Hedge Fund & Buy-Side Investing Certificate Program
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View the full program syllabus as well as details on faculty, guest speakers and key learner benefits.
Program overview
Learn how hedge funds and other buy-side firms approach investing
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Learn institutional-grade fundamental analysis
Learn to analyze public equities using the processes and strategies employed by the world’s leading hedge funds and institutional investment managers.
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Learn from top faculty and practitioners
You'll learn directly from Wharton School faculty, experienced investors and leaders from some of the top buy-side investment firms in the world.
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Gain a globally recognized certificate
At the conclusion of the 8-week program, participants receive a digital certificate from Wharton Online and program graduate access to lifelong career resources.
Learn from world-reknowned faculty and leading buy-side practitioners
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Nicolaj Siggelkow
![Company logo]()
David M. Knott Professor of Management, Wharton SchoolView Bio -
David Musto
![Company logo]()
Ronald O. Perelman Professor in Finance, Wharton SchoolView Bio -
Brett Caughran
![Company logo]()
Buy-Side Program Director,
Wall Street PrepView Bio -
Paul Johnson
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Buy-Side Program Co-Director,
Wall Street PrepView Bio
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Howard Marks
![Company logo]()
Co-founder, Oaktree CapitalView Bio -
Francois Trahan
![Company logo]()
President, Macro Specialist DesignationView Bio -
Ricky Sandler
![Company logo]()
Founder & CEO, Eminence CapitalView Bio -
Michael Gatto
![Company logo]()
Parter, Silver Point FinanceView Bio
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Stefan Allicock
Senior Instructor, Wall Street PrepView Bio -
Harsh Bagla
Senior Instructor, Wall Street PrepView Bio -
Freddy Brick
Partner, Muddy Waters CapitalView Bio -
Rocky Cahan
US Strategist, Empirical Research PartnersView Bio -
Brett Caughran
Buy-Side Program Director,
Wall Street PrepView Bio -
Rishi Dixit
Senior Analyst, Valiant CapitalView Bio -
Bernard Duffy
Senior Instructor, Wall Street PrepView Bio -
Michael Gatto
Parter, Silver Point FinanceView Bio -
Paul Johnson
Buy-Side Program Co-Director,
Wall Street PrepView Bio -
Jin Joshi
Managing Director, Dynamics Search PartnersView Bio -
Samantha Kandybowicz, CFA
Senior Instructor, Wall Street PrepView Bio -
Jen Liang, CFA
Senior Instructor, Wall Street PrepView Bio -
Howard Marks
Co-founder, Oaktree CapitalView Bio -
Matt Ober, CAIA
General Partner, Social LeverageView Bio -
Alix Pasquet
Managing Partner, Prime Macaya Capital ManagementView Bio -
Mark Potter
Senior Instructor, Wall Street PrepView Bio -
Ricky Sandler
Founder & CEO, Eminence CapitalView Bio -
Nicolaj Siggelkow
David M. Knott Professor of Management, Wharton SchoolView Bio -
Abdul Tambal
Senior Instructor, Wall Street PrepView Bio -
Kelvin Teo
Senior Instructor, Wall Street PrepView Bio -
Francois Trahan
President, Macro Specialist DesignationView Bio -
Shawn Badlani
Founder and Chief Investment Officer at Honest Capital LLCView Bio
8-Week Buy-Side
Equity Research Program
8-10 Hour Weekly
Time Commitment
Self-paced Online
Learning Experience
The Same Training Used
by Institutional Investment Managers
How You'll Learn
How You'll Learn
The Wharton & Wall Street Prep Hedge Fund & Buy-Side Investing Certificate Program is an immersive learning experience made up of self-paced video lectures, real-world exercises, industry case studies and full faculty support.
Learn From Hedge Fund and Buy-Side Investors
Tailored Learning
Through Electives
Learn Real World
Stock Pitching
Weekly Office Hours
& Dedicated Support
Program curriculum
Over the course of eight weeks, you’ll learn the foundations of investing, competitive analysis and strategy and the practical frameworks and technical skills that buy-side professionals use to evaluate investments. The program is delivered in a weekly self-paced online format and culminates in a closing ceremony and the receipt of a Certificate from Wharton Online.
