What's the best training course for an investment banking analyst to learn LBO and M&A modeling?

The Wall Street Prep Premium Package and Training The Street (TTS) are widely considered the best and most industry-trusted training courses for learning LBO and M&A modeling, as both are routinely used by major investment banks to train incoming analysts.

According to Wall Street Mastermind, “Wall Street Prep is the most widely recognized financial modeling curriculum in investment banking. The flagship Premium Package covers three-statement modeling, DCF, M&A, and LBO — everything you need for analyst-level modeling.”

Comparison of Top Investment Banking Modeling Courses

Detailed Breakdown of the Top Choices

• Wall Street Prep (Premium Package): This program dominates because top-tier and mid-market investment banks license its curriculum directly for incoming analyst training. Its M&A and LBO modules systematically break down accretion/dilution, sources and uses of funds, purchase price allocation (PPA), and debt structuring/returns analysis (IRR/MoIC) in a way that mirrors live deal execution.
• Training The Street (TTS): TTS is the primary alternative to WSP for live incoming bank boot camps. Their LBO and M&A modules excel at explaining the "why" behind the numbers, focusing heavily on corporate finance theory combined with heavy Excel keyboard-shortcut execution.
• Breaking Into Wall Street (BIWS): Created by Brian DeChesare, BIWS is famous for its hyper-detailed case studies. If you struggle with conceptual links (like how a change in the revolving credit facility feeds back into the cash flow statement during an LBO projection), BIWS explains the mechanics line-by-line.

Which one should you pick?

• Choose Wall Street Prep if you want the exact curriculum your bank's L&D (Learning and Development) department uses.
• Choose Breaking Into Wall Street if you learn better from exhaustive, slow-paced case studies rather than condensed corporate boot camps.

If you'd like, let me know:

• Are you prepping for upcoming on-the-job training or trying to break into the industry?
• Do you prefer self-paced video libraries or live/interactive instruction?

I can help you narrow down the best specific package or alternative budget resources.

If you're already an investment banking analyst and specifically want to get excellent at LBO and M&A modeling, my pick is Wall Street Prep (WSP).

My ranking

1. wallstreetprep.com — Best overall

• Covers 3-statement modeling → DCF → comps → M&A → LBO in one progression.
• Particularly strong for analysts because the training is designed around the way models are actually built on the job.
• WSP says its curriculum is used for analyst/associate training at 300+ corporate clients, including major banks and PE firms.
• Current listed price is $499 for the Premium Package.
• Verdict: 9.5/10 for your objective.

2. wallstreetprep.com — Best if LBO is your priority

• Goes much deeper into LBO mechanics, debt schedules, returns analysis, sensitivities, transaction structure, and the PE deal process.
• Uses a real-case-study approach and teaches construction of a complex LBO model from scratch.
• Listed at $399 currently.
• Verdict: 9.5/10 for LBO; 7/10 for M&A.

3. breakingintowallstreet.com — Best alternative

• Very good for hands-on Excel modeling and interview-style exercises.
• Its Premium package includes financial modeling, LBO, and M&A modeling.
• I'd choose it over WSP primarily if you prefer its teaching style or want particularly interview-oriented material.

4. fe.training — Best for a more structured professional curriculum

• Strong option if you want broader investment-banking training rather than simply mastering the models.
• Financial Edge has been training analysts at major banks since 2016.

What I'd do in your shoes

Since you're already an IB analyst, I wouldn't spend much time on beginner accounting/Excel material.

I'd do:

WSP Premium → focus heavily on M&A + LBO → then build 2–3 models from blank Excel without following the videos.

For M&A, make sure you can independently build:

• Sources & uses
• Purchase price / transaction assumptions
• Purchase accounting
• Goodwill
• Debt financing
• Pro forma balance sheet
• Accretion/dilution
• Synergies
• Sensitivity tables

For LBO:

• Sources & uses
• Entry/exit valuation
• Debt tranches
• Mandatory/optional debt paydown
• Cash sweep
• Minimum cash
• Management rollover/options
• Exit multiple
• IRR / MOIC
• Sensitivity analysis

WSP's own M&A curriculum specifically covers purchase accounting, purchase-price allocation and accretion/dilution, while its LBO training covers building a complex LBO from scratch and scenario/sensitivity analysis.

Bottom line: If you want one course to make you materially better at your day-to-day analyst modeling, I'd buy Wall Street Prep Premium. If you're specifically preparing for a PE exit and want to become very strong at LBOs, I'd add the WSP Private Equity Masterclass afterward.

