# MBA Electives Roadmap: [Your name, programme and class year]

> A map of the second-year MBA electives in this library: which career tracks need which electives, which core cards
> to finish first, how to sequence guides and cards across terms and recruiting, and where each of the 42 elective
> templates fits. It is for first-year students choosing a track, second-year students planning their last terms, and
> working professionals who want an elective-level path in one area (deals, investments, marketing analytics, supply
> chain, strategy and technology). It complements `mba/mba-elective-concentration-plan` (your school's requirements,
> bidding and registration) and `mba/mba-two-year-plan` (the whole programme); this roadmap is about content and
> sequence. Source basis: the elective structures common to leading international full-time programmes, described in
> general terms, the AACSB Global Standards for Business Education (ratified 20 April 2026) for the competency view,
> and the primary works cited in each card. Course names, prerequisites and rules differ by school and change between
> years: always check your school's current catalogue and programme office. This is a planning aid, not academic,
> career or investment advice. Replace every [bracketed] value and every row marked *Example*.

<!--
Guidance: How to use this template
- Start with section 2 (career tracks). Pick one primary and at most one backup track before you look at the full list.
- Check section 3 (prerequisites) for your tracks: finish or review the core cards listed before the first elective card.
- Use the worksheets in section 6 to score tracks, check readiness and build a term-by-term map.
- Follow the reading order in section 4: the guide of each group first, then its cards in the order shown.
- Revisit the roadmap after summer internship recruiting and after the internship itself.
- Related templates: mba/mba-elective-concentration-plan, mba/mba-two-year-plan, mba/mba-core-curriculum-map,
  mba/mba-journey-roadmap, mba/mba-recruiting-plan, mba/mba-internship-plan, mba/mba-post-mba-career-plan,
  mba/mba-exchange-semester-plan, mba/mba-learning-journal, mba/mba-concept-flashcards, mba/mba-error-log,
  mba/mba-reading-list, mba/mba-formula-sheet, mba/mba-banking-technical-prep, mba/mba-case-interview-prep,
  mba/mba-product-interview-prep.
-->

## Document control

<!-- Guidance: Record the catalogue year you checked and your current track choice. Update the version each term. -->

| Field | Value |
|---|---|
| Document ID | ELR-[INITIALS]-001 |
| Student | [Your name] |
| Programme and class year | [Full-time MBA, Class of YYYY] |
| Catalogue year checked | [YYYY-YY], checked YYYY-MM-DD at [programme office or registrar page] |
| Primary track | [Private equity] |
| Backup track | [Corporate strategy] |
| Terms left for electives | [Terms 4, 5 and 6] |
| Version | [0.1] |
| Last updated | YYYY-MM-DD |
| Reviewed by | [Academic adviser, career coach or second-year mentor] |

## Contents

1. Purpose and how the electives build on the core
2. Career tracks and the electives they need
3. Prerequisites: core cards to finish first
4. The 42 elective templates by group and reading order
5. Sequencing across terms and recruiting
6. Worksheets: track scoring, readiness, term map
7. Structured workbook
8. Standards and facts that change
9. Timeline
10. Quality checklist and common mistakes
11. Self-test, notes, sources, answer key

## 1. Purpose and how the electives build on the core

<!-- Guidance: Read once. The aim is depth in one or two areas, built on a solid core, timed to recruiting. Breadth without depth is the most common second-year regret. -->

The first-year core gives every MBA student the same toolkit: accounting, corporate finance, economics, data analysis,
marketing, operations, strategy, leadership and ethics (`mba/mba-core-curriculum-map`). Electives take one area further,
to the level at which a new hire in that function is expected to work from the first week. In this library each
elective card **builds on a named core card and links to it instead of repeating it**. For example,
`mba/mba-lbo-model-card` starts where `mba/mba-paper-lbo` stops, `mba/mba-term-sheet-card` starts where
`mba/mba-venture-finance-cap-table-card` stops, and `mba/mba-new-product-diffusion-card` extends the diffusion section
of `mba/mba-marketing-guide`.

Three principles shape the roadmap:

1. **Depth over breadth.** Recruiters for specialised roles (deals, investing, marketing analytics, supply chain) test
   technical depth. Four to six electives in one group, plus one or two in a complementary group, usually serve better
   than one course in each of ten areas.
2. **Prerequisites first.** An elective card assumes its core card. A student who starts `mba/mba-accretion-dilution-card`
   without being fluent in `mba/mba-three-statements-card` and `mba/mba-dcf-valuation-card` spends the elective
   relearning the core.
3. **Timing against recruiting.** Technical depth helps most before the interviews that test it. For many tracks,
   internship recruiting happens in the first year, so the first elective cards in this library are worth reading
   before the matching course is offered, alongside the recruiting preparation templates.

