An Analyst / Associate's Checklist

​I wanted to put together a learning plan which tracks useful links / resources to read ahead of starting my PE stint in a couple months.

​Appreciate if the community can provide ideas to improve this list. Hopefully this can also help people be more prepared as they embark on their career in IB / PE.

​I would categorise these into a couple of knowledge areas:

1. ​Financial and Accounting Concepts
2. Financial Modelling
3. Financial Analysis
4. Process / Execution Knowledge
5. Industry Knowledge

1. ​Financial and Accounting Concepts
   • Thorough understanding of financial and accounting concepts are basic hygiene factors that analysts and associates are expected to be equipped with
   • However, these may oftentimes be neglected / forgotten along the way as we spend 16 hours a day aligning logos
   • Read, read and read to refresh memory on various terms and concepts. Below are a few resources with useful Finance and Accounting 101 materials:
     • Corporate Finance Institute (CFI) provides a useful glossary of financial and accounting terms:
       • https://corporatefinanceinstitute.com/resources/knowledge/accounting/
     • Macabacus is a treasure trove of information:
       • M&A accounting: https://macabacus.com/accounting/types-of-acquisitions
       • Taxes: https://macabacus.com/taxes/considerations
       • Valuation: https://macabacus.com/valuation/enterprise-value
     • Wall Street Prep also has a couple of useful resources:
       • This one on debt is useful: https://www.wallstreetprep.com/knowledge/ultimate-guide-to-debt-leveraged-finance/
       • Breaking into Wall Street has video tutorials for those who prefer to watch and learn: https://breakingintowallstreet.com/biws/kb/
2. Financial Modelling
   • LBO models are the bread-and-butter of any PE analyst / associate
   • However, before diving into building an LBO model, it is important to master the art of building and structuring an operating model
   • Build a standalone model from scratch. Practice makes perfect
     • Modelling best practices:
       • https://www.wallstreetprep.com/knowledge/financial-modeling-best-practices-and-conventions/
       • https://corporatefinanceinstitute.com/resources/knowledge/modeling/free-financial-modeling-guide/
     • Step-by-step guide to building an operating model:
       • https://macabacus.com/operating-model/introduction
       • https://multipleexpansion.com/2020/11/25/standalone-model-public-market-overview/
       • https://multipleexpansion.com/2021/01/03/standalone-model-historical-data/
   • Once comfortable with building a fully linked 3-statement model, it's time to learn the sexy stuff
     • LBO model:
       • https://macabacus.com/lbo-model/introduction
       • https://www.wallstreetprep.com/knowledge/advanced-lbo-modeling-test-4-hour-example/
       • https://breakingintowallstreet.com/biws/kb/leveraged-buyouts-and-lbo-models/
     • Merger model:
       • https://macabacus.com/merger-model/introduction
       • https://www.wallstreetprep.com/knowledge/financial-modeling-quick-lesson-accretion-dilution-model/
3. Financial Analysis
   • This is where you put together your knowledge in financial & accounting and modelling prowess
   • Below are some analysis and useful resources:
     • Types of financial analysis:
       • http://sellsidehandbook.com/2018/09/23/analyzing-financial-statements-and-ratios/
       • https://corporatefinanceinstitute.com/resources/knowledge/finance/types-of-financial-analysis/
       • https://corporatefinanceinstitute.com/resources/knowledge/finance/analysis-of-financial-statements/
       • https://corporatefinanceinstitute.com/resources/knowledge/finance/financial-ratios/
     • IRR & MoM:
       • https://corporatefinanceinstitute.com/resources/knowledge/finance/internal-rate-return-irr/
       • https://www.wallstreetprep.com/knowledge/irr-mom-return/
       • https://breakingintowallstreet.com/biws/kb/leveraged-buyouts-and-lbo-models/cash-on-cash-return-vs-irr/
     • Other analysis
       • EVA: https://corporatefinanceinstitute.com/resources/knowledge/valuation/economic-value-added-eva/
       • ROE: https://corporatefinanceinstitute.com/resources/knowledge/finance/what-is-return-on-equity-roe/
       • ROA: https://corporatefinanceinstitute.com/resources/knowledge/finance/return-on-assets-roa-formula/
4. Process / Execution Knowledge
   • Execution work takes up most of our time as a junior deal team member. Apart from being a numbers monkey, we are expected to lead parts of the investment / transaction process
   • Understanding deal mechanics and how to run a process / due diligence would make you a more valuable monkey
     • Private equity investment process: https://www.streetofwalls.com/finance-training-courses/private-equity-training/private-equity-investment-process/
     • M&A sale process:https://macabacus.com/mechanics/sale-processes
     • Deal structures:https://macabacus.com/restructuring/spin-offshttps://macabacus.com/strategies/overview
     • SPA negotiations:https://macabacus.com/mechanics/agreements
     • Private vs public transactions:https://macabacus.com/mechanics/private-vs-public
5. Industry Knowledge
   • For those joining a sector-focused team, getting up to speed with the industry would make you appear more intelligent and save you time when evaluating an opportunity / working on a transaction
   • As I will be joining a consumer-focused fund, I will start by collating knowledge pieces on the Consumer / Retail sectors
     • Sell-side handbook on Consumer & Retail: http://sellsidehandbook.com/industries/consumer-products-retail/
     • Basic overview of the consumer sector: https://www.wallstreetoasis.com/forums/basic-overview-of-the-consumer-sector
     • What you do in the Consumer Retail Group at an Investment Bank: https://www.mergersandinquisitions.com/consumer-retail-investment-banking/
     • S&P Primer on Consumer Discretionary: https://www.spglobal.com/spdji/en/documents/education/education-sector-primer-series-consumer-discretionary.pdf
     • S&P Primer on Consumer Staples: https://www.spglobal.com/spdji/en/documents/education/education-sector-primer-series-consumer-staples.pdf

​Appreciate any contribution / feedback. Will continue to update and refine this post to keep track of useful resources. Thanks!