EBITDA vs. Cash Flow: What’s the Difference? Finance professionals frequently refer to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) as a proxy for cash flow, but that’s not quite the full story. While both EBITDA and cash flow are often used together in financial analysis, they measure very different things. What is EBITDA? EBITDA…
What are Financial Modeling Assumptions? What makes a financial model useful? It all starts with the assumptions you build it on. Financial modeling assumptions are the inputs that drive forecasting. Think of assumptions as the foundation or starting points that shape the rest of the model’s outputs, such as forecasted revenue, expenses, and cash flow….
In this FinPod episode, we discuss how startups approach funding, growth, and risk differently from established companies. From venture capital and bootstrapping to unit economics and financial modeling, learn the core strategies behind building a scalable business in uncertain conditions. We explore real-world case studies highlighting what differentiates successful startups, including Amazon, Airbnb, Shopify, and…
In this episode of CFI’s Member Spotlight, we sit down with Celine Chaabani, a CFI learner and recent graduate. She candidly shares how she went from avoiding finance to actively pursuing a career in capital markets and credit analysis. Celine originally studied general management and had little interest in finance. But her curiosity grew after…
What is a Master Budget? The master budget plays a central role in financial planning and analysis (FP&A). It brings structure to the budgeting process by combining operating, capital expenditure (CapEx), and cash budgets into one coordinated plan. A company’s budget committee develops and approves a master budget for the organization. This committee typically includes…
What is NTM EBITDA? NTM EBITDA (Next Twelve Months Earnings Before Interest, Taxes, Depreciation, and Amortization) estimates a company’s operating performance over the next 12 months. Financial analysts use NTM EBITDA in several forward-looking multiples when evaluating comparable peers, potential M&A targets, and leveraged buyouts (LBO) deals. This metric is especially useful when assessing a…
What separates companies that have thrived for decades, like Apple, Amazon, and Google, from those that have disappeared? It all comes down to economic moats: the lasting advantages that protect profits and market share. In this episode of FinPod, we explore: What economic moats are and why they matter The five types of moats: brand…
Getting Started with Business Valuation A strong foundation in valuation is essential for finance professionals in investment banking, equity research, and private equity. This curated list of resources covers key concepts, techniques, and real-world applications to help you build confidence and take the next step in your learning journey. Build Your Valuation Foundations Every strong…
Is a P&L the Same as an Income Statement? P&L statement or income statement? This is a common question from individuals new to finance. In most cases, “P&L” and “income statement” mean the same thing: a report showing a company’s revenues, expenses, and profit or loss over a specific period. Using the terms interchangeably is…
At some point, nearly every finance professional faces the same question: Will getting a certification actually move the needle in my career? You’re not alone if you’ve wondered whether it’s worth the time, money, or effort. Maybe you’ve hit a ceiling in your current role. Maybe you’re applying for jobs, but your résumé isn’t standing…