The diagram shows the flow from the core to the elective groups and on to the tracks they serve.

```mermaid
flowchart LR
    subgraph Core["First-year core"]
        C1["Accounting and corporate finance"]
        C2["Data, economics and marketing"]
        C3["Operations and strategy"]
    end
    subgraph Electives["Elective groups"]
        E1["Mergers and acquisitions"]
        E2["Private equity"]
        E3["Venture capital"]
        E4["Investments"]
        E5["Derivatives and risk"]
        E6["Marketing analytics, brand and digital"]
        E7["Supply chain"]
        E8["Technology strategy"]
        E9["Corporate strategy and governance"]
    end
    C1 --> E1
    C1 --> E2
    C1 --> E3
    C1 --> E4
    E4 --> E5
    C2 --> E6
    C3 --> E7
    C3 --> E8
    C3 --> E9
    E1 --> T1["Banking, corporate development"]
    E2 --> T2["Private equity"]
    E3 --> T3["Venture capital, start-ups"]
    E5 --> T4["Asset management, risk, treasury"]
    E6 --> T5["Brand, product and growth marketing"]
    E7 --> T6["Operations and supply chain"]
    E8 --> T7["Technology and product"]
    E9 --> T8["Consulting, strategy, general management"]
```

## 2. Career tracks and the electives they need

<!-- Guidance: Use "core of the track" as the minimum. Add from "strong additions" when you have room. "Useful" items are for interest or a backup track. -->

| Track | Core of the track | Strong additions | Useful |
|---|---|---|---|
| Investment banking and corporate development | mba/mba-mergers-acquisitions-guide, mba/mba-accretion-dilution-card, mba/mba-synergy-valuation-card, mba/mba-deal-structuring-card | mba/mba-lbo-model-card, mba/mba-corporate-governance-card | mba/mba-corporate-strategy-card, mba/mba-fixed-income-card |
| Private equity | mba/mba-private-equity-guide, mba/mba-lbo-model-card, mba/mba-pe-fund-economics-card, mba/mba-pe-value-creation-card | mba/mba-deal-structuring-card, mba/mba-synergy-valuation-card | mba/mba-corporate-governance-card, mba/mba-supply-chain-guide |
| Venture capital and start-ups | mba/mba-venture-capital-guide, mba/mba-vc-method-card, mba/mba-term-sheet-card, mba/mba-vc-portfolio-construction-card | mba/mba-platform-strategy-card, mba/mba-new-product-diffusion-card | mba/mba-innovation-portfolio-card, mba/mba-marketing-experiments-card |
| Asset management and research | mba/mba-investments-guide, mba/mba-portfolio-theory-card, mba/mba-factor-models-card, mba/mba-performance-evaluation-card | mba/mba-fixed-income-card, mba/mba-value-at-risk-card | mba/mba-derivatives-risk-guide, mba/mba-corporate-governance-card |
| Risk, trading and treasury | mba/mba-derivatives-risk-guide, mba/mba-forwards-futures-swaps-card, mba/mba-value-at-risk-card, mba/mba-fixed-income-card | mba/mba-portfolio-theory-card, mba/mba-investments-guide | mba/mba-international-strategy-card |
| Brand, product and growth marketing | mba/mba-marketing-analytics-guide, mba/mba-brand-equity-card, mba/mba-marketing-experiments-card, mba/mba-digital-attribution-card | mba/mba-conjoint-analysis-card, mba/mba-segmentation-clustering-card, mba/mba-marketing-mix-modeling-card | mba/mba-new-product-diffusion-card, mba/mba-platform-strategy-card |
| Marketing analytics and data science for business | mba/mba-marketing-analytics-guide, mba/mba-conjoint-analysis-card, mba/mba-marketing-mix-modeling-card, mba/mba-segmentation-clustering-card | mba/mba-marketing-experiments-card, mba/mba-digital-attribution-card | mba/mba-revenue-management-card, mba/mba-factor-models-card |
| Operations and supply chain | mba/mba-supply-chain-guide, mba/mba-bullwhip-effect-card, mba/mba-network-design-card, mba/mba-sourcing-procurement-card | mba/mba-supply-chain-resilience-card, mba/mba-revenue-management-card | mba/mba-digital-transformation-card, mba/mba-pe-value-creation-card |
| Technology and product management | mba/mba-technology-strategy-guide, mba/mba-platform-strategy-card, mba/mba-innovation-portfolio-card, mba/mba-digital-transformation-card | mba/mba-marketing-experiments-card, mba/mba-new-product-diffusion-card | mba/mba-conjoint-analysis-card, mba/mba-venture-capital-guide |
| Consulting, corporate strategy and general management | mba/mba-corporate-strategy-card, mba/mba-international-strategy-card, mba/mba-corporate-governance-card, mba/mba-digital-transformation-card | mba/mba-synergy-valuation-card, mba/mba-supply-chain-resilience-card, mba/mba-platform-strategy-card | mba/mba-mergers-acquisitions-guide, mba/mba-pe-value-creation-card |

The library groups the same material into five elective kits: **mba-deals-electives** (M&A, buyouts, venture),
**mba-investments-risk** (investments, portfolio, derivatives), **mba-marketing-analytics** (measure, model, brand),
**mba-supply-chain** (design, source, resilience) and **mba-strategy-technology** (strategy, platforms, governance).
Open the kit for your track to see the templates in order.

## 3. Prerequisites: core cards to finish first

<!-- Guidance: For each group in your track, rate yourself 1 to 5 on every core card listed. Anything below 3 is a review before the elective, not during it. -->

