Which is better for someone starting from scratch: WSP or BIWS?
I’ve come across similar inquiries here, but none seem to pinpoint the struggle I’m facing.
Currently, I’m an engineering undergrad, and a senior shared access to Wall Street Prep (WSP) with me. I started exploring their Accounting and premium modules, but honestly, it feels like the content presumes some prior knowledge that I lack. Everything is new to me and feels a bit rushed.
My initial strategy was straightforward: watch the videos to understand the concepts and then use the practice files that come with them. However, I’m finding it to be more challenging than I anticipated—I often find myself stuck.
On top of that, a friend has access to BIWS, which I checked out. The material is extensive and incredibly detailed, but it feels quite overwhelming. For someone without a finance background, it’s intimidating. Just the sections on Excel, VBA, and basic Accounting add up to over 10 hours!
There’s also a ton of content to navigate—Accounting, Valuation, DCF, LBO, Transaction Comps, REITs, bank modeling, oil & gas, and much more. I’ve gone through numerous YouTube videos, Mergers & Inquisitions articles, and resources from my college’s finance and banking clubs. Instead of clarifying things, this has only made me feel more pressured and confused.
I now find myself stuck in the “where do I start?” mindset.
Has anyone else experienced something similar? If you were in a similar situation, especially without a finance background, how did you organize your learning or determine what to focus on first?
Any tips on how to tackle this without burning out or getting overwhelmed would be greatly appreciated.
Background: Engineering, India.
One response
It sounds like you’re in a challenging but common situation as you transition from an engineering background to finance. Both Wall Street Prep (WSP) and Breaking Into Wall Street (BIWS) have their strengths, but given your current struggle with foundational concepts, there are ways to approach your learning more effectively.
Here are some recommendations:
Start with the Basics:
Since you mentioned that both WSP and BIWS feel overwhelming, I suggest starting with simpler resources that break down the fundamental concepts of finance and Accounting. Khan Academy has a great series on Accounting basics that is very beginner-friendly. This can help you build a strong foundation before diving into more complex materials.
Pick One Course:
If you have access to both WSP and BIWS, pick one and stick with it to avoid feeling overwhelmed. Given your experience, you might find WSP’s modules are more concise and might serve as a more straightforward introduction. However, choose the one that you feel less intimidated by and aligns more with your learning style.
Create a Structured Plan:
Design a study schedule that breaks down topics into manageable chunks. Allocate specific days for specific subjects (e.g., Accounting basics on Mondays and valuation on Tuesdays). This can prevent burnout and provide a sense of accomplishment as you check off completed topics.
Hands-On Practice:
Try to apply what you learn in real scenarios. You can start by working on case studies or financial modeling exercises that reinforce the concepts. Even simple exercises can help you relate theory to practical scenarios, enhancing your understanding and retention.
Join a Community:
Find online forums or local study groups where you can discuss concepts with others who are also learning or have already transitioned to finance. Websites like Reddit or finance-specific Discord channels can be especially beneficial for getting advice, tips, and answering questions in real-time.
Utilize Additional Resources:
Don’t hesitate to watch beginner-friendly YouTube channels that focus on finance fundamentals. Channels like “Corporate Finance Institute” or “The Financial Diet” often explain concepts in a more digestible format and can serve as a helpful supplement.
Take Breaks and Reflect:
It’s essential to step back occasionally and assess what you’re learning. Take regular breaks to avoid burnout, and allow yourself time to reflect on difficult concepts.
Stay Patient and Persistent:
Learning a new field takes time—especially one as intricate as finance. Recognize that everyone learns at their own pace, and it’s perfectly fine to feel a bit lost at first. Celebrate small victories along the way, and don’t hesitate to revisit challenging topics.
Remember, the goal is to build a strong foundation before moving on to advanced topics. By focusing on the basics, creating a structured plan, and utilizing supportive communities, you’ll be in a better position to transition successfully into finance. Good luck!