Module 1
Investment Fundamentals, Part 1
Week 1 of the program introduces Investment Fundamentals, focusing on the active management industry, corporate finance, and capital markets, to establish the foundational knowledge necessary for buy-side investment professionals. This unit covers key concepts such as market efficiency, indexing, alpha measurement, optimal capital structure, capital return to shareholders, and cost of capital.
- An Academic Overview of Market Efficiency
- Corporate Finance Foundations: Cost of Capital, Capital Structure, DCF
- Capital Markets Foundations: The IPO Process
- The Active Management Ecosystem
Module 2
Investment Fundamentals, Part 2
In Module 2, the program delves into advanced aspects of investment fundamentals, focusing on the cost of capital, valuation approaches, and competitive strategy in fundamental investing. This week bridges academic concepts with practical investment approaches, covering topics like market efficiency and the skills necessary for success in buy-side investment roles.
- Valuation Approaches (Market Multiple vs DCF vs Comps)
- Competitive Strategy
- A Practitioner's View of Market Efficiency
- The Foundational Skills Needed on the Buy-Side
Module 3
Fundamental Foundations
Module 3 focuses on developing essential skills for buy-side investment, including an understanding of the structure and role of analysts in buy-side firms. This module also explores the reasons behind stock price movements, market efficiency, and the concept of mispricing in the market.
- The Foundational Skills Needed on the Buy-Side, Continued
- A Discussion of Market Efficiency
- Life on the Buy-Side: The Role of an Analyst
- Why Stocks Move Up & Down
Module 4
Buy-Side Modeling
This module provides an in-depth exploration of buy-side modeling, teaching students the process from initial steps to practical application. It includes techniques for information gathering, trend analysis, forecasting, and strategies to enhance model effectiveness and efficiency for decision-making in the investment process.
- Building a Forecasting Architecture
- Top-7 “Must-Haves” for a PM in a Model
- Model Sections, including Comps/DCF/Deep Dive Analysis/Earnings Power
- Disaggregating Revenue Growth to Understand Key Drivers
Module 5
The Thesis Development Process, Part 1
This module trains students in the complete lifecycle of investment idea generation, focusing on structured processes for idea development, assessment of business fundamentals, and valuation. It also teaches methods to identify and analyze stock mispricing, competitive advantages, and techniques for rigorous investment thesis evaluation and preparation for key meetings.
- Full Overview of a Deep Dive Process
- Ingredients of ETIK: Everything There Is (to) Know
- Efficiency and Time Management During Research
- A System for Effective Information Management
Module 6
The Thesis Development Process, Part 2
This module guides students through the development of a comprehensive investment thesis, including information gathering, model analysis, and the evaluation of investment opportunities. It covers techniques for understanding revenue growth, the rationale behind investment choices, and the role of shorting in the market, along with insights into alternative data and short selling strategies.
- The FEV (Fundamentals, Expectations, Valuation) Framework
- The “Sniff Test” and How to “Fish Where the Fish Are”
- The Focus Five: Top Drivers of Business Value Creation
- How Short Squeezes Work
- Shorting Idea Generation
Module 7
Advanced Concepts
This module focuses on understanding stock price fluctuations and managing earnings season volatility. It encompasses pitch training, covering how to formulate and articulate investment ideas, assess risks, and handle critical discussions during market downturns, along with an introduction to quantitative approaches to stock selection.
- Avoiding Thesis Creep/When to Sell
- How to Make a Pitch Pop
- How to Change Your Mind with a PM
- Value Investing Principles
Module 8
Bringing it All Together
In this final module, students integrate their course learnings to prepare for roles in buy-side investing. The module covers career development, from junior analyst to portfolio manager, and focuses on effective time management, coverage maintenance, and sector metric tracking, providing a comprehensive understanding of asset management and buy-side perspectives.
