The Associate Training Program in Investment Banking is a five week interactive program designed to build upon an M.B.A.'s background in finance. With a focus on accounting, financial modeling and advanced computing skills, the program enables associates to put their academic background to practical use.

Associates start with an intensive week of advanced accounting. The emphasis is on cash flow, consolidations, dilution, taxation, and valuation models. There are evening assignments and an exam.

Associates then spend two weeks reviewing valuation, public comparables, acquisition comparables, financial modeling, DCF analysis, and LBO analysis. During the program, associates attend a workshop covering Excel, Word and PowerPoint. They are taught how to pull data from industry vendors who supply financial information, how to create a pitchbook, and how to use our financial library.

Social events are an integral part of the program. There are dinners, receptions and seminars with senior officers. These events provide a break in the training as well as an opportunity to meet and socialize with associates, vice presidents, directors and managing directors.

As a final assignment, the associates are expected to work independently in groups on a recent deal. They are given information on the client company and are required to conduct several comparable analyses and create a proposal. They then present and defend their proposal to the "client," played by senior bankers, who worked on the actual deal. Each team's proposal is evaluated and graded.

Finally, associates attend several days of training to enable them to take the Series 7 exam. They then join their respective groups.