The Research Analyst
Master the technical skills needed to succeed with our research analyst certification. Learn from real case studies and an expert interview with an equity analyst.
Get the same training we provide to sell-side and buy-side research firms, in some of the largest global investment banks.
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3000+ students enrolled
40.5
Hours
36
Topics
230
Practical exercises
4
Exams
The Research Analyst includes
- The purpose and different types of accounting (financial versus management accounting)
- Users of financial statements
- Introduction to the three main financial statements and explanation of key elements
- Overview of the contents of financial reports
- Introduction to accounting standards
- The accounting equation
- Explanation of accrual accounting, the matching principle, and capitalization
- Making entries and ensuring the balance sheet balances
- Preparing a balance sheet
- Preparing an income statement from the entries to retained earnings
- Preparing a cash flow statement from the entries to the cash account
- A review of the different categorizations on the income statement, balance sheet, and the cash flow statement
- Revenue recognition issues
- Cost recognition issues
- Identifying non-recurring items from the income statement, the MD&A, the notes to the accounts and the financial statement press release
- Calculating EBIT and EBITDA for the historical year, and on an LTM basis
- Basic EPS calculations including weighted average shares
- Dilutive securities: options (treasury method) and convertibles (as if converted)
- Calculating recurring EPS
- Inventory accounting including the impact on EBIT of LIFO and FIFO accounting choices (where relevant)
- Accounts receivable and bad debts (identifying when companies are manipulating sales)
- Accounts payable and accruals and the difference between them from a due diligence perspective
- Other items including taxes payable, deferred revenue, and pre-paid items
- Working capital and operating working capital and the cash impact of changes in operating working capital
- Credit implications of working capital movements
- Day ratios
- Gross PP&E, accumulated depreciation, depreciation expense and net PP&E
- Building a simple forecast of fixed assets
- Establishing the age of a company’s fixed asset base
- Finite, and infinite intangibles including goodwill
- A review of key methods of accounting for financial investments
- At fair value through the income statement
- Available for sale
- Associate (equity method) accounting
- Debt issues and repurchases
- Simple yield to maturity and all in cost calculations and understanding Original Issuer Discounts
- Calculating net debt
- Equity issuance and repurchases
- The difference between authorized, issued and outstanding shares and multiple share classes
- Other capital items: preference shares and convertible bonds
- Leverage ratios
- Debt liability maturity analysis
- Profitability ratios, including margins
- Liquidity ratios, including operating working capital
- EBIT and EBITDA for the historical year, and on an LTM basis
- Leverage ratios, including net debt and interest coverage
Asset ratios - Understanding how to categorize cash flows between operating, investing, and financing
- Deriving a cash flow statement from two balance sheets and an income statement
- Deriving a balance sheet from a cash flow statement and an income statement
- Different cash flow statement presentations
- What are equity method investments?
- Equity affiliates/associates
- Joint ventures
- Equity method accounting
- Income statement
- Balance sheet
- Cash flow statement
- Financial statement integration
- M&A accounting overview
- Balance sheet consolidation
- Sources and uses of funds
- Goodwill calculation
- Income statement consolidation
- Non controlling interests – NCI
- Key settings
- Formatting and layout standards
- Building a simple income statement and balance sheet model, on one sheet, then across sheets
- Balancing the balance sheet using the cash flow statement
- Preparing the model for handover
- Key formatting and putting the output into a pitch book
- Income statement construction and highlighting key numbers
- Calculation schedules (PP&E, retained earnings, operating working capital, and debt)
- Balancing the balance sheet with a cash sweep
- Calculating interest using average balances
- Circular references and iterations
- Working with a circular reference switch
- Preparing the model for handover
- Key formatting and putting the output into a pitch book
- Top ten errors
- Auditing and error checking toolkit
- Checking your own model
- Checking someone else’s model
- Setting up a forecast template
- Cleaning up historical numbers
- Building top down and bottom up revenue forecasts
- Revenue and margin drivers and scenario analysis
- Capex and working capital forecasts
- Detailed debt and equity modeling
- Error and integrity checking
- Quarterly modeling mechanics
- Including the effects of seasonality in quarterly assumptions
- Updating models for quarterly and annual results
- Including FX movements in revenue forecasts
