Learn finance by running the numbers

Short guides on the models people actually get asked about in PE, VC, and IB interviews. Each one pairs with a tab in the simulator so you can change the inputs and watch the outputs move.

How a private equity waterfall works

European vs. American. Hurdle. Catch-up. Carry. Walk through every tier and run it yourself.

The LBO model, in 5 minutes

Entry EV, debt schedule, FCF sweep, exit. The bare-minimum version, then the simulator.

What the J-curve actually means

Why every PE fund loses money for the first few years on paper, and what the breakeven year tells you.

Cap table dilution, from pre-seed to Series C

Pre-money, post-money, option pool shuffle, SAFEs. The thing founders get wrong on the whiteboard.

DECA finance events: a free model that fits the rubric

For PFL, FOR, FORI, and similar events. The 15-step plan FundSim's DECA Suite generates.

The DCF calculator, explained

Project free cash flow, discount at WACC, add terminal value, get enterprise value. Free, no Excel.

What is a finance simulator?

Build and test LBO, DCF, M&A, and cap-table models interactively — without a spreadsheet.

The WACC calculator, explained

Cost of equity, cost of debt, and the weighted blend that becomes every DCF's discount rate.

The accretion / dilution calculator, explained

Does the deal raise or lower EPS? Combined earnings, financing cost, new shares — netted out.

More guides

IRR vs MOIC · Financial modeling practice · LBO interview questions · LBO modeling test practice · Finance interview simulator · PE interview prep

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PE simulator · VC simulator · IB simulator · DECA Suite · YIS Suite · Scenarios