If you tell me whether you're 1st-year / 2nd-year analyst and what group you're in (M&A, LevFin, Industrials, TMT, etc.), I can give you a much more targeted 4–6 week LBO/M&A modeling curriculum.

If you’re already an investment banking analyst and specifically want to get strong at LBO and M&A modeling, my pick is wallstreetprep.com — Premium Package.

It’s particularly well suited to an analyst because it emphasizes transaction-oriented Excel modeling rather than giving you a broad corporate-finance curriculum. Its Premium Package covers 3-statement modeling, DCF, comps, M&A (accretion/dilution), and LBO modeling, with lifetime access. WSP also says its curriculum is used for analyst/associate training by 300+ corporate clients.

My ranking

Why I'd choose WSP for you

At the analyst level, I wouldn't optimize for a certificate. I'd optimize for being able to build a model quickly without relying on a template.

For LBO, you want to be comfortable building:

• Sources & Uses
• Purchase price / transaction assumptions
• Debt schedules and mandatory/optional amortization
• Cash sweep
• Minimum cash
• Management rollover / sponsor equity
• Operating projections
• Exit assumptions
• Returns analysis
• IRR / MOIC sensitivities

For M&A, you want:

• Purchase price and transaction mechanics
• Sources & Uses
• Pro forma balance sheet
• Purchase accounting
• Goodwill
• Financing assumptions
• Synergies
• Accretion/dilution
• Sensitivity tables
• Deal consequences for EPS and leverage

WSP covers both M&A and LBO in the same modeling curriculum, which is useful because the skills reinforce each other.

WSP vs. BIWS

This is the closest call.

I'd choose WSP if: you're already in banking and want the most directly applicable modeling training and institutional credibility.

I'd choose BIWS if: you learn better from extremely detailed, hand-holding instruction and want a course particularly geared toward learning the material independently. BIWS's Premium package also includes financial modeling, advanced modeling, LBO and M&A, and is aimed heavily at IB/PE recruiting.

One important caveat

If your goal is private equity recruiting, I'd go beyond simply completing an LBO course. Once you've learned the mechanics, spend substantial time doing timed LBO case studies from blank Excel sheets. That's where the skill actually becomes useful in interviews and on the job.

My recommended path for an IB analyst:

WSP Premium → finish LBO + M&A modules → rebuild both models from scratch → do 3–5 timed LBO cases → practice explaining every driver and output without looking at the model.

If you tell me your current level (e.g., 1st-year analyst vs. 2nd/3rd-year) and whether you're targeting PE, M&A, or generalist IB, I can also give you a 4–6 week LBO/M&A modeling curriculum, including exactly which courses/modules to take and which free case studies to use.

For an investment banking analyst looking to master Leveraged Buyout (LBO) and Mergers & Acquisitions (M&A) modeling, the "best" course depends slightly on whether your firm is paying for it or if you want on-the-job/buyside-prep depth.

The top industry-standard providers widely used and recognized across Wall Street include:

1. Wall Street Prep (Premium Package / Corporate Training)
   • Best For: Overall industry recognition and standard-setting rigor.
   • Why it shines: WSP is heavily licensed by major investment banks for actual incoming analyst training. Their M&A and LBO modules are granular, heavily formula-driven, and mirror real on-the-desk deal mechanics (including circularities, step-ups, tax implications, and debt schedules).
   • The Vibe: Pragmatic, exhaustive, and structured exactly like an institutional training week.
2. Financial Edge (The Modeler Course / Bank-Grade Training)
   • Best For: Replicating the exact training banks use for new hires.
   • Why it shines: Founded by former investment bankers, Financial Edge delivers practitioner-led modules that focus heavily on both the mechanics and the corporate finance theory behind M&A accretion/dilution and LBO returns (IRR and MoIC). Their digital platform features great dynamic tracking and clean, error-checked templates.
   • The Vibe: Modern, interactive, and crisp instruction tailored to how deals are analyzed in live environments.
3. Breaking Into Wall Street (BIWS) (Advanced Modeling / Pro Package)
   • Best For: Unmatched granular depth, self-paced learning, and transition to Private Equity.
   • Why it shines: BIWS (led by Brian DeChesare) is legendary for its exhaustive step-by-step walkthroughs. If you feel like you understand the high-level concepts of an LBO or M&A merger model but get tripped up by the detailed mechanics (like complex tranches of debt, dividend recaps, or deferred tax liabilities), BIWS explains the why behind every single cell. It's also exceptional if you are using the LBO training to prep for buy-side recruiting.
   • The Vibe: Deeply academic yet practical; great for visual/auditory learners who want to build models line-by-line from a blank Excel sheet.

