Inside Capital Markets Training Program

Training Program

The complete financial modeling program, based on real interview case studies

Get the Full Program - $99 Take the Free 3-Statement Modeling Course

Course curriculum

1. Download Supporting Files
2. Introduction to Excel
3. Excel Shortcuts
4. Excel 101 General
5. Excel 101 Borders
6. Excel 101 Rows and Columns
7. Excel 101 Alignment
8. Basic Calculations
9. Common Errors
10. Anchoring Cells: Part 1
11. Anchoring Cells: Part 2
12. Naming Cells
13. Custom Formatting
14. Dynamic Text and Concatenate
15. Tracking and Editing Data
16. Conditional Formatting
17. Sumproduct
18. Rounding Functions
19. Text Functions: Part 1
20. Text Functions: Part 2
21. Flash Fill
22. Vlookup and Hlookup
23. Freezing and Splitting Panes
24. Find and Replace
25. The If Function: Part 1
26. The If Function: Part 2
27. The If Function: Part 3
28. Sumifs and Averageifs
29. Data Validation
30. Choose Function
31. Counting Functions: Part 1
32. Counting Functions: Part 2
33. Date Functions
34. Goalseek and Data Tables
35. Future Value and Present Value
36. Net Present Value (NPV) and XNPV
37. Internal Rate of Return (IRR) and XIRR
38. Inserting Charts
39. Index and Match
40. Xlookup: Part 1
41. Xlookup: Part 2
42. VBA and Macros
43. The Ifs Function
44. Text to Columns
45. Filtering and Subtotal
46. Sorting
47. Pivot Tables: Part 1
48. Pivot Tables: Part 2
1. Download Supporting Files
2. Introduction to Accounting
3. The Importance of Accounting
4. Accounting Principles
5. The Income Statement
6. The Accounting Equation
7. The Balance Sheet
8. The Cash Flow Statement
9. Accrual Accounting
10. Revenue Recognition and Matching Principles
11. Historical Cost Principle
12. Public Filings
13. Case Study Introduction
14. Case Study Income Statement
15. How Does a Business Earn Revenue?
16. What is Cost of Goods (COGS)?
17. Revenue on Cash
18. Revenue on Credit
19. Cost of Goods Sold
20. Fixed Costs Vs. Variable Costs
21. Selling, General and Admin (SG&A) Expenses: Part 1
22. Selling, General and Admin (SG&A) Expenses: Part 2
23. What is Depreciation?
24. What is Amortization?
25. Depreciation and Amortization (D&A)
26. Interest Expense
27. Tax Expense
28. Income Statement Exercise
29. Case Study: Income Statement Revisited
30. Importance of the Income Statement
31. Case Study Balance Sheet
32. Accounts Receivable
33. Prepaid Expenses
34. Inventory
35. Property, Plant and Equipment (PP&E)
36. Intangible Assets
37. Visualizing PP&E and Intangible Assets
38. Accounts Payable
39. Accrued Expenses
40. Equity Vs. Debt
41. Types of Debt and How They Work
42. Bank Loan
43. Types of Equity and How They Work
44. Common Equity
45. What are Retained Earnings?
46. Balance Sheet Exercise: Part 1
47. Balance Sheet Exercise: Part 2
48. Importance of the Balance Sheet
49. Cash is King!
50. Working Capital
51. Cash Conversion Cycle (CCC)
52. CCC Exercise
53. Capital Expenditure (Capex)
54. Financing
55. Case Study: Cash Flow Statement
56. Cash Flow Statement Exercise
57. Importance of the Cash Flow Statement
58. How the 3 Financial Statements are Linked Together
59. Introduction to Ratio Analysis
60. Liquidity Ratios
61. Solvency Ratios
62. Profitability Ratios
63. Efficiency Ratios
64. Coverage Ratios
65. Capital Leases Vs. Operating Leases
66. Capital Lease Exercise
67. Operating Lease Exercise
68. Bad Debt Expense Exercise
69. Deferred Revenue Exercise
70. Non-Operating Items
