The Credit Analyst Training Course - Includes Certification

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With credit playing a key role in recent levered acquisitions, now is the time to get clued up on debt.

In this credit analyst course, ex-J.P. Morgan investment banker, Chris Cordone, will teach you everything you need to know to succeed at credit analysis.

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3000+ students enrolled

Hours

Topics

212

Practical exercises

Exams

The Credit Analyst includes

The Credit Analyst

| Micro-Degree

Credit Analysis for Lenders

| Skills Certificate

Hours

Topics

Practical exercises

Exam

Build a comprehensive understanding of the credit process undertaken by the lenders of a loan. Examine the different risks involved against the loan, the tools used to mitigate these risks, and how to analyze a borrower’s ability to meet future obligations. The knowledge and skills developed can be applied directly to any credit analyst role.

Credit Risk Overview

17 video minutes

0 excel exercises

Video minutes 17

Excel Exercises 0

How banks make money
The credit perspective
How bad loans affect banks
Intro to the credit process
The 5 Cs of credit
Quantifying credit risk
Default risk
Loss given default risk

Controlling Credit Risk

39 video minutes

3 excel exercises

Video minutes 39

Excel Exercises 3

The components of the credit memo
Determining the risk in lending for various purposes
Using pricing and fees to mitigate risk and drive the bank’s return
The role of covenants in monitoring the loan
How banks minimize risk by selling off pieces of the loan
Using seniority, security, collateral and guarantees to protect the loan
How banks minimize risk by selling off pieces of the loan

Business Risk

10 video minutes

0 excel exercises

Video minutes 10

Excel Exercises 0

Understanding business risk (macro, industry, and company)
A closer look at company risk
Management risk
Estimating business risk

Financial Risk

48 video minutes

4 excel exercises

Video minutes 48

Excel Exercises 4

Determining on and off-balance sheet obligations
Assessing the quality and efficiency of a company’s assets
How to calculate EBIT and EBITDA for credit analysis
How OWC can impact a company’s cash flow
Assessing cash flow adequacy
Measuring a companies ability to withstand fluctuations
Liquidity definition and calculations

Debt Capacity

36 video minutes

6 excel exercises

Video minutes 36

Excel Exercises 6

Determining how much room a company has to borrow additional funds
Analyzing a company’s cash flow to determine borrowing capacity
Using base case, upside, and downside scenarios to determine debt capacity
Using cash flow analysis to determine the timings of a loan repayment
Extending debt capacity using cash flows from later years in the forecast
Modeling credit scenarios

Credit Analysis Case in Point

37 video minutes

5 excel exercises

Video minutes 37

Excel Exercises 5

-Business Risk – Using descriptive materials provided, simulated 10-k snippets, press releases, etc
Financial Risk (current financial position, quality of earnings, cash flow, liquidity)
Discussion of Smithy’s corporate structure and structural subordination issues
Debt Capacity (cash flow forecasts, debt service coverage ratio DSCR, building scenarios)

13 Week Cash Flow Modeling and Analysis

| Skills Certificate

Hour

Practical exercises

Exam

Learn how to identify scenarios where companies can get into cash flow trouble and build a 13-week cash flow model for a real company that filed for bankruptcy.

13 Week Cash Flow Modeling Scenarios

62 video minutes

3 excel exercises

Video minutes 62

Excel Exercises 3

Use examples from real world cases to demonstrate the purpose of a 13-week cash flow (True Apparel Inc. and/or Shiloh Industries)
Analysis of current trends in case company (identifying areas of weakness, sources of immediate liquidity/cost savings and more)
Ramifications of distress (covenants, restructuring, bankruptcy and more)

Building a 13 Week Cash Flow Model

127 video minutes

14 excel exercises

Video minutes 127

Excel Exercises 14

Breaking down operating and non-operating expenses
Deep dive on OWC, including the cash flows within AR, AP and Inventory
Forecasting non-operating revenues expenses (assets sales, etc.)
Adding interest and debt service
Determining borrowing need/repayment ability
Reconciling cash flows to EBITDA and more!

Distressed Debt Restructuring

| Skills Certificate

Hour

Practical exercises

Master the process of restructuring debt and valuing a company on the brink of bankruptcy using industry and company analysis. Learn how to use cash flows to determine debt capacity, discover the approaches to a fire sale valuation, and more.

