Basic additions
Management rollover and a driver-based forecast. Not always required on a test, but easy to add and expected at many firms, so there is no excuse not to know them.
Free LBO modeling course · 11 Excel models included
Get the full course at no cost: 9+ hours of video, 11 Excel models and 6 instruction decks. Build basic, intermediate and advanced LBO modeling tests step by step, then check your model line by line against the completed file. Taught by a former Lazard banker and PE investor.
$0, no card. Register on the next page to get the videos, decks and all 11 Excel models.
Illustrative example, not a course screenshot. EBITDA grows from $100m to $140m; debt is paid down from cash flow; no fees or dilution. The course teaches you to build every line behind numbers like these.
What’s inside
The PE Recruiting Edge is the LBO modeling course our candidates use to prepare for buy-side modeling tests. It moves from a basic LBO test to the intermediate and advanced additions that show up at the most technical firms. Each lesson comes with the instructions deck and the completed Excel output, so you build alongside the video and then compare your model line by line.
The basic LBO test
Three lessons, about 3.5 hours, one complete model. Build it with the video first, then rebuild it from a blank sheet without the video.
Management rollover and a driver-based forecast. Not always required on a test, but easy to add and expected at many firms, so there is no excuse not to know them.
PIK debt, the closing balance sheet and the projected balance sheet. The closing balance sheet is the most common step that separates a basic test from a harder one.
Dividend recaps, add-on acquisitions, and convertible preferred with a co-investment structure. These appear on the most technical modeling tests, and matter most if the firm has done these deals.
Six instruction decks with the assumptions for each test, ten completed Excel models to check your work against, and a starting template for the closing balance sheet. Plan on 20 to 30 hours if LBO modeling is new to you, about half that if it is not.
Compare your options
Here is how our free course sits alongside four paid LBO and private equity courses. The paid options go deeper in places. Start here and decide whether you need more.
Swipe across the table to see every course.
| What you get | Wall Street MastermindThe PE Recruiting Edge | Peak FrameworksPrivate Equity Course | Breaking Into Wall StreetPrivate Equity Modeling | Wall Street OasisPrivate Equity Interview | Training The StreetPrivate Equity Bundle |
|---|---|---|---|---|---|
| Advertised price | Free$0 | $547Listed as a limited-time price; standard $649 | $197 | $297Shown with a countdown discount | $45016-course bundle |
| Built for | IB analysts and candidates preparing for PE modeling tests, basic through advanced | On-cycle and off-cycle PE recruiting | LBO modeling tests and PE case studies | PE interviews for bankers, consultants and MBAs | Broad PE skill set: Excel, valuation, capital markets, LBOs |
| LBO framework taught | Yes: assumptions, sources & uses, cash flow, debt waterfall, balance sheet, returns and sensitivities | Yes, across LBO theory and modeling modules | Yes, layered over 5 levels of LBO models | Yes, within LBO modeling test modules | Yes, in LBO analysis and modeling courses within the bundle |
| Paper LBOs | Not included; the course is Excel modeling tests | 7 paper LBO tests | Paper LBOs and LBO math questions | Interview cases and Q&A | Not the focus |
| Excel LBO models | Basic, intermediate and advanced tests: management rollover, PIK debt, closing and projected balance sheets, dividend recap, add-on acquisition, convertible preferred | 5 three-statement LBO model tests | 6 conceptual models and 6 full case studies | LBO modeling tests with exercises | LBO modeling and advanced LBO modeling courses inside the bundle |
| Excel files included | Yes, 11 Excel files and 6 instruction decks | Yes, model tests and Excel behind every question | Yes, models and case study files | Exercises included; see provider page | See provider page |
| Video | 11 videos, 9+ hours | 100+ videos, 13+ hours | Study plans from 5 to 20 hours | 180+ lessons, 15+ hours | 50 hours across 16 courses |
| Certificate | Not offered with the free course | Yes | Yes, after a quiz | Yes | Yes |
| Access & support | Free course; coaching is a separate paid program | Resume database, headhunter list; see provider page for access terms | 5 years of support and video access; 90-day guarantee | Lifetime access; money-back guarantee | Self-study; see provider page for terms |
Comparison published by Wall Street Mastermind, the provider of the free course. These are different products, not identical curricula. Public offers checked September 12, 2026; prices in USD and subject to change. “See provider page” means the detail is not stated on the public offer page we reviewed.
Sources: WSMM course · Peak Frameworks course · BIWS course · WSO course · TTS bundle.
The paid courses have more model tests and more hours. If you have never built an LBO from a blank sheet, start with the free course. Get the framework and a full model down, then decide whether you need a bigger library.
Free downloadYour instructor

Head Coach, Wall Street Mastermind
Max started at Lazard and Qatalyst Partners, two of the leading technology investment banks, then moved to private equity at Vector Capital. He holds an MBA from Stanford and an MPA from Harvard, and now leads coaching at Wall Street Mastermind.
Investment banking and private equity



Education


See how we teach
Our live PE modeling bootcamp is public on YouTube: paper LBOs done live and an Excel model built from scratch. Watch a few minutes to see whether the teaching style works for you before you register.
Watch the LBO bootcamp on YouTubeBefore you start
Yes. The PE Recruiting Edge is offered at $0 with no card required. WSMM also runs paid coaching programs, which are separate from this course.
Eleven video lessons, about nine and a half hours in total, across three modules: a basic LBO modeling test built in three parts, then intermediate additions (PIK debt, closing and projected balance sheets) and advanced additions (dividend recap, add-on acquisition, convertible preferred and co-investment). Each lesson includes the instructions deck and the completed Excel model.
Investment banking analysts preparing to recruit into private equity, and finance students who already have an offer and want to get ahead of the modeling test. If you are earlier than that, get comfortable with accounting and valuation first.
Select “Free download” to continue to our registration page. It asks for your name, email and phone number, then sends your login, where you can stream the videos and download every Excel model and deck.
No. One-on-one coaching is a separate paid program. Registering for the free course does not enroll you in coaching.
No. This page is published by Wall Street Mastermind. The comparison names each product and links to its public offer page so you can check the details yourself.
No. It is a preparation resource. Outcomes depend on your experience, your preparation and each firm’s process.
The PE Recruiting Edge
Free access to nine hours of LBO modeling tests, from the basic model to dividend recaps and add-ons, with every Excel file included.
Free download