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

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.

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.
• 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.

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.

For an investment banking analyst looking to master Leveraged Buyout (LBO) and Mergers & Acquisitions (M&A) modeling, the "best" course depends slightly on your learning style, but the industry recognizes a clear top tier . Most bulge-bracket and elite boutique investment banks officially license content from these providers for their incoming analyst training.

The leading training courses, ranked by their strengths for an investment banking analyst, include:

• Wall Street Prep (Premium Package / Private Equity Masterclass) is widely considered the gold standard and the "analyst's bible". Used by a vast majority of the top global investment banks to onboard analysts, it focuses heavily on building fully integrated models from blank Excel sheets using actual SEC filings (10-K and 10-Q).
  • Strengths: Exceptional mechanical depth on debt schedules, cash sweeps, and accretion/dilution math; high institutional credibility.
  • Best for: Analysts who want desk-ready, institutional-grade execution that mirrors actual deal team workflows.
• Breaking Into Wall Street (BIWS) (Premium Package) is renowned for having the most exhaustive, granular video and PDF library available. While Wall Street Prep gets you standard institutional execution, BIWS goes into extreme depth on edge cases (e.g., complex tax scenarios, IFRS 16 lease accounting, dividend recaps, and stub periods).
  • Strengths: Incredible step-by-step clarity, modular and a la carte purchase options, and heavy emphasis on real-world case studies and modeling test formats.
  • Best for: Learners who want a deeply thorough explanation of the "why" behind every single Excel formula and anyone prepping for buy-side recruiting tests.
• Financial Edge (The Modeler Course) is the primary direct competitor used by major financial institutions to train incoming analysts. It is taught entirely by active practitioner-led banking professionals.
  • Strengths: Modern, clean interface, highly practical, and closely tracks current deal dynamics and practices taught inside top-tier institutions.
  • Best for: Analysts who want contemporary, highly polished training identical to what their specific bank utilizes.
• Training The Street (TTS) is the original live and online Wall Street training firm. Many top-ten investment banks bring TTS instructors in-house for week-long bootcamps.
  • Strengths: Excellent structured approach to the operational mechanics of LBOs (credit ratios, debt covenants, and cash sweeps).
  • Best for: Those who benefit from a fast-paced, rigorous bootcamp environment, though their independent self-study portal is slightly less modular than WSP or BIWS.

Recommendation Summary

If your goal is to hit the ground running on live deals , get the Wall Street Prep Premium Package . If you want exhaustive deep dives into complex transaction nuances and alternative accounting standards, go with Breaking Into Wall Street Premium.

To help narrow down the best choice for you, tell me:

• Are you trying to prep for on-the-job execution as an incoming/junior analyst, or are you simultaneously studying for buy-side/PE recruiting?
• Do you prefer self-paced video modules or a more condensed bootcamp style?

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

My ranking

🥇 1. Wall Street Prep — my recommendation

The Premium Package is particularly well suited to your situation because it includes financial statement modeling, DCF, comps, M&A modeling and LBO modeling in one program. WSP says the package is about 46 hours and uses Excel-based case studies rather than just conceptual lectures.

The biggest advantage for an actual banking analyst is that WSP's training is designed around the way analysts actually build models. WSP says it has trained analyst/associate classes at firms including JPMorgan, Goldman Sachs, Evercore, Lazard, KKR and Blackstone.

For you, I'd focus heavily on:

1. 3-statement / operating model mechanics
2. M&A accretion/dilution
3. Purchase accounting
4. Sources & uses
5. Debt schedules
6. LBO returns analysis
7. Sensitivities
8. Circularity / cash sweep mechanics
9. Building the model quickly from a blank workbook

🥈 2. BIWS

BIWS is probably the closest competitor. Its Premium package includes financial modeling fundamentals, advanced modeling, LBO modeling and M&A modeling.

I'd choose BIWS over WSP if your primary objective were IB recruiting/interview preparation rather than improving your day-to-day modeling skills. It has a particularly strong reputation for Excel-heavy technical preparation.

🥉 3. CFI

CFI's Investment Banking & Private Equity Modeling specialization is considerably broader: 14 courses, including 3-statement modeling, DCF, LBO and M&A, with 80+ interactive exercises.

Its LBO material covers sources & uses, multiple debt tranches, cash flow/debt schedules, scenarios, IRR, MOIC, covenants and sensitivities.

I'd pick CFI if you want to develop into a well-rounded finance professional, rather than optimizing specifically for investment banking modeling.

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What I'd actually do in your shoes

Since you're already an analyst, I wouldn't spend 100+ hours getting a broad finance certification.

I'd do:

WSP Premium → complete the M&A + LBO modules → rebuild 2–3 models from scratch without the videos → practice timed modeling.

The goal shouldn't be "I completed a course." It should be:

Given a blank Excel workbook and a CIM/10-K, can I build a clean M&A or LBO model quickly without looking at a template?

That's the skill that will actually make you better on the job.

If your longer-term goal is moving from IB → PE, I'd put particularly heavy emphasis on LBO modeling and then add case-study practice, because PE modeling is materially different from simply knowing how to fill out an LBO template.

