Chartered Investment Banking Analyst™
The CIBATM program develops the complete set of desk-ready skills to succeed in the competitive world of corporate finance and investment banking. Candidates will develop familiarity with US GAAP and IFRS accounting standards, learn how to value investment projects under conditions of uncertainty, acquire essential financial modeling skills, be able to assess the credit quality of companies and gain a thorough understanding of the M&A process from target company identification to funding strategies and deal structuring.
The CIBATM curriculum comprises five Professional Certificates. Four of the Certificate programs are week-long in-person offerings offered over 4 contiguous weeks, while the fifth Certificate is offered as a week-long in-person class or a digital class that can be completed remotely at your own pace.
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To make it even easier to learn, you can finance your program through Affirm.
Loans offered through Affirm are available in the U.S. and Canada.
Week 1
- Introduction to financial accounting
- Balance sheet equations
- Types of ownership
- Function of an audit
- The income statement
- Revenue recognition and the matching concept
- Relationship between balance sheet and income sheet
- Statement of retained earnings
- Earnings per share
- Explain the double entry accounting system
- Analyze and journalize transactions
- Post journal entries to the ledgers
- Prepare and use a trial balance
- Explain the accounting adjustments required at the end of the fiscal period
- Adjustments to accounts
- Implicit transactions
- Classified balance sheet
- Income statement
- Case study - Goodyear, Inc. balance sheet and income statement
- Revenue recognition
- Revenue measurement
- Credit sales and accounts receivable
- Assessing level of accounts receivable
- Purpose of the statement of cash flows
- Types of cash flow
- Preparing the statement of cash flows
- Gross Profit and COGS
- Inventory Methods
- LIFO and FIFO
- Average Cost Methods
- Overview of long lived assets
- Depreciation
- Depreciation methods
- Gains and losses on sales of fixed assets
- Intangible assets
- Depletion
- Concept of deferred taxes
- Computation of deferred tax items
- Other deferred tax items Liabilities and interest
- Current liabilities
- Long term liabilities
- Accounting for leases
- Background on stockholders equity
- Types of capital stock
- Cash dividends
- Preferred stock
- Employee stock options
- Other items
- Overview of corporate investments
- Short term investments
- Long term investments in bonds
- Market, equity and consolidation methods
- Pension plan types
- Measures of defined benefit pension plan liabilities
- Cost components of a pension plan
- Plan assets
- Performance Analysis
- Financial Ratios
- Evaluating Corporate Performance
Day 1
Module 1: Accounting Concepts
Module 2: Measuring Income
Module 3: Recording Transactions
Day 2
Module 1: Accrual Accounting and Financial Statement Formats
Module 2: Accounting for Sales
Module 3: Cash Flow
Day 3
Module 1: Inventory
Module 2: Long lived assets and depreciation
Module 3: Deferred Taxes
Day 4
Module 1: Equity
Module 2: Free Cash Flow
Day 5
Module 1: Accounting for Investments
Module 2: Pension accounting and accounting for stock options
Module 3: Introduction to Financial Statement Analysis
Module 4: Desk Ready Skills Knowledge Check
Week 2
- Interaction of the market, the client and credit
- Understanding market, credit and operational risks
- The 5Ps and 5Cs of Credit
- Shareholder Value Added
- Risk/Reward and capital allocation
- Purpose and Payback
- Corporates versus Financial Intermediaries
- Specialized Industries
- Specialized Products
- Sources of information
- Industry Analysis including SWOT, critical success factors and Porter framework
- Operation/Business analysis
- Business risk versus financial risk
- The asset conversion cycle
- Environmental and Regulatory risk analysis
- Management Analysis
- Early Warning Signs
- Credit red flags
- Exercise: Balance Sheet Recognition Homework: Participants will complete the business and industry analysis for the selected company
- Role
- Concepts/Process
- Methodology/Issues
- Oversight
- Ratings
- Advantages and Limitations of ratios
- Types of Ratios including: profitability, asset quality and efficiency, leverage and coverage
- Peer comparisons/Industry benchmarks
- Specialized industry ratios
- Seasonality
- Overall performance ratios: DuPont formula
- Exercise: Ratio Analysis Homework: Participants will complete the ratios for the selected company
- Structure of the cash flow statement
- Sources and Uses
- Reconciliations including PP &E, Intangibles, Investments, Deferred Taxes, Long term debt, Minority interest and Equity
- Exercise: Participants will complete the cash flow for the selected company
- The Audit
- Review of historical patterns and industry performance
- Income Statement analysis
- Balance Sheet analysis
- Cash Flow analysis
- Exercise: Participants will work in small groups to complete the FYE analysis
- Contingent liabilities
- Operating leases
- Debt of joint ventures and unconsolidated subsidiaries
- Guarantees
- Take-or-pay contracts and obligations under throughput and deficiency agreements
- Receivables that have been factored, transferred or securitized
- Contingent liabilities e.g. potential legal judgments or lawsuit settlements