71. Goodwill
72. Goodwill Exercise
73. Equity Discussion
74. What are Common Shares
75. Shares and Earnings Per Share (EPS)
76. Treasury Shares
77. EBITDA: A Non-GAAP Metric
78. Drawbacks of EBITDA
79. Inventory Accounting
80. Last In First Out (LIFO)
81. First in First Out (FIFO)
82. Average Cost Method
83. Accouting Regulations
84. Differences between GAAP and IFRS
1. Download Supporting Files
2. Introduction to Corporate Finance
3. A Corporation and the Corporate Mission
4. Risk-Return Tradeoff
5. RECAP: Common Shares
6. Shareholders Vs Stakeholders
7. Public Vs. Private Corporatons
8. What is Corporate Finance?
9. The Corporate Lifecycle: Type of Entity
10. Types of Risk
11. What are Capital Markets?
12. Market Participants
13. The Corporate Lifecycle: Source of Funding
14. Angels, VCs and PEs
15. Primary Vs Secondary Capital Markets
16. Going Public: Initial Public Offering (IPO)
17. The IPO Process
18. Recent IPO: Nuvei
19. Going Private: Leveraged Buyout (LBO)
20. Popular LBO: Dell Computers
21. What is Liquidity?
22. Capital Gains Vs. Income
23. Calculating Percentage Returns
24. Different Uses of Capital
25. Time Value of Money
26. Future Value and Present Value
27. Case Study Introduction
28. Analyzing Capital Investments
29. Net Present Value (NPV)
30. Internal Rate of Return (IRR)
31. Payback Period
32. NPV, IRR and Payback Period Exercise
33. Introduction to M&A
34. Types of Buyers
35. Types of M&A
36. Purchase Consideration: Cash, Stock or Both?
37. All-Cash Transaction: Microsoft acquires LinkedIn
38. All-Stock Transaction: Salesforce acquires Tableau
39. Mixed Transaction: Salesforce acquires Slack
40. Why M&A?
41. What is Goodwill?
42. What are Synergies?
43. Enterprise and Equity Value
44. Book Value Vs. Market Value of Equity
45. Cash Free Debt Free
46. Valuation Methods
47. Intrinsic Vs. Relative Valuations
48. Intrinsic and Relative Valuations Exercise
49. Price / Earnings Multiple
50. Enterprise Value / EBITDA Multiple
51. Enterprise Value / Revenue Multiple
52. M&A Process Sell-Side View
53. Auction Vs. Proprietary Process
54. Friendly Vs. Hostile Takeovers
55. Defense Tactics: Poison Pill
56. Other Defense Tactics
57. What is Due Diligence (DD)
58. M&A Process Buy-Side View
59. Platform Vs. Add-On acquisitions
60. Mister Car Wash
61. Sources of Capital
62. Equity Vs Debt
63. RECAP: Equity Discussion
64. RECAP: Types of Equity and How They Work
65. Common Equity
66. Preferred Equity
67. RECAP: Shares and Earnings Per Share (EPS)
68. Diluted Shares Outstanding
69. Dilutive Securities
70. RECAP: Treasury Shares
71. Treasury Stock Method
72. Share Repurchases Canada Goose
73. Stock Splits and Reverse Stock Splits
74. RECAP: Types of Debt and How They Work
75. Seniority of Debt
76. Debt Covenants
77. Credit Ratings
78. Revolving Credit Facilities
79. Term Loans
80. Subordinated Debt
81. Capital Structure: Part 1
82. Capital Structure: Part 2
83. Weighted Average Cost of Capital (WACC)
84. Capital Structure: Debt and Equity value
85. The Cost of Debt
86. The Cost of Equity
87. Optimal Capital Structure
88. Understanding Beta
89. WACC Excel Exercise
1. Download Supporting Files
2. Introduction to Valuations
3. Valuation Techiques
4. Enterprise and Equity Value
5. Book Vs. Market Value Equity
6. Enterprise and Equity Value Revisited
7. What is a Trading Comparables Analysis?
8. Trading Comparables Analysis: Excel Exercise
9. The Liquidity Discount
