Education
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The cards marked free below are open to try. Deltashark Membership unlocks every module, the full modelling labs, and the research library. From $39/mo.
Modelling Lab
Build the models yourself inside the browser. Four interactive labs covering three-statement modelling, DCF, comparable company analysis, and the institutional stock pitch. Each lab ships with a finished Excel file you can download.
Three-Statement Model
Free through Revenue ModellingA fully integrated three-statement model built from scratch: income statement, balance sheet, and cash flow with circular references and drivers.
Discounted Cash Flow (DCF) Model
A full worked DCF from start to finish: UFCF build-up, WACC with real inputs, terminal value (both methods), sensitivity tables, EV-to-equity bridge, and common pitfalls.
Comparable Company Analysis (Comps)
Peer selection, scrubbing multiples, calendarisation, and application to a target, illustrated with a 6-8 company peer group.
Equity Pitch Masterclass
Institutional-quality equity pitches: narrative structure, Q&A handling, and building conviction under pressure.
Education Modules
33 in-depth reading modules across four progressive tiers, from foundations and core equity analysis through modelling strategies and sector mastery.
Industry landscape, strategy taxonomy, roles and responsibilities, hedge fund strategies, market making and taking, and market mechanics.
The Financial Industry Map
FreeThe architecture of the financial system: investment banks, hedge funds, private equity, asset managers, pensions, endowments, and the capital flows that connect them.
The Hedge Fund Industry
The hedge fund universe in overview: AUM, fee structures, fund types, prime brokers, and how capital flows through the industry.
Roles & Responsibilities
Analyst, portfolio manager, trader, and risk roles, with day-to-day responsibilities, career trajectories, and compensation structures.
Hedge Fund Strategies
Every major hedge fund strategy mapped: long/short equity, global macro, event-driven, quant, credit, and multi-strategy, with real-world examples.
Market Making vs. Taking
Liquidity provision versus liquidity consumption: market maker operations, spread economics, adverse selection, inventory risk, and the mechanics behind every trade.
Market Mechanics
Order types, market microstructure, short selling mechanics, margin, settlement, and exchange structure.
Financial mathematics and Excel, accounting for buy-side, earnings reports (US & Europe), equity research, equity valuation, three-statement modelling, DCF, and comparable companies.
Financial Mathematics & Excel
FreeTime value of money, bond mathematics, statistics, portfolio theory, WACC, and the Excel craft analysts use to apply them.
Accounting for Buy-Side
The three core financial statements through the lens of an equity analyst: revenue recognition, working capital, EBITDA adjustments, forensic red flags, and footnote analysis.
Earnings Report (US & Europe)
Corporate filings on both sides of the Atlantic. Part I covers the US system (SEC filings, 10-K structure, MD&A, footnotes, proxy statements). Part II covers the European system (IFRS vs US GAAP, half-year reports, FCA/BaFin/AMF/FINMA, governance differences, cross-border peer comparison).
Equity Research Fundamentals
The equity research analytical toolkit: earnings call analysis, sell-side research, ratio frameworks, industry KPIs, management assessment, and thesis building.
Equity Valuation & Modelling Overview
The three principal equity valuation methods (DCF, comparables, precedent transactions) and the financial modelling architecture beneath them.
Three-Statement Model
The three financial statements (income statement, balance sheet, cash flow) and the identities that link them into a single integrated forecast model.
Discounted Cash Flow (DCF)
Discounted cash flow valuation projects a firm's future free cash flows and discounts them to the present at the cost of capital.
Comparable Companies
Relative valuation derives a target firm's value from the trading multiples of comparable peer companies, scrubbed for one-off items and calendarised onto a common basis.
L/S equity, factors, neutrality & exposure management, portfolio construction & risk, options & derivatives, macro for buy-side, quantitative strategies, and commodity trading advisors.
Long/Short Equity
The original hedge fund strategy, combining long and short equity positions to generate returns from security selection while partially neutralising broad market exposure.
Factors
Factor models decompose security returns into systematic exposures (market, size, value, momentum, quality, low volatility) and an idiosyncratic residual.