| Elective group | Core cards to be fluent in first | Practitioner templates the electives link to |
|---|---|---|
| Mergers and acquisitions | mba/mba-three-statements-card, mba/mba-dcf-valuation-card, mba/mba-capm-wacc-card, mba/mba-capital-structure-card, mba/mba-growth-strategy-card, mba/mba-banking-technical-prep (section 5, the quick accretion test) | finance/due-diligence-request-list, finance/quality-of-earnings-scope, finance/m-and-a-integration-100-day-plan, finance/investment-committee-memo |
| Private equity | mba/mba-paper-lbo, mba/mba-capital-structure-card, mba/mba-dcf-valuation-card, mba/mba-cash-flow-statement-card, mba/mba-npv-irr-card | finance/private-equity-investment-memo, finance/lp-quarterly-report, finance/investment-committee-memo |
| Venture capital | mba/mba-venture-finance-cap-table-card, mba/mba-entrepreneurship-guide, mba/mba-opportunity-assessment-card, mba/mba-npv-irr-card | finance/investment-committee-memo |
| Investments | mba/mba-capm-wacc-card, mba/mba-regression-for-managers-card, mba/pre-mba-quant-refresher | finance/strategic-asset-allocation-study, finance/performance-attribution-report, finance/bond-credit-analysis |
| Derivatives and risk | mba/mba-options-real-options-card, mba/mba-fx-interest-parity-card, mba/mba-capm-wacc-card, academic/stats-distributions-sheet | finance/var-backtesting-report |
| Marketing analytics, brand and digital | mba/mba-marketing-guide, mba/mba-stp-positioning-card, mba/mba-marketing-mix-card, mba/mba-customer-lifetime-value-card, mba/mba-pricing-card, mba/mba-regression-for-managers-card, mba/mba-decision-analytics-guide | marketing/marketing-plan, marketing/brand-guidelines, product/ab-test-plan |
| Supply chain | mba/mba-operations-guide, mba/mba-inventory-card, mba/mba-process-analysis-card, mba/mba-relevant-costs-card, mba/mba-decision-analytics-guide (linear programming), mba/mba-pricing-card (for revenue management) | business/business-case where a network or sourcing change needs approval |
| Technology strategy | mba/mba-strategy-guide, mba/mba-growth-strategy-card, mba/mba-competitive-advantage-card, mba/mba-game-theory-card, mba/mba-options-real-options-card, mba/mba-ai-strategy-card, mba/mba-change-management-card | product/roadmap, product/prioritization |
| Corporate strategy and governance | mba/mba-strategy-guide, mba/mba-growth-strategy-card, mba/mba-five-forces-card, mba/mba-value-chain-card, mba/mba-fx-interest-parity-card, mba/mba-ethics-guide, mba/mba-capital-structure-card | finance/valuation-report |

## 4. The 42 elective templates by group and reading order

<!-- Guidance: Read in the order shown inside each group: guide first, then the cards. The "builds on" column names the core cards each one extends, as stated in its intro. -->