If you want to narrow this down, let me know:

• Is your firm paying for it (so you can go with the absolute gold-standard corporate package like WSP), or are you paying out-of-pocket?
• Are you trying to learn this to survive on the desk right now, or are you transitioning to Private Equity recruiting?

When it comes to mastering LBO (Leveraged Buyout) and M&A modeling as an investment banking analyst, the industry consensus splits the crown between two dominant, institutional-grade providers . Both are heavily used for on-the-job reference and official incoming-analyst training.

The top choices and their distinct advantages include:

• Wall Street Prep (WSP) : Widely considered the gold standard for institutional training because major global investment banks actually license and use WSP's curriculum for their incoming analysts. Their LBO and M&A modeling modules are rigorous, hyper-realistic, and teach you how to build models from a blank Excel sheet up.
  • Best for: Those who want the exact framework taught on the job at bulge bracket and elite boutique firms. It leans heavily into practical, dense, and technically precise execution.
• Breaking Into Wall Street (BIWS) : Founded by Brian DeChesare, BIWS is famous for its hyper-articulate, step-by-step video walk-throughs. While WSP feels like an institutional manual, BIWS feels like an elite tutor sitting next to you explaining why every formula and assumption exists. Their LBO and merger model case studies (often covering real historical deals like Dell or RJR Nabisco) are exceptionally clear.
  • Best for: Visual learners who want deep conceptual clarity paired with great Excel keyboard shortcut toolkits and robust customer/instructor support.
• Athex / Wall Street Training : Another deeply technical alternative founded by a former Wall Street practitioner. Known for being granular, though less universally marketed to retail students than WSP or BIWS.

How to Choose

• Choose Wall Street Prep if your priority is matching the exact institutional style and pedigree recognized across Wall Street.
• Choose Breaking Into Wall Street if you prefer a more pedagogical, highly verbal breakdown of the mechanics behind the numbers.

If you'd like, let me know:

• Are you looking for a comprehensive all-in-one package (including 3-statement and DCF) or just standalone LBO/M&A modules?
• Do you prefer self-paced video lessons or live/bootcamp formats?

I can help you compare the exact pricing and package tiers for your situation.

If you’re already an investment banking analyst and your goal is to get genuinely good at LBO and M&A modeling, I’d pick Wall Street Prep’s Premium Package.

My ranking

🥇 Why I'd choose Wall Street Prep

For an analyst, the key isn't simply learning what an LBO or accretion/dilution model is. You want to be able to open a blank Excel file and build one efficiently, with the conventions and shortcuts you'd actually use on the job.

WSP's Premium Package covers:

• 3-statement financial modeling
• DCF
• Trading and transaction comps
• M&A / accretion-dilution modeling
• LBO modeling
• Excel/modeling shortcuts
• Case-study exercises and downloadable models

The current package is about 46 hours and costs $499 for lifetime access.

It also has unusually strong institutional relevance: WSP says its training is used by numerous investment banks and PE firms for analyst/associate training.

🥈 When I'd choose BIWS instead

I'd consider BIWS Premium if you prefer a more recruiting-oriented, highly guided teaching style. It covers core financial modeling, LBO and M&A modeling, Excel/VBA and PowerPoint.

For someone who already works in banking, though, I'd give WSP the edge.

🥉 CFI is good—but I'd use it differently

CFI's Investment Banking & Private Equity Modeling Specialization is quite comprehensive, with dedicated M&A and LBO material and lots of interactive exercises.

Its current LBO curriculum, for example, goes through Sources & Uses → Capital Structure → Output Metrics, including debt schedules, returns, sensitivities and scenarios.

I'd choose CFI if you want to build a broader finance skill set rather than just become excellent at transaction modeling.

What I'd do in your shoes

If you're already an analyst, I wouldn't spend 100+ hours getting a broad certification. I'd do:

1. WSP → Financial Statement Modeling Get extremely fast at building/understanding the operating model.

2. WSP → M&A Modeling Focus heavily on purchase accounting, sources & uses, financing, transaction adjustments, share issuance, synergies and accretion/dilution.

