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# Breaking Into Wall Street: Win Investment Banking and Private Equity Jobs.

## Sitemaps
[XML Sitemap](https://breakingintowallstreet.com/sitemap_index.xml): Includes all crawlable and indexable pages.

## Posts
- [Welcome to Your Free Financial Modeling Tutorials!](https://breakingintowallstreet.com/free-tutorial-introduction/): Welcome to our series of free financial modeling tutorials!
- [How to Calculate Terminal Value in a DCF](https://breakingintowallstreet.com/how-to-calculate-terminal-value/): In this third free tutorial, you’ll learn what Terminal Value means in a DCF, how to calculate and cross-check it, and how to use it to finish the Discounted Cash Flow Analysis and draw initial conclusions about Michael Hill’s implied value.
- [How to Calculate the Discount Rate in a DCF](https://breakingintowallstreet.com/how-to-calculate-discount-rate/): In this second free tutorial, you’ll learn what the Discount Rate means intuitively, how to calculate the Cost of Equity and WACC, and how to use the Discount Rate in a DCF analysis to value a company’s future cash flows.
- [How to Calculate Unlevered Free Cash Flow in a DCF](https://breakingintowallstreet.com/how-to-calculate-unlevered-free-cash-flow/): In this first free tutorial, you’ll learn the big idea behind valuation and DCF (Discounted Cash Flow) Analysis, as well as how to calculate Unlevered Free Cash Flow and project it for a specialty retailer (Michael Hill).

## Pages
- [BIWS Oil & Gas Financial Modeling](https://breakingintowallstreet.com/oil-gas-modeling/)
- [Resume Editing & Pitch Perfection Services](https://breakingintowallstreet.com/resume-editing-pitch-perfection/): Resume Editing & Pitch Perfection Services
- [Breaking Into Wall Street Investment Banking Courses](https://breakingintowallstreet.com/breaking-into-wall-street-courses/): You can access the courses you've signed up for below and get to work breaking into finance, or advancing on the job.
- [Private Equity Funds of Funds and Secondaries Sign-Up Options](https://breakingintowallstreet.com/private-equity-funds-of-funds-signup-options/)
- [Private Equity Funds of Funds and Secondaries](https://breakingintowallstreet.com/private-equity-funds-of-funds/)
- [About](https://breakingintowallstreet.com/about/): Then you need to know financial modeling like the back of your hand. Just one problem: other training companies might teach you the formulas, but they don’t teach you how to use the financial models in real life.
- [BIWS Platinum](https://breakingintowallstreet.com/platinum/)
- [Oil & Gas Modeling Sign-Up Options](https://breakingintowallstreet.com/oil-and-gas-modeling-signup-options/)
- [JPM Research Quiz Scores](https://breakingintowallstreet.com/jpm-research-quiz-scores/)
- [JPM Research](https://breakingintowallstreet.com/jpm-research/)
- [JPM-EMEA Quiz Scores](https://breakingintowallstreet.com/jpm-emea-quiz-scores/)
- [JPM-EMEA](https://breakingintowallstreet.com/jpm-emea/)
- [BIWS Course Updates – March 2025](https://breakingintowallstreet.com/advanced-financial-modeling/): The BIWS Advanced Financial Modeling Course Was Discontinued and Replaced with Separate Courses on March 1st, 2025 The former Advanced course was far too long for most students and covered too many different topics. Therefore, we replaced it with shorter, streamlined courses. This was NOT exactly a "course split" because each separate course re-uses some of the Advanced material but also makes new additions. It's more like how Latin turned into the Romance languages after the fall of the Western Roman Empire, but no barbarians invaded in this case. If you had this Advanced Modeling course through previous purchases, you still have access to it. It's just that we are not selling it separately anymore.
- [Biotech Valuation Sign-Up Options](https://breakingintowallstreet.com/biotech-valuation-signup-options/)
- [Advanced M&A Modeling Sign-Up Options](https://breakingintowallstreet.com/advanced-ma-signup-options/)
- [Biotech Valuation](https://breakingintowallstreet.com/biotech-valuation/)
- [Advanced M&A Modeling](https://breakingintowallstreet.com/advanced-ma-modeling/)
- [Progress table with quiz score](https://breakingintowallstreet.com/progress-table-with-quiz-score/)
- [BIWS Course Updates – March 2025](https://breakingintowallstreet.com/course-updates/): The BIWS Advanced Financial Modeling Course Will Be Discontinued on March 1st, 2025 On March 1st, 2025, we will remove the current Advanced Modeling course on the site and replace it with 2 shorter, separate courses, with a 3rd separate course to follow in Q2 2025. The current course is too long and detailed for most students, and hardly anyone uses all of it. If you already have the Advanced course, nothing will change for you. The course will simply not be available for sale to new students anymore.