| Group | Order | Template | What it adds beyond the core | Builds on |
|---|---|---|---|---|
| Electives map | 0 | mba/mba-electives-roadmap | This map: tracks, prerequisites, sequence | mba/mba-elective-concentration-plan |
| Mergers and acquisitions | 1 | mba/mba-mergers-acquisitions-guide | The M&A elective as a course: motives, deal process, valuation and synergies, payment, EPS, accounting and merger control, governance, integration | mba/mba-corporate-finance-guide, mba/mba-dcf-valuation-card, mba/mba-growth-strategy-card |
| Mergers and acquisitions | 2 | mba/mba-accretion-dilution-card | Full merger-model EPS: payment mix, new debt, purchase price allocation amortisation, deal costs, synergy phase-in, break-even synergies | mba/mba-banking-technical-prep (section 5), mba/mba-capital-structure-card |
| Mergers and acquisitions | 3 | mba/mba-synergy-valuation-card | Cost and revenue synergies, dis-synergies, costs to achieve; synergies against the premium, walk-away price, required performance improvement | mba/mba-growth-strategy-card, mba/mba-dcf-valuation-card |
| Mergers and acquisitions | 4 | mba/mba-deal-structuring-card | Cash versus stock, fixed ratio or fixed value, collars, earn-outs, asset versus share deals, deal protections, acquisition accounting | mba/mba-growth-strategy-card, mba/mba-dcf-valuation-card |
| Private equity | 1 | mba/mba-private-equity-guide | The PE elective: fund model, buyouts, value creation, exits | mba/mba-paper-lbo |
| Private equity | 2 | mba/mba-lbo-model-card | Full LBO model: debt tranches, amortisation and cash sweep, revolver, PIK notes, credit statistics, downside case, maximum price | mba/mba-paper-lbo |
| Private equity | 3 | mba/mba-pe-fund-economics-card | Calls and fees, European and American waterfalls, clawback, net IRR, TVPI, DPI, RVPI, J-curve, PME | mba/mba-paper-lbo |
| Private equity | 4 | mba/mba-pe-value-creation-card | Value creation bridge, sequential versus Shapley attribution, value creation plan and first 100 days, KPI driver trees, buy-and-build | mba/mba-paper-lbo |
| Venture capital | 1 | mba/mba-venture-capital-guide | The VC elective: fund model, sourcing, valuation, terms, staging and reserves, down rounds, exits | mba/mba-entrepreneurship-guide, mba/mba-venture-finance-cap-table-card |
| Venture capital | 2 | mba/mba-vc-method-card | Venture capital method, retention ratio for later-round dilution, First Chicago scenarios, fund-returner test | mba/mba-venture-finance-cap-table-card |
| Venture capital | 3 | mba/mba-term-sheet-card | Preferences and participation, anti-dilution, pay-to-play, redemption, board and protective provisions; a down round | mba/mba-venture-finance-cap-table-card |
| Venture capital | 4 | mba/mba-vc-portfolio-construction-card | Investable capital, cheque size and ownership, reserves and follow-ons, recycling, power-law outcomes | mba/mba-venture-finance-cap-table-card |
| Investments | 1 | mba/mba-investments-guide | The investments elective: portfolio choice, pricing models, market efficiency, bonds, evaluation | mba/mba-capm-wacc-card, mba/mba-corporate-finance-guide |
| Investments | 2 | mba/mba-portfolio-theory-card | Mean-variance optimisation, efficient frontier, capital market line, estimation error | mba/mba-capm-wacc-card |
| Investments | 3 | mba/mba-fixed-income-card | Spot and forward curves, duration, convexity, DV01, immunisation, credit spreads, floating-rate notes after LIBOR | mba/mba-npv-irr-card, mba/mba-capm-wacc-card |
| Investments | 4 | mba/mba-factor-models-card | Single-index model, APT, Fama-French and Carhart factors, factor regressions, alpha, risk decomposition | mba/mba-capm-wacc-card, mba/mba-regression-for-managers-card |
| Investments | 5 | mba/mba-performance-evaluation-card | Time- and money-weighted returns, Sharpe, Treynor, Jensen's alpha, M-squared, information ratio, timing tests, GIPS | mba/mba-capm-wacc-card, mba/mba-portfolio-theory-card |
| Derivatives and risk | 1 | mba/mba-derivatives-risk-guide | The derivatives and risk elective: pricing, hedging, VaR and expected shortfall, counterparty risk, hedging governance | mba/mba-options-real-options-card, mba/mba-fx-interest-parity-card |
| Derivatives and risk | 2 | mba/mba-forwards-futures-swaps-card | Cost of carry, futures and daily settlement, minimum-variance hedge, interest rate and currency swaps | mba/mba-options-real-options-card, mba/mba-fx-interest-parity-card |
| Derivatives and risk | 3 | mba/mba-value-at-risk-card | Parametric, historical and Monte Carlo VaR, expected shortfall, EWMA, stress tests, Kupiec backtest, traffic light | mba/mba-capm-wacc-card, academic/stats-distributions-sheet |
| Marketing analytics | 1 | mba/mba-marketing-analytics-guide | The marketing analytics elective: data, models and decisions | mba/mba-marketing-guide, mba/mba-decision-analytics-guide |
| Marketing analytics | 2 | mba/mba-conjoint-analysis-card | Ratings and choice-based conjoint, part-worths, willingness to pay, simulators, price optimisation | mba/mba-pricing-card, mba/mba-stp-positioning-card |
| Marketing analytics | 3 | mba/mba-marketing-experiments-card | A/B, holdout and geo experiments, power and sample size, incrementality and iROAS, peeking | mba/mba-regression-for-managers-card |
| Marketing analytics | 4 | mba/mba-marketing-mix-modeling-card | Adstock, saturation, decomposition, marginal return, validation and calibration with experiments | mba/mba-marketing-mix-card, mba/mba-regression-for-managers-card |
| Marketing analytics | 5 | mba/mba-segmentation-clustering-card | k-means and Ward clustering, choosing the number of segments, stability, profiling, typing tool | mba/mba-stp-positioning-card |
| Marketing analytics | 6 | mba/mba-new-product-diffusion-card | Bass model peak, estimation from early sales, analogies and extensions | mba/mba-marketing-guide |
| Brand and digital | 1 | mba/mba-brand-equity-card | Brand resonance pyramid, funnel diagnostics, revenue premium, relief from royalty, extensions and licensing | mba/mba-marketing-guide, mba/mba-stp-positioning-card |
| Brand and digital | 2 | mba/mba-digital-attribution-card | Rules-based and algorithmic attribution (Shapley, Markov removal), attribution versus incrementality, privacy limits | mba/mba-marketing-mix-card, mba/mba-marketing-experiments-card |
| Supply chain | 1 | mba/mba-supply-chain-guide | The supply chain elective: strategy, planning, coordination, network, sourcing, resilience, revenue management | mba/mba-operations-guide, mba/mba-inventory-card |
| Supply chain | 2 | mba/mba-bullwhip-effect-card | Demand amplification, its causes and remedies | mba/mba-inventory-card |
| Supply chain | 3 | mba/mba-network-design-card | Facility location, centre of gravity, risk pooling and the square-root law, near-shore versus far-shore landed cost | mba/mba-inventory-card, mba/mba-decision-analytics-guide |
| Supply chain | 4 | mba/mba-sourcing-procurement-card | Total cost of ownership, quantity discounts, Kraljic matrix, supplier selection, make or buy, supply contracts | mba/mba-inventory-card, mba/mba-relevant-costs-card |
| Supply chain | 5 | mba/mba-supply-chain-resilience-card | Time to recover and time to survive, mitigation versus contingency, redundancy and flexibility | mba/mba-inventory-card, mba/mba-sourcing-procurement-card |
| Supply chain | 6 | mba/mba-revenue-management-card | EMSR-b booking limits across fare classes, overbooking, bid prices, fairness limits | mba/mba-pricing-card, mba/mba-inventory-card |
| Technology strategy | 1 | mba/mba-technology-strategy-guide | The technology strategy elective: innovation, platforms, standards, ecosystems, transformation | mba/mba-strategy-guide, mba/mba-growth-strategy-card |
| Technology strategy | 2 | mba/mba-platform-strategy-card | Cross-side network effects, pricing the sides, tipping, the launch problem, openness and governance, multi-homing | mba/mba-strategy-guide, mba/mba-growth-strategy-card |
| Technology strategy | 3 | mba/mba-innovation-portfolio-card | Core, adjacent and transformational bets, expected commercial value, selection under a budget, staging and kill gates, ambidexterity | mba/mba-growth-strategy-card, mba/mba-options-real-options-card |
| Technology strategy | 4 | mba/mba-digital-transformation-card | Complementary investments, levels of IT-enabled change, digital maturity, cash-flow J-curve, stage-gated funding, product to service | mba/mba-change-management-card, mba/mba-ai-strategy-card |
| Corporate strategy and governance | 1 | mba/mba-corporate-strategy-card | Corporate advantage, parenting fit, internal capital markets, diversification discount, sum of the parts, spin-offs and carve-outs | mba/mba-growth-strategy-card |
| Corporate strategy and governance | 2 | mba/mba-international-strategy-card | CAGE distance, entry modes (OLI, Uppsala), integration versus local responsiveness, AAA triangle | mba/mba-growth-strategy-card, mba/mba-fx-interest-parity-card |
| Corporate strategy and governance | 3 | mba/mba-corporate-governance-card | Two agency problems, boards, pay, ownership, pyramids and dual-class shares, governance codes | mba/mba-ethics-guide, mba/mba-capital-structure-card |

