Credit
Academy
Frameworks to Thrive in Buyside Credit
A structured training program covering core credit fundamentals and advanced credit strategies, giving investors the skills and frameworks to accelerate their credit career.
Enroll in Credit Academy
30+ hours of self-paced
core content
Supplemental guest
speaker sessions
Optional live office hours
for additional support
Live credit-focused
AI labs
Program Structure
Without a structured game plan, even the most talented credit analysts can feel stuck, grinding for years on an uncertain development path all on their own. Traditional finance education doesn't prepare analysts for the rigorous demands of the seat and PMs rarely have time to devote to training juniors.
Credit Academy replaces years of learning by osmosis with a comprehensive training program covering three core areas of development:
Credit Foundations
The core skills behind credit analysis
- Fundamental credit analysis
- Credit modeling
- Credit document analysis
- Research process fundamentals
Build the base every credit analyst needs to have
Advanced Credit Strategies
Concepts, skills, and frameworks
- Distressed credit
- Event-driven and opportunistic credit
- Performing high yield
- Direct lending
Develop fluency across major credit investing strategies
Credit AI
Tools and frameworks for faster work
- Agentic AI fundamentals
- Credit specific AI workflows
- Shipped skills.md files
- Live build sessions
Use AI and live feedback to strengthen analysis and execution
Built for Buyside Credit
Battle-tested frameworks taught by investors with
expertise across public, private and distressed credit
Instructors
Alex Goston
Instructor
Alex has over a decade of credit investing experience across distressed, opportunistic, and performing credit. With experience on both the public and private side of credit investing at KKR and RBC Global Asset Management, Alex brings expertise in deep fundamental credit analysis.
Brett Caughran
Founder & Head Trainer
Brett brings 13 years of buyside experience as an analyst and PM at Maverick Capital, D.E. Shaw, Citadel, and Schonfeld. With deep experience across both fundamental and quantitative investing, Brett brings a practical approach to using AI in improving the investment research process.
Andrew Carr
Senior Instructor
Andrew has seven years of buyside experience (Balyasny ExodusPoint, Blackstone / Strycker View), years of independent analyst coaching experience, and senior trainer lead at Fundamental Edge. He brings deep expertise in fundamental analysis, financial modeling, and mentoring early-career analysts through structured learning programs.
How it Works
Download the SyllabusEnroll and Start Learning
Cohort begins September 28th. Once the course launches you will get full access to the library of prerecorded content: That’s 30+ hours of core content and a variety of supplemental guest speaker sessions featuring experienced professionals across different areas of the credit market, including distressed, private, public, and high yield. Each module can stand on its own so you can focus on the topics with the highest impact for you.
Engage and Go Deeper
As a part of Credit Academy, you get access to 6 months of monthly live sessions where you can learn live and interface directly with the instructors. The program will start with a live kick off and each subsequent month will feature a live office hours session and/or a live AI Lab. We will conclude the program with a live wrap up session. All live sessions are optional and will be recorded, so even if you can’t make it live you can always watch the recording later.
Stay Connected
Once you sign up, you get a full 12 months of access to all the content (including the recordings of all the live sessions). This means whether you want to finish the course in 12 days or 12 months, you can work at your own pace and still go back to reference the material for a full year.
Enroll NowProgram Content
Module 1 Credit Fundamentals
Module Outline
- The credit market landscape and types of career paths within buyside credit
- Credit vs. equity investment mindset
- Developing a credit investment thesis
- Capital structures and types of subordination
- Yields, spreads, duration, and convexity essentials
- Types of buyside credit analyst roles and tips for success
Module 2 Credit Modeling and Analysis
Module Outline
- How to structure a working credit model
- Understanding key credit metrics
- Industry, business, and management analysis for credit
- Capital structure, P&L, and cash flow analysis
- Forecasting and credit-specific valuation approaches
- Building structured credit risk checklists
Module 3 Credit Document Analysis
Module Outline
- How to approach credit document analysis
- Typical sections of credit agreements and indentures
- Maintenance versus incurrence covenants overview
- Negative covenants deep dive
- Typical covenant levels across high yield bonds, leveraged loans, and direct lending
- Walkthrough of analyzing a real credit agreement
Module 4 Public Credit Investing
Module Outline
- Public credit markets and key market participants
- Analyzing credit ratings and borrower leverage policy
- Relative value, returns composition, and Bloomberg tooling
- Primary versus secondary market opportunities
- Public credit investment thesis types
- The public credit research process, end to end
Module 5 Credit Trading (Buyside Implications)
Module Outline
- Why credit trading dynamics matter to fundamental credit investors
- The basics of how credit trades
- Dealer runs and how to read them
- How trading dynamics shape analyst workflows
- Practical trading considerations for research decisions
- Using trading market data to evaluate liquidity
Module 6 Private Credit Investing
Module Outline
- The private credit market and direct lending strategies
- Direct lending loan types, real deal examples, and typical pricing and leverage levels
- BDCs and other fund structures
- Credit documents in direct lending versus public
- The direct lending deal and research process, end to end
- Portfolio monitoring and when deals go wrong
Module 7 Distressed Credit Investing: In-Court Restructuring
Module Outline
- Introduction to distressed credit investing
- The Chapter 11 bankruptcy process and tools
- Valuation conflicts and how process can influence investment outcomes
- Analyzing real bankruptcy filings
- Monitoring distress and identifying opportunities
- Distressed credit case studies from real situations
Module 8 Distressed Credit Investing: LMEs and Advanced Credit Docs
Module Outline
- Introduction to liability management exercises
- Amendment and pro rata sharing provisions
- Creditor group dynamics and negotiation outcomes
- Evaluating potential LMEs through scenario analysis
- Case studies of major LMEs and key document loopholes exploited
- LME blockers and their potential limitations
The 6-Month Arc
Each month features a live session designed to provide additional support and help you go
deeper into the content. Attendance is fully optional and recordings for all sessions will be provided.
