MBA 503 · Corporate Finance
Tell a good investment from a bad one before you commit
In about six weeks at nine hours a week, learn to build cash-flow models, set a hurdle rate and rank projects the way a CFO does.
For founders and managers who approve investments or pitch business cases to finance.
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What you will produce
Chipotlane or Inline? A Capital Investment Memo for Chipotle Mexican Grill
You analyze Chipotle from its public information and write a capital investment memo on its drive-through Chipotlanes. It is marked against this rubric, with written feedback on every criterion, usually within the hour. You finish with work you can show.
- 01Cost of Capital20%
- 02Incremental Cash Flow Construction25%
- 03Investment Appraisal20%
- 04Assumptions and Decision-Critical Variable15%
- 05Ethical Reasoning10%
- 06Format, APA 7, and Integrity10%
Each criterion is judged Exemplary, Proficient, Developing or Beginning.
Who it is for
Sound familiar?
“Investors keep asking what the business is worth, and I'm guessing.”
What changesYou'll build a DCF valuation you can explain line by line.
“I have a project I believe in, but I can't show finance it creates value.”
What changesYou'll build the cash flows, apply the hurdle rate and show the NPV.
“Every proposal shows a great return. I can't tell which ones actually create value.”
What changesYou'll rank competing projects by NPV and know why IRR can mislead.
Not for you ifyou want live lectures or a study group. Everything here is self-paced.
What you will be able to do
By the end, you will be able to:
- 01
Turn future cash into one number
Discount cash flows, perpetuities and growing perpetuities to a present value you can compare and defend.
- 02
Set the hurdle every project must clear
Build a cost of capital from CAPM, betas and the after-tax cost of debt.
- 03
Rank projects by the value they create
Compare NPV, IRR and payback, and see why NPV wins when they disagree.
- 04
Build cash flows that hold up
Include only what changes, add back tax shields and account for working capital.
- 05
Stress-test a decision before you commit
Run sensitivity and scenario analysis to find the assumptions that decide it, and value the option to wait.
- 06
Value a business or acquisition
Use DCF and multiples to value a company and set a walk-away price before you negotiate.
Look inside
See a class, a study card and the marking before you pay.
Watch the opening of class one, flip a real study card, and see exactly how your work is judged.
One of 48. Each returns just before you would forget it, so the course stays with you.
Case 2: Capital Allocation Under Scrutiny. You see the rubric before you start, and get written feedback on every criterion.
The full textbook and the study guide written to it, so you can look anything up after you finish.
The ten classes
Ten classes, in the order you will need them.
01The Financial Objective and the Time Value of MoneyDiscount any cash stream to its present value and recognize opportunity cost in every decision
- A bigger total, or a better deal?
- The same problem, everywhere money and time meet
- One idea, five parts
- Three decisions, one job
- The target isn't the same as the scoreboard
02Valuing Bonds, Shares, and BusinessesPrice bonds and stocks using the Gordon Growth Model; measure duration and credit risk
- From moving cash in time to pricing a promise
- What is a promise of future cash worth now?
- One idea, four parts
- Part one starts now
- Pricing the promise
03Risk, Return, and the Cost of CapitalCalculate beta from market data and build your company's WACC using the capital asset pricing model
- Picking up where valuation left off
- The number every investment has to clear
- One idea, four parts
- Measuring return and risk from outcomes
- Variance and standard deviation
04Investment Appraisal: Net Present Value and Its RivalsApply NPV, IRR, payback, and profitability index. Rank conflicting projects by NPV and capital rationing.
- From the hurdle rate to the decision itself
- Which investments should we say yes to?
- One idea, four parts
- Value added, not value returned
- Pricing the second roasting machine
05Building the Project's Cash FlowsSeparate sunk costs from incremental cash. Include depreciation tax shields and working-capital changes.
- Picking up where the ranking rules left off
- Not every number that looks related belongs
- One idea, four parts
- The only test that matters
- Money already spent stays spent
06Risk Analysis and the Value of WaitingModel uncertainty with sensitivity, scenario, and Monte Carlo. Compare now vs. waiting, expanding, or abandoning.
- One number, built last class, tested this class
- A confident number can still be a bad guide
- One idea, four parts
- Changing one input at a time
- Splitting the five-dollar cost open
07Capital Structure and LeverageUnlever comparable betas; understand MM theory, tax shields, and debt's true cost. Test covenant headroom.
- From whether, to how
- Two ways to pay for one machine
- One big idea, four parts
- Two claims, one machine
- Leverage, in one sentence
08Working Capital and Short-Term FinanceCompute the cash conversion cycle. Finance receivables efficiently. Measure the cost of early-payment terms.
- Picking up where financing choice left off
- A profitable business, short of cash
- One idea, four parts
- Profit is an opinion; cash is a fact
- Today's big idea, stated once
09Payout Policy, Raising Capital, and Valuing an AcquisitionChoose between dividends and buybacks, raise capital at the right cost, and value an acquisition with DCF and multiples.
