Discount both the discrete FCFs and the Terminal Value to the present day using the calculated WACC. 3. Build Complex LBO and M&A Models
The Goldman Sachs Investment Banking Training Manual: Elite Valuation, Modeling, and Deal Execution
Each year, thousands of the brightest university graduates are selected for the highly competitive . This is a full-time program for final-year undergraduate and graduate students. Before being deployed to their teams, all new analysts are brought together for an intensive, structured, class-based training program. This initial onboarding, often held at the firm’s New York and New Jersey offices, can involve over 2,000 analysts participating in a single year.
All variables, growth rates, and margins must be clearly stated, cited, and defensible. 2. Professional Excel Mastery and Financial Modeling
A premium pitch book is structured to guide a corporate board seamlessly toward a strategic decision: Discount both the discrete FCFs and the Terminal
The foundation of the training program focuses on mastering the technical skills required to execute multi-billion dollar transactions.
In today's world, "extra quality" also means staying ahead of the technological curve. Goldman Sachs has recognized the importance of AI in the future of finance. In 2025 alone, the firm allocated a staggering $275 million to AI training programs, reskilling 4,200 analysts and associates to work alongside generative AI copilots. These 16-week certification programs have demonstrably cut pitchbook creation time by 65%. Modern training now encompasses prompt engineering, Python scripting, and validating AI-generated outputs—skills that are rapidly becoming just as critical as traditional financial modeling.
Technical acumen will get you an interview, but soft skills and cultural alignment will get you promoted. The Goldman Sachs training manual places a heavy emphasis on the qualitative aspects of banking, often referred to in the industry as the 1. Attention to Detail and "Zero Defects"
: The leak revealed that analysts were working an average of 95 to 105 hours per week and getting only five hours of sleep per night. This is a full-time program for final-year undergraduate
Sponsors evaluate success via Internal Rate of Return (IRR) and Multiple on Invested Capital (MOIC) . Analysts run meticulous sensitivity analyses on entry multiples, exit multiples, leverage levels, and organic growth rates to ensure a resilient return profile. M&A Accretion/Dilution Analysis
Instruction on how to use PowerPoint to tell a persuasive story, moving beyond raw data to strategic insights. The "Secret Sauce": Cultural Integration
: Detailed instruction on the three main financial statements (Income Statement, Balance Sheet, and Cash Flow Statement) and GAAP principles.
Projecting cash flows available to all capital providers using the formula: All variables, growth rates, and margins must be
: Delivers instructor-led training for new joiners at firms like Goldman Sachs and J.P. Morgan. New Analyst Programme - Goldman Sachs
Every chart, table, and text block must align perfectly to established corporate brand standards.
The Goldman Sachs investment banking training manual is a legendary resource that has earned a revered place in the world of finance. Its contents are said to be transformative, and those who master them are well on their way to achieving greatness in the field of investment banking. The manual's allure is undeniable, and its significance extends far beyond the walls of Goldman Sachs. For those who seek to excel in investment banking, the manual is an essential guide that can help unlock the secrets of the industry.
Extensive training in Discounted Cash Flow (DCF) models, comparable company analysis, and precedent transactions.
: Guidance on the mechanics of Initial Public Offerings (IPOs), bond offerings, and the underwriting process, teaching analysts how to market and price deals for global clients. The "Extra Quality" Distinction