$100,000Paper book
AIC Analysts
Value a company, write the thesis, defend it to a Portfolio Manager, then manage the position it becomes.
- 17 steps: 7 modules, 7 live sessions
- You ship a signed-off report
- €15 one-off membership
Two programs, one club
Do the work,
Do the work,
not the coursework.
Two live desks with their own portal, book and committee. Real deliverables, paper money, and a sign-off from someone who has done the job.
The line-up
The two desks
Each runs its own portal, its own book and its own committee. You can only sit at one at a time, so pick the one that matches how you actually think.
8 weeksPer cohort
Banyan Ventures
Dissect early stage startups, write the memo, put it to a committee that actually votes.
- Four weeks foundations, four weeks live
- Weekly deliverables, reviewed
- Deal flow to committee vote
Decide in thirty seconds
Side by side
The same six questions, answered for both desks.
| AIC Analysts | Banyan Ventures | |
|---|---|---|
| Asset class | Listed equities, 11 GICS sector desks plus commodities | Private, early stage companies |
| Capital | $100,000 paper book, two accounts (desk and cohort) | No book. Deals go to a committee vote |
| Shape | 7 self-paced modules, then a live research cycle | One 8 week cohort, weekly deliverables |
| You work | In a sector team of up to four | In a cohort, memos are your own |
| Main skill | Valuation and written argument | Judgement of founders, markets and timing |
| You walk away with | A signed-off research report and a live position | An investment memo and a committee vote |
| Cost | €15 one-off membership, plus VAT | By application, per cohort |
Scroll the table sideways on a phone.
Nothing hidden
Every module, in order
The actual curriculum each desk runs, exactly as it appears in the portal once you are in.
AIC Analysts
Value a company, write the thesis, defend it to a Portfolio Manager.
FormatOnline, Amsterdam optional
Membership€15 one-off, plus 21% VAT
Paper book$100,000, desk and cohort
TeamsUp to 4 per sector
Stage 1 · Foundations
7 self-paced modules on UMushroom, finish them to unlock the live cycle- 01The Power of the Compounding EffectWhy time in the market dominates almost everything elseModule
- 02The Notion of Risk: An Intuitive ApproachWhat risk actually means before you put a number on itModule
- 03Asset Classes: Cash & Cash EquivalentsThe floor every other asset is measured againstModule
- 04Asset Classes: Fixed IncomeYields, duration and where credit fitsModule
- 05Asset Classes: EquitiesOwnership, earnings and what you are actually buyingModule
- 06Asset Classes: CommoditiesPhysical markets, curves and the commodities deskModule
- 07Portfolio TheoryPutting the pieces together into one bookModule
Stage 2 · The live cycle
Live sessions are claimed with the host's code; the report is a hard deadline- 08Intro MeetingWelcome session with the deskLive session
- 09Team SelectionPick your sector and your team, up to four analysts eachMilestone
- 10Sector Intelligence with FinvizScreening your sector, building the Market Intelligence ReportLive session
- 11Portfolio ReviewThe desk reviews the current book before research beginsLive session
- 12ShortlistScreen candidates against the criteria the desk agreedMilestone
- 13Economic MoatsWhat actually protects a business, and how you test for itLive session
- 14Reporting InstructionsThe house format your report has to meetLive session
- 15Report & PitchReport due the day before; then you pitch and defend the thesisDeliverable
- 16AllocationSigned-off ideas are allocated into the paper bookLive session
- 17RevisionRevisit the positions you own and revise themLive session
Sector desks
- The full GICS 11: Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Health Care, Financials, Information Technology, Communication Services, Utilities, Real Estate
- Plus a commodities desk: gold, silver, aluminium, uranium, copper, crude oil, natural gas, platinum
What you produce
- A valuation and a written thesis
- A committee defence and PM sign-off
- A position you manage over its life
- An AIC Analyst certificate, issued when your qualification score reaches 100
Supervision
- Tonia Zimmermann and Dr. Luba Schoenig
- Goldman Sachs, J.P. Morgan, Credit Suisse, Julius Baer
Banyan Ventures
Dissect early stage startups, write the memo, take it to committee.
Length8 weeks, in cohorts
CadenceWeekly deliverables, reviewed
OutputAn investment memo
Runs atbanyanventuresfund.com
How the eight weeks run
The week-by-week module list is published per cohort at banyanventuresfund.com- 1–4FoundationsHow early stage investors think, through deep analysis, active debate and independent conviction4 weeks
- 5–8A live projectOne real startup, worked from first look to a vote, with a deliverable due every week4 weeks
- →The investment memoThe full written case on the company, with the risks stated plainlyDeliverable
- ✓CommitteePut the deal to the committee, take the questions, and they vote on itMilestone
What you produce
- An investment memo on a real startup
- A deal proposal put to the committee
- A recorded vote, for or against
Good to know
- No tickers, no price targets, no charts
- Selective and student-led
- Written work matters more than modelling
Getting in
- Runs in cohorts, by application
- Register interest for the next intake at banyanventuresfund.com
- Come ready to write, deliverables are weekly
Ready when you are
Start your application
Know which desk fits? Apply straight through its portal. You can only sit at one at a time, so pick the one that matches how you actually think.
AIC Analysts
Join the club, pick a sector desk and start your first valuation. Membership unlocks the analyst portal.
€15 one-off membership Apply to the analyst deskBanyan Ventures
Register your interest for the next intake. Cohorts are limited and run by application each round.
By application, per cohort Apply for the next cohortStill not sure which one?
Six questions, two minutes, nothing stored. It will rank both for you and tell you what to do next.