Distressed Debt Restructuring

57 video minutes

6 excel exercises

Video minutes 57

Excel Exercises 6

Industry and company analysis
Using cash flows to determine debt capacity
Approaches to a fire sale valuation
Liquidating assets
Senior versus junior debt
First lien vs second lien debt

The Accountant

| Skills Certificate

Hours

Topics

100

Practical exercises

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

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

Financial Accounting Review

34 video minutes

3 excel exercises

Video minutes 34

Excel Exercises 3

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

Income Statements

61 video minutes

15 excel exercises

Video minutes 61

Excel Exercises 15

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

Earnings Per Share

27 video minutes

11 excel exercises

Video minutes 27

Excel Exercises 11

Basic EPS calculations including weighted average shares
Dilutive securities: options (treasury method) and convertibles (as if converted)
Calculating recurring EPS

Working Capital

56 video minutes

12 excel exercises

Video minutes 56

Excel Exercises 12

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

Non-Current Assets

39 video minutes

11 excel exercises

Video minutes 39

Excel Exercises 11

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

Capital Structure

50 video minutes

14 excel exercises

Video minutes 50

Excel Exercises 14

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

Accounting Ratios

41 video minutes

5 excel exercises

Video minutes 41

Excel Exercises 5

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

Cash Flow Statements

25 video minutes

3 excel exercises

Video minutes 25

Excel Exercises 3

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

Equity Method Investments

9 video minutes

5 excel exercises

Video minutes 9

Excel Exercises 5

What are equity method investments?
- Equity affiliates/associates
- Joint ventures
Equity method accounting
- Income statement
- Balance sheet
- Cash flow statement
- Financial statement integration

Intro to Full Consolidation

68 video minutes

21 excel exercises

Video minutes 68

Excel Exercises 21

M&A accounting overview
Balance sheet consolidation
Sources and uses of funds
Goodwill calculation
Income statement consolidation
Non controlling interests – NCI

The Modeler

| Skills Certificate

Hours

Topics

Practical exercises

Exam

Financial modeling is one of the most useful skills in the world of finance. Knowing how to build models quickly and error-free is critical for the decisions and recommendations that they underpin. Our online financial modeling course provides the perfect introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.

Introduction to Modeling

55 video minutes

13 excel exercises

Video minutes 55

Excel Exercises 13

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

Three Statement Modeling with Iterations

77 video minutes

10 excel exercises

Video minutes 77

Excel Exercises 10

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

Three Statement Model Editing

44 video minutes

6 excel exercises

Video minutes 44

Excel Exercises 6

Steps before editing
Inserting a new item
Removing an old item
After editing
Relevant keyboard shortcut keys

Three Statement Model With Estimates

70 video minutes

12 excel exercises

Video minutes 70

Excel Exercises 12

Cleaning up the income statement and balance sheet and simplifying the line items
Getting estimates for revenues and EBIT
Building multiple scenarios into a model’s assumption
Modeling a forecast debt repayment schedule from the notes
Key ratios
Checking the model for reasonableness
Formatting and putting the output into a pitch book

Building a Model with Cash Sweep

71 video minutes

19 excel exercises

Video minutes 71

Excel Exercises 19

Why banks want to be repaid early
Cash sweep mechanisms
How to model cash sweeps
Building a three statement model with a cash sweep

Checking a Model for Integrity and Errors

36 video minutes

11 excel exercises

Video minutes 36

Excel Exercises 11

Top ten errors
Auditing and error checking toolkit
Checking your own model
Checking someone else’s model

Skills & Learning Objectives in The Credit Analyst Micro-Degree

Learn from our expert instructors

Alastair Matchett

–

Ex-J.P. Morgan

Andrea Ward

–

Ex-Lehman Brothers

Gerard Kelly

–

Ex-Ernst & Young

Deborah Taylor

–

Ex-Barclays director

Petter Ljunggren

–

Ex-Goldman Sachs

Jonathan Rugg

–

Ex-Lloyds private banking

Andrew Jones

–

Ex-Standard Bank

Learn more about our full faculty

Reviewed 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.

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What tech do I need?

Access your course across desktop, laptop, tablet or phone; either via our web portal or the dedicated mobile app. While we have optimized our video quality and size, we recommend a broadband connection to enable uninterrupted video playback. A PDF reader and spreadsheet application are required to open the supporting resources.

Is it right for me?

Our online courses reflect the training new analysts receive at the leading financial organizations. They're challenging, but if you want to demonstrate you are as good as the best in the industry then this is the course for you. The top investment banks will recognize our micro-degree certifications, making them perfect for graduates looking to land a job or a professional preparing for a new role.

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The leading investment banks, as rated by the FT, hire us to train their incoming analysts. If you are looking to join the best analysts in the world, why not challenge yourself with the same content and certification with the same Wall Street instructors ready to answer your questions.

Will the Credit Analyst help me get a job?

Absolutely. Develop practical skills you can use to impress at interviews, whether you’re looking to break into finance or change roles.

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Are there any hidden costs?

No. Everything you need is included, from instructor-led videos and Excel exercises to the exams.

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