Financial modelling
Practice DCF and LBO financial models in Excel
DCF and LBO models sit at the heart of every M&A transaction — and a Transaction Services analyst is regularly expected to understand, critique and feed into these models. This module provides structured practice cases on DCF and LBO modelling in Excel: built from scratch using real financial data, with step-by-step video corrections and reusable professional templates.
Rated 4.9 / 5 · 500+ reviews
Julien N.· 4mo ago
Landed the job at EY Transaction Services
The case studies are clear, realistic, and built real confidence. I genuinely feel the training played a key role in helping me land the job.
Our candidates are hired at
Knowing what a DCF is is not enough — recruiters test whether you can build one
Most candidates know the definition of a DCF and an LBO. Very few can build a complete model from scratch, justify every assumption and defend their valuation under pressure. This module closes that gap with practice cases on real financial data.
Key figure
80%of candidates in M&A and PE interviews fail Excel modelling tests — not from lack of theoretical knowledge, but from lack of structured practice on real cases.
Practice DCF and LBO financial models in Excel
DCF model: full build from a blank sheet
You build a complete DCF model from a blank spreadsheet: projecting free cash flows over five years from the income statement and balance sheet, computing…
LBO model: debt structure and return analysis
You build a complete leveraged buyout model: entry price and financing structure (senior debt, mezzanine, sponsor equity), income statement and free cash flow…
Trading comps and multiples analysis
You build a trading comparables table for a real sector: gathering financial data (EBITDA, net income, revenue), computing EV/EBITDA, EV/EBIT, P/E and P/S…
Measurable outcomes
500+ candidates prepared, 100% in internship or full-time role. Transaction Services Training is a proven method.
Our team is made up of former Transaction Services analysts and managers, including Big 4 recruiters. They share directly what is evaluated in the interview — because they have been on the other side of the table.
Why Transaction Services Training and not another programme?
 ✦ Recommended |  |  |  | |
|---|---|---|---|---|
| 100% specialised in Transaction Services | Only one | |||
| Full case studies with detailed corrections | 8+ | 1–2 | 1–2 | |
| EBITDA / Net Debt / NWC adjustments documented | 150+ | A few | Rare | |
| Reusable TS Excel models | 4+ | Limited | ||
| Mock interview with Big 4 recruiter | Included | |||
| Team responsive within the hour | Included | Limited | ||
| Updated monthly | Yes | Occasional | ||
| One-time price, no subscription | Yes | Subscription | Subscription | Subscription |
Comparison based on publicly available offers as of 2025. Data subject to change.
Frequently asked questions
What is a DCF model used for in Transaction Services?
Do you need LBO modelling knowledge to work in Transaction Services?
LBO mastery is not required for a junior TS role, but it is strongly valued for transitions into PE or M&A boutiques. Several Big 4 recruiters also test LBO understanding to assess financial maturity. This module prepares you for those questions.What Excel files are provided in this module?
What level is required to start this modelling module?
A foundation in accounting and financial analysis is needed — you should be able to read an income statement and balance sheet. Discounting logic is explained in the module before being applied. Beginners in financial modelling are welcome.Is this module useful for M&A boutique interviews?
Yes. M&A boutiques systematically test modelling in interviews. This module is calibrated to the formats expected in these firms, not academic templates. Corrections explicitly flag the most penalising errors in a boutique test.How long does it take to master a DCF and LBO model in Excel?
Most candidates master a complete DCF build in 6 to 8 hours of practice. The LBO requires 8 to 12 additional hours. The module is designed for evenings over 2 to 3 weeks, compatible with preparation alongside an internship or job.
The next TS offer is yours.
500+ candidates prepared their interviews with this programme. Those who landed the role have one thing in common: they worked the cases before walking into the room.
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