Count check: 1 + 4 + 4 + 4 + 5 + 3 + 6 + 2 + 6 + 4 + 3 = 42 templates (`=SUM(1,4,4,4,5,3,6,2,6,4,3)`).

## 5. Sequencing across terms and recruiting

<!-- Guidance: Put the hard prerequisites first, then align the cards that recruiting will test with the term before those interviews. -->

**Sequencing rules.**

1. Read each group's **guide before its cards**: the guide gives the course map, the mini-case and the vocabulary.
2. **Corporate finance before deals.** M&A, PE and VC cards assume valuation, WACC and capital structure. Within deals,
   M&A and PE come before VC for most students, because the VC term sheet borrows the vocabulary of preferred equity
   and control rights.
3. **Investments before derivatives.** Portfolio theory and fixed income come before futures, swaps and VaR.
4. **Regression before models.** Factor models, marketing mix models and experiments rely on
   `mba/mba-regression-for-managers-card`.
5. **Operations core before supply chain.** Inventory and process analysis come before the bullwhip effect, network
   design and resilience.
6. **Strategy core before corporate strategy.** Business-unit strategy (five forces, resource-based view, competitive
   advantage) comes before multi-business and international strategy.
7. **Interleave once the basics are in place.** After the first two cards in a group, alternating between two related
   groups (for example investments and derivatives) helps you tell similar problems apart, as the retrieval and
   interleaving evidence in `mba/mba-concept-flashcards` explains.

**Term grid (*Example*, a two-year programme with six terms).**

| Term | Core or elective focus | Elective cards in this library to read | Recruiting milestone |
|---|---|---|---|
| Term 1 *(Example)* | Core | None yet; finish the core cards | Career exploration, networking |
| Term 2 *(Example)* | Core | Track guide (for example mba/mba-private-equity-guide) as preview | Internship interviews for many tracks |
| Term 3 *(Example)* | Core plus first elective | First two cards of the primary track | Internship offers, preparation |
| Summer *(Example)* | Internship | Cards the internship uses daily | Internship |
| Term 4 *(Example)* | Electives | Remaining primary-track cards | Full-time recruiting, return offers |
| Term 5 *(Example)* | Electives | Strong additions and backup track | Off-cycle and later-cycle roles |
| Term 6 *(Example)* | Electives, capstone | Useful items, capstone (mba/mba-capstone-project-report) | Start date, transition (mba/mba-post-mba-career-plan) |

Self-study load (*Example*): about 6 hours per guide and 3.5 hours per card, so the private equity core of the track
(1 guide, 3 cards) takes about 16.5 hours (`=1*6+3*3.5`), the marketing analytics core with all five of its cards
about 23.5 hours (`=1*6+5*3.5`), and all three deal groups (3 guides, 9 cards) about 49.5 hours (`=3*6+9*3.5`).
Replace the hours with your own pace after the first two cards.

## 6. Worksheets: track scoring, readiness, term map

<!-- Guidance: Fill the worksheets in order. Rows marked Example show the format; replace them. -->

### 6.1 Track scoring

Score each candidate track from 1 to 5 on four criteria and weight them. Career relevance means how much the track
matters for your primary target role; skill gap means how much you would learn; readiness means how many prerequisites
you already meet.

| Track | Career relevance (40%) | Skill gap (25%) | Interest (20%) | Readiness (15%) | Weighted score |
|---|---|---|---|---|---|
| Private equity *(Example)* | 5 | 4 | 4 | 3 | 4.25 |
| Marketing analytics and brand *(Example)* | 3 | 3 | 4 | 5 | 3.50 |
| Supply chain *(Example)* | 2 | 2 | 3 | 4 | 2.50 |
| [Track] | [ ] | [ ] | [ ] | [ ] | [ ] |

Excel, with the weights in `B1:E1` and scores in `B2:E2`: `=SUMPRODUCT($B$1:$E$1,B2:E2)`. A gap of less than about 0.5
between the top two tracks means the scores do not decide for you: talk to people in both roles before choosing.