10. Enterprise Value / EBITDA Multiple
11. Enterprise Value / Revenue Multiple
12. Last Twelve Months (LTM)
13. Preparing a Trading Comps Analysis
14. Step 1: Determine the Universe of Comparables
15. How to Find Trading Comps
16. Step 2: Find the Required Financial Information
17. Step 3: Spread the Comps
18. Step 4: Refine the Comps
19. Step 5: Determine Valuation
20. Case Study Revisited
21. Finding the Trading Comps Universe
22. Finding Trading Comps using NAICS
23. Refining the Comps
24. Locating Information from Financial Statements
25. Refined Comps
26. Inputting Financials: Relevant Comps
27. Inputting Financials: Related Comps
28. Deriving a Valuation Range
1. Download Supporting Files
2. What is a Precedent Transactions Analysis?
3. Precedent Transactions: Excel Exercise
4. The Control Premium
5. Preparing a Precedents Analysis
6. Step 1: Determine the Universe of Precedents
7. How to find Precedents
8. Step 2: Find Financial Information
9. Step 3: Spread the Precedents
10. Step 4: Refine the Precedents
11. Locating Precedents
12. Locating Financial Metrics
13. Refining the Precedents
14. Deriving a Valuation Range
1. Download Supporting Files
2. What is Discounted Cash Flow (DCF) Modeling?
3. DCF Excel Exercise
4. Building a DCF
5. Step 1: Determine FCF
6. Step 2: Calculate WACC
7. Weighted Average Cost of Capital (WACC)
8. The Cost of Debt
9. The Cost of Equity
10. Understanding Beta
11. Step 3: Calculate Terminal Value
12. Step 4: Discount FCF and Determine Valuation
13. Mid-Year Convention
14. Step 5: Sensitize and Analyze Results
15. Projecting Free Cash Flows
16. Setting the Capital Structure
17. Calculating Beta using Trading Comps
18. Calculating WACC
19. Discounting Free Cash Flows
20. Terminal Value: Perpetuity Growth Method
21. Terminal Value: Exit Multiple Method
22. Sensitizing the Valuations
23. Developing a Football Field
1. Download Supporting Files
2. Welcome!
3. Introduction to LBOs
4. Capital Structure
5. Seniority of Debt
6. Characteristics of an LBO candidate
7. Participants in an LBO
8. Measuring Returns
9. Value Creation and Exit Options
10. How LBOs Generate Returns: Part 1
11. How LBOs Generate Returns: Part 2
12. What is a Cash Sweep?
13. Building an LBO Model
14. Case Study Introduction
15. Historical Financial Statements
16. Modeling Revenue
17. Modeling Gross Profit
18. Administrative Costs
19. Sales and Marketing Costs
20. Bad Debts
21. Insurance Costs
22. Research and Development (R&D) Costs
23. Travel Expenses
24. Utilities Expense
25. Rent Expense
26. Salaries and Wages
27. Modeling FX Gains and Losses
28. FX Losses
29. Capex Spending
30. EBITDA
31. Adjusted EBITDA
32. Finding Enterprise and Equity Value
33. Inputting Key Assumptions
34. Sources and Uses Table
35. Historical Balance Sheet
36. Issuance of Debt and Equity
37. Purchase Price and Goodwill
38. M&A Fees
39. Depreciation and Amortization
40. Taxes
41. Retained Earnings
42. Working Capital
43. Preliminary Income Statement
44. Preliminary Balance Sheet
45. Preliminary Cash Flow Statement
46. Revolving Credit Facility
47. Subordinated Debt Facility
48. Balancing the Model
49. Interest Schedule
50. Returns Schedule
51. Drivers of Equity Value
52. Calculating CAGR
53. Common Size Financial Statements
54. Liquidity Ratios
55. Solvency Ratios
56. Profitability Ratios
57. Efficiency Ratios
58. Coverage Ratios
59. Finishing Touches
60. Transaction Commenatary Template
61. Investment Memo