- Calculating equity value
- Calculating enterprise value
- Non-core items, debt equivalent items, and non-controlling interests
- Calculating simple multiples
- Illustrating the impact of leverage
- Understand how growth rates, returns and multiples interrelate
- Review choosing a comparable set of companies
- Calculating enterprise value
- Calculating LTM EBITDA and EBIT
- Forward multiples and issues with consensus data
- Understanding which operational ratios are important for the analysis
- What drives multiples
- How to calculate and use forward multiples
- How to calculate and use EV/Sales multiples
- Which multiples to use for different industries and situations
- Capital Asset Pricing Model
- Calculating the WACC for the peer group
- Interpreting the results
- Establish a reasonable cost of capital for the target company
- Calculating free cash flows
- Understanding how the operational ratios should develop over the financial forecast
- Calculating the steady state and making relevant adjustments to the steady state cash flows
- Making reasonable assumptions for long-term growth rates
- Discounting to a deal date
- Converting the enterprise value into an implied share price, making relevant adjustments for share options and restricted stock units
- Return on capital
- ROE vs ROIC
- The calculations in detail
- ROIC in valuation analysis
- Disaggregating multiples
- P/E
- EV/EBIT
- Link to DCF
- Understanding a company’s value drivers
- The value driver formula for calculating terminal value
- Discounting with a variable valuation date and partial year discounting
- Extending the WACC formula to include cash and other forms of financing
- Sum of the parts valuation for conglomerates and companies with finance operations
- Capital Markets – Value of the Market
- Equity vs Debt
- What is an IPO
- Equity Capital Markets
- Debt Capital Markets
- Fundamentals and GDP
- Fiscal and Monetary Policy
- Indicators
- Balance of Payments (BOP)
- Common stock
- Preferred securities
- Convertible bonds
- Indices
- Exchange Traded Funds
- Equity multiples
- Enterprise multiples
- Cash Equities and Delta One
- Stock Exchanges
- The Order Book
- Initial Public Offerings
- Role of ECM versus Trading Desk
- Trading Desk Functions
- Convertible Securities
- Exchange Traded Funds
- Interest rate terminology and yield calculations
- US government bond markets including TIPS and zero coupons
- European government bond markets including index linked Gilts, Gilt strips, and other inflation-linked bonds (e.g. Germany)
- Asian government bond market including JGBi
- Yield curve
- Central bank activity and impact to capital markets
- Credit ratings
- Credit spreads and implied risk premia
- US corporate bond market
- European corporate bond market
- Specialist bonds including puttable, callable, contingent capital (coco), CLOs, CDOs, convertibles, and exchangeable
- Establishing a target price and rating
- Rating systems
- Consensus forecasts
- Identifying ‘what is new’ in your analysis
- Catalysts for stock re-pricing
- Risks to your thesis
- The spectrum of ESG integration approaches
- Understanding the different risk types:
- Environmental risks
- Social risks
- Governance risks
- Concept of materiality
- Key techniques in ESG analysis
- Meet the Equity Analyst
- Industry insights
- Top tips for success
- How to break into the industry
The Research Analyst
| Micro-Degree
The Accountant
13
Hours
11
Topics
101
Practical exercises
1
Exam
Quickly and confidently interpret financial data and statements, evaluate them and use the calculated information to build high-quality reports. Real company data and the latest rules are covered to ensure the methods used and skills developed are immediately applicable in the workplace.
Accounting Foundations
72 video minutes
0 excel exercises
Video minutes 72
Excel Exercises 0
Financial Accounting Review
34 video minutes
3 excel exercises
Video minutes 34
Excel Exercises 3
Income Statements
60 video minutes
15 excel exercises
Video minutes 60
Excel Exercises 15
Earnings Per Share
27 video minutes
11 excel exercises
Video minutes 27
Excel Exercises 11
Working Capital
56 video minutes
13 excel exercises
Video minutes 56
Excel Exercises 13
Non-Current Assets
38 video minutes
11 excel exercises
Video minutes 38
Excel Exercises 11
Capital Structure
50 video minutes
14 excel exercises
Video minutes 50
Excel Exercises 14
Accounting Ratios
41 video minutes
5 excel exercises
Video minutes 41
Excel Exercises 5
Cash Flow Statements
25 video minutes
3 excel exercises
Video minutes 25
Excel Exercises 3
Equity Method Investments
9 video minutes
5 excel exercises
Video minutes 9
Excel Exercises 5
Intro to Full Consolidation
68 video minutes
21 excel exercises
Video minutes 68
Excel Exercises 21
Modeling for Research
4.5
Hours
51
Practical exercises
1
Exam
Learn how to build error-free models and robust financial forecasts, critical for investment decisions. This includes a critical analysis of an analyst’s case company model to explore error checking in models, value drivers in forecasts, and the use of ratio analysis to sense check forecasts.