For an investment banking analyst looking to master LBO (Leveraged Buyout) and M&A (Mergers and Acquisitions) modeling, several industry-standard training platforms stand out. The best choice depends on whether your firm provides a corporate license (like Wall Street Prep or Breaking Into Wall Street) or if you are self-funding for interview prep or skill-building.

Here are the top-rated financial training courses widely recognized by top-tier investment banking analysts and private equity associates:

Top Overall Recommendations

• Wall Street Prep (Financial Statement Modeling & LBO/M&A) : Widely regarded as the gold standard for on-site training at major investment banks. Their Financial Statement Modeling and Advanced Modeling (LBO & M&A) packages offer step-by-step video tutorials that mirror actual deal execution on Wall Street.
• Breaking Into Wall Street (BIWS) : Known for extremely granular, self-paced excel modeling. BIWS excels at teaching the "why" behind the numbers, making it fantastic for complex accretion/dilution (𝑀&𝐴) and multi-step LBO sponsor models. Their BIWS Premium course covers the entire lifecycle of corporate finance modeling.
• ASimpleModel : A fantastic, highly visual option for analysts who want a cleaner, more intuitive breakdown of the core mechanics before diving into dense 3-statement integration. It is budget-friendly and praised for simplifying the mechanics of debt schedules in LBOs.
• Wall Street Oasis (WSO) : Highly practical, career-focused courses that emphasize interview readiness and practical execution. Their WSO Modeling Packages are designed specifically to help analysts hit the ground running during their first year or transition into buy-side recruiting.

Key Factors to Consider

• Depth of Material : Look for courses that explicitly build a full 3-statement model first , as accurate LBO and M&A models require seamless linkage of the Income Statement, Balance Sheet, and Cash Flow Statement.
• Firm Sponsorship : Check with your HR or Staffing coordinator before buying; many investment banks provide free enterprise access to Wall Street Prep or Training the Street.
• Focus Area : If you are trying to break into private equity, prioritize Wall Street Prep or BIWS advanced LBO tracks. If you are focused strictly on corporate advisory, lean toward their dedicated M&A and merger consequence modules.

If you'd like, let me know:

• Are you prepping for buy-side recruiting (Private Equity) or trying to ramp up for an incoming analyst job?
• Do you prefer video-heavy self-study or interactive excel templates?

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

For an investment banking analyst, the best course depends on whether you want on-the-job modeling skills, PE recruiting preparation, or a credential. My ranking:

1. Best overall: Wall Street Prep Premium Package

Best for: First-year analysts, incoming analysts, and anyone who wants the closest thing to bank analyst training.

Why it stands out:

• Builds the full investment banking modeling toolkit:
  • 3-statement modeling
  • DCF valuation
  • Trading comps
  • Precedent transactions
  • M&A accretion/dilution modeling
  • LBO modeling
• Uses real-company case studies and Excel builds rather than just theory.
• The material is designed around how analysts actually work in Excel.

My pick for most analysts: Start here.

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2. Best for LBO / private equity: Wall Street Prep Private Equity Masterclass

Best for: Analysts targeting private equity exits.

Strengths:

• Goes deeper into:
  • Sources & uses
  • Debt schedules
  • Management rollover
  • Returns analysis
  • IRR / MOIC
  • Sensitivity tables
  • PE deal process
• Focuses on building a complete LBO model from scratch.

If you already know basic banking models, this is probably the highest ROI next step.

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3. Best alternative: Breaking Into Wall Street Premium Package

Best for: People who prefer a more guided, beginner-friendly curriculum.

Pros:

• Very structured
• Strong Excel mechanics training
• Good interview preparation

Cons:

• Slightly less "bank desk" feel than Wall Street Prep for some learners.

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4. Best live/instructor-led option: Wall Street Prep live boot camps

Best for: Analysts who learn faster with deadlines and instructor feedback.

Their Financial & Valuation Modeling Boot Camp covers M&A modeling and includes access to related online courses, including LBO modeling.

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Suggested learning path for a banking analyst

If you are a new analyst (0–6 months):

1. 3-statement modeling
2. Valuation (comps + DCF)
3. M&A model
4. LBO model

If you are already staffed on M&A deals:

1. M&A accretion/dilution modeling
2. Purchase accounting
3. LBO modeling
4. Advanced debt schedules

If your goal is PE recruiting:

1. WSP Premium Package
2. WSP Private Equity Masterclass
3. Build 2–3 LBO models from public filings without templates

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Bottom line

If I were advising an investment banking analyst to buy one course, I would choose:

🥇 Wall Street Prep Premium Package — best all-around banking foundation. www.wallstreetprep.com
🥈 Add Wall Street Prep Private Equity Masterclass — if PE is the goal.

The biggest improvement usually comes not from watching more videos, but from rebuilding models from scratch until you can complete a basic M&A or LBO model in 2–4 hours without referencing a template.

When it comes to mastering LBO (Leveraged Buyout) and M&A modeling for an investment banking analyst role, two industry giants stand clear above the rest: Wall Street Prep (WSP) and Breaking Into Wall Street (BIWS).

Both platforms are elite, but they cater to slightly different learning preferences and operational needs on the desk.