- [Private Equity Modeling (LBO Course) Sign-Up Options](https://breakingintowallstreet.com/private-equity-signup-options/)
- [Policies & Procedures](https://breakingintowallstreet.com/policies-procedures/): Policies & Procedures
- [MPCF table](https://breakingintowallstreet.com/mpcf/)
- [Starlight table](https://breakingintowallstreet.com/starlight/)
- [RSM table](https://breakingintowallstreet.com/rsm/)
- [Private Equity Modeling (LBO Course)](https://breakingintowallstreet.com/private-equity-modeling/)
- [Breaking Into Wall Street (BIWS) vs. Corporate Finance Institute (CFI)](https://breakingintowallstreet.com/biws-vs-cfi/)
- [BIWS Platinum – Annual Plan](https://breakingintowallstreet.com/annual-plan/): Introducing The BIWS Platinum Annual Plan
- [E-learning progress table](https://breakingintowallstreet.com/dashboard/)
- [Project Finance Modeling & Infrastructure Modeling](https://breakingintowallstreet.com/project-finance-modeling/)
- [Venture Capital Modeling & Growth Equity Modeling](https://breakingintowallstreet.com/venture-capital-modeling/)
- [REIT Modeling Sign Up Options](https://breakingintowallstreet.com/reit-modeling-signup-options/)
- [Real Estate Modeling Course Sign-Up Options](https://breakingintowallstreet.com/real-estate-modeling-signup-options/)
- [REIT Financial Modeling](https://breakingintowallstreet.com/reit-modeling/)
- [Real Estate Modeling (Property Modeling)](https://breakingintowallstreet.com/real-estate-modeling/)
- [Homepage](https://breakingintowallstreet.com/)
- [Project Finance & Infrastructure Modeling Sign-Up Options](https://breakingintowallstreet.com/project-finance-signup-options/)
- [Interview Guide Sign-Up Options](https://breakingintowallstreet.com/interview-guide-sign-up-options/)
- [Networking Toolkit Sign up Options](https://breakingintowallstreet.com/networking-toolkit-sign-up-options/)
- [Bank & Financial Modeling Sign Up Options](https://breakingintowallstreet.com/bank-financial-modeling-signup-options/)
- [Breaking Into Wall Street Premium](https://breakingintowallstreet.com/biws-premium/)
- [PowerPoint Pro Sign-Up Options](https://breakingintowallstreet.com/powerpoint-pro-sign-up-options/)
- [Core Financial Modeling Sign-Up Options](https://breakingintowallstreet.com/financial-modeling-signup-options/)
- [Core Financial Modeling](https://breakingintowallstreet.com/core-financial-modeling/)
- [Excel & VBA Sign-Up Options](https://breakingintowallstreet.com/excel-sign-up-options/)
- [BIWS Excel & Financial Modeling](https://breakingintowallstreet.com/excel-and-financial-modeling/)
- [Venture Capital & Growth Equity Sign Up Options](https://breakingintowallstreet.com/venture-capital-signup-options/)
- [PowerPoint Pro 3.0 (PowerPoint & VBA)](https://breakingintowallstreet.com/powerpoint-pro/)
- [Login](https://breakingintowallstreet.com/login-2/)

## KBs
- [EBITDAR: Concept, Calculations, and Real-World Examples (Airlines and Oilfield Services)](https://breakingintowallstreet.com/kb/accounting/ebitdar/): EBITDAR, defined as Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent, is used to normalize companies with different leasing vs. ownership policies and to normalize differences between U.S. GAAP and IFRS following changes to lease accounting in 2019.
- [The Debt Service Reserve Account (DSRA) in Project Finance: Save the Lenders, Save the World](https://breakingintowallstreet.com/kb/project-finance/debt-service-reserve-account/): In Project Finance, the Debt Service Reserve Account ensures that an asset has enough cash on hand to meet its upcoming Debt Service (Interest + Principal Repayments); it ensures that the lenders get paid without an additional contribution from the equity investors for this Debt Service.
- [Free Cash Flow in the Age of AI Hyperscalers: Time for an Update?](https://breakingintowallstreet.com/kb/financial-statement-analysis/free-cash-flow/): The traditional definition of Free Cash Flow (FCF) is Cash Flow from Operations – Capital Expenditures, and it represents a company’s “discretionary cash flow” after paying what’s required to operate and re-invest in its business and pay interest on its funding sources; recent accounting and business model changes mean that Stock-Based Compensation and Leases deserve special treatment.
