Curriculum Outline, Built by Sophie Y., Goldman Sachs

Overview

Week	Topics Covered	Key Focus
1	Core Valuation Concepts	Discount Rate, WACC, DCF Basics, IRR, NPV
2	Accounting: Income Statement, Cash Flow Statement, Balance Sheet	Financial statement line items and their interrelations
3	Accounting: Linking Financial Statements	Relationships between IS, CFS, BS, and key accounting concepts
4	Equity Value & Enterprise Value, Metrics, and Multiples	Differences between Equity Value and Enterprise Value, valuation multiples, calculations
5	Valuation and DCF Analysis	DCF walkthrough, terminal value, discount rates, public comps, and valuation methods
6	M&A Deals and Merger Models	Accretion/Dilution, Enterprise/Equity Value in M&A, deal modeling concepts
7	Leveraged Buyouts (LBO) and LBO Models	LBO concepts, IRR calculations, purchase price, debt projections, and exit strategies

Tactical Structure

This technical program will follow a 1-1 structure with a dedicated Ladder Curriculum mentor who will serve as the core guide throughout the seven weeks. You will be required to complete pre-readings before each session. Each session will be divided into two key components: a review of the assigned materials to deepen understanding, and practice interviews to apply concepts and build technical proficiency. Each week, we expect you to put in at least 5 hours.

Deep Dive - Week by Week

Week 1

Read: IBIG-04-01-Core-Concepts

Focus Topics:

What does the “Discount Rate” mean?
Why is the Discount Rate higher for stock-market investments than it is for debt investments, such as government bonds?
What is WACC?
How much would you pay for a company that generates $100 of cash flow every single year into eternity?
A company generates $200 of cash flow today, and its cash flow is expected to grow at 4% per year for the long term. You could earn 10% per year by investing in other, similar companies. How much would you pay for this company?
What might cause a company’s Present Value (PV) to increase or decrease?
How do you decide whether or not to invest in a company or asset? (IRR > WACC/discount rate or if NPV > asking price)
What does the internal rate of return (IRR) mean?
So, how do you use IRR?

Mentor Meeting: Weekly mock interview covering these fundamental valuation concepts.