### 6.2 Prerequisite readiness

| Core card | My confidence (1 to 5) | Evidence (exam, problem set, self-test score) | Review action and date |
|---|---|---|---|
| mba/mba-paper-lbo *(Example)* | 3 | Self-test 7 of 10 | Redo Worked example B before Term 3, YYYY-MM-DD |
| mba/mba-capital-structure-card *(Example)* | 2 | Struggled with the tax shield exam question | Full card review plus mba/mba-error-log entries |
| mba/mba-dcf-valuation-card *(Example)* | 4 | Case write-up graded high | None |
| [Core card] | [ ] | [ ] | [ ] |

### 6.3 Term-by-term elective map

| Term | Elective course at my school | Matching cards in this library | Prerequisites met? | Deliverable or exam |
|---|---|---|---|---|
| Term 3 *(Example)* | [Private equity and buyouts] | mba/mba-private-equity-guide, mba/mba-lbo-model-card | Yes, after the capital structure review | LBO model group project |
| Term 4 *(Example)* | [Advanced corporate valuation] | mba/mba-synergy-valuation-card, mba/mba-deal-structuring-card | Yes | Deal memo |
| Term 4 *(Example)* | [Fund management practicum] | mba/mba-pe-fund-economics-card | Yes | Waterfall exercise |
| Term 5 *(Example)* | [Operational value creation] | mba/mba-pe-value-creation-card, mba/mba-supply-chain-guide | Partly | Portfolio company plan |
| [Term] | [ ] | [ ] | [ ] | [ ] |

Credit check (*Example*): 24 elective credits required, 6 taken, 18 left (`=24-6`), so six more 3-credit courses
(`=18/3`). Use `mba/mba-elective-concentration-plan` for your school's actual rules.

## 7. Structured workbook

<!-- Guidance: Answer each prompt in two to five sentences. Revisit the answers after internship recruiting and after the summer. -->

1. **Target role.** What role do I want 12 months after graduation, in which industry and region? What will I be asked
   to do in the first month?
   [Answer]
2. **Evidence.** Which three conversations, projects or internships support this target? What would change my mind?
   [Answer]
3. **Technical bar.** Which elective cards cover the technical questions that recruiters for this role ask? Which of
   them have I already worked through?
   [Answer]
4. **Gaps.** Which core cards am I not yet fluent in, and when will I review them?
   [Answer]
5. **Backup.** If the primary track does not work out, which backup track shares the most electives with it?
   [Answer]
6. **Stretch.** Which one elective outside my track would make me a better manager, and why?
   [Answer]
7. **Application.** Where will I use each elective: a club project, a case competition, a field project
   (`mba/mba-field-project-sow`), the internship or the capstone?
   [Answer]
8. **Review.** On what dates will I review this roadmap, and with whom?
   [Answer]

## 8. Standards and facts that change

<!-- Guidance: Elective content in finance, governance and risk follows standards that are revised. Each card dates its facts; check the official page before an exam, a deal or a client deliverable. -->

The cards in this roadmap carry their own dated facts. The table lists the main ones by group, with what was checked
for this roadmap on 2026-10-28. Check the official page before you rely on any of them.

| Group | Standard or fact | Status as checked | Official source |
|---|---|---|---|
| Corporate governance | UK Corporate Governance Code 2024 (published 22 January 2024): applies to financial years beginning on or after 1 January 2025; Provision 29 (declaration on the effectiveness of material internal controls) applies to financial years beginning on or after 1 January 2026 | Confirmed on frc.org.uk, 2026-10-28; see mba/mba-corporate-governance-card | [frc.org.uk](https://www.frc.org.uk/library/standards-codes-policy/corporate-governance/uk-corporate-governance-code/) |
| Corporate governance | G20/OECD Principles of Corporate Governance 2023: revised by the OECD Council on 8 June 2023 and published in September 2023 (OECD/LEGAL/0413), with a new chapter on sustainability and resilience | Publication record confirmed (OECD Publishing, DOI 10.1787/ed750b30-en, 11 September 2023), 2026-10-28; the OECD site blocked automated access, so check it before use; see mba/mba-corporate-governance-card | [doi.org/10.1787/ed750b30-en](https://doi.org/10.1787/ed750b30-en) |
| Investments | GIPS Standards for Firms, 2020 edition: effective 1 January 2020; GIPS reports that include performance for periods ending on or after 31 December 2020 must follow it | Checked on gipsstandards.org, October 2026; see mba/mba-performance-evaluation-card | [gipsstandards.org](https://www.gipsstandards.org/standards/gips-standards-for-firms/) |
| Derivatives and risk | Basel Committee, *Minimum capital requirements for market risk* (January 2019, often called FRTB, now chapters MAR of the Basel Framework): expected shortfall at 97.5% replaces 99% VaR for internal models | Standard and date confirmed on bis.org, 2026-10-28 | [bis.org](https://www.bis.org/bcbs/publ/d457.htm) |
| Derivatives and risk | Implementation by jurisdiction: UK, PRA policy statement PS1/26 (20 January 2026), Basel 3.1 rules from 1 January 2027 and the FRTB internal models approach from 1 January 2028; EU, FRTB own funds requirements deferred to 1 January 2027 by Delegated Regulation (EU) 2025/1496 (published 19 September 2025), with further relief in Delegated Regulation (EU) 2026/1221; US, proposals of 19 March 2026 with no final rule as of October 2026 | As stated in mba/mba-value-at-risk-card, checked October 2026; the EU text was checked on summaries and later acts, not read on EUR-Lex | [bankofengland.co.uk](https://www.bankofengland.co.uk/), [finance.ec.europa.eu](https://finance.ec.europa.eu/), [federalreserve.gov](https://www.federalreserve.gov/) |
| Derivatives and risk | LIBOR has ended: 24 of the 35 settings ceased from 1 January 2022; panel-bank US dollar LIBOR after end-June 2023; synthetic 1- and 6-month sterling to end-March 2023 and 3-month sterling to end-March 2024; the last synthetic US dollar settings were published on 30 September 2024. Successors: SOFR, SONIA, €STR | Confirmed on the Bank of England transition page, 2026-10-28 (the FCA page blocked automated access); see mba/mba-forwards-futures-swaps-card and mba/mba-fixed-income-card | [bankofengland.co.uk](https://www.bankofengland.co.uk/markets/transition-to-sterling-risk-free-rates-from-libor) |
| Mergers and acquisitions | IFRS 3 *Business Combinations* and ASC 805; IAS 38 does not allow internally generated brands to be recognised, acquired ones are recognised separately from goodwill. The IASB project *Business Combinations: Disclosures, Goodwill and Impairment* (exposure draft March 2024) was still in redeliberation at the 23 September 2026 meeting: no final amendments issued and no effective date | IAS 38 confirmed on ifrs.org, 2026-10-28; project status as stated in mba/mba-mergers-acquisitions-guide and mba/mba-deal-structuring-card | [ifrs.org](https://www.ifrs.org/issued-standards/list-of-standards/ias-38-intangible-assets/) |
| Mergers and acquisitions | Merger control thresholds: US HSR 2026 thresholds effective 17 February 2026 (size of transaction USD 133.9m); EU Merger Regulation turnover tests (EUR 5,000m worldwide and EUR 250m EU for at least two parties, or the alternative test). They change by notice; check with counsel | As stated in mba/mba-deal-structuring-card, checked October 2026 | [ftc.gov](https://www.ftc.gov/), [competition-policy.ec.europa.eu](https://competition-policy.ec.europa.eu/) |
| Private equity | ILPA Principles 3.0 (June 2019); updated ILPA Reporting Template and new Performance Template (January 2025), recommended for funds from Q1 2026 (ILPA recommendations, not legal requirements) | As stated in mba/mba-pe-fund-economics-card, checked 2026-10-28 | [ilpa.org](https://ilpa.org/) |
| Venture capital | NVCA model legal documents: revision dates differ by document (for example October 2025 and June 2026 updates when checked) | As stated in mba/mba-term-sheet-card, checked 2026-10-28 | [nvca.org](https://nvca.org/) |
| Supply chain | EU Corporate Sustainability Due Diligence Directive (EU) 2024/1760 as amended by Omnibus I (Directive (EU) 2025/794 postponed the dates; Directive (EU) 2026/470 amended the substance): EU companies with at least 5,000 employees and EUR 1.5bn net worldwide turnover, transposition by 26 July 2028, application from 26 July 2029 | As stated in mba/mba-supply-chain-guide and mba/mba-supply-chain-resilience-card, checked October 2026 | [commission.europa.eu](https://commission.europa.eu/business-economy-euro/doing-business-eu/sustainability-due-diligence-responsible-business/corporate-sustainability-due-diligence_en) |
| Technology strategy | EU Digital Markets Act (Regulation (EU) 2022/1925): applies since 2 May 2023; first gatekeeper designations 6 September 2023; the Commission lists the current gatekeepers and core platform services | As stated in mba/mba-platform-strategy-card, checked October 2026 | [digital-markets-act.ec.europa.eu](https://digital-markets-act.ec.europa.eu/gatekeepers_en) |
| Accreditation | AACSB Global Standards for Business Education ratified 20 April 2026, replacing the 2020 standards | Confirmed on aacsb.edu, checked October 2026 | [aacsb.edu](https://www.aacsb.edu/) |