- [LBO Valuation: The Power of Middle-School Math to Reverse a Model](https://breakingintowallstreet.com/kb/leveraged-buyouts-and-lbo-models/lbo-valuation/): In an “LBO valuation,” you *reverse* the standard leveraged buyout model setup and *back into* the purchase price based on the assumed exit multiple, exit year, and cash flows in the holding period; you can use Goal Seek or VBA to set this up, but you can also simplify the model and do it entirely with normal Excel formulas.
- [The Flow of Funds (Cap Table Waterfall) in Venture Capital, M&A, and More](https://breakingintowallstreet.com/kb/venture-capital/flow-of-funds/): In venture capital and M&A modeling, the “Flow of Funds” refers to a model that calculates the exit proceeds in a deal to each investor group and determines the proper conversion decisions for all the investors; it is relevant primarily for acquired private companies because public company shareholders rarely have complex terms attached to their ownership.
- [Cash Flow from Operations: Definition, Exceptions, and Valuation Usage](https://breakingintowallstreet.com/kb/accounting/cash-flow-from-operations/): On the Cash Flow Statement, the Cash Flow from Operations (CFO) section starts with Net Income from the Income Statement, adjusts for non-cash income and expenses, and reflects the Change in Working Capital (either positive or negative); CFO represents a company’s recurring cash flow *before CapEx* and other investing/financing activities.
- [Private Equity Fund Performance Metrics: TVPI vs. MOIC vs. DPI and Gross vs. Net IRR](https://breakingintowallstreet.com/kb/financial-sponsors/private-equity-fund-performance-metrics/): When evaluating the performance of a private equity (PE) fund, some of the most important metrics include the Total Value to Paid-In Capital (TVPI), or Net Value / Called Capital, Distributions to Paid-In Capital (DPI), or (Realizations – Realized Carried Interest) / Called Capital, the Gross MOIC, or Total Gross Value / Invested Capital, and the Gross and Net IRR, which measure the annualized returns of the fund before or after fees and carried interest
- [The Top Financial Modeling Mistakes: How to Avoid Balance Sheet Black Holes, Fake Projections, and Nonsensical Numbers](https://breakingintowallstreet.com/kb/3-statement-models/financial-modeling-mistakes/): The top financial modeling mistakes include an over-reliance on templates or a company’s financial statements, no step-by-step process for building and verifying the model, and entering assumptions that go against basic economics or financial reality. You can avoid these problems by following simple guidelines and getting practice building models for companies you follow.
- [Accounts Payable vs. Accrued Expenses: Invoices, Cash Flows, and Interview Questions](https://breakingintowallstreet.com/kb/accounting/accounts-payable-vs-accrued-expenses/): In accounting, Accounts Payable (AP) and Accrued Expenses (AE) record owed payments for products or services that a company has ordered and received but not yet paid for in cash; on the financial statements, they are often used for different scenarios, with AP corresponding to purchases with specific invoices and AE corresponding to recurring expenses that do not necessarily have invoices.
- [Private Equity Funds of Funds Case Studies and Secondaries Case Studies: What to Expect and How to Practice](https://breakingintowallstreet.com/kb/financial-sponsors/funds-of-funds-case-studies/): You normally complete funds of funds case studies when interviewing at a PE fund of funds or endowment/pension/sovereign wealth fund/insurance firm that invests in private equity; the case studies may relate to primary investing in new funds or LP-/GP-led secondary deals in existing funds and specific portfolio companies. Co-investment case studies, similar to traditional LBO models and based on potential new investments, are also possible.
- [CapEx & Depreciation: Michael Burry vs. AI and Big Tech](https://breakingintowallstreet.com/kb/accounting/capex-depreciation/): In accounting, capital expenditures (CapEx) represent a company’s spending on long-term assets that will last for multiple years; since they will be useful for many years, this CapEx spending must be allocated over time and recorded as “Depreciation” on the Income Statement. This Depreciation number reduces the company’s Pre-Tax Income and counts as a tax deduction in the current period, but the CapEx does not.
- [The Cost of Equity in Valuations for Public Companies, Startups, and More](https://breakingintowallstreet.com/kb/valuation/cost-of-equity/): The Cost of Equity in corporate finance represents the annualized rate of return that investors target when they buy a company’s Common Stock; to a company, it represents the cost of issuing additional Common Stock to operate its business, where the “cost” includes both dividends (cash cost) and the dilution from these issuances. The Cost of Equity is widely used in valuation and DCF analysis.
