Last updated: 11 October 2026. BIWS prices read on its courses page and guarantee page; CFI prices and terms read on CFI’s pricing page and terms of service. Reviewed by Josh Hutcheson. See our review methodology.
Live sale
CFI 45% off all memberships. Self-Study $465.85 instead of $847. Verified 19 Oct 2026 09:15 UTC by the detector (CFI pricing page).
See the CFI sale →Corporate Finance Institute (CFI) and Breaking Into Wall Street (BIWS) both teach financial modeling, but they are built for different people. CFI is a broad finance school: one membership, from $347.90 a year in October 2026, includes seven certifications across modeling, FP&A, banking, capital markets, data, wealth and fintech. BIWS is a specialist in investment banking and private equity recruiting: its full library costs $497 for a year, or you can buy single courses outright from $97.
Pick CFI if you want a recognized certification and skills for corporate finance work. Pick BIWS if you are trying to win an investment banking or private equity offer. If your shortlist is CFI against Wall Street Prep instead, see our CFI vs Wall Street Prep comparison; for the two banking specialists head to head, see Wall Street Prep vs Breaking Into Wall Street.
The short answer
Recruiting for IB or PE: BIWS, starting with the $197 IB Interview Guide or the $497 Platinum year. Corporate finance, FP&A, commercial banking or a career change: CFI, at $347.90 a year with all seven certifications. Want both: CFI Self-Study plus the BIWS interview guide comes to $544.90.
CFI vs BIWS at a Glance
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| Factor | CFI | Breaking Into Wall Street (BIWS) |
|---|---|---|
| Price | $347.90/yr Self-Study or $592.90/yr Full-Immersion (Oct 2026, 30% off list) | $497/yr for Platinum (everything), or one-time courses from $97 to $497 |
| How you buy | Annual membership only; all programs included | Annual Platinum plan or individual courses you keep |
| Focus | Broad finance: modeling, valuation, FP&A, banking, capital markets, data, wealth | Investment banking and private equity recruiting and deal modeling |
| Credentials | 7 certifications plus specializations; 6 accredited by Walbrook; NASBA CPE sponsor | Course certificates after quizzes; no certification program |
| Interview prep | Modeling skills; no networking course or interview guide found in the catalog (Oct 2026) | IB Networking Toolkit and a 578-page IB Interview Guide with 17 Excel case studies |
| Deal and sector modeling | IB & PE Modeling Specialization: 3-statement, DCF, LBO, M&A | LBO, advanced M&A, VC, PE secondaries, plus REIT, real estate, oil and gas, biotech, banks, project finance |
| Refunds | Pre-paid fees not refundable (terms of service, 25 Aug 2026) | 90-day money-back guarantee on courses and guides |
| Best for | Corporate finance, FP&A, commercial banking, career changers | IB analyst and associate recruiting, private equity, sector coverage |
What Each Course Library Covers
The libraries overlap in the middle, core Excel and valuation modeling, and diverge at both ends. CFI goes wide across finance jobs. BIWS goes deep on the work of an investment banking analyst and the recruiting process that leads to it.
| Area | CFI (included in membership) | BIWS |
|---|---|---|
| Excel | Excel fundamentals and advanced formula courses | Excel and VBA course with a macro package ($197) |
| Core modeling | FMVA: 3-statement, DCF, comparables, budgeting and forecasting | Core Financial Modeling: accounting through M&A and LBO with global case studies ($297) |
| Deal modeling | IB & PE Modeling Specialization: LBO in three parts, M&A in Excel | Private equity, VC and growth equity, PE secondaries, advanced M&A |
| Industry models | Real estate and some sector material inside specializations | Separate courses for banks, REITs, real estate, oil and gas, biotech, project finance |
| Other finance roles | FP&A (FPAP), credit (CBCA), capital markets (CMSA), data (BIDA), wealth (FPWMP), fintech (FTIP) | Not covered |
| Recruiting | None found in the catalog (Oct 2026) | Networking toolkit, interview guide, resume and pitch editing (separate service) |
CFI’s answer to the banking audience is its Investment Banking & Private Equity Modeling Specialization, included in the same membership as the FMVA. It covers three-statement models, DCF, a three-part LBO course and M&A modeling in Excel. That closes much of the modeling gap with BIWS. What it does not add is the recruiting material: when we checked in October 2026 we found no networking course or interview guide in CFI’s catalog.
BIWS describes its own audience the same way. Its comparison with CFI says CFI targets generalist roles such as corporate finance, FP&A and treasury, while BIWS is for deal and investment roles. BIWS also notes that it sells individual courses without the one-year limit, which CFI does not.
Where CFI Is Stronger
- Breadth. CFI covers commercial banking (CBCA), capital markets (CMSA), FP&A (FPAP), business intelligence (BIDA) and fintech (FTIP). BIWS covers modeling and recruiting for deal roles.
- Recognized certifications. CFI is a registered sponsor on the NASBA National Registry of CPE Sponsors, so a licensed CPA can count its courses as continuing education, and Walbrook Institute London accredits six of its seven programs. CPE sponsorship is not academic accreditation, and the shorthand “CPA accredited” is not a real thing; CPA is a license held by individuals. BIWS offers course certificates without formal accreditation.
