Trevor Michaels
Senior Financial Analyst with 14 years in corporate finance and audit firms across Melbourne and Sydney
Phoebe Caldwell
Former investment banking analyst who now specializes in teaching ratio analysis and industry benchmarking
Learn From People Who've Done It
Trevor spent years combing through quarterly reports for ASX-listed companies. He can spot red flags in footnotes faster than most people read headlines. Phoebe, on the other hand, came up through investment banking—she knows what analysts look for when they're deciding whether to recommend a stock.
They're not here to recite textbook definitions. Instead, they'll walk you through real financial statements from Australian companies, pointing out the details that matter and the ones that don't. You'll learn how to calculate key ratios, yes, but more importantly, you'll understand what those ratios actually tell you about a business's health.
Both instructors bring case studies from their own work experience. Expect to see examples from mining companies, retail chains, tech startups, and banks. The program isn't about memorizing rules—it's about developing judgment.
What You'll Cover Over Six Months
Foundation Phase
Weeks 1-6We start with the basics, but we move quickly. You'll learn how to read balance sheets, income statements, and cash flow statements—the three core documents that tell a company's financial story.
- Understanding the accounting equation and double-entry bookkeeping
- Breaking down line items and recognizing what sits where
- Identifying differences between operating, investing, and financing activities
- Spotting common presentation formats used in Australian reporting
Ratio Analysis & Interpretation
Weeks 7-12Numbers alone don't mean much until you compare them. This phase teaches you how to calculate liquidity, profitability, leverage, and efficiency ratios—and more importantly, how to interpret what they reveal.
- Current ratio, quick ratio, and working capital management
- Return on equity, return on assets, and margin analysis
- Debt-to-equity, interest coverage, and solvency indicators
- Inventory turnover, receivables days, and operational efficiency
Industry Benchmarking & Context
Weeks 13-18A great ratio in one industry might be terrible in another. You'll learn how to find industry averages, understand sector-specific metrics, and put your analysis in context.
- Using databases and reports to gather benchmarking data
- Adjusting for company size, geography, and market conditions
- Recognizing seasonal patterns and cyclical impacts
- Comparing Australian companies with international peers
Advanced Topics & Red Flags
Weeks 19-24The final stretch digs into the tricky stuff: revenue recognition policies, off-balance-sheet items, related party transactions, and signs of financial distress. You'll also work on a capstone project analyzing a real company.
- Detecting aggressive accounting practices and earnings manipulation
- Understanding footnotes, contingent liabilities, and audit opinions
- Analyzing cash flow quality and sustainability
- Completing a comprehensive financial analysis report
What Past Learners Built
Every student completes a capstone project where they analyze a publicly traded company's financial statements over three years. Here are a few examples from the 2024 cohort.
Commonwealth Bank Comparative Analysis
Gwen looked at CBA's performance from 2021 to 2023, focusing on how interest rate changes affected net interest margins and loan growth. She compared key metrics against Westpac and NAB to see how the bank stacked up.
Her report highlighted the bank's strong capital adequacy ratios but flagged rising provisions for credit losses as something to watch. It's the kind of analysis that could inform an investment decision or a credit assessment.
Retail Chain Liquidity Study
Finn analyzed a mid-sized Australian retailer's working capital management, discovering inventory turnover issues that pointed to overstocking problems.
Mining Sector Cash Flow Analysis
Rory examined a mining company's cash flow statements to understand how commodity price swings impacted operating cash generation versus capital expenditure cycles.
Tech Startup Viability Report
Isla assessed a small tech company's financial health, focusing on burn rate, runway, and growth metrics to determine sustainability prospects.
Ready to Start Reading Financial Statements?
Our next cohort begins in September 2025. Early registration opens in June. Class size is limited to 35 students to ensure everyone gets feedback on their work.
Early Registration: Opens June 1, 2025
Program Start: September 8, 2025
Program End: February 27, 2026
Investment: Pricing details available upon inquiry