- [Excel Lambda Functions: How to Create Custom Functions Without VBA, Macros, or Other Code](https://breakingintowallstreet.com/kb/excel/excel-lambda-functions/): In Excel, you can use Lambda functions to create your own custom functions outside the normal built-in ones; you can then assign names to these functions in the Name Manager and use them throughout your file without writing any code.
- [The Payback Period in Project Finance and Asset-Level Modeling: A More Objective Measure of Risk and Growth?](https://breakingintowallstreet.com/kb/project-finance/payback-period/): In finance, the “Payback Period” refers to the time required to recoup the cost of a development or acquisition with the cash flows from the asset; it is most useful in asset-level financial modeling, such as in fields like Project Finance, but it may be relevant in other contexts as well.
- [Excel FILTER Function: Data, Financial Models, and the Multiverse](https://breakingintowallstreet.com/kb/excel/excel-filter-function/): The FILTER function in Excel, added in the 365 version and Excel 2021 and beyond, lets you extract multiple matching rows from a set of data based on one or more conditions; it updates the results dynamically as the data changes and creates a spill range you can reference in other formulas.
- [Balance Sheet Not Balancing: Batman’s Guide to Fixing Your Balance Sheet](https://breakingintowallstreet.com/kb/3-statement-models/balance-sheet-not-balancing/): A Balance Sheet goes "out of balance" when Total Assets does not equal Liabilities + Equity; you can follow the 4-step process outlined here to fix this problem methodically, but you should also consider simplifying and consolidating your financial model if you keep running into this issue.
- [The Times Interest Earned (TIE) Ratio: Real-World Risk or Spreadsheet Swindle?](https://breakingintowallstreet.com/kb/financial-statement-analysis/times-interest-earned-tie/): The Times Interest Earned Ratio, also known as the Interest Coverage Ratio, measures how well a company’s core-business earnings can pay for the interest expense on its Debt and represents its credit risk and additional capacity for Debt issuances; there are many different definitions because there are different types of “earnings” and “interest expense.”
- [Deferred Revenue: How an “Easy” Interview Question Makes Real Life Confusing](https://breakingintowallstreet.com/kb/accounting/deferred-revenue/): Deferred Revenue, as traditionally defined, refers to cash that a company has received *before* the company has delivered the product or service; it cannot yet recognize these funds as revenue due to the lack of delivery. In a subscription/SaaS context, Deferred Revenue may also be recognized when a contract is signed, even if the customer has not yet paid upfront in cash.
- [The Type Curve in Oil and Gas: Financial Modeling Master Key, or Academic Curiosity?](https://breakingintowallstreet.com/kb/oil-gas-modeling/type-curve-oil-and-gas/): In oil & gas financial modeling, the “Type Curve” plots the initial production (oil, gas, and natural gas liquids) from a specific type of well in a certain region and shows how that production declines over time; this curve is used to estimate the revenue, expenses, and CapEx associated with a well and its associated IRR and NPV.
- [Negative Working Capital: Good Sign, Red Flag, or Much Ado About Nothing?](https://breakingintowallstreet.com/kb/accounting/negative-working-capital/): Negative Working Capital occurs when a company’s Current Operational Liabilities exceed its Current Operational Assets; it could mean almost anything, depending on the company and industry, and it tends to matter far less in models and valuations than the *Change* in Working Capital.
- [Financial Modeling Best Practices: How to Give Your Excel Files a “Makeover”](https://breakingintowallstreet.com/kb/finance/financial-modeling-best-practices/): The “best practices” in Excel-based financial modeling include guidelines around how to set up the financial statements, how to separate drivers from historical and projected numbers, and how to simplify and consolidate the statements; other guidelines relate to color coding, sign conventions, and the structure of formulas.
- [The Last Twelve Months (LTM) Financial Metrics: Calculations, Confusions, and Calendarization](https://breakingintowallstreet.com/kb/finance/last-twelve-months-ltm/): To calculate the “Last Twelve Months” (LMT) version of a financial metric, such as Revenue, take the figure from the company’s last fiscal year, add the number from its most recent interim period (3 months, 6 months, etc.), and subtract the figure from that same interim period in the previous fiscal year.