None of these rows is legal, regulatory, accounting or investment advice. The cards give the questions to ask and the
worksheets; decisions on real transactions need the current official texts and qualified advisers.

## 9. Timeline

<!-- Guidance: T is the first day of the second year. mba/mba-two-year-plan counts from the first day of the programme instead, so T here is about T+12 months there. Replace the relative dates with your programme's calendar. -->

| When | Action | Template |
|---|---|---|
| T-12 months | Finish the core cards; note weak areas in the error log | mba/mba-core-curriculum-map, mba/mba-error-log |
| T-10 months | Choose primary and backup tracks with worksheet 6.1 | This roadmap, mba/mba-recruiting-plan |
| T-9 months | Read the guide of the primary track as a preview | Section 4 |
| T-8 to T-5 months | Internship recruiting: technical cards the interviews test | mba/mba-banking-technical-prep, mba/mba-case-interview-prep, mba/mba-product-interview-prep |
| T-6 months | Bid or rank for second-year electives | mba/mba-elective-concentration-plan |
| T-4 to T-1 months | Internship: apply the cards; log what you use | mba/mba-internship-plan |
| T0 | Start the term 4 electives with prerequisites reviewed | Worksheet 6.2 |
| T+1 to T+3 months | Full-time recruiting; finish the track core | mba/mba-offer-negotiation |
| T+4 to T+8 months | Strong additions, backup track, capstone | mba/mba-capstone-project-report |
| T+9 months | Graduation and transition | mba/mba-post-mba-career-plan |

## 10. Quality checklist and common mistakes

<!-- Guidance: Run the checklist before each bidding round. Read the mistakes once a term. -->

**Quality checklist.**

- [ ] One primary and at most one backup track, each with written evidence.
- [ ] Every core card for my track rated 3 or higher, or a dated review planned.
- [ ] Guides read before their cards.
- [ ] Technical cards that recruiting tests read before the interviews.
- [ ] Term map matches my school's actual elective offerings and requirements (checked YYYY-MM-DD).
- [ ] At least one elective applied in a real project, competition or internship.
- [ ] Dated facts in the cards I rely on checked on the official page.
- [ ] Roadmap reviewed after recruiting and after the internship.

