Programs

Do the work, not the coursework

Two live desks with their own portal, book and committee, and one course taught from inside a market making desk. Real deliverables, paper money, and a sign-off from someone who has done the job.

See all three
The AIC Analysts cohort in Amsterdam Analyst ProgramAmsterdam by selection, or online A Banyan Ventures member presenting a startup analysis to the cohort Banyan VenturesA startup, put to the room Sven Hubens recording the Options Course in the AIC studio Options CourseRecorded in the AIC studio
The line-up

Two desks and a course

Each desk runs its own portal, its own book and its own committee, and you can only sit at one at a time. The course runs on its own clock and sits next to either.

An analyst team pitching a company to the desk
Amsterdam Investment ClubAnalysts
$100,000Paper book

Sophron® Analyst Program

Value a company, write the thesis, defend it to a Portfolio Manager, then manage the position it becomes. Two official tracks, one credential.

EquitiesFundamentalWriting
  • Amsterdam desk: in person, by selection, two intakes a year (September, January)
  • Online desk: fully online, open to everyone, five intakes a year
  • Both end in the same Sophron® Certified Analyst credential
  • Free for Premium members, or €18.15 for one year
Dr. Luba SchoenigTonia Zimmermann Supervised by Dr. Luba Schoenig and Tonia Zimmermann, co-founders of UMushroom
Their desksGoldman SachsJ.P. MorganCredit SuisseJulius Baer
Open the portal Full syllabus
A Banyan Ventures working session
Banyan Ventures
8 weeksPer cohort

Banyan Ventures

Dissect early stage startups, write the memo, put it to a committee that actually votes.

Private marketsCohortMemos
  • Four weeks foundations, four weeks live
  • Weekly deliverables, reviewed
  • Deal flow to committee vote
The Banyan Ventures founding cohort Student-led, in cohorts. Founders take your questions live, the committee votes on your memo
Runs atbanyanventuresfund.com
Open the portal Full syllabus
Sven Hubens teaching in the AIC studio
Hubens Capitalwith AIC
3.5 hOn tape

Options Course

Options, from inside a market making desk. Sven Hubens, ten years quoting them at Optiver and Maven, teaches it the way a desk learns it.

OptionsMarket makingSelf-paced
  • 5 parts, 58 chapters, 128 slides
  • A certificate a firm can verify in one click
  • €59.95, or €44.95 for Premium members · six months of access
Sven Hubens Taught by Sven Hubens, ten years an options market maker, adjunct faculty at The Options Institute at Cboe
His desksOptiverMavenCboe
See the course Full syllabus
Real rooms, real work

What it looks like from the inside

The room you sit in, and the things you actually make there. Nothing staged: these are our sessions, our portal, a real report and the certificates as they are issued.

An analyst team presenting their gold report to the desk in Amsterdam Report & Pitch session, Amsterdam desk. The team on the gold report takes questions.
Analyst Program

Seven modules, then a live cycle with a hard deadline

You pick a sector desk, screen it, pick a name and write the thesis your team pitches. Sophron® signs the report off, the desk votes the idea into the $100,000 paper book, and you manage the position from there.

The analyst portal, showing the journey view The portalYour journey, book, sessions and proposals in one place Cover of a signed-off AIC analyst research report on uranium A signed-off reportUranium, from a real cycle, in the house format Dr. Luba Schoenig giving a Foundations module to the cohort Foundations, liveGiven by the people who wrote the material A Sophron® Certified Analyst certificate The credentialSophron® Certified Analyst, on either track: request it at 100 qualification points and Sophron® signs it off
Taught withUMushroom
A Banyan Ventures member presenting a startup analysis to the cohort A member puts a startup to the cohort before it goes to committee.
Banyan Ventures

One real startup, worked from first look to a vote

Four weeks on how early stage investors think, then four weeks on a live deal: intake, a founder challenge session, the memo, and an investment committee that votes on it. Written work matters more than modelling.

