Topic guides
Short explanations of the questions interviewers ask most, each followed by free interactive questions so you can check you've got it.
- Accounting · 4 min readHow depreciation flows through the three financial statementsThe classic IB interview question, answered step by step: what a £10 rise in depreciation does to net income, cash and the balance sheet.
- Accounting · 4 min readHow the three financial statements link togetherIncome statement, balance sheet and cash flow statement: how they connect, explained simply for investment banking interviews.
- Enterprise value · 5 min readEnterprise value vs equity value: the difference and the bridgeWhat enterprise value and equity value mean, how to get from one to the other, and the trick questions interviewers ask about them.
- DCF · 5 min readWalk me through a DCFA clear, interview-ready answer to "walk me through a DCF", with unlevered free cash flow, WACC and terminal value explained.
- M&A · 4 min readAccretion and dilution explainedHow to tell if an acquisition is accretive or dilutive to earnings per share, with the quick P/E rule and a worked cash example.
- LBO · 4 min readLBO returns: IRR, MOIC and the rules of thumbHow private equity returns work in a leveraged buyout, the IRR shortcuts to memorise, and what drives returns.
- DCF · 4 min readHow to calculate WACC, with a worked exampleWACC explained for IB interviews: the formula, why debt is after tax, CAPM for the cost of equity, and the mistakes to avoid.
- Accounting · 4 min readEBITDA vs free cash flow: what's the difference?Why EBITDA isn't cash flow, how to calculate unlevered free cash flow step by step, and why it matters for valuation.
- Accounting · 5 min readIFRS 16 leases explained for UK interviewsHow IFRS 16 puts leases on the balance sheet, what it does to EBITDA, net debt and cash flow, and how to keep valuation multiples consistent.
- Markets · 4 min readHow interest rates affect valuations, bonds and M&AA commercial awareness guide: why rising rates lower valuations and bond prices, hit buyouts, and change deal activity.