Breaking Into Wall Street Investment Banking Interview Guide Pdf _best_

| Transaction | Net Income | Cash Flow | Debt | | --- | --- | --- | --- | | +$10 Depreciation | ↓ (tax shield effect) | ↑ (non-cash add-back) | No direct change | | Customer pays A/R | No change | ↑ | No change | | Issue $100 debt | No change | ↑ (financing inflow) | ↑ |

To break into top-tier firms, you may face "Paper LBO" or Merger Model questions: Merger Models: | Transaction | Net Income | Cash Flow

Pro tip from the guide’s preface: “Don’t just read. Cover the answer column with your hand and speak the answer aloud. If you hesitate, you haven’t learned it.” you haven’t learned it.”