Live Kick-Off
AI Lab With Office Hours
Office Hours
AI Lab With Office Hours
Office Hours
AI Lab With Office Hours
and Wrap Up Session
Who is this
course for?
Not sure if Credit Academy
is right for you?
Schedule a call with Fundamental
Edge to discuss your needs.
Sellside Juniors
Who are recruiting for buyside credit roles
Experienced Credit Analysts
Who are looking to sharpen their skills
Buyside Credit Interns
Who are preparing for a career in credit
Segment Movers
Who are seeking to move to a different
type of credit seat
New Buyside Credit Analysts
With 0-3 years experience who are looking
to establish frameworks
Career Switchers
Who are looking to break into
buyside credit
What you’ll walk away with
A Repeatable Credit Process
Apply a structured diligence process to public and private credit opportunities.
A Working
Credit Model
Build capital structure layouts, debt schedules, and credit-focused valuation methods.
A Credit
Investment Pitch
Generate ideas, form a thesis, and deliver a high-quality credit pitch.
A Credit Document Analysis Toolkit
Analyze key terms, covenants, and structural protections.
A Credit-Risk
Checklist
Create process discipline by codifying your approach to analyzing credit risk.
A Relative Value
Framework
Assess opportunities across IG, high yield, direct lending, stressed, and distressed segments of the credit market.
Pricing
Individual Access
$4,850
Full cohort access for one seat.
- Self-paced pre-recorded content
- Office hours and guest speakers
- Live AI workflow sessions
- Skills files and additional materials
Team Access
Custom
Everything in Individual Access.
- Group pricing and consolidated billing
- Enterprise/team level implementation plan
- Optional tailored sessions for your team
Without vs. With Credit Academy
Without a structured process...
- You waste years building frameworks that could have been built in months
- Your development stays jagged and episodic
- You're overlooked as expectations climb while your process doesn't
- Credibility with your PM and team erodes
- Your self-belief takes a hit
- Compounding earnings are delayed by years
With Credit Academy, you...
- Avoid learning costly mistakes the hard way
- Advance your career instead of stagnating
- Develop institutional frameworks that decision makers look for
- Become a real investor instead of a hopeful observer
- Build credibility that opens doors
- Compress years of learning into months
Frequently Asked Questions
Do I need prior credit experience?
No, but those new to credit are encouraged to be heavy users of office hours and our questions mail bag. Though we cover the core credit investing fundamentals at the beginning of the program, the learning curve is quite steep as we progress to the more advanced domain-specific parts of the program.
Do I need to complete the entire program in 6 months?
You can complete the program at your own pace and the slides and model/memo templates are downloadable. Once you register, you have access to all content for a full 12 months, meaning you can work through the material as slowly or as quickly as you want.
What if I am behind on content, can I still ask questions at office hours?
Yes. We have an “any question, any time” philosophy for office hours. Ask whatever’s on your mind, whether you’ve finished the module or not.
What’s the difference between Credit Academy and Analyst Academy?
While the Analyst Academy has an equity focus, Credit Academy was designed specifically to develop credit analysts for institutional buyside credit roles. The Credit Academy has a separate curriculum but does draw on certain content relevant to both equity and credit from the Analyst Academy.
What if I can’t make office hours due to timezone or schedule?
All live sessions are recorded and available for replay. We also have a mail bag where students can submit questions in advance and review the answers later.
Will I get a certificate for completing Credit Academy?
Yes, all graduates receive a certificate of completion from Fundamental Edge.
Can I pay for this with soft dollars?
Yes, Fundamental Edge accepts soft dollars.
Master the frameworks that top
credit investors use every day
Develop the tools and skills that institutional grade credit analysts rely on.
Enroll Today