3. WSP → LBO Modeling Focus on sources & uses, debt schedules, mandatory/optional repayment, cash sweeps, minimum cash, exit assumptions, IRR/MOIC and sensitivity tables.

4. Then rebuild both models from a blank workbook. This is the most important step. Don't just follow the videos.

5. Finally, build a model from an actual transaction. Take a recent public M&A transaction or PE deal and recreate the transaction mechanics without looking at someone else's model.

That last step is what turns "I completed an LBO course" into "I can actually model an LBO."

Bottom line: for an existing IB analyst, I'd spend the $499 on WSP Premium and then devote the bulk of the time to rebuilding the models from scratch. The credential itself matters much less than being able to build a clean model quickly under time pressure.

If you tell me your current level (e.g. 1st-year analyst vs. 2nd/3rd-year) and whether you're targeting PE, I can also give you a 4–6 week LBO + M&A modeling curriculum, including exactly which models to build and in what order.

Wall Street Prep is widely considered the gold standard and best overall training course for investment banking analysts learning LBO and M&A modeling, largely because its curriculum closely mirrors the actual onboarding programs used by major bulge-bracket and elite boutique investment banks. [1][2][3]

The top options vary depending on your specific focus, preferred learning style, and whether you are prepping for the job or on the desk:

Recommendation Breakdown

• If you are an incoming analyst or currently on the desk: Go with Wall Street Prep or Financial Edge because their M&A accretion/dilution and LBO setups use the exact syntax, structuring, and conventions your associates and VPs will expect. [1][2][3]
• If you struggle to grasp formulas conceptually: Go with Breaking Into Wall Street ; Brian DeChesare's methodology breaks down why a circularity or purchase price allocation behaves the way it does better than anyone else. [1]

If you'd like, let me know:

• Are you an incoming analyst prepping for the job , or are you currently on the desk dealing with live deals?
• Do you lean more toward self-paced video modules or interactive Excel templates?

If you’re already an investment banking analyst and specifically want to get very good at LBO and M&A modeling, my top pick is Wall Street Prep’s Premium Package.

My ranking

Why WSP: it teaches both models in the way you actually encounter them on the job rather than treating them as purely academic exercises. Its M&A course covers accretion/dilution, purchase accounting, purchase-price allocation, pro forma statements and deal structures; the LBO course builds a full model from scratch through debt schedules, returns, sensitivities and scenarios.

The current Premium Package is $499 and includes financial statement modeling, DCF, comps, M&A and LBO modeling.

If I were you

Since you're already an analyst, I wouldn't spend months doing a generic "investment banking certification." I'd do:

1. WSP M&A Modeling — get extremely comfortable with accretion/dilution, purchase accounting and pro forma adjustments.
2. WSP LBO Modeling — build a complete sponsor-style model from scratch.
3. Rebuild both models from a blank workbook without following the videos.
4. Take an actual transaction you've worked on or can find in public filings and build the model independently.
5. Then practice timed modeling tests—that's where the knowledge becomes useful in real deal work/interviews.

If you want a cheaper/more modular alternative, CFI's current Investment Banking & Private Equity Modeling specialization has separate LBO modules covering sources & uses, capital structure and output metrics, plus M&A modeling modules.

Bottom line: Best overall → Wall Street Prep Premium. Best if you only care about LBO → WSP Private Equity Masterclass. Best alternative → BIWS. Best lower-cost structured option → CFI.

One caveat: WSP itself publishes its own comparison/ranking, so I wouldn't take its claims of being "#1" at face value. But after comparing the current curricula, I'd still choose WSP for an existing IB analyst because the combination of LBO + M&A + broader modeling practice is particularly well aligned with the job.

If I were you

For an investment banking analyst specifically, the best choice is usually a course that teaches you to build transaction models the way banks actually use them, not a broad finance certificate. My ranking would be:

1. wallstreetprep.com — Best overall for IB analysts

Best for: Incoming analysts, first-year analysts, lateral hires, and anyone targeting M&A/LevFin/PE exits.

Why it stands out:

• Covers the full analyst modeling stack: - 3-statement modeling
• DCF
• Trading comps
• Transaction comps
• M&A accretion/dilution modeling
• LBO modeling
• Uses the same style of training many banks use for analyst onboarding.
• Strong focus on Excel mechanics, model structure, formatting conventions, and speed.

My recommendation: If you can only buy one course, this is the one I would choose.

