Returning at the request of Hampden-Sydney alumni in the finance industry, Training the Street (TTS), a 3-day financial learning "boot camp", will offer H-SC students a valuable introduction to the world of finance. Over the past decade, TTS has become the training standard for Wall Street firms, private equity firms, consulting firms and for undergraduate and graduate business students seeking careers in finance. From introductory lectures on the industry, to financial valuation and financial modeling boot camps, to interview coaching, TTS caters to the needs of the student seeking a dedicated career in the industry.  Ask around and you'll find that your friends have been trained by TTS, either through on campus seminars or at a premier Wall Street firm.

Dates

May 7 - 9, 2018
(non-seniors who enroll will be allowed to remain in their college housing through the end of Training the Street )

Cost

$600
includes room & board and costs associated with the 3-day course

Register for Training the Street

About Training the Street

Training the Street offers state-of-the-art, instructor-led courses in accounting, capital markets, financial modeling and valuation for finance professionals. Founded in 1999, TTS is the world's leading financial learning services company offering targeted and customized training courses to corporate and educational clients. Through the use of highly effective, intuitive teaching methods in an interactive, multimedia setting, our mission is to teach the everyday accounting concepts, valuation techniques and financial modeling skills that experienced professionals use. In short, through a mix of hands-on instruction, practical illustrations, group projects, computer exercises, visual presentations, and mini-lectures, we teach real-world applications of finance theory in a way that brings accounting, corporate valuation and financial modeling to life.

Instructors

With more than a century of combined professional and teaching experience, TTS's instructors have worked across a broad spectrum of industries-from high-technology to retail-and across a wide range of disciplines. Through our extensive exposure to deal flow on several continents and across various firms, we have built a conceptual reservoir of global transactions, client experiences, situational dilemmas, and anecdotal cases that enrich the examples we select and the way we teach.

TTS team members currently serve as adjunct professors of finance at Northwestern University's Kellogg School of Management, the Gabelli School of Business at Fordham University and at the University of North Carolina's Kenan-Flagler Business School. Over the past decade, TTS has become the training standard for Wall Street firms, private equity firms, consulting firms and for undergraduate and graduate business students seeking careers in finance. This year alone, TTS will deliver over 1,900 teaching days. TTS currently provides live valuation and financial modeling training programs to more than 165 corporate clients and leads workshops at more than 100 academic clients, including the top business schools in the United States.

Training the Street

Schedule

Class will run from 9am to 5pm each day of the 3-day course, with a 45-60 minute lunch break.

Day 1  

Interpreting Financial Statements

Fundamental Concepts:

  • Matching
  • Historical Cost
  • Going concern
  • Comparability
  • A= L+ E

Balance Sheet:

  • Assets and liabilities (detailed discussion of flow and terms)
  • Ratio Analysis
  • Introduction of related period expenses (depreciation, amortization, interest expense, etc.)

Income Statement:

  • Income statement (detailed discussion of flow and terms)
  • EBIT
  • Relationships with the balance sheet
  • Normalizing Financials

Supporting Information:

  • Footnotes and management's discussion

Day 2    

Corporate Valuation

Overview of valuation methodologies and fundamental concepts

Public Comparables Analysis:

  • Choosing the appropriate peer group
  • Gathering public information
  • Calculating market and enterprise value
  • Normalizing for non-recurring items
  • Calculating latest twelve months (LTM)
  • Calculating relevant multiples and deriving an implied valuation range
  • Analyzing multiples and a comparables universe

Overview of Acquisition Comparables Analysis:

  • Choosing the appropriate deal list
  • How control premiums and synergies impact multiples
  • Sources of public information

Discounted Cash Flow Analysis:

  • Strengths and considerations of a DCF analysis
  • Deriving a weighted average cost of capital (WACC)
  • Discounting unlevered free cash flows
  • Estimating the terminal value (exit multiple vs. perpetuity growth rate approach)

Merger Consequences Analysis:

  • Concept of affordability analysis
  • Overview of SFAS 141/142 and IFRS 3
  • Purchase accounting overview
  • Accretion/dilution analysis
  • Credit rating considerations
  • M&A transaction considerations (stock vs. cash, social issues, etc.)

Leveraged Buyout Analysis:

  • What makes a good LBO candidate?
  • Concept of value creation via de-leveraging, operational improvements and "multiple expansion"
  • Sources of funding for an LBO
  • Purchase price determination and debt capacity
  • Sponsors equity and internal rate of return (IRR)
  • Dividend recapitalization overview

Analyzing Results:

  • Imputing valuation ranges
  • Creating a "Football field" for the case company based on different valuation methodologies

Day 3    

Excel Best Practices and Construction of a 3-Statement Model

Overview and introduction to financial modelingModeling

Best Practices:

  • Basic Excel setup including macro security, iterations & calculations settings
  • Financial modeling essentials including appropriate color schemes
  • Page setup functions
  • Customizing toolbars in Excel (including adding icons to your toolbar)
  • Excel best practices, including common "shortcut" keys and other efficiency tips
      • Navigating in Excel
      • Shortcuts including autosum, advanced paste special functions, fill functionality, go to cells, repeat function, naming cells & effectively navigating between worksheets
      • Excel foundations & efficiencies in formulating projections
      • Fundamentals of formats including alignments & custom number formats including "text" with custom formatting
      • Anchoring cells
  • Understanding how to efficiently design historical inputs & forecast financial projections
  • Introduction to macros & distribution of TTS proprietary macro toolkit    

Construction and Application of:

  • Core statements
  • Working capital
  • Depreciation
  • Equity & Retained Earnings
  • Debt & Interest

Advanced Topics:

  • Understanding circular references
  • Understanding the basic accounting parity check formula in the projected balance sheet (A = L +E)