Confirms your place
A conditional offer becomes a confirmed internship the moment you pass. The accreditation is the final step before you start.
For candidates
Investment Banking Accreditation
The accreditation that confirms your internship
Hold a conditional offer from a participating firm? Complete one examination on the standard every first-year analyst is expected to know, and confirm your place.
The accreditation standard for investment banking internships
£997Refunded in full if you do not pass
8Disciplines assessed in one sitting
45 minOne examination, 24 questions
For lifeVerifiable, lifetime credential
Overview
Accreditation overview
Participating investment banks and firms extend a conditional internship offer and ask the candidate to complete the Capital Wake accreditation to confirm it. The accreditation is a single, proctored examination covering the eight disciplines an analyst is expected to know.
The fee is £997. Candidates who pass earn the accreditation and have their internship confirmed. Candidates who do not pass are refunded in full and the place is not confirmed. Candidates arrive having already secured a conditional offer and prepare using the official curriculum, but the examination sets a demanding standard. In a typical window, 43 percent of candidates pass.
The accreditation
Why earn the Capital Wake accreditation
No financial risk
If you do not pass, your £997 fee is refunded in full. You only carry the cost once your place is confirmed.
Fees & refundA credential you keep
The accreditation stays on your professional record and is recognised across participating firms and institutions.
For employers
The standard
The accreditation, in numbers
43%
Of candidates pass in a typical window
8
Disciplines assessed in a single examination
45 min
One sitting of 24 questions
£997
Refunded in full if you do not pass
Three steps
The accreditation process
1
Register and prepare
Create your candidate profile for £997 and access the official curriculum across the eight assessed disciplines. Prepare at your own pace.
2
Sit the examination
Take the proctored Capital Wake examination at a scheduled window, remotely or at an approved test centre. Most candidates pass at the first sitting.
3
Confirm your place
On a pass, your accreditation is issued and your internship is confirmed. If you do not pass, your fee is refunded in full.
Eligibility
Who the accreditation is for
Capital Wake accredits candidates who have been asked by a participating firm to confirm an internship offer.
- Students and graduates holding a conditional internship offer
- Candidates referred by a participating bank or firm
- Anyone completing accreditation as a pre-internship requirement
The accreditation at a glance
Fee£997
If you passInternship confirmed
If you do not passRefunded in full
Pass rate43 percent
ValidityFor life
Curriculum
What the examination assesses
The accreditation covers eight disciplines an analyst is expected to know. The official curriculum is included with registration.
01Accounting & Financial StatementsThe three statements and how they link
02ValuationDCF, comparables and precedent transactions
03Financial ModelingBuilding and auditing operating models
04Mergers & AcquisitionsAccretion, dilution and deal structure
05Leveraged BuyoutsReturns, debt schedules and structuring
06Capital MarketsEquity and debt issuance
07Corporate Finance & EconomicsCapital structure and the macro backdrop
08Ethics & Professional ConductThe standards expected on the desk
Prepare with confidence · £37
The Official Capital Wake Study Booklet
The complete preparation guide for the accreditation, written to map exactly to the examination across all eight disciplines.
- All eight disciplines explained from first principles
- Key formulas and step-by-step worked examples
- Practice questions with answers for every discipline
- Exam-day tactics and how to ace the video question
Delivered instantly to your email as a PDF after secure checkout.
Recognition
Setting the standard
Capital Wake is an independent accreditation body. The curriculum and examination are reviewed by practitioners from investment banking, private equity and capital markets, and calibrated to the competencies expected of a first-year analyst.
Participating firms recognise the accreditation as confirmation that a candidate is ready to begin. Every credential is independently verifiable, so a firm can confirm a candidate’s status directly.
Questions
Frequently asked questions
The offer is conditional on accreditation. Participating firms ask candidates to complete the Capital Wake accreditation to confirm the place and their readiness to start. Passing the examination confirms your internship.
It is refunded in full. You pay £997 to sit the accreditation. If you pass, you keep the accreditation and your internship is confirmed. If you do not pass, the £997 is returned to you and the place is not confirmed.
In a typical window, 43 percent of candidates pass. Candidates arrive having already secured a conditional offer and prepare with the official curriculum, but the examination is demanding, so thorough preparation is what confirms a place at the first sitting.
Yes. You may prepare further and re-sit at the next available window. A new fee applies, and the same refund applies if you do not pass.
The fee
The accreditation fee
A single fee of £997 covers your official curriculum and one examination sitting. If you do not pass, it is refunded in full. There are no subscriptions and no additional charges.
£997 / accreditation
✓ Refunded in full if you do not pass
- ✓ Full official curriculum access
- ✓ One proctored examination sitting
- ✓ Internship confirmed on a pass
- ✓ Lifetime, verifiable credential
Confirm your internship.
Register, prepare with the official curriculum, and sit the accreditation examination.