- [The Fixed Charge Coverage Ratio (FCCR) in Credit Analysis: Cash Flow Confusion](https://breakingintowallstreet.com/kb/financial-statement-analysis/fixed-charge-coverage-ratio-fccr/): The Fixed Charge Coverage Ratio (FFCR) measures how easily a company can pay for the interest expense on its Debt, scheduled principal repayments, rent/lease payments, and other fixed expenses based on its available cash flow after most other recurring spending.
- [The Cost of Debt in Valuations, Credit, and Real Life](https://breakingintowallstreet.com/kb/valuation/cost-of-debt/): The Cost of Debt in corporate finance represents the effective rate a company would pay if it issued additional Debt today; most of this cost is the Interest Expense on the Debt, but some may also correspond to discounts, penalty fees, and face value vs. market value differences. The Cost of Debt is widely used in credit analysis and to calculate WACC in a DCF model.
- [SaaS Metrics: Definitions, Excel Examples, and Real-World Uses](https://breakingintowallstreet.com/kb/venture-capital/saas-metrics/): “Metrics” for software-as-a-service (SaaS) companies are numbers that tell you how quickly these firms are growing, how efficiently they’re operating and winning customers, and how appealing they are to investors; these metrics often influence their valuations directly.
- [The Interest Tax Shield: Valuations, LBO Models, and More](https://breakingintowallstreet.com/kb/leveraged-buyouts-and-lbo-models/interest-tax-shield/): In corporate finance, the “interest tax shield” refers to the tax reduction a company gets by issuing Debt and paying Interest on that Debt; it is roughly equal to the Interest Expense * Tax Rate, but it may be reduced or limited in certain regions based on the company’s EBIT, EBITDA, or other attributes.
- [Tariff Apocalypse: Trade Wars and Tariffs in Financial Models and Valuation](https://breakingintowallstreet.com/kb/ma-and-merger-models/tariff-model/): In corporate finance and valuation, tariffs increase the prices that companies pay for imported parts, materials, and supplies and make a “very negative” to a “close to neutral” impact on their profits and cash flows; they also tend to reduce companies’ values and make M&A deals more dilutive.
- [Net Revenue Retention: Key SaaS Metric or Disguise for Disappointing Performance?](https://breakingintowallstreet.com/kb/venture-capital/net-revenue-retention-nrr/): Net Revenue Retention (NRR) for Software-as-a-Service (SaaS) companies is defined as the (Starting Recurring Revenue + Expansion Revenue – Churned Revenue) / Starting Recurring Revenue; it indicates how much the company’s recurring revenue from existing customers is growing in each period.
- [EBITDA to FCF: Interview Question and Modeling Test Walkthrough](https://breakingintowallstreet.com/kb/financial-statement-analysis/ebitda-to-fcf/): FCF = EBITDA – Net Interest Expense – Taxes +/- Other Non-Cash Adjustments +/- Change in Working Capital – CapEx; also, always clarify which type of Free Cash Flow you’re calculating since the formula changes for other FCF variations.
- [The Debt-to-Equity Ratio in Valuation and Financial Modeling: Quick Risk Assessment?](https://breakingintowallstreet.com/kb/financial-statement-analysis/debt-to-equity-ratio/): The Debt-to-Equity Ratio equals a company’s Total Debt / Total Common Shareholders’ Equity and, depending on the context, may be based on either the book values or the market values of these items; it measures the company’s overall risk from leverage and can indicate how expensive its next Debt issuance might be.
- [Cash Flow Available for Debt Service (CFADS) in Project Finance: The Lifeblood of Infrastructure Assets](https://breakingintowallstreet.com/kb/project-finance/cash-flow-available-for-debt-service-cfads/): In Infrastructure and Project Finance, the CFADS equals EBITDA – Cash Taxes +/- Change in Working Capital – Maintenance CapEx. It represents the total amount of cash flow an asset could potentially use to pay interest on its Debt and repay Debt principal in the period, and it’s used in the Debt sizing and sculpting and equity returns calculations.
- [The Cash Flow Sweep in an LBO: Walkthrough and Simple Examples](https://breakingintowallstreet.com/kb/leveraged-buyouts-and-lbo-models/cash-flow-sweep/): In leveraged buyout and credit models, the “Cash Flow Sweep” refers to the company’s ability to repay Debt optionally based on its cash flows in the period, in addition to the scheduled or mandatory principal repayments that are set at the time of the initial issuance.
- [How to Learn Financial Modeling: The Cyberpunk, the Witcher, and the Wardrobe](https://breakingintowallstreet.com/kb/finance/how-to-learn-financial-modeling/): To learn financial modeling, pick simple, boring companies with easy-to-predict revenue and expenses, watch someone else complete the process, and then try examples on your own, starting with partial templates and moving to open-ended examples without full instructions.
