- 3 формы отчетности и их взаимосвязь
- Анализ параметров финансирования компании
- Расчет EPS
- Операционный и финансовый лизинг
- Налоговые платежи (MTR vs ETR, DTA vs. DTL)
- Пенсионные отчисления (Defined Benefit vs. Defined Contribution Plan)

- Построение финансовой модели в Excel
- Прогнозирование основных статей Income Statement
- Взаимосвязь трех форм отчетности (балансировка)
- Анализ коэффициентов

- Расчет EV и Equity Value
- Учет доли миноритариев, пенсионных отчислений, вложений в зависимые общества и совместные предприятия
- Метод оценки по мультипликаторам (trading multiples): выбор сопоставимых компаний, расчет отраслевых мультипликаторов
- Метод оценки по сделкам (precedent transactions), премия за контроль, синергетический эффект
- Метод DCF: основные этапы построения DCF оценки, расчет WACC, прогноз FCFF, расчет EV и Terminal Value, анализ чувствительности

- Merger plans
- Q&D merger model
- Анализ 'Sources & Uses'
- Анализ 'Accretion / Dilution'
- Принципы учета 'Purchase Price Allocation'

- Рынки акционерного капитала (ECM)
- Рынки долгового капитала (DCM)
- Кредитный анализ

- Модель обратного выкупа компаний (LBO)
- Оценка влияния сделок LBO на 3 формы отчетности

- Финансовые институты (FIG)
- Горнодобывающая промышленность и металлургия (M&M)
- Нефтегазовый сектор (O&G)
- Потребительский сектор (Consumer Retail)
- Телекоммуникации, медиа и технологии (TMT)

- Private Equity (PE) и Venture Capital (VC) в финансовой системе
- Процесс фандрайзинга
- Подход PE и VC к финансовому анализу
- Структурирование сделок и юридическая документация
- Управление портфелем проектов и стратегии выхода

- Financial statement analysis
- Corporate finance
- Portfolio management
- Equity investments
- Fixed income
- Derivatives

- Анализ компании и подготовка отчета с рекомендацией по инвестированию
- M&A кейс

Ниже Вы найдете демонстрационный вариант для подготовки к этапу онлайн-тестирования. Данный вариант позволит изучить структуру заданий реального теста и оценить их предполагаемый уровень сложности.

Ссылка на вариант

Для подготовки к этапу интервью мы советуем ознакомиться со списком из 101 вопроса ниже. Собеседования проходят на русском языке.

1. What does NPV mean?

2. What does RRR (required rate of return) mean?

3. What does IRR mean?

4. What does WACC mean?

5. Why cost of debt is usually less than cost of equity?

6. How do you calculate cost of equity?

7. Walk me through CAPM

8. What does risk-free rate mean?

9. What does beta mean?

10. How is ERP (equity risk premium) calculated

11. Describe the difference between Asset beta and Equity beta

12. Examples of companies with negative beta

13. How can we calculate cost of equity WITHOUT using CAPM?

14. Should cost of equity be higher for a $5 billion or $500 million market cap company?

15. What about WACC – will it be higher for a $5 billion or $500 million company?

16. What is the relationship between debt and Cost of Equity?

17. How do you calculate WACC for a private company?

18. Enterprise value (EV) calculation

19. EV to Equity value bridge

20. Should you use the book value or market value of each item when calculating Enterprise Value?

21. Could a company have a negative Enterprise value?

22. Could a company have a negative Equity value? What would that mean?

23. Why do we add Preferred stock to get to Enterprise value?

24. How do you account for convertible bonds in the Enterprise value formula?

25. What does Non-controlling interest mean? Why do you need to add the Non-controlling interest to Enterprise value?

26. Describe the difference between Unlevered (FCFF) and Levered (FCFE) free cash flows

27. How can we calculate FCFF and FCFE starting from NI, EBITDA and CFO?

28. Why do you add back non-cash charges when calculating the Free Cash Flow?

Financial Statements

29. How do the three statements link together?

30. If I were stranded on a desert island, only had one statement and I wanted to review the overall health of a company – which statement would I use and why?

31. Let's say I could only look at two statements to assess a company's prospects – which 2 would I use and why?

32. What is the difference between capital leases and operating leases?

33. If you were buying a vending machine business, would you pay a higher multiple for a business where you owned the machines and they depreciated normally, or one in which you leased the machines? The cost of depreciation and lease are the same dollar amounts and everything else is held constant

34. What are major items in Shareholders' Equity?

35. What is the difference between Basic and Diluted EPS?

36. What is the difference between authorized, issued, treasury and outstanding shares?

37. Assume equity (common stock) increased by $10. How will it affect three statements?

38. Stock-based compensation. Describe Treasury stock method. What is a difference between call and put option? Does equity-based compensation usually provided in form of call or put option?