- Picking up where cash and survival left off
- What should we do with the cash?
- One test, asked twice
- Four parts, one closing decision
- Payout mirrors the investment decision
10Integrated Management Case, Ethics, and Individual AssessmentApply every tool to an integrated case: analyze, value, decide and defend your recommendation.
- One decision, carried the whole way through
- Can you build this recommendation alone?
- One idea, five parts
- The chain of figures, all in one place
- Where the cash flow figure actually comes from
When you will see results
You will use it at work before you finish.
- After class 1
You compute opportunity cost and discount a cash stream using formulas you'll apply in every subsequent class
- After class 4
You rank projects by NPV and understand why a higher IRR doesn't always mean more value
- After class 6
You stress-test with sensitivity and scenario analysis. You can defend a decision against 'what if' questions.
- After class 10
You value a whole business, finance it, and justify your recommendation to a board or investor using integrated models.
Your time
Built to fit around a full-time job.
About 54 hours in total, at whatever pace your week allows. Nothing is live, the portal remembers exactly where you stopped, and study cards take about five minutes a day.
Before you decide
You don't need a finance degree or a financial calculator. Algebra and a spreadsheet are enough.
- Each class ends with a short quiz, so you know it stuck before you move on.
- Study cards bring back what you would forget, five minutes a day.
- The portal always shows your next step, so a busy week never becomes a lost month.
What $149 gets you
The complete MBA 503 module, sold on its own.
- Ten filmed classes you can fit around workPause anywhere and pick up on any device. Captions on every class, so you can study with the sound off.
- The full Corporate Finance textbook, yours to keepPDF and EPUB, so you can look things up long after you finish.
- A study guide that covers every classThe key ideas, models and worked examples in one place, so you never write your own summary notes.
- 12 quizzes and exams, marked instantlyThe reasoning behind every answer, so you know what stuck and what to revisit.
- Two real-company cases with written feedbackStarting with Chipotle. You finish with analysis you can show, marked against a published rubric.
- 48 study cards that keep it freshFive minutes a day. Each card returns just before you would forget it.
- Your progress, saved everywhereThe portal remembers exactly where you stopped, so a busy week never sets you back.
- Lifetime access and updatesIt is there when the real decision arrives, including every future improvement to the course.
One payment. No subscription, no hidden fees.
What one better capital decision is worth
If NPV analysis stops one $250,000 project that earns 6% when your capital costs 10%, you avoid giving up about $10,000 of value a year. The course costs $149, once.
One-time paymentInstant access14-day money-back guarantee
Questions
What people ask before they buy.
How much time will it take?
About 54 hours in total: ten classes, the readings, 12 quizzes and exams, and two case assignments. At nine hours a week that is about six weeks. Nothing is scheduled, so you set the pace.
Is this right for beginners?
Yes. The course starts with time value of money and builds every concept in sequence. You should understand basic profit and loss statements; MBA 501 covers that. No prior finance or valuation experience required.
What if I'm too busy?
Nothing is live and nothing expires. Each class stands on its own, the portal remembers exactly where you stopped, and your study cards take about five minutes a day. Pause for a month and pick up where you left off.
I've started online courses before and never finished. Why is this different?
It is built so you finish. Every class ends with a short quiz, study cards bring back what you would otherwise forget, and the portal always shows your next step. Two graded cases give you a reason to apply it, not just watch it.
When will I see results?
After class 1 you can discount any cash stream. After class 3 you can set a WACC hurdle rate, and after class 4 you can rank competing projects by NPV and explain why.
Why is it worth $149?
You get the complete MBA 503 module: ten classes, the full textbook and study guide, twelve marked quizzes and exams, and two cases with written feedback. One better capital decision can be worth far more than $149.
What if it isn't right for me?
If the course isn't right for you, ask within 14 days of buying for a full refund. It applies as long as you've watched fewer than three classes and haven't submitted an assignment.
How much math is involved?
Algebra and a spreadsheet are enough. You will use discounting, CAPM and NPV, always with worked examples first. A financial calculator is optional.
Does it cover valuing a whole company?
Yes. Class 9 values an acquisition target with DCF and multiples and sets a walk-away price, and class 10 brings every tool together on an integrated case.
How do I get access?
Straight after checkout you are signed in to the CBI student portal and can start class one. We also email you a sign-in link so you can come back from any device.
Is this the same as MBA 503 in the CBI MBA?
Yes. It is the same ten classes, textbook, study guide, exams and case assignments that MBA students take for MBA 503, sold on its own.
MBA 503 · Corporate Finance
Tell a good investment from a bad one before you commit
Start tonight. If it isn't right for you, ask within 14 days for a full refund.
One-time paymentInstant access14-day money-back guarantee