The finance prep reading list I actually recommend.
A short, opinionated set of free resources for serious candidates. No affiliate links, no fluff. These are the pieces I send people when they ask how to actually learn LBO modelling, DCF and the accounting that matters for a stock pitch, annotated with why each one is worth your time.
LBO modelling & private equity
If you are recruiting for private equity, you will be tested on LBO mechanics until they are automatic. Multiple Expansion has the cleanest free walkthroughs I have seen — start with the paper LBO, then build the full model.
Paper LBO — Step-by-Step Example
Multiple Expansion
The paper LBO is the single most common PE interview test. Do this one by hand until you can finish it in under 10 minutes without a calculator.
Advanced LBO Modeling (Part 1)
Multiple Expansion
Once the paper LBO is automatic, build the full Excel model. Pay attention to the debt schedule and the returns bridge — that is where most candidates fumble in a modelling test.
Free Private Equity Modeling Course
Multiple Expansion
The most complete free PE modelling curriculum online. Work through it end to end before any on-cycle process.
LBO Value Creation Analysis
Multiple Expansion
Builds the value-creation bridge that shows where sponsor returns actually come from. Investment committees think in these terms — so should you.
Accounting analysis & valuation
The Footnotes Analyst (Steve Cooper, ex-IASB; Dennis Jullens, ex-UBS) is the best free resource on where accounting and economic reality diverge. This is the level of thinking that separates a strong buyside candidate from someone who just memorised the three statements.
Debt-like customer advances and DCF valuation
The Footnotes Analyst
Teaches you to spot financing hidden inside operating lines. Exactly the kind of insight a PM wants to see in a stock pitch.
Missing intangible assets distorts return on capital
The Footnotes Analyst
ROCE and ROIC are core to any investment thesis. Understanding why reported returns can be misleading is a genuine edge in interviews and on the job.
Intangible asset accounting and the 'value' false negative
The Footnotes Analyst
Why expensed intangible investment distorts both earnings and book value — and how to adjust. Essential for any modern stock pitch on an asset-light business.
The diluted EPS calculation is 50 years out of date
The Footnotes Analyst
Dilution from stock-based comp is one of the most underappreciated drivers of per-share value. Essential for tech and growth-name pitches.
L3VLUP prep paths
The external resources above teach the mechanics. These pages connect them to your specific recruiting path, with the questions you will actually be asked and how we coach you through them.
Investment Banking Interview Prep
L3VLUP
Technicals, deal discussion, behaviourals and Superday prep for bulge brackets and elite boutiques.
Private Equity Interview Prep
L3VLUP
Paper LBOs, full modelling tests, case studies and on-cycle vs off-cycle strategy.
Hedge Fund Interview Prep
L3VLUP
Stock pitches, investment theses, variant perception and how PMs actually evaluate you.
Equity Research Interview Prep
L3VLUP
Modelling, sector coverage, the written stock note and defending your calls under pressure.
Want these applied to your actual recruiting?
Reading is the easy part. If you want practitioner feedback on a model, a pitch or a case study, that is what 1:1 sessions are for.