Introduction to Modeling
45 video minutes
13 excel exercises
Video minutes 45
Excel Exercises 13
Three Statement Modeling with Iterations
77 video minutes
10 excel exercises
Video minutes 77
Excel Exercises 10
Checking a Model for Integrity and Errors
36 video minutes
11 excel exercises
Video minutes 36
Excel Exercises 11
Financial Forecasting
95 video minutes
11 excel exercises
Video minutes 95
Excel Exercises 11
Quarterly Modeling
40 video minutes
6 excel exercises
Video minutes 40
Excel Exercises 6
Valuation for Research
10
Hours
50
Practical exercises
1
Exam
Get to grips with using relative and fundamental valuation to determine a target price and master critical analysis of peer company multiples to explore value drivers and critical analysis of DCF assumptions. The content will include the valuation of a case company delivered using Articulate e-learning software.
Equity to Enterprise Value Bridge to Modeling
33 video minutes
7 excel exercises
Video minutes 33
Excel Exercises 7
Trading Comparables for Research
53 video minutes
9 excel exercises
Video minutes 53
Excel Exercises 9
Trading Comps Analysis
27 video minutes
3 excel exercises
Video minutes 27
Excel Exercises 3
WACC Analysis
30 video minutes
8 excel exercises
Video minutes 30
Excel Exercises 8
WACC approach
Discounted Cash Flow Valuation
50 video minutes
14 excel exercises
Video minutes 50
Excel Exercises 14
Return on Capital
45 video minutes
4 excel exercises
Video minutes 45
Excel Exercises 4
Advanced Valuation Techniques
35 video minutes
5 excel exercises
Video minutes 35
Excel Exercises 5
Markets & Investing
8.5
Hours
29
Practical exercises
1
Exam
Discover all aspects of capital markets including equity and credit market products, ESG analysis, and learn how to make investment recommendations.
Capital Markets Fundamentals
20 video minutes
0 excel exercises
Video minutes 20
Excel Exercises 0
Macroeconomics – Fundamentals and GDP
30 video minutes
0 excel exercises
Video minutes 30
Excel Exercises 0
Macroeconomics – Fiscal and Monetary Policy
13 video minutes
0 excel exercises
Video minutes 13
Excel Exercises 0
Macroeconomics – Indicators
12 video minutes
0 excel exercises
Video minutes 12
Excel Exercises 0
Macroeconomics – Balance of Payments (BOP)
15 video minutes
0 excel exercises
Video minutes 15
Excel Exercises 0
Equity Investment Characteristics
26 video minutes
0 excel exercises
Video minutes 26
Excel Exercises 0
Equity markets & products
34 video minutes
8 excel exercises
Video minutes 34
Excel Exercises 8
Rates markets & products Analysis
39 video minutes
5 excel exercises
Video minutes 39
Excel Exercises 5
Credit markets & product
40 video minutes
10 excel exercises
Video minutes 40
Excel Exercises 10
Investment Recommendations
34 video minutes
2 excel exercises
Video minutes 34
Excel Exercises 2
ESG Analysis in Research
47 video minutes
4 excel exercises
Video minutes 47
Excel Exercises 4
Equity Analyst Expert Interview
0.5
Curious to know what it’s really like to work as a research analyst? Get the answers to this and more in this expert interview with Victoria Collin, ex-Dresdner Kleinwort Equity Analyst.
Equity Analyst Expert Interview
6 video minutes
0 excel exercises
Video minutes 6
Excel Exercises 0
Skills & Learning Objectives in The Research Analyst Micro-Degree
Learn from our expert instructors
Learn more about our full facultyRecognized by industry experts
Colin Evans
Managing Director at J.P. Morgan
Colin Evans is a Managing Director at J.P Morgan and leads the financial institutions coverage team globally for the Corporate Banking.
Dr. Bridget Lyons
Professor of Finance
Professor of Finance at the Jack Welch College of Business at Sacred Heart University and Associate Instructor.
Chris Bishko
CFO
CFO with over 25 years experience as an operator, investor and investment banker in technology and financial services.
Wall Street Recognized Certification
Established on Wall Street, Financial Edge has taught at the biggest bulge-bracket firms since 2016, and now we offer that very same training online for you. It’s no secret that banking is fiercely competitive, which is why our Wall Street recognized certification is designed to let your employers know you have the skills to succeed.
Complete a Micro‑degree to join our exclusive alumni
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- Current and historic filings for over 7000 companies
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