A Banyan working session in progress The working sessionsWeekly, in person, deliverables reviewed in the room The Banyan Ventures founding cohort The founding cohortSelective, student-led, Amsterdam Deck to vote
  1. 05 Startup intake and first contact
  2. 06 Founder challenge session
  3. 07 Memo drafting and IC prep
  4. 08 IC simulation and vote
 Conviction, written down Members publish their theses: brain-computer interfaces, the AI infrastructure stack, why robotics is non-obvious again. Read the insights →
FrameworksInstitutional VC frameworks, including Metrick & Yasuda
Sven Hubens and Vincent Brandsma recording the Options Course in the AIC studio Recorded in the AIC studio in one sitting. Sven teaches, Vincent asks the question you would have asked.
Options Course

Ten years of market making, in the order a desk learns it

Pricing, the Greeks, quoting, hedging, one volatility trade end to end, and the hiring round from the other side of the table. 3.5 hours cut into 58 chapters, with 128 slides.

DeltaGammaThetaVega Every GreekThe intuition first, then the maths A course slide: how does gamma work 128 slidesEvery definition, formula and payoff on screen A free clip from the course: the risk manager Watch a free clipThree chapters open to everyone on the course page The Options Trading certificate A certificate a firm can checkIn your name, with a public verification link
Where he learned itOptiverMavenCboeHubens Capital
Who teaches you

Taught by people who did the job

Not a syllabus written by a committee. Each program is run by someone who sat on that desk, and their name goes on what you produce.

Dr. Luba Schoenig Tonia Zimmermann

Dr. Luba Schoenig & Tonia Zimmermann

Co-founders of UMushroom · supervise the analyst desk

Luba: twenty years across structured products and UHNWI solutions, from Lehman Brothers through Credit Suisse to Executive Director at Julius Baer, and a doctorate in quantitative finance from Zurich. Tonia: the trading floor at J.P. Morgan and Goldman Sachs in London, then fund and ETF selection at Credit Suisse before heading advisory for Swiss UHNWI clients. They wrote the Foundations modules and give them to the cohort themselves.

Goldman SachsJ.P. MorganCredit SuisseJulius BaerUMushroom
The Banyan Ventures founding cohort

The Banyan committee

Student-led · Amsterdam · run in cohorts

The committee is the cohort. You receive real startup decks, sit a live Q&A with the founders, write the memo, and then present it to an investment committee that evaluates it and votes. Structured around institutional VC frameworks, including Metrick & Yasuda, with weekly deliverables reviewed in the room.

Banyan Ventures
Sven Hubens

Sven Hubens

Options market maker, Optiver then Maven · teaches the Options Course

Ten years quoting options at Optiver and then Maven, seven of them also training the traders who sat next to him. Adjunct faculty at The Options Institute at Cboe. The course is published by AIC under licence from his firm, Hubens Capital, and he teaches it the way a desk learns it: pricing, the Greeks, quoting, hedging, and one volatility trade end to end.

OptiverMavenCboeHubens Capital
Decide in thirty seconds

Side by side

The same eight questions, answered for all three.

  Analyst Program Banyan Ventures Options Course
Asset class Listed equities, 11 GICS sector desks plus commodities Private, early stage companies Listed options, taught from inside a market making desk
Capital $100,000 paper book, two accounts (desk and cohort) No book. Deals go to a committee vote No book. Worked examples on tape, one volatility trade end to end
Shape Two tracks: Amsterdam in person, by selection, 2 intakes a year; or fully online, open to everyone, 5 intakes a year One 8 week cohort, weekly deliverables 3.5 hours in 58 chapters, self-paced, six months of access
You work In a sector team of four, desk head included In a cohort, memos are your own On your own, at your own pace
Main skill Valuation and written argument Judgement of founders, markets and timing Pricing, the Greeks, quoting and hedging
Who signs it off Dr. Luba SchoenigTonia ZimmermannSophron®, with the curriculum by Dr. Luba Schoenig and Tonia Zimmermann The Banyan cohortThe investment committee, by vote Sven HubensSven Hubens, four quizzes then the certificate
You walk away with A signed-off research report, a live position and the Sophron® Certified Analyst credential An investment memo and a committee vote A certificate with a public verification link
Cost Free for Premium members (€15 a year), or €18.15 for one year of access By application, per cohort €59.95 one payment, or €44.95 for Premium members, including VAT

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.