39. Describe the difference between LIFO and FIFO

40. Assume Inventory decreased by $10. How will it affect three statements?

41. What is the difference between ETR (effective tax rate) and MTR (marginal tax rate)? Which one would you use for valuation purposes?

42. What is DTA and DTL?

43. What is Loss carryforward?

44. What are prepaid expenses?

45. What is the difference between accounts receivable and deferred revenue?

46. Types of financial investments reported in Balance sheet

47. Describe Equity method approach used for investments in associates / JVs

48. Walk me through key components of Operating / Investing / Financing cash flow

49. Provide me with examples of non-recurring charges

50. How to calculate NWC (Net working capital)?

51. What does negative Working capital mean? Is that a bad sign?

52. If Depreciation is a non-cash expense, why does it affect the cash balance?

53. Where does Depreciation usually show up on the Income statement?

54. Assume Depreciation increased by $10. How will it affect three statements?

55. What is the main difference between IFRS/US GAAP and RAS (Russian accounting standards) in terms of financial disclosure?

56. What does calendarization mean? How can you calculate TTM (LTM) revenue?

Valuation

57. What do you actually use a valuation for?

58. Three main business valuation methods

59. What other valuation methodologies are there?

60. When would a Liquidation valuation produce the highest value?

61. When would you use Sum of the parts analysis?

62. When do you use LBO analysis as a part of your valuation?

63. How do you apply three valuation methodologies to actually get a value for the company you're looking at?

64. How would you present these valuation methodologies to a company or its investors?

65. How do you value a private company?

66. How do you value banks and financial institutions differently from other companies?

67. Provide me with examples of revenue and expenses forecast for retail company

68. What types of discount rate are generally used in financial models? When do you use cost of equity instead of WACC as a discount rate in DCF analysis?

69. Describe mid-year convention adjustment

70. Describe growing perpetuity and Exit multiple approaches to Terminal value calculation

71. What is an appropriate growth rate to use when calculating the Terminal value?

72. Why would you use Gordon Growth rather than the Multiples method to calculate the Terminal value?

73. How do you select the appropriate exit multiple when calculating Terminal value?

74. How do you know if your DCF is too dependent on future assumptions?

75. Which has a greater impact on a company's DCF valuation – 10% change in revenue or 1% change in the discount rate?

76. What about 1% change in revenue vs. 1% change in the discount rate?

77. Walk me through sensitivity analysis

78. Walk me through DDM (Dividend discount model)

79. Walk me through multiples approach to valuation

80. How do you select Comparable companies / Precedent transactions?

81. Why would a company with similar growth and profitability to its Comparable companies be valued at a premium?

82. How do you take into account a company's competitive advantage in a valuation?

83. Do you always use the median multiple of a set of public company comparables or precedent transactions?

84. Why is P/S (Price-to-Sales) bad multiple?

85. Why is P/B (Price-to-Book) multiple can be negative?

86. Most common multiples examples

87. Advantages and disadvantages of multiples

88. Industry multiples

89. Two companies have the exact same financial profiles and are bought by the same acquirer, but the EBITDA multiple for one transaction is twice the multiple of the other transaction – how could this happen?

90. How far back and forward do we usually go for public company comparable and precedent transaction multiples?

91. Why might we discount the public company comparable multiples but not the precedent transaction multiples?

Consolidated Accounting

92. What does Goodwill mean?

93. Why do Goodwill & Other intangibles get created in an acquisition?

94. Normally Goodwill remains constant on the Balance sheet – why would it be impaired and what does Goodwill Impairment mean?

95. Why would an acquisition be dilutive?

96. A company with a higher P/E acquires one with a lower P/E – is this accretive or dilutive?

97. Walk me through an example of how to calculate revenue / cost synergies

IPO and M&A

98. Provide few examples of strategic and financial rationale of M&A transaction

99. What is the difference between IPO, SPO and ABO?

100. Recent / largest IPOs and M&As in Russia / EMEA / Global

101. What is included in a pitch book?

Мы подготовили для вас рекомендации по ответу на 101 вопрос:
https://www.youtube.com/watch?v=oNdJhSWtwo4

Единого шаблона нет, язык – русский или английский.