- [The Levelized Cost of Energy (LCOE) in Project Finance: How to Become Famous with the Help of Lazard](https://breakingintowallstreet.com/kb/project-finance/levelized-cost-of-energy/): The Levelized Cost of Energy (LCOE) in Project Finance and Infrastructure Modeling equals the Present Value of a power asset’s Lifecycle Costs (OpEx + CapEx + Fuel) divided by the Present Value of its Lifetime Energy Production; it gives you an idea of the long-term marginal cost of electricity generated by the asset.
- [Convertible Preferred Stock in Leveraged Buyouts: Full Guide + Excel Examples](https://breakingintowallstreet.com/kb/leveraged-buyouts-and-lbo-models/convertible-preferred-stock/): In a leveraged buyout, Convertible Preferred Stock gives the investors downside protection plus potential equity upside by giving them the option to convert into common shares in the exit if the deal performs well enough – or stay in Preferred and earn back a higher balance by the end.
- [The Liquidation Preference in Venture Capital: Full Tutorial and Excel Examples](https://breakingintowallstreet.com/kb/venture-capital/liquidation-preference/): In venture capital and startup investing, a liquidation preference gives VC investors the option to earn back a fixed multiple of their investment in a company sale or shutdown rather than a percentage of its common equity, which provides downside protection in disappointing outcomes.
- [Management Rollover vs. Management Option Pool in Leveraged Buyouts](https://breakingintowallstreet.com/kb/leveraged-buyouts-and-lbo-models/management-rollover-vs-management-option-pool/): In a leveraged buyout, rollovers and option pools are common incentive structures that allow management to retain some of their equity or get discounted equity upon exit if the deal performs well.
- [Valuation Multiples: Full Tutorial, Example Calculations, and Interpretation](https://breakingintowallstreet.com/kb/valuation/valuation-multiples/): A valuation multiple equals a company’s Equity Value (Market Cap) or Enterprise Value divided by a financial or operational metric, such as Revenue, EBITDA, or Monthly Active Users; valuation multiples tell you how cheap or expensive a company is in relation to similar companies.
- [The Loan to Value (LTV) Ratio in Real Estate: How to Level Up by Levering Up](https://breakingintowallstreet.com/kb/real-estate-modeling/loan-to-value-ltv/): In real estate, the “Loan to Value” (LTV) ratio indicates the percentage of Debt used to acquire a property or refinance an existing loan; this percentage is always based on the property’s estimated market value at the time.
- [The Cash Flow Statement: The King of the Financial Statements?](https://breakingintowallstreet.com/kb/accounting/cash-flow-statement/): In accounting, the Cash Flow Statement shows a company’s cash inflows and outflows over a specific period, such as 1 year, 1 quarter, or 1 month; items may be either *adjustments* to Income Statement line items or additional cash inflows or outflows that have *not* appeared on the Income Statement.
- [The Risk-Free Rate: Full Definition and Excel Examples](https://breakingintowallstreet.com/kb/finance/risk-free-rate/): The Risk-Free Rate (RFR) represents the annualized return you could earn on assets that are free of default risk, such as “safe” government bonds that will almost certainly be repaid; it is a central part of the Discount Rate calculation and all corporate valuation.
- [The Discount Rate Defined: Full Explanation and Excel Examples](https://breakingintowallstreet.com/kb/finance/discount-rate/): In finance, the Discount Rate represents the expected or targeted annualized returns on an investment; to a company, it represents the cost of capital or minimum return required; to investors, it represents the opportunity cost.
- [What is the Dow Jones Industrial Average (DJIA), and Why Does It Matter to Traders at Banks?](https://breakingintowallstreet.com/kb/finance/dow-jones-industrial-average-djia/): The Dow Jones Industrial Average (DJIA) is a major stock market index that tracks 30 blue-chip companies in the U.S. with consistently stable earnings; these companies are listed on the New York Stock Exchange (NYSE) and Nasdaq exchanges.
- [The Loan Life Coverage Ratio (LLCR): The Most Important Credit Stat in Project Finance?](https://breakingintowallstreet.com/kb/project-finance/loan-life-coverage-ratio/): The Loan Life Coverage Ratio (LLCR) in Project Finance equals the Present Value of All Cash Flow Available for Debt Service (CFADS) in the Remaining Debt Tenor / Current Debt Balance.