Sophron® Analyst Program

Value a company, write the thesis, defend it to a Portfolio Manager. Equity researchTwo tracks · Amsterdam by selection, or online for everyone · free for Premium members
TracksAmsterdam by selection (2 intakes), or online for everyone (5 intakes)
PriceFree for Premium members 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
  1. 01The Power of the Compounding EffectWhy time in the market dominates almost everything elseModule
  2. 02The Notion of Risk: An Intuitive ApproachWhat risk actually means before you put a number on itModule
  3. 03Asset Classes: Cash & Cash EquivalentsThe floor every other asset is measured againstModule
  4. 04Asset Classes: Fixed IncomeYields, duration and where credit fitsModule
  5. 05Asset Classes: EquitiesOwnership, earnings and what you are actually buyingModule
  6. 06Asset Classes: CommoditiesPhysical markets, curves and the commodities deskModule
  7. 07Portfolio TheoryPutting the pieces together into one bookModule
An analyst working on a sector screen at the desk
Sector Intelligence session: screening your sector with Finviz
An analyst team pitching to the desk
Report & Pitch: the team defends the thesis
A proposal in the analyst portal, signed off and allocated
Allocation: the desk votes the signed-off idea into the book

Stage 2 · The live cycle

Live sessions are claimed with the host's code; the report is a hard deadline
  1. 08Intro MeetingWelcome session with the deskLive session
  2. 09Team SelectionPick your sector and your team: four seats per desk, three analysts and the desk headMilestone
  3. 10Sector Intelligence with FinvizScreening your sector, building the Market Intelligence ReportLive session
  4. 11Portfolio ReviewThe desk reviews the current book, then everyone votes on itLive session
  5. 12ShortlistScreen candidates against the criteria the desk agreedMilestone
  6. 13Economic MoatsWhat actually protects a business, and how you test for itLive session
  7. 14Reporting InstructionsHow to write your report in the portal, and what it has to containLive session
  8. 15Report & PitchReport due in the portal the day before; then you pitch and defend the thesisDeliverable
  9. 16AllocationEveryone votes on the new positions; the Portfolio Manager commits the result, which places the tradesLive session
  10. 17RevisionAn online document session with no vote: revisit the positions you own and revise themLive session

Seats on the desk

The equity seat is the default; the others open once you are in
Equity Sector Analyst11 sector desks · 4 seats each, incl. the desk head
Commodities AnalystOne desk of four · two pairs
Risk ManagerCommittee · 2 seats · self-claim
Macro AnalystCommittee · 2 seats · self-claim
Portfolio ManagerSenior seat · by request

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 live pitch to the committee and a Sophron® sign-off on your report
  • A position you manage over its life
  • The Sophron® Certified Analyst credential, on either track: request it once your qualification score reaches 100, and Sophron® signs it off

Supervision

Dr. Luba SchoenigTonia Zimmermann Dr. Luba Schoenig and Tonia ZimmermannCo-founders of UMushroom
  • Goldman Sachs, J.P. Morgan, Credit Suisse, Julius Baer
Goldman SachsJ.P. MorganCredit SuisseJulius Baer

Banyan Ventures

Dissect early stage startups, write the memo, take it to committee. Venture capitalEight weeks · run in cohorts
Length8 weeks, in cohorts
CadenceWeekly deliverables, reviewed
OutputAn investment memo
Runs atbanyanventuresfund.com