About this course

$99.00
423 lessons
41.5 hours of video content

What You'll Get

Rigorous financial modeling prep + resources to help you land the job you want

423 lessons across ~42 hours, covering excel, accounting, corporate finance, three-statement models and valuations (DCF, LBO, comps)
Access to bonus resources, including resume / cover letter templates, networking strategies, live modeling webinars and more!
A certificate of completion you can add to your LinkedIn profile
A private community of students working toward the same goals as you, along with live Q&As and office hours with our founder

Why We Are Different

Coming from a non-target university with no alumni network, connections or formal guidance, our founder had to figure out how the industry worked, one rejection at a time. That process resulted in the creation of this program: practical, case-based training, built the way he wished someone had taught him, at a fraction of the cost of traditional finance prep courses

Real case studies from real interviews

See how deal models get built and what interviews really test

Take the Free 3-Statement Modeling Course

Our students get top jobs

at leading investment banks, private equity funds and investment managers

What People Are Saying

“I truly believe Inside Capital Markets is the only financial modeling program of its kind. The step-by-step approach, from learning Excel to solving complex interview case studies, helped me learn more about financial modeling than I did during my entire undergraduate degree. I definitely gained the skills I needed to land my current role from this training, and I think this resource deserves more recognition!”

“I took this training because I struggled with understanding financial modeling for a long time. After trying many other options, I quickly realized that Inside Capital Markets was exactly what I had been looking for. Daniel does a great job of explaining the "how" and "why" behind each model and in my experience, no other course is quite as effective. I'll be recommending this program to everyone I know.”

“I had an interview coming up with no idea where to begin preparing. After looking through many different YouTube videos, I still wasn't sure what to expect. A friend of mine recommended Inside Capital Markets to me. I must say, I came out of this course with a very strong understanding of financial modeling and how to prepare for a case study interview. This training is a no-brainer for anyone interested in finance.”

About our Founder

As a student pursuing a career in finance from a non-target university, Daniel realized he didn’t have clear guidance or resources needed to succeed in his search. He found existing finance prep programs overpriced and disconnected from what interviews actually test. After landing a role in private equity, he spent 14 months building Inside Capital Markets as the program he wished had existed to make finance careers more accessible. The program has since helped 4,000+ students prepare for top careers in finance. Daniel has ~6 years of experience in private equity and M&A, spanning transactions across healthcare, technology, financial services and business services. Outside of work, he enjoys playing tennis, traveling and spending time with friends and family.

Daniel Khan

Frequently Asked Questions

What is Inside Capital Markets?

Inside Capital Markets is a comprehensive training program that helps you learn the skills needed to get top finance jobs, including investment banking, private equity, and corporate finance.
Who created this program?

Daniel Khan founded Inside Capital Markets in 2022. Coming from a non-target university with no connections, he found existing finance prep programs overpriced and disconnected from what interviews actually test. After landing a role in private equity, he spent 14 months building the program he wished had existed. It has since helped over 4,000 students prepare for top careers in finance.
How is this different from other finance prep programs?

Most finance prep programs are either expensive, often $500-$1,000+, or built around generic textbook theory. Inside Capital Markets is built entirely from real interview case studies, the actual questions candidates get asked, by someone who went through the same recruiting process without a target school or connections.
Do I need any prior knowledge to take this program?

Nope! The program teaches you everything from scratch and prepares you to build financial models using real interview case studies.
How long does this take to complete?

That's up to you. The full program is 423 lessons and ~42 hours, so most students work through it over several weeks rather than all at once. If you're prepping for a specific interview, you can jump straight to the sections most relevant to you instead of working through it in order.
I have zero finance background — is that a problem?

Not at all! The program starts with Excel and accounting fundamentals before moving into modeling, so no prior finance background is assumed. Most students start exactly where you are.
Do I get access to the community?

Enrolling in the full program gives you access to the private Finance Community, where you can ask questions, get feedback on your models and resume, and join live Q&As and office hours.
How can I get in touch?

You can get in touch with Daniel directly by emailing him at [email protected]
What's your refund policy?

We want you to be confident in your purchase. If you are not satisfied with the Training Program, you may request a full refund within 7 days of your original purchase date by emailing us at [email protected] with your order details.

Training Program

Course curriculum

Excel Crash Course

Accounting Crash Course

Corporate Finance Crash Course

3-Statement Financial Modeling

Trading Comparables Analysis

Precedent Transactions Analysis

Discounted Cash Flow (DCF) Modeling

Leveraged Buyout (LBO) Modeling