- Maintaining Coverage Capacity and Analysts’ Max Coverage Capacity
- How to be a Great Analyst
- The 90% Rule for Idea Selection
- Careers on the Buy-Side
Applicant profile
The Wharton & Wall Street Prep Hedge Fund & Buy-Side Investing Certificate Program is designed for finance professionals in their early to mid career seeking to understand how buy-side professionals analyze public equities.
New Buy-Side Analysts
Sell-Side Research Analysts
Allocators
Family Offices
Wealth Managers
Vendors
Investment Professionals
Career Switchers
Students
At a Glance: May 2024 Cohort
Applicant Career Levels
Applicant Industry Distribution
1 Hedge Funds, Long-Only, Family Offices
2 Investment Banking, Private Equity, Sell-Side Equity Research
3 Accounting, Data Providers
Countries Represented
Applicant Employers Include ...
Top Roles Applicants Hold
| 1. | Long/Short Hedge Fund Analyst |
| 2. | Long Only Analyst |
| 3. | Quantitative Analyst |
| 4. | Sell-Side Research Analyst |
| 5. | Equity Sales & Trading Associate |
| 6. | Wealth Manager / Financial Advisor |
| 7. | Private Equity Associate |
| 8. | Investment Banker / Management Consultant |
| 9. | Investment Analyst |
| 10. | Data / Professional Services Vendor |
"This certificate program was designed directly with the Buy-Side professional in mind — hedge fund analysts and public equities investors — but it’s also for financial advisors, wealth managers, sell-side career switchers and students. Namely, anyone in public markets that seeks to understand real-world fundamental analysis.
Tuition & payment options
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Join a Global Network
Join a Global Career Support Network
Enrollees access a large and highly engaged global network of peers who are committed to give us much as they get and to support one another. Connections built throughout the program are strengthen via in person and virtual meetups, discussion groups and networking events.
Invitation-Only Wharton/Wall Street Prep Group on LinkedIn
Upon completion of the program, graduates receive an invitation to join the Wharton Online / Wall Street Prep Hedge Fund & Buy-Side Investing Certificate Program Alumni Group on LinkedIn. Through this group, graduates can directly connect with the entire graduate network, seek advice and access graduate-only online events and resources.
Local Connection for a Global Certificate
Program participants come from over 40 countries, so while the program is global, connection is often created locally. Graduates gain access to their Local Alumni Slack Channel, designed to facilitate local connection for a global certificate.
Cross-Program Networking Events
Enrolling in a Wharton Online & Wall Street Prep Certificate Program is a unique opportunity to expand your professional network beyond your specific industry. Enrollees attend cross-program events attended by other Certificate Program learners and graduates in investment banking, private equity, real estate, financial planning and analysis (FP&A) and other career tracks.
For Employers: Level up your professional development
Hedge funds
- Accelerate the new-hire training timeline.
- Give freedom back to your senior analysts and portfolio managers by professionalizing your talent development.
- Better compete for talent against large firms with extensive in-house training resources.
Long only, family offices, RIAs and other investment organizations
- Establish best practices in your investment research process.
- Compete with larger firms by adopting best-in-class talent development.
- Focus your executives’ time on their core functions while encouraging improvement in research capabilities.
Vendors
- Better understand how your service/product fits into the fundamental research process.
- Equip your sales force to recognize opportunities to add value across your client’s investment processes.
Speak With Us About Enrolling Your Team
FAQs
How often are programs offered?
Programs will be offered three times each year. Cohorts will begin in January, May, and September.
How much time will it take to complete this certificate?
The course is designed to run for eight weeks, with a recommended workload of 8-10 hours of lectures, live sessions, and assignments per week.
What languages will the program be offered in?
This program is offered in English only.
How do I register for this program?
You can register for the program at any time through our Enrollment Form.
How much does the program cost?
Program tuition is $4,800. Tuition can be paid in full or in 5 monthly payments.
Do you offer tuition assistance?
Tuition assistance will be available for every cohort. Use our Tuition Assistance form to apply.
What is the program refund policy?
This program is non-refundable.
Who can I contact for additional questions?
If you have any additional questions, please reach out to our enrollment team at enrollment@wharton.wallstreetprep.com.