M&A Curriculum

Learn how deals actually work.

A structured, one-semester programme covering the full transaction lifecycle - from investment thesis to post-merger integration. Live online, taught by the people who work on deals every day.

8 Modules

9 Live Evenings

17h Live Learning

2 Assignments

1 Verified Badge

50 Seats Max.

Why this programme

Academic foundations meet real transaction practice.

See how a decision travels through the full transaction lifecycle - and why the quality of one phase changes every phase that follows.

01 / END TO END

The whole deal - not one piece of it

Follow one transaction from investment thesis to integration. Understand how screening shapes diligence, how diligence shapes price, and how structuring protects value.

02 / PRACTITIONERS

Taught by people who close deals

Learn live from partners and senior professionals across advisory, law, corporate M&A and private equity - using cases grounded in current market practice.

03 / CREDENTIAL

A credential you can prove

Earn a verifiable badge carrying the programme content, assessment format and criteria. It documents performance, not just attendance.

Who we are looking for

Curiosity matters. Active participation matters even more.

The programme is designed for Bachelor’s and Master’s students with a genuine interest in M&A. We deliberately bring together a diverse cohort with different levels of academic and practical experience - from students at the beginning of their studies to those nearing graduation who may already have completed internships. Extensive prior experience in M&A is not required. What matters most is a basic understanding of M&A, a strong motivation to pursue a career in the industry and the willingness to participate actively in workshops, group work and discussions throughout the semester.

This is an active learning environment.

You will work in small groups during the workshops, present your results and discuss your decisions with fellow students and experienced speakers. We want participants who ask questions, contribute their perspective and help create a lively, respectful exchange.

This is a rare opportunity to engage directly with leading M&A personalities. Our speakers contribute because they want a real dialogue - and we expect every participant to make the most of it.

What you bring

Strong motivation and genuine interest in M&A
Commitment to all programme dates
Active contribution in groups and discussions
Stable internet connection, camera and microphone

The Foundation Journey

One transaction. Eight connected modules.

Open a module to see its learning outcome and assessment. The journey starts with the players and process, builds the analytical core, and ends where value must be delivered.

The one-hour kick-off introduces you to the programme, speakers and fellow participants. You will learn how to navigate the online platform and access the workshop materials. A short, non-badge-relevant self-reflection assignment will help you define your expectations and personal learning goals.

You will be able to

navigate the online platform and access workshop materials
understand the programme structure and get to know the speakers
connect with fellow participants and define your personal learning goals

Gain an overview of the M&A market and the main phases of a transaction, from origination to closing. You will explore the roles of key participants, the differences between buy-side and sell-side processes, and how strategic objectives shape deal rationale and decision-making.

You will be able to

outline the main phases of an M&A transaction
identify key participants and understand their roles and interests
explain how strategic objectives influence transaction decisions

Learn how companies translate their M&A strategy into a structured target-screening process - from defining the search scope and building a longlist to shortlisting and assessing potential targets. Through practical examples and group work, you will explore common biases and understand how data-driven approaches support more informed decisions.

You will be able to

outline the screening process from search scope to target selection
identify common biases and challenges in the screening process
explain how strategic criteria, data and analytical tools support target selection

Develop a foundational understanding of the financial figures that influence transaction pricing. Working with a practical case, you will explore quality of earnings, EBITDA normalisation, net debt, working capital and the enterprise-to-equity bridge - and understand why adjustments and definitions can materially affect value.

ASSIGNMENT 1 : INDIVIDUAL

You will be able to:

explain the purpose of key financial concepts used in transactions
identify common adjustments and understand their impact on value
follow the basic logic of an enterprise-to-equity bridge

Explore the main valuation approaches used in M&A and the role of financial models in supporting transaction decisions. Using practical examples, you will examine DCF and multiples, key assumptions and sensitivity analyses, and gain an introduction to financing, leverage and return expectations.

You will be able to

distinguish between common valuation approaches and their purposes
explain how assumptions and scenarios influence valuation results
interpret basic valuation outputs and financing considerations

Gain an overview of how due diligence workstreams, the data room and the Q&A process interact during a transaction. Through practical exercises, you will learn how findings are assessed by materiality, consolidated across disciplines and translated into transaction risks and possible mitigation measures.

You will be able to

describe the purpose and interaction of key due diligence workstreams
identify relevant findings and understand their potential transaction impact
explain how risks are prioritised and linked to possible mitigations

Learn how complex transaction information is distilled into a clear, audience-focused equity story. Working in groups, you will explore how investment highlights, value-creation levers, material risks and mitigants can be structured and communicated to support informed discussion and decision-making.

ASSIGNMENT 2 · GROUP WORK

You will be able to

identify the key elements of a coherent equity story
structure complex findings into a concise presentation
communicate a reasoned perspective and engage with questions

Gain a foundational understanding of how commercial agreements are reflected in transaction structures and legal documentation. Using practical examples, you will explore share and asset deals, purchase price mechanisms, earn-outs, W&I insurance and closing conditions, with a focus on their purpose and risk allocation.