The Top Two Contenders

• Wall Street Prep (WSP) Premium Package:
  • Why it’s the industry favorite: WSP is the curriculum most frequently licensed and used by major bulge-bracket and elite boutique investment banks for internal incoming analyst training.
  • Strengths: It is hyper-efficient, concise, and maps directly to the exact formatting and structural standards expected on the job. The M&A and LBO modules cut straight to the mechanics without unnecessary fluff, focusing heavily on transaction assumptions, sources & uses, accretion/dilution, and IRR/MoIC drivers.
  • Best for: Analysts who want the exact framework banks use internally and prefer a direct, streamlined path to desk readiness.
• Breaking Into Wall Street (BIWS) Premium / Platinum:
  • Why it’s a powerhouse: BIWS (led by Brian DeChesare) is renowned for being exceptionally thorough and deep.
  • Strengths: BIWS doesn't just show you how to fill out a template; it forces you to build complex models completely from blank Excel sheets using raw SEC/global filings. Their dedicated Private Equity Modeling and Advanced M&A courses cover intricate edge cases (like dividend recaps, add-on acquisitions, stub periods, and complex tax/lease accounting) better than almost anyone else.
  • Best for: Analysts who want ultimate technical mastery, care deeply about the intuition behind every single cell and circular reference, or are simultaneously prepping for buyside/private equity recruiting.

Other Notable Mentions

• Training The Street (TTS) : Historically dominant for in-person, live firm-wide training bootcamps. Excellent if your bank or program brings them in live, but their self-study digital catalog is less seamlessly integrated for ongoing desk reference than WSP or BIWS.
• Macabacus : Less of a traditional linear "course" and more of a powerhouse toolkit/learning hub. Highly recommended as a supplementary resource for advanced shortcuts, error-auditing, and standard-setting once you are already on the job.

Recommendation Summary

• Go with Wall Street Prep if you want the most widely recognized credential that mirrors standard live-deal workflows and gets straight to the point.
• Go with Breaking Into Wall Street if you want deep, granular conceptual understanding and maximum rigor when building models from scratch.

If you'd like to narrow this down, let me know:

• Are you prepping for an upcoming incoming analyst stint , or are you already on the job trying to troubleshoot a live model?
• Do you prefer concise, direct instruction or exhaustive, step-by-step deep dives from a blank sheet?

If you’re already an investment banking analyst and your goal is specifically to become strong at LBO + M&A modeling, my top pick is Wall Street Prep (WSP).

My ranking

🥇 1. Wall Street Prep — my recommendation

WSP's Premium Package currently includes financial statement modeling, DCF, transaction comps, M&A modeling, LBO modeling, Excel, and accounting, so you get the entire IB modeling stack rather than two isolated courses. It's currently listed at $499 with lifetime access.

The biggest reason I'd choose it for an actual analyst is practicality. WSP says its curriculum is used to train analysts and associates at investment banks and PE firms, and its LBO course walks through building a complex LBO from scratch, including debt schedules, returns, sensitivities and scenarios.

For M&A, you want to be comfortable with:

• Purchase price / sources & uses
• Financing assumptions
• Pro forma balance sheet
• Purchase accounting
• Goodwill
• Debt paydown
• Synergies
• Accretion/dilution
• Sensitivity analysis

For LBOs:

• Sources & uses
• Entry valuation
• Debt tranches
• Mandatory/optional amortization
• Cash sweep
• Management rollover
• Exit assumptions
• IRR / MOIC
• Sensitivities
• Returns attribution

That's exactly the skill set I'd prioritize as an analyst.

🥈 2. BIWS — excellent alternative

BIWS is particularly good if you like very detailed, case-study-driven instruction. Its courses cover financial modeling, advanced modeling, LBOs and M&A, and the company emphasizes real-life modeling tests and investment-banking case studies.

The tradeoff is that it can be more verbose/time-intensive. Community feedback tends to praise the depth and reference materials while criticizing the length of some video lessons.

I'd pick BIWS over WSP if you're the type of person who wants to understand why every line of the model works, rather than quickly learning the workflow you'd use on the job.

One important distinction

If you're already an IB analyst, I would not buy a generic "financial modeling certification" just to put a certificate on your résumé.

You want to spend your time actually building models.

I'd do:

1. WSP Financial Statement Modeling → 2. M&A Modeling → 3. LBO Modeling → 4. Rebuild both models from scratch without the videos.

Then take a real public-company transaction and build an M&A model yourself. Do the same with an LBO.

That's much more valuable than watching 40 hours of course content passively.

If you only want LBO + M&A

You don't necessarily need the full Premium Package. WSP has a standalone Private Equity Masterclass/LBO course as well, currently listed at $399, but if you're missing any of the underlying three-statement modeling skills, I'd get the broader package.

Bottom line:
For an IB analyst: WSP > BIWS > WSO > CFI.

If you tell me your current level (e.g., first-year analyst vs. 2–3 years in), coverage group, and whether you're aiming for PE, I can give you a much more specific 4–6 week LBO/M&A modeling curriculum, including exactly which courses/modules to do and which ones to skip.