a course in using excel for financial modelling and so its helpful to have finance knowledge.

Pretty Good

Raghav Wasan

Awesome practice with real life case study

Awesome Practice

Rupali Kapadia

Thank you for a great course. Whether you're a beginner looking to grasp the fundamentals or an intermediate user aiming to enhance your skills, this course provides a solid foundation and practical insights into the world of Power BI. I highly recommend this course to anyone seeking to unlock the full potential of data visualization and analysis in their professional journey.

Thank you

Evelyn Tah

"This course managed to reactivate the knowledge from my university studies 15 years ago and, above all, to translate it into a practical context. The Excel skills taught along the way are at least as valuable to me. Thank you Kenji & Team ."

Very, very helpful!

Marco Horn

Very beginner friendly course with step by step instruction and practices in between. I am enjoying it!

Enjoying it!

Yuling Zheng

The course provided valuable insights and was worth every penny. I highly recommend it.

Worth Every Penny

Molly Dadzie

"The course delivered as promised. It had the right balance of theory and practical exercises with downloadable resources to further my learning. Great job!"

Awesome Course!

Andy Giro

Very detail analysis to financial ratios and the three financial statements, do recommend to any beginners who are looking to go to banking and financial services!

Very detailed

Steven Huang

I LOVE THE TRAINING PROGRAM. EASY TO UNDERSTAND AND CAN RERUN AS NEED FOR CLARITY. I LIKED IT SO MUCH I PURHCASED THE ENTIER OFFERING!

I LOVE THE TRAINING PROGRAM

George Taylor

This course is worth it! I would entreat anybody who wants to advance their knowledge in Excel to take this course. My commendation and respect to the Career Principles Team, Kenji, and Co. Well done, guys.

This course is worth it!

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The course is very easy to understand as it's very precise, short, and direct to the point. I learned a lot from this excel course and will definitely help me elevate my accounting skills. Great course!

Great course!

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"I've seen a lot of Excel courses out there, but this one is definitely the best. It covers a lot of topics and gives great explanations for all of them. Plus you get to do real-world exercises at the end to put into practice what you've learned. I highly recommend."

Great Explanations!

Jamie Forschner

I highly recommend investing some courses from Career Principles. You'll not only learn the skills that you'll need to succeed in your business career, but also a brush up on some important skills that might be useful for your job.

Highly Recommend

J Lee

"This course is the best. It's packed with informational and realistic examples. I love the downloads that are available for you to practice what's being taught. This course has really enhanced my skills."

The Best!

Jasmine Akujobi

The materials are well organized and thought through. Definitely recommend it!

Definitely recommend it!

Arif Rashid

Very much so I started as a true beginner , Now I feel like I grow tremendously.

I grow tremendously

Antonio Newman

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LBO Modeling & Private Equity

What you’ll learn

Who are these courses for?

University Students

Working Professionals

Career Switchers

Build Comprehensive LBO Models From Scratch

Understand the Private Equity Deal Process

Drive Your Finance Career in the Buy or Sell Side

Course Curriculum

Impress recruiters with your resume

What our students say

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Meet Your Instructors