Work through real case studies, drill interview questions with flashcards, and follow a step-by-step learning path — built for Accounting, Valuation, M&A and Private Equity.
Your learning path
Pick a topic and work through its modules in order, from the basics up to advanced concepts.
Apply what you've learned to case studies modeled on real finance interviews.
Lock it in with spaced-repetition flashcards that track exactly what you've mastered.
Let's do a paper LBO. A private equity firm is buying a company for 8.0x EBITDA of $50 million, financed with 60% debt and 40% equity. EBITDA grows 5% per year, and the firm exits after 5 years at the same 8.0x multiple, having repaid half of the entry debt from free cash flow. Walk me through this out loud — no spreadsheet, no calculator — and tell me the approximate IRR.
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BeginnerAs a private equity analyst, walk me through the different layers of debt in an LBO capital structure — senior secured, mezzanine, and PIK notes — and explain who gets paid first and why that priority matters for both the lenders and the sponsor's equity returns.
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BeginnerAs a private equity associate, walk me through how the entry multiple and exit multiple affect an LBO's returns — what is "multiple expansion," and why is it considered one of the three core value creation levers alongside EBITDA growth and debt paydown?
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