Public CFI topic crosswalk
This is an independently authored SMB acquisition curriculum. It is not affiliated with, endorsed by, or equivalent to an official CFI certification. The matrix maps publicly described topics, not access to paid lessons, private templates, examinations or CFI learning outcomes. Mapping means related subject matter is taught here; it does not claim identical depth or assessment.
Public references inspected
Descriptions and visible topic lists were inspected November 5, 2026. Only the public landing pages were used.
| Code | Public CFI description | Public subject area used for mapping |
|---|---|---|
| V | Introduction to Business Valuation | Valuation methods, enterprise/equity, cash flows, cost of capital and presentation |
| F | 3-Statement Modeling | Model design and drivers, schedules, statements, debt/equity and error detection |
| L | Introduction to Leveraged Buyouts | Leverage, sources/uses, operating cash, debt/equity, returns, sensitivity and alerts |
| M | Introduction to Mergers and Acquisitions | Acquisition process and structures, financing, accretion/dilution and pro forma analysis |
Detailed crosswalk
| Public topic | SMB lesson | Concepts covered here | Practical exercise/model | Missing area or limit | Recommended extension |
|---|---|---|---|---|---|
| V: valuation methods | 1/1, 4/1 | Intrinsic value and transaction evidence | DCF and comp register | No licensed broad-market dataset | Add a permitted sourced comp export when available |
| V: enterprise versus equity | 1/1, 4/4 | Operating claims and seller consideration | Harbor value bridge; Apex LOI | Purchase accounting is not identical to funding | Add a detailed accounting allocation case |
| V: numerator/denominator consistency | 1/4, 4/2 | Unlevered/levered cash; SDE versus EBITDA | Owner replacement and equivalent multiple lab | No public-equity relative valuation dataset | Expand with public filing inputs |
| V: unlevered free cash flow | 1/1–3 | EBIT, operating taxes, DA, CapEx and NWC | Harbor UFCF sheet | Tax schedules simplified | Add deferred tax and tax-loss schedules |
| V: DCF forecast architecture | 1/2, 1/5 | Explicit forecast, terminal year and dated cash | Revenue and terminal sheets | Annual approximations | Add a seasonal monthly forecast |
| V: WACC and CAPM context | 1/4 | Capital weights, tax usability and private-risk judgment | WACC illustration and rate sensitivity | Empirical beta estimation not built | Add permitted peer beta and relevering exercise |
| V: valuation presentation | 1/6, 4/6 | Bid ranges and decision conditions | Investment memoranda | No automated football-field chart | Add an optional chart from computed ranges |
| F: model design | 2/5 | Source/input/formula/check separation | Four learner/instructor model pairs | No advanced Excel UI training | Add function and keyboard labs |
| F: model drivers | 1/2, 2/5 | Price/volume, cohorts, cost and balance drivers | Assumption mutation lab | Case growth ratios simplified | Add invoice and capacity data |
| F: operational schedules | 2/1, 2/5 | AR, stock, AP and PP&E roll-forwards | Working capital and fixed assets | Simplified asset classes | Add multiple depreciation cohorts |
| F: capital structure | 2/5, 3/1 | Debt, equity and distributions | Debt/equity and retained earnings sheets | No complex preferred waterfall | Add separate conventional-capital exercise |
| F: linked income statement | 2/5–6 | Operating profit, interest and cash taxes | Vanguard income forecast | No detailed deferred taxes | Add tax-basis reconciliation |
| F: cash-flow statement | 2/5–6 | NI to OCF, investment and financing | Vanguard cash schedule | Annual rather than weekly | Practical track 13-week backlog |
| F: balance sheet | 2/5–6 | Corrected opening position and ending claims | Two-year balance checks | Full transaction accounting excluded | Add purchased-asset accounting case |
| F: revolver | 2/5, 3/4 | Explicit funding gap, no hidden draw | Liquidity alerts | Committed revolver draw/repay model not supplied | Add documented limit, rate and availability |
| F: errors and settings | 2/4–5 | Source tie-out and controlled changes | pytest, visible checks and formula inspection | Native Excel GUI not tested | Run documented native-engine acceptance |
| L: leverage dynamics | 3/1 | Amplified gains, losses and personal exposure | Leveraged/unleveraged comparison | No claim of limited personal loss with guarantees | Add sponsor personal-liquidity analysis |
| L: sources and uses | 3/3 | Economic, cash-only and seller proceeds | Precision funding sheets | Fee eligibility requires actual review | Add lender-approved closing packet |
| L: operating cash forecast | 3/4 | Cash taxes, interest shield and reinvestment | CFADS waterfall | Taxes hypothetical | Add jurisdiction-specific adviser inputs |
| L: debt and equity schedules | 3/4–6 | 120 monthly payments, reset and standby claims | Senior and seller schedules | Conventional mezzanine not in base | Add separately permitted multi-tranche case |
| L: equity return | 3/6 | Exit claims, retained cash, MOIC and IRR | Precision returns sheet | Exact annual timing | Add dated XIRR case |
| L: sensitivities and alerts | 3/4, 3/6 | Fixed-cost stress, thresholds and cash minima | Downside and Model checks sheets | No unsupported monthly receipts | Build weekly source case first |
| M: process and buyer motives | 4/1, practical track | Market evidence, search and decision gates | Northstar pilot | Full ten-lesson track not complete | Follow prioritized pilot backlog |
| M: what the acquirer buys | 4/4 | Asset/share perimeter and transfer conditions | LOI matrix | Jurisdiction-specific legal drafting excluded | Obtain counsel-reviewed simulated documents |
| M: acquisition financing | 3/1–3, 4/6 | Cash, debt, equity and permitted consideration | Apex/Precision funding | Public-share exchange mechanics limited | Add a distinct public-merger module |
| M: accretion/dilution | No direct core equivalent | Operating returns are not EPS accretion | Not represented as covered | EPS merger model absent | Optional public-acquirer extension, not SMB prerequisite |
| M: pro forma analysis | 2/5, 4/6 | Operating integration and funding perimeter | Vanguard and Apex models | Full consolidated merger accounting absent | Extend only with explicit accounting scope |
SMB-specific extensions and completion
Cash-to-accrual reconstruction, tax-return forensics, owner replacement, SBA policy classification, peg true-ups, indemnity security, customer-transfer gates and the Northstar pilot are original SMB applications. Their inclusion does not imply that CFI's named courses teach or approve these particular cases or judgments.
Use the learning path, student assignments, workbook library and instructor solutions to assess actual construction skills. Complete the course rubrics rather than infer a credential from this alignment map. The recommended extensions are disclosed gaps, not completed artifacts.