- [The Debt Service Coverage Ratio (DSCR): Full Guide to a Critical Metric in Project Finance](https://breakingintowallstreet.com/kb/project-finance/debt-service-coverage-ratio/): The Debt Service Coverage Ratio in Project Finance is defined as the Cash Flow Available for Debt Service (CFADS) in One Year / Debt Service in One Year, where the Debt Service equals the scheduled Interest + Principal Repayments for that year.
- [The Cap Rate in Real Estate: Formula, Examples, and Uses in Financial Models](https://breakingintowallstreet.com/kb/real-estate-modeling/cap-rate/): In real estate, the Cap Rate (Capitalization Rate) of a property equals its projected, stabilized Net Operating Income divided by its current price or estimated value; the Cap Rate is the reciprocal of the EBITDA multiple commonly used to value companies.
- [Future Value: Meaning, Examples, and How It Relates to Present Value](https://breakingintowallstreet.com/kb/finance/future-value/): Future Value is the opposite of Present Value and measures what an investment today is worth in the future based on the Discount Rate, or the targeted/expected annualized return on this investment.
- [Net Present Value (NPV): Definition and Example Calculations](https://breakingintowallstreet.com/kb/finance/net-present-value/): Net Present Value (NPV) equals the sum of an asset’s discounted future cash flows minus the upfront cost or “asking price” for this asset today; a positive NPV means that you can achieve more than your targeted returns by investing, while a negative NPV means the opposite.
- [The Income Statement: Definition, Examples, and Interpretation](https://breakingintowallstreet.com/kb/accounting/income-statement/): In accounting, the Income Statement shows a company’s revenue, expenses, and taxes over a PERIOD, such as 1 year, 1 quarter, or 1 month; items must correspond to a delivery or allocation in the period and affect the business income available to the common shareholders of the business (i.e., the owners).
- [The Time Value of Money: Excel Calculations and Real-Life Examples](https://breakingintowallstreet.com/kb/finance/time-value-of-money/): The time value of money means that money today is worth MORE than money tomorrow because you could invest it today and earn something on it the future.

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- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-13/): "Just wanted to check in and let you know that atter a few more rounds, I was given the offer and landed the private credit role!"
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-12/): "It's like having a real-time lecturer (within ~2 days) whom you can ask questions of whenever you're stuck."
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-11/): "I've successfully secured a job in infrastructure advisory at one of the Big Four, and it's largely thanks to this course."
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-10/): "I've found them extremely well-structured and easy to follow."
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-9/): "I would say BIWS Platinum is a MUST for any aspiring IB analyst"
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-8/): “Also, the Networking Toolkit is GOLD. It really shows me the line effective networking and being straight-up creepy/annoying to strangers.”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-7/): “I was shocked at just how well the guide prepared me for the questions they asked. It was like they were quizzing me on the guide.”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-6/): “I honestly now have a drastic and noticeable advantage over my peers because my decks look deal-ready and I’m able to pump them out in ~1/4th of the time that I used to.”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-5/): “I landed a job soon afterward at another energy fund. I have been using the videos to get me through the first few weeks!”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-4/): “Completing the FIG modeling course was instrumental to transitioning into equity research where I now cover the financial services sector.”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-3/): “Thanks to This Course, I Was Able to Beat Out 200 Other Applicants, Many of Whom Had MBA Degrees, Solely with My Undergrad Degree and My Ability to Model and Speak Intelligently About Real Estate Investments.”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum-2/): “I’m a CFA charterholder and in my personal opinion, BIWS has taught me 10x more useful skills for investment banking than the CFA curriculum did.”
- [Platinum](https://breakingintowallstreet.com/testimonial/platinum/): “I used your course to build up my financial skills and then wrote my own research and financial model on Ryanair. I sent this off to a VC, who hired me soon after. I was then transferred to a hedge fund, where I find myself working now – applying the skills you have taught me.”
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-10/): "The study material within the course was meticulously crafted and was extremely relevant to anyone looking at FIG M&A advisory ."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-9/): "I purchased the Financial Modeling and Bank Modeling coursework, and was blown away at the depth of the material."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-8/): "Most of the issues related to financial institution modelling are approached and addressed in a very simple and understandable manner."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-7/): "Dear Brian, I must say thank you for developing such a wonderful course on Bank and Financial Institution Modeling."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-6/): "I interned at a BB bank this past summer in the Financial Institutions Group and the material that I have learned in the Bank & Financial Institution Modeling course is incredible."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-5/): "I work in the treasury department of a regional bank and the banking course especially has been helpful."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-4/): "I was recently offered the position full-time due to my excellent work. Thank you BIWS!"