Neutrality & Exposure Management
Every institutional portfolio carries simultaneous exposures across market, factor, sector, country, and currency. The module covers the measurement of each and the construction methods used to neutralise them.
Portfolio Construction & Risk Management
Markowitz mean-variance optimisation provides the analytical foundation; modern risk management adds the institutional taxonomy of risk categories and the measurement frameworks for each.
Options, Futures & Derivatives
Options pricing, the Greeks, futures mechanics, cost of carry, hedging strategies, and how hedge funds use derivatives for risk management, income generation, and alpha creation.
Macro for Buy-Side
The macro landscape (GDP, inflation, rates, central banks) and its application to global macro strategies and long/short equity.
Quantitative Strategies
Rules-based systematic strategies in modern electronic markets, from statistical arbitrage and trend following through market making and the high-frequency ecosystem.
Commodity Trading Advisors (CTAs)
Commodity Trading Advisors are systematic and discretionary trading firms operating in global futures markets, regulated in the US under the Commodity Exchange Act.
Deep-dive sector analysis: Technology & SaaS, Consumer & Retail, Healthcare & Pharma, Financials, Industrials, Energy, REITs, and Media & Telecom.
Technology & SaaS
Technology companies: SaaS metrics, unit economics, cohort analysis, semiconductor cycles, internet platform dynamics, competitive moats, and sector-specific valuation.
Consumer & Retail
Consumer staples, discretionary, and retail: same-store sales, brand analysis, unit store economics, inventory management, the consumer cycle, e-commerce, and sector valuation.
Healthcare & Pharma
Healthcare: pharma economics, pipeline and clinical trials, patent lifecycles, drug pricing, biotech rNPV valuation, medical devices, and managed care.
Financials
Financial institutions: bank economics, NII and NIM, credit quality, capital regulation, insurance, asset management, capital markets, fintech, and P/TBV valuation.
Industrials
Industrial companies: cycle positioning, order books, pricing and margins, aftermarket economics, capex and ROIC, aerospace and defence, and SOTP valuation.
Energy
Energy companies: commodity fundamentals, upstream E&P, midstream infrastructure, refining, oilfield services, the energy transition, capital discipline, and NAV valuation.
Real Estate (REITs)
REITs: structure and tax treatment, property types, FFO/AFFO, NOI, lease analysis, cap rates, leverage, development economics, and interest rate sensitivity.
Media & Telecom
Media and telecom: content economics, streaming metrics, advertising markets, gaming, telecom KPIs, wireless dynamics, broadband, and sector valuation.
Finance Technical Questions
An active-recall question bank for finance technical interviews. Wrong answers come back fast, right answers fade into less-frequent review until you've mastered them.
Finance Technical Questions
10 free to try500 technical interview questions across accounting, valuation, and financial modelling. Browse the full bank; practice sessions and mastery tracking are member features.
Career Modules
Everything you need to get hired at a buy-side firm. Interview prep, case study simulations, CV and cover letter writing, networking playbook, and a curated financial firms directory.
CV & Resume Writing
Hedge fund CV construction: structure, formatting, quantified achievements, and tailoring for buy-side roles.
Cover Letter Writing
Cover letters for hedge fund applications: structure, tone, demonstrating investment acumen, and fund-specific tailoring.
Networking
Professional networking in finance: warm introductions, cold outreach, coffee chats, conferences, and the long-term relationship habits that move buy-side careers forward.
Behavioural Interview Practice
Soft-skills, fit, motivation, and behavioural (STAR) questions for hedge fund, asset management, and equity research interviews.
Interview Preparation
Hedge fund interview preparation: stock pitches, technical questions, case studies, and behavioural questions.
Financial Firms Directory
A directory of buy-side financial firms across the US, UK & Europe, and Asia-Pacific - hedge funds, multi-strategy platforms, proprietary trading firms, quant and systematic shops, credit and distressed managers, activists, and specialist asset managers - covering strategies, specialities, and where to find job postings.