You will be able to

distinguish between basic transaction and purchase price structures
explain the purpose of selected contractual mechanisms
recognise how commercial and legal terms allocate transaction risks

Explore what happens after signing and closing and why successful integration is critical to realising deal value. You will examine Day 1 priorities, the first 100 days, integration governance, synergy tracking and cultural risks. You will also explore how AI can support value-creation initiatives and what opportunities and challenges its use involves.

You will be able to

describe the main phases and priorities of post-merger integration
explain the role of integration governance and synergy tracking
identify potential applications of AI in value creation and recognise relevant implementation challenges and risks

How it works

Built for depth - and for a real semester.

All workshops take place online on Wednesday evenings. The programme language is English.

01

Kick-Off & Networking

Establish a shared language, understand the programme and identify your individual learning gaps.
02

Eight live modules

Join partner-led sessions online from 18:00 to 20:00 Central European time (CET/CEST), mostly every second week.
03

Practice between sessions

Use self-checks, cases and labs to test your understanding without being graded.
04

Two assessed assignments

Demonstrate financial mechanics individually and decision communication in a small group.
05

Earn the badge

Pass both assignments, submit the final reflection and attend at least six of eight modules.

Assessed work

Two outputs that mirror real deal work.

Both assignments are assessed pass/fail against the same five criteria. You receive feedback and may resubmit once.

Assignment 1 · Module 3

Assess Net Debt & Working Capital

Working individually on a realistic acquisition case, you will review a target company’s balance sheet and selected FDD findings. You will identify and justify relevant cash, debt-like and working-capital items, consider their potential transaction impact, and summarise your conclusions in a net-debt bridge.

Individual work · Net-debt bridge · Approximately 3–5 hours · One resubmission

Assignment 2 · Module 6

Develop an Equity Story

Working in a small group, you will analyse odifferent transaction scenarios. Based on the case information, you will develop and present an evidence-based equity story that highlights the company’s strengths and opportunities while also addressing relevant challenges and risks.

Following the workshop, your group will refine the initial draft into an investor-ready presentation of no more than two PowerPoint slides. The final version is submitted within two weeks.

Group work · Live presentation · Maximum two slides · One resubmission

Leading voices in M&A

Meet our speakers.

Learn from experienced practitioners who bring current market practice, transaction experience and real cases into the room.

Dr. Michael Drill

CEO at Lincoln International

Michael has been CEO of Lincoln International in Frankfurt since 2006 and brings over 30 years of experience in M&A advisory. He has advised on more than 100 transactions across corporates, mid-sized businesses, and private equity, with a strong focus on cross-border deals.
Alexander Wenzel

Partner, RSM Ebner Stolz

As a Partner, Alexander brings deep expertise in corporate transactions and strategic financial communication. He advises clients across the full M&A process with a particular focus on the Chemicals, Pharma, and MedTech sectors.
Isabelle Pernegger

Partner Transaction, M&A, Deloitte

Isabelle has been a partner in M&A Transaction Services since July 2022. Her focus is on private and private equity clients. After four years in auditing and accounting, she now has more than 17 years of experience in M&A transaction consulting.
Dr. Mai Anh Dao

Co-Founder & CEO, MADiscover

Mai Anh is a trusted advisor across industries and CEO of MADiscover. She combines practical experience with academic excellence and has been honored for her research by the Austrian Ministry of Science.
Dr. Alexander Budzinski

Partner at Grant Thornton

Alexander is Partner in the Advisory division and heads the Energy & Natural Resources industry team Germany and the Global Energy Group at Grant Thornton International. With broad expertise in consulting and valuation, he supports companies across diverse challenges.
Dr. Sebastian Missio

Partner Deal Advisory, KPMG

Sebastian is a Partner in Deal Advisory, Transaction Services at KPMG in Munich. With 10+ years of sell- and buy-side assistance experience, Sebastian worked on a wide range of national and cross-border transaction projects for major corporate clients and PE houses.
Christos Lithoxopoulos

Business & Partner Development Manager, Syntax

With extensive experience in business development, strategic partnerships, and Industry 4.0 initiatives, Christos Lithoxopoulos brings deep expertise at the intersection of AI, digital transformation, and industrial technology innovation.
Dr. Tobias Quill

Partner, dhpg

Tobias is Partner in the Valuation & Transaction Support practice at dhpg. He advises clients on business valuations, financial due diligence, financial planning reviews, and transaction support across the M&A lifecycle.
Christoph Becker

Practice Lead M&A at T60

Christoph specializes in the application of Artificial Intelligence across the M&A lifecycle. With more than 25 years of experience, he has led complex M&A projects for mid-sized companies, DAX-listed corporations, global technology firms, and leading international consultancies. Prior to joining T60 Consulting, he served as Head of Corporate Development and M&A at hasenkamp Holding GmbH.
Dr. Stefan Hahn

Partner at Grant Thornton

Stefan is a lawyer and tax adviser based in Düsseldorf, serving as Service Line Leader for Transaction Tax at Grant Thornton. He has over 20 years of experience advising clients on international transaction tax matters. He specialises in advising multinational enterprises and private equity clients.