**Common mistakes.**

1. **Choosing electives by professor fame or friends.** Courses chosen without a track rarely add up to depth.
2. **Skipping prerequisites.** Starting the LBO model card without the paper LBO and capital structure cards turns an
   elective into remedial core.
3. **Reading the technical cards after the interviews.** Depth helps most before the interviews that test it.
4. **Too many tracks.** Three tracks at once usually means none is deep enough to show in an interview.
5. **Breadth for its own sake.** One course in each of ten areas impresses neither a recruiter nor a future employer.
6. **No backup.** If the primary track's recruiting fails, a backup that shares electives saves a term.
7. **Ignoring quantitative foundations.** Investments, derivatives and marketing analytics electives depend on
   regression and statistics; weak foundations show early.
8. **Treating dated facts as permanent.** Governance codes, risk frameworks and reporting templates change; a card's
   date matters.
9. **Confusing the library with the school.** The cards are reference material; your school's syllabus, cases and
   grading rules decide your course.
10. **Never applying the material.** An elective not used in a project, case competition or internship fades fast.

## 11. Self-test

<!-- Guidance: Answer from memory before scrolling to the answer key. -->

1. Which core card should you be fluent in before `mba/mba-lbo-model-card`, and which before `mba/mba-term-sheet-card`?
2. Why read a group's guide before its cards?
3. Name the four templates at the core of the private equity track.
4. Which elective group should come before derivatives and risk, and why?
5. Weights 0.5, 0.3 and 0.2 and scores 4, 2 and 5: what is the weighted track score, and the Excel formula?
6. Which three tracks share the most electives with the corporate strategy group?
7. Why does timing against recruiting matter more for some tracks than for others?
8. Name two standards in section 8 that a governance or risk elective should date.

## My notes and next steps

<!-- Guidance: This section is yours. Write the next concrete step and its date. -->

| Item | My entry |
|---|---|
| Primary and backup tracks | [ ] |
| Weakest prerequisite and review date | [ ] |
| Next guide to read | [ ] |
| Next roadmap review | YYYY-MM-DD |

## Sources and further reading

<!-- Guidance: The cards cite the primary works of each field. This list covers the planning side. -->

- AACSB International. *Global Standards for Business Education* (ratified 20 April 2026), aacsb.edu.
- Budish, E., Cachon, G. P., Kessler, J. B., and Othman, A. (2017). Course Match: a large-scale implementation of
  approximate competitive equilibrium from equal incomes for combinatorial allocation. *Operations Research*, 65(2),
  314-336.
- Dunlosky, J., Rawson, K. A., Marsh, E. J., Nathan, M. J., and Willingham, D. T. (2013). Improving students' learning
  with effective learning techniques. *Psychological Science in the Public Interest*, 14(1), 4-58.
- Financial Reporting Council. *UK Corporate Governance Code* (January 2024), frc.org.uk.
- Basel Committee on Banking Supervision. *Minimum capital requirements for market risk* (January 2019), bis.org.
- CFA Institute. *GIPS Standards for Firms* (2020), gipsstandards.org.
- Bank of England. Transition to sterling risk-free rates from LIBOR, bankofengland.co.uk (checked 2026-10-28).
- OECD (2023). *G20/OECD Principles of Corporate Governance 2023*. OECD Publishing, https://doi.org/10.1787/ed750b30-en.
- Library templates: mba/mba-elective-concentration-plan, mba/mba-two-year-plan, mba/mba-core-curriculum-map and the
  42 elective templates listed in section 4.

## Answer key

<!-- Guidance: Check your answers only after you have written your own. -->

1. `mba/mba-paper-lbo` (with `mba/mba-capital-structure-card`) before the LBO model card;
   `mba/mba-venture-finance-cap-table-card` before the term sheet card.
2. The guide gives the course map, the vocabulary and a mini-case that shows how the cards fit together, so each card
   is read with a purpose.
3. mba/mba-private-equity-guide, mba/mba-lbo-model-card, mba/mba-pe-fund-economics-card,
   mba/mba-pe-value-creation-card.
4. Investments (portfolio theory and fixed income): pricing, hedging and risk measurement use returns, volatility,
   correlation, yields and duration.
5. $0.5 \times 4 + 0.3 \times 2 + 0.2 \times 5 = 3.6$; `=SUMPRODUCT(B1:D1,B2:D2)`.
6. Consulting and general management (its core), technology and product (digital transformation, platforms) and
   investment banking and corporate development (governance, synergies); private equity also uses governance and
   value creation.
7. Where recruiting tests technical knowledge early (banking, private equity, some asset management roles), the cards
   must be read before first-year interviews; where recruiting tests problem solving and fit (consulting, general
   management), the timing is more flexible.
8. Any two of: UK Corporate Governance Code 2024 (Provision 29 from 2026), G20/OECD Principles 2023, the Basel market
   risk standard (expected shortfall), LIBOR cessation and the risk-free rates, GIPS 2020.

## Revision history

<!-- Guidance: Add a row each term and after every major change of track. -->

| Version | Date | Author | Change summary |
|---|---|---|---|
| 0.1 | YYYY-MM-DD | [Your name] | First draft from the template |
| 0.2 | YYYY-MM-DD | [Your name] | *Example:* Switched backup track after internship, updated term 5 map |

## Standard and licence note

Structure aligned with the elective structures common to leading international full-time MBA programmes, described in
general terms, and with the AACSB Global Standards for Business Education (2026) for the competency view. Dated facts
were checked in October 2026 on the official pages named in section 8 or taken from the cards named there. The text, worksheets and examples are original;
no school's catalogue, syllabus, case or requirement is reproduced, and the template is not affiliated with or endorsed
by any business school, accreditor or standard setter. Check your school's current catalogue and the official texts
before you rely on them. Template licence: MIT.