Weeks 1 to 4 · Foundations

How early stage investors think, through deep analysis, active debate and independent conviction
  1. 01The Venture MindsetVC fundamentals, fund mechanics, the investor lens against the founder lensWeek 1
  2. 02How to Read a StartupBusiness model analysis, startup anatomy, the metrics that matterWeek 2
  3. 03Thinking Like an InvestorInvestment thesis, risk and return, conviction against consensusWeek 3
  4. 04Valuation and Live TransitionValuation basics, deal terms, and the hand-over to the live projectMilestone
A Banyan working session
A working session in progress
A Banyan member presenting a startup analysis
Presenting a startup analysis to the cohort
The Banyan founding cohort
The founding cohort, between sessions

Weeks 5 to 8 · The live project

One real startup, worked from first look to a vote, with a deliverable due every week
  1. 05Startup Intake and First ContactReal startup decks land; initial analysis and founder framingWeek 5
  2. 06Founder Challenge SessionLive Q&A with the founders: probing questions, the story pressure-testedLive session
  3. 07Memo Drafting and IC PrepWrite the investment memo, with the risks stated plainly, and challenge each other's reasoningDeliverable
  4. 08IC Simulation and ReflectionPresent 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
  • Institutional VC frameworks, including Metrick & Yasuda

Getting in

  • Runs in cohorts, by application
  • Register interest for the next intake at banyanventuresfund.com
  • Come ready to write, deliverables are weekly

Options Course

Options, from inside a market making desk. Taught by Sven Hubens. Options and volatility5 parts, 58 chapters · €59.95, €44.95 for Premium members · online, self-paced
FormatOnline, self-paced, 3.5 hours on tape
Price€59.95, or €44.95 for Premium members
AccessSix months, nothing recurring
TeacherSven Hubens, Optiver then Maven

Five parts, in the order a desk learns it

Recorded as a conversation in the AIC studio: Sven teaches, Vincent asks the question you would have asked
  1. 01Option basics and use casesWhat an option is, how calls and puts pay off, the four reasons anyone trades one, then every Greek with the intuition before the maths14 chapters
  2. 02Option pricingWhat goes into a price, the straddle approximation you can do in your head, then Black-Scholes and where it stops being true7 chapters
  3. 03Market makingQuoting, screen versus broker market, adjusting your theo after a trade, hedging frequency, risk limits and unwanted inventory16 chapters
  4. 04Positional volatility tradingTaking a view instead of quoting one: the Eurostoxx versus S&P spread end to end, and why you never capture the whole edge12 chapters
  5. 05Going for the trading jobWhat the CV screen looks for, how the rounds work, and why strong candidates still fail the technical9 chapters
  6. ✓CertificateFour quizzes along the way, then a certificate in your name with a public verification link a firm can checkMilestone
Free clip: the risk manager
Free clip: the risk manager
Free clip: how many bicycles
Free clip: how many bicycles
Free clip: just buy volatility
Free clip: just buy volatility

What you get

  • 3.5 hours of video cut into 58 chapters
  • 128 slides
  • Two written references you keep: every question with its answer, and a glossary of every term and formula
  • A certificate with a public verification link

Who teaches it

Sven Hubens Sven HubensOptions market maker, Optiver then Maven
  • Ten years an options market maker at Optiver and then Maven
  • Seven years training the traders who sat next to him
  • Adjunct faculty at The Options Institute at Cboe
  • Published by AIC under licence from Hubens Capital
OptiverMavenCboe

Good to know

  • Education, not advice. No signals, no strategy to copy
  • Pay first, then sign in with the email you paid with
  • Sits next to either desk, no seat needed
Ready when you are

Start your application

Know which one fits? Apply straight through its portal. You can only sit at one desk at a time, so pick the one that matches how you actually think. The course you can simply buy.

Banyan Ventures

Banyan 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 cohort

Options Course

No application. Pay once, sign in with the email you paid with, and the portal opens. Six months of access from that day.

€59.95, or €44.95 for Premium members Get access

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