- Financial guarantees
- Performance guarantees
- Ratings triggers
- Covenants
- Revenue recognition
- Unusual gains and losses
- Asset write-offs
- Swap exposures
- FX exposure
- Pension deficits
- Securitization
- Structural subordination
- Partnerships/SPVs
- Leases
- Environmental
- Product liability
- Exercise: Annual Reports: identifying and recognizing industry and company specific off-balance sheet risks
- Building a forecast-framework and methodology
- Qualitative and quantitative factors
- Base, management, and downside cases
- Critical value drivers
- Analyzing results- assessing debt capacity, recommending financing alternatives, public versus private, quantifying results and drawing conclusions
- Exercise: Forecasting the critical value drivers for selected companies
- Investment grade versus non-investment grade
- Holding company analysis
- Guarantees, Keepwells, LOMIs
- Collateral secured versus unsecured
- Liquidation analysis
- Borrowing base
- Covenants
- Subordination
- Exercise: Due diligence for selected case studies
- Introduction
- What is credit risk
- Purpose of credit derivatives
- Market participants
- Role of regulators
- The Credit Default Family
- ISDA
- Description of vanilla vs. structured derivatives
- Total Return Swaps
- Characteristics
- Exercise
- Credit Default Swaps
- Characteristics
- Risks and Risk Management of Credit Derivatives
- Credit
- Operations
- Market
- Liquidity
- Legal
- Risk Management
- Participants will present the complete credit analysis for the selected company
Day 1
Module 1: Overview of Credit
Module 2: Credit Analysis Fundamentals
Module 3: Business and Industry Analysis
Module 4: Rating Agencies
Day 2
Module 1: Ratios and Credit Statistics
Day 3
Module 1: Cash Flow Analysis
Module 2: Historical Financial Analysis
Day 4
Module 1: Off Balance Sheet Items
Module 2: Additional Risks to Consider
Module 3: Forecasting
Day 5
Module 1: Structuring and Documentation
Module 2: Derivatives
Module 3: Presentations
Module 4: Desk Ready Skills Knowledge Check
Week 3
- Time value of money
- Present and future value
- Compounding (annual, periodic, continuous)
- Annuities and perpetuities
- Complex problems
- Payback and discounted payback
- Internal rate of return (IRR) and modified IRR
- Net present value (NPV)
- EVA
- Pros and cons of each
- Brief Review of Financial Statements
- Overview of DCF and intrinsic valuation
- Determining Cash Flows
- Real vs nominal returns
- Asset values
- Comparables
- Perpetuities and growing perpetuities
- Enterprise Value vs Equity Value
- Risk and return overview
- Cost of Debt
- Straight
- Convertible
- Cost of Equity
- Capital Asset Pricing Model
- Alpha
- Beta
- Equity risk premium
- Other methods
- Weighted Average Cost of Capital
- -n theory
- MM
- In practice
- Costs of financial distress
- Optimal capital structure
- Adjusted Present Value
- Differences to WACC valuation process
- Pros and cons
- Peer Group Valuation
- Selecting the peer group
- Key ratios
- P/Es, EV/EBITDA, etc
- Bank lending
- Term loans and lines of credit
- Bilateral and syndicated loans
- Debt
- Investment grade
- High yield
- Convertibles
- Preferreds
- Equity
- Private Equity
- Venture Capital
- Private Equity
- Public Equity
- IPOs
- Secondary (US)/ Rights Offerings (Europe)
- Mergers & Acquisitions
- Rationale
- Payment
- Leveraged Buyouts / Management Buyouts
- Wrap-up case study
Day 1
Module 1: Introduction and Overview
Module 2: Project Analysis
Day 2
Module 1: Discounted Cash Flow Valuation
Module 2: Terminal Value
Day 3
Module 1: Cost of Capital
Day 4
Module 1: Capital Structure
Day 5
Module 1: Financing the Corporation (and transactions)
Module 2: Desk Ready Skills Knowledge Check
DAY 1: ADVANCED EXCEL FOR FINANCIAL MODELING
DAY 2: FINANCIAL MODELING
DAY 3: BASIC VALUATION TECHNIQUES
DAY 4: VALUATION
DAY 5: SPECIAL VALUATION ISSUES, DESK READY SKILLS KNOWLEDGE CHECK
Day 1
- Mergers and Acquisitions Overview
- Key Drivers of a Successful Acquisition
- Attractiveness of Target Companies
- Acquisition Structure
- Sequence of Events
- Documentation and Agreements
Mergers and Acquisitions - Concepts and Theories Part I
Day 2
- Managing for Value Creation
- How Does the Integration Process Affect Value Creation?
- Valuation
- Financing the Acquisition
- Anti-takeover Mechanisms
- Anti-trust Policies
Mergers and Acquisitions - Concepts and Theories Part II
Day 3
- Free Cash Flow and the Objectives of the Firm
- Components of Free Cash Flow
- Cost of Capital
- Capital Budgeting Using Free Cash Flow
- Modified Free Cash Flow
- Using Free Cash Flow to Evaluate Acquisition Opportunities
- Integration of Acquisitions
Free Cash Flow Modeling
Day 4
- Legal structures
- Tax structures
- Accounting
- Letter of Intent
- Seller paper, earn outs, hope certificates
- Special cases
- Tax loss mergers
- Break-up/sum-of-the-parts/split-offs
- LBOs
- Roll-ups, consolidation plays
- Distressed (Bankruptcy) M&A
- Special Purpose Acquisition Corp. (SPAC), Blind pool
- Reverse merger, backdoor IPO
Mergers and Acquisitions - Structuring the Deal
Day 5
- Equity Method of Consolidation
- Purchase Accounting for Business Combinations
- Forecasting the Performance of the Combined Company
- Internal Revenue Code Section 338(g) and 338(h)(10) Transactions
Accounting for Mergers and Acquisitions
Module 2: Desk Ready Skills Knowledge Check