““What I appreciated most was the curriculum’s holistic approach to M&A. The case work was extremely hands-on and practice-oriented, which made the learning experience both realistic and highly engaging.””

Clemens Heuer Bachelor student, Johannes Gutenberg University

Programme dates

Choose the semester that fits.

One one-hour kick-off plus eight two-hour workshops, all live online on Wednesday evenings. Workshop time: 18:00–20:00 Central European time (CET/CEST).

Wed, 23 Sep 2026 18:00 - 19:00 CEST	Kick-off	M&A Foundations – Onboarding, Networking, Glossary
Wed, 14 Oct 2026 18:00 - 20:00 CEST	Module 01	M&A Process, Markets & Strategic Deal Rationale
Wed, 28 Oct 2026 18:00 - 20:00 CEST	Module 02	Screening & Targeting – From Investment Thesis to Target Selection
Wed, 04 Nov 2026 18:00 - 20:00 CEST	Module 03	Financial Mechanics – Accounting, QoE, Net Debt & Working Capital
Wed, 18 Nov 2026 18:00 - 20:00 CEST	Module 04	Valuation, Financial Modeling & Financing Fundamentals
Wed, 02 Dec 2026 18:00 - 20:00 CEST	Module 05	Integrated Due Diligence Management, Data Room & Risk Synthesis
Wed, 16 Dec 2026 18:00 - 20:00 CEST	Module 06	Communication, Presentation & Equity Storys
Wed, 13 Jan 2026 18:00 - 20:00 CEST	Module 07	Deal Structuring, SPA, Tax & Regulatory Basics
Wed, 20 Jan 2027 18:00 - 20:00 CEST	Module 08	PMI & Value Creation

Wed, 07 Apr 2026 18:00 - 19:00 CEST	Kick-off	M&A Foundations – Onboarding, Networking, Glossary
Wed, 21 Apr 2026 18:00 - 20:00 CEST	Module 01	M&A Process, Markets & Strategic Deal Rationale
Wed, 05 May 2026 18:00 - 20:00 CEST	Module 02	Screening & Targeting – Investment Thesis to Target Selectione
Wed, 12 May 2026 18:00 - 20:00 CEST	Module 03	Financial Mechanics – Accounting, QoE, Net Debt & WC
Wed, 26 May 2026 18:00 - 20:00 CEST	Module 04	Valuation, Financial Modeling & Financing Fundamentals
Wed, 09 Jun 2026 18:00 - 20:00 CEST	Module 05	Integrated Due Diligence, Data Room & Risk Synthesis
Wed, 23 Jun 2026 18:00 - 20:00 CEST	Module 06	Communication, Presentation & Equity Story
Wed, 07 Jul 2026 18:00 - 20:00 CEST	Module 07	Deal Structuring, SPA, Tax & Regulatory Basics
Wed, 21 Jul 2026 18:00 - 20:00 CEST	Module 08	PMI & Value Creation

Become part of the #mandaconnect community

Start with the community - then take the next step into the Curriculum.

The M&A Curriculum is more than a series of workshops: it combines practice-oriented learning with access to a long-term M&A community. An active #mandaconnect membership is therefore required to apply.

Your membership gives you access to specialist knowledge, community formats and selected industry opportunities - regardless of whether you are admitted to the Curriculum.

€49

student membership for one year · no automatic renewal

All online content and specialist articles published by M&A Review
Access to the #mandaconnect community and digital formats
Exclusive access and invitations to selected M&A industry events
Discounts on selected events and networking formats
Eligibility to apply for the M&A Curriculum

Available event access and discounts may vary depending on the individual event. If you are admitted, a separate €49 Curriculum participation fee applies.

Applications open · Deadline 27 September 2026 · 50 seats

Choose the path that applies to you.

Membership comes first; the Curriculum application follows. Select the route below so you arrive at the right next step.

Path 1 · New to #mandaconnect

Join the community first.

Complete your #mandaconnect registration.
Return to this Curriculum page after registration.
Use the “Apply for the Curriculum” button in Path 2.

Path 2 · Existing members

Already a #mandaconnect member?

If your membership is already active - or you have just completed Path 1 - continue directly to the separate application page.

Upload your CV and submit your motivation.
Confirm your availability for the complete semester.
Complete the short selection interview if invited.

Apply for the Curriculum

Learn how deals actually work.