В качестве образца можно использовать:
http://www.mergersandinquisitions.com/investment-banking-resume-university-student/

Раздел 1: Corporate Finance, Financial Markets and Portfolio Management

Обязательная литература:
1. CFA Schweser Study Notes Level I Book 4 + Level II Book 3

Рекомендуемая литература:
2. Р. Брейли, С.Майерс –Принципы корпоративных финансов
Основные главы: расчет PV/NPV, внутренняя норма доходности, планирование капитальных вложений и риск, финансирование и оценка стоимости, анализ финансовой деятельности.
3. Уильям Ф. Шарп –Инвестиции
Основные главы: эффективная граница и оптимальный портфель, рыночные линии (CAL, CML, SML), оценка безрисковых ценных бумаг, коэффициент beta.
4. Джеймс К. Ван Хорн -Основы финансового менеджмента
Основные главы: оценка долгосрочных ценных бумаг, риск и доходность, анализ финансовой отчетности, требуемые ставки доходности и структура капитала.
5. S.Pratt — Business Valuation: Discounts and Premiums

Раздел 2: Financial Statements

Обязательная литература:
1. CFA Schweser Study Notes Level I Book 3 (Financial Reporting and Analysis)

Рекомендуемая литература:
2. C.Молчанов — Бухгалтерский учет за 14 дней
Основные главы: амортизация основных средств, оборотные активы, обязательства фирмы, отложенные налоговые обязательства/активы, отчет о движении денежных средств.
3. А.Герасименко — Финансовая отчетность для руководителей и начинающих специалистов
Основные главы: основные принципы составления финансовой отчетности, запасы, приобретение и амортизация основных средств, отчет о движении денежных средств, инвестиции и поглощения, финансовый анализ.
4. P. Pignataro — Financial Modeling and Valuation: A Practical Guide to Investment Banking and Private Equity (chapter 1, 2, 5). [All Part I for financial modelling introduction initiatives].
Основные главы: basics of key lines of financial statements, introduction to financial statements projections
5. EY – US GAAP vs IFRS. The Basics 2019
Основные главы: consolidation and equity method investees/associates, inventory, financial instruments, income taxes, revenue recognition, share-based payments.
6. PwC — IFRS overview 2019
Основные главы: presentation of financial statements, balance sheet and related notes, consolidated and separate financial statements, earnings per share, cash flow statements.

Раздел 3: Valuation, Consolidated Accounting

Обязательная литература:
1. J.Rosenbaum, J.Pearl ‒ Investment Banking, Valuation, Leveraged Buyout, and M&A
Основные главы: comparable companies analysis, precedent transaction analysis, discounted cash flow analysis, LBO financing (structure), LBO analysis (valuation).

Рекомендуемая литература:
2. А.Дамодаран ‒ Инвестиционная оценка
Основные главы: безрисковые ставки и премии за риск, оценка параметров риска и стоимости финансирования, модель дисконтирования дивидендов, оценка роста, оценка частных фирм, оценка фирм, оказывающих финансовые услуги.
3. Rothschild ‒ Valuation and Modelling Guide
Основные главы: explanation of premia / discounts to peers, year-end vs. mid-year discounting, perpetuity growth method, terminal value, terminal multiple method, the WACC formula.
4. Andrew Gutmann ‒ How to be an Investment Bankers
Основные главы: M&A process, M&A analysis, LBO modeling.

Раздел 4: IPO, M&A

Обязательная литература:
1. McKinsey and Company ‒ Measuring and managing the value of companies (Chapter 4: M&A) (рекомендуем приобрести как настольную кнугу).

Рекомендуемая литература:
2. PWC ‒ Roadmap for an IPO: A guide to going public
Основные главы: the decision to go public, common accounting and reporting issues, navigating the IPO process.
3. EY ‒ Guide to Going Public
4. MergerMarket (Acuris) ‒ Global and regional M&A: Q1 2019 (Report)
5. EY ‒ Global IPO trends: Q2 2019 (Report)
6. Различные информационные источники, публикации, тематические издания по релевантным новостям, событиям и сделкам (применительно к российскому и международному рынку)

Примечание: обязательная литература - это необходимый минимум для подготовки к поступлению, в то время как рекомендуемая литература полезна для чтения после распределения плана занятий по обязательной литературе.

Подробно рассказываем о Школе финансов в слайдах
Ссылка

Будут полезны для лучшего понимания отдельных секторов экономики, покрываемых в рамках мероприятий Школы финансов
Ссылка