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-3/): "I found the courses very useful, I was in the process of creating a financial model for a bank from scratch and I felt that I was just reinventing the wheel."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling-2/): "Completing the FIG modeling course was instrumental to transitioning into equity research where I now cover the financial services sector."
- [Bank & Financial Institution Modeling](https://breakingintowallstreet.com/testimonial/bank-financial-institution-modeling/): "I am a Managing Director Investment Banker on Wall Street that has covered the banking industry for over 20 years. I want to compliment you on the bank and financial modeling course. You do an excellent job of covering all relevant topics and also make difficult concepts easy to learn."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-10/): "Second, I just received and accepted a job offer from a boutique real estate research firm in Southern California. I wanted to thank you, as this site gave me a tremendous amount of confidence discussing financial statements."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-9/): "Your Modeling course gave me the confidence and knowledge I needed to land a role at one of the top institutional RE investors in Canada."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-8/): "I have taken the Real Estate and REIT Modeling course, and it is OUTSTANDING! This course saved my life."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-7/): "...they noted that BIWS is the recommended , as the explanations are deep and in a friendly way."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-6/): "I have tried other online methods or learning financial modeling and nothing comes close to being as good (and clearly articulated) as BIWS's courses."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-5/): "I first tried the Advanced Financial Modeling and then the REIT Modeling modules. Both were very comprehensive and extremely useful."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-4/): "I used the REIT valuation course to help get a spot with Jefferies RE Group - coming from a non-target school and no banking background."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-3/): "I have used BIWS twice for my interview prep and case studies, and both times got an offer from two BBs for their IBD division as an experienced hire with no experience in investment banking."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling-2/): "As someone who's previously worked in a banking real estate coverage group, the material is practical and really solid. I learned things here that strongly complemented my own work experience."
- [REIT Financial Modeling](https://breakingintowallstreet.com/testimonial/reit-financial-modeling/): "A few months after I started at the REIT, they told me how impressed they were at my spreadsheet skills and how quickly I was able to pick up the underwriting of properties."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-11/): "I Am Happy to Say That I Have Landed an Amazing Job as a Commercial Real Estate Analyst for a Very Well-Established Company in Dallas, TX."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-10/): "Your REIT & Real Estate Modeling Course Gave Me the Confidence and Knowledge I Needed to Land a Role at One of the Top Institutional RE Investors in Canada."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-9/): "They Noted That the BIWS Is the Recommended One, as the Explanations Are Deep and in a Friendly Way."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-8/): "I Really Have Been Astonished with the Contents Provided in BIWS of the Real Estate Modeling."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-7/): "Love the Real Estate Course. I Have Been Making $400 - $600 a Month Creating Real Estate Financial Models in My Spare Time. Everyone is Always Really Impressed with My Work."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-6/): "I'm Happy to Say I Got the Job, So My Investment in Your Course Paid Off Extremely Quickly!"
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-5/): "Thanks to This Course, I Was Able to Beat Out 200 Other Applicants, Many of Whom Had MBA Degrees, Solely with My Undergrad Degree and My Ability to Model and Speak Intelligently About Real Estate Investments."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-4/): "The Real Estate Course Helped Me Demonstrate Mastery of a Deal in That Industry In Order to Land a Position Consulting for Another Boutique."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-3/): "I Have Been Able to Land an Internship at a Commercial Real Estate Investment Sales Shop."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling-2/): "I Landed an Investment Analyst Position at Ontario Teachers' Pension Plan in Their Real Estate Group in Toronto."
- [Real Estate Modeling](https://breakingintowallstreet.com/testimonial/real-estate-modeling/): "All Models Are Comprehensive and Simple to Understand."
- [Venture Capital & Growth Equity Modeling](https://breakingintowallstreet.com/testimonial/venture-capital-growth-equity-modeling-7/): "Your Financial Modeling is a very effective platform that helps me learn about various hands-on practices that I don't even get to do at my current bank... I really enjoy the new SaaS modeling course."
- [Venture Capital & Growth Equity Modeling](https://breakingintowallstreet.com/testimonial/venture-capital-growth-equity-modeling-6/): "I just landed a job in a private equity fund, and I could not have done it without this course."
- [Venture Capital & Growth Equity Modeling](https://breakingintowallstreet.com/testimonial/venture-capital-growth-equity-modeling-5/): "I'm a CFA charterholder and in my personal opinion BIWS has taught me 10x more useful skills for investment banking than the CFA curriculum did."