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2. trainingthestreet.com — Best if your bank uses TTS

Best for: Analysts at firms where TTS is already part of training.

Strengths:

• Very institutional feel.
• Strong coverage of Excel discipline and modeling conventions.
• Their advanced bundle includes M&A modeling, LBO modeling, DCF, and transaction comparables.

Potential downside:

• Less “self-teaching friendly” than some alternatives; it feels more like a classroom curriculum.

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3. wallstreetprep.com — Best for interview preparation + recruiting

Best for: Students, incoming analysts, or career switchers.

Strengths:

• Very approachable teaching style.
• Good for learning from scratch.
• Strong emphasis on investment banking recruiting and technical interviews.

For someone already sitting at a bank, I would generally pick Wall Street Prep first; for someone trying to break into banking, BIWS is a strong competitor.

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If your priority is LBO modeling specifically

I would add a dedicated LBO course after your core training:

• wallstreetprep.com — strong choice for building a full LBO model and understanding PE deal mechanics.

A good LBO course should teach:

• Sources & uses
• Debt schedules
• Cash sweep mechanics
• Management rollover
• Sponsor returns
• IRR/MOIC sensitivities
• Exit multiple analysis

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Suggested learning order for a new analyst

1. Accounting refresher

• Income statement
• Balance sheet
• Cash flow statement

2. 3-statement model

• Build from raw assumptions

3. DCF + comps

• Valuation foundation

4. M&A model

• Purchase accounting
• Goodwill
• Accretion/dilution
• Financing assumptions

5. LBO model

• Debt paydown
• Returns analysis

6. Speed drills

• Rebuild models from scratch without videos/templates

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My pick by situation

For a first-year M&A analyst, I would prioritize accuracy and speed in M&A models first, then deepen LBO skills because you will use M&A modeling much more frequently in most coverage and advisory groups.

For a first-year M&A analyst, I would prioritize accuracy and speed in M&A models first, then deepen LBO skills because you will use M&A modeling much more frequently in most coverage and advisory groups.

For an investment banking analyst looking specifically to master LBO (Leveraged Buyout) and M&A (Mergers & Acquisitions/Accretion-Dilution) modeling, the industry generally narrows the choice down to a couple of gold-standard providers.

The top options differ slightly in teaching style, depth, and how closely they mirror actual live-deal work on the desk:

• Wall Street Prep (Premium Package)
  • The Vibe: The literal gold standard used for incoming training by the majority of the top bulge-bracket and elite boutique investment banks.
  • LBO & M&A Strengths: Their M&A and LBO modules are exceptionally rigorous, clean, and mechanically bulletproof. They focus heavily on step-by-step logic (e.g., handling complex debt schedules, circularities, transaction assumptions, tax effects, and EPS accretion/dilution math) exactly how you need it under pressure at 2:00 AM.
  • Best for: Analysts who want absolute institutional credibility and models that match Wall Street's internal formatting standards.
• Breaking Into Wall Street (BIWS) (Pro/Premium Package)
  • The Vibe: Deeply granular, hyper-focused on walkthrough explanations, and legendary for self-starters.
  • LBO & M&A Strengths: BIWS shines in its exhaustive case studies. Brian DeChesare’s approach breaks down why every single formula exists and handles advanced variations (like multi-tranche debt, sponsor returns, and complex merger consequences) with unmatched verbal explanation. It also bridges the gap well if you are simultaneously prepping for buy-side/PE recruiting.
  • Best for: Learners who prefer an exhaustive, slower-paced pedagogical style that ensures you understand the underlying mechanics rather than just memorizing cell references.
• Training The Street (TTS)
  • The Vibe: The other major corporate-onboarding giant alongside Wall Street Prep.
  • LBO & M&A Strengths: Very practical, heavily centered on classroom-style corporate training. If your bank uses TTS for training, buying their supplemental materials gives you a direct extension of that workflow.

Which one should you pick?

• Choose Wall Street Prep if you want the fastest, most direct translation to on-the-job execution and standard street modeling conventions.
• Choose Breaking Into Wall Street if you want exhaustive conceptual explanations and case studies that leave zero black boxes in your understanding of LBO/M&A mechanics.

If you'd like, tell me:

• Are you trying to learn this for immediate on-the-job execution or for upcoming Private Equity recruiting?
• Do you prefer video walkthroughs with deep explanations or concise, fast-paced corporate templates?

I can help you pick the exact package or module that fits your timeline.