- Structured paths. Each CFI certification has a defined list of required and elective courses ending in a final exam. BIWS is modular: you pick the courses you need.
- Lower annual price. $347.90 a year for everything CFI offers, against $497 for a year of BIWS Platinum.
- Better for non-banking careers. For corporate finance, FP&A, credit or wealth management, CFI’s specialized certifications fit better than BIWS’s banking-focused content.
Where BIWS Is Stronger
- Investment banking recruiting. BIWS was built for it. The networking toolkit and interview guide cover the process from first email to final round; CFI does not sell recruiting material.
- Deal and sector depth. Separate courses on banks and financial institutions, REITs, real estate, oil and gas, biotech, project finance, VC and PE secondaries. These are the models sector groups test.
- Buy once, keep it. Apart from Platinum, BIWS courses are one-time purchases without a time limit. CFI access ends when your membership does.
- A real refund window. BIWS gives 90 days to ask for your money back on any course or guide (see its guarantee). CFI’s terms say pre-paid fees are not refundable.
What Learning With Each Is Like
Both are self-paced video courses built around downloadable Excel files, so the day-to-day experience is closer than the marketing suggests. The differences are in structure, support and the examples you practice on.
- Structure. A CFI certification is a fixed path: required courses, a set number of electives, course exams that need 80%, and a final exam. You always know what is left. BIWS organizes its catalog in four levels (recruiting, core modeling, buy-side modeling, industry modeling) but does not make you follow them, so you can buy only the LBO or REIT course you need.
- Support. CFI’s Self-Study plan includes its finance job board and standard templates. Full-Immersion ($592.90 a year) adds Ask an Expert, with up to five questions a week, an AI tutor, model reviews, premium templates and partner discounts. BIWS says updates and support come with an active Platinum term, and its one-time courses keep the files you bought.
- Case material. BIWS builds its courses around company case studies and modeling tests taken from real interviews, and says it covers North American, European, Asian and Australian companies. CFI’s own comparison page sells hands-on, real-world resources across finance roles rather than recruiting tests, which suits learning the method for a job you already have or are moving into.
- Software extras. BIWS includes its own Excel and PowerPoint macro packages with the relevant courses. CFI reserves its premium templates and partner tools for Full-Immersion.
In practice, CFI suits people who want a guided program with a finish line and a certificate at the end. BIWS suits people who know which skill they are missing and want the deepest course on exactly that topic.
Compare CFI Self-Study and Full-Immersion →
Pricing in Detail
CFI’s pricing is simple: two annual plans, both currently 30% off for everyone, with a student rate of $248.50. BIWS mixes an annual plan with one-time courses:
| BIWS course (October 2026) | Price | What it covers |
|---|---|---|
| BIWS Platinum | $497 for 1 year | Every course on the site, 300+ hours, plus updates during the term |
| IB Networking Toolkit | $147 one-time | Coffee chats, cold emails and calls, information sessions |
| IB Interview Guide | $197 one-time | 578+ pages of technical and fit answers, 17 Excel case studies |
| Core Financial Modeling | $297 one-time | Accounting, 3-statement models, valuation, M&A and LBO basics |
| Excel and Financial Modeling bundle | $397 one-time | Excel and VBA plus Core Financial Modeling |
| BIWS Premium | $497 one-time | Excel and VBA, Core Financial Modeling, PowerPoint Pro |
| Private Equity Modeling (LBO) | $197 one-time | Paper LBOs, LBO case studies |
| Sector courses | $97 to $497 one-time | Advanced M&A, biotech, oil and gas, real estate, REITs, project finance, banks |
Price check, 11 October 2026
CFI’s pricing page showed 30% off both plans to every visitor: Self-Study $347.90 a year (list $497) and Full-Immersion $592.90 a year (list $847). Our links apply code AFF30, which is the same 30%; it does not stack with CFI’s own discount. If CFI runs a deeper sale, it appears in a box at the top of this page.
What a first year typically costs:
- Corporate finance or FP&A: CFI Self-Study, $347.90.
- IB recruiting, modeling already solid: BIWS IB Interview Guide, $197, or the Level 1 bundle with the networking toolkit, $244.
- IB recruiting from scratch: BIWS Platinum, $497 for the year, or BIWS Premium, $497 once.
- Both: CFI Self-Study plus the BIWS IB Interview Guide, $544.90.
Certificates, Refunds and Access
These terms matter more than they look, because they decide what you keep and what you can undo.
- Certificates. CFI says its certifications remain valid for life once earned, even if you stop paying. BIWS issues course certificates; employers read them as proof you finished a course, not as a credential.
- Refunds. CFI’s terms of service (last updated 25 August 2026) say pre-paid fees are not refundable except where the law requires it, and that CFI may revoke a certificate earned on a subscription that is later refunded. BIWS refunds any course or guide within 90 days.
- Renewals. CFI memberships renew automatically each year until you cancel; cancellation takes effect at the end of the term. BIWS Platinum is a one-year term; its single courses do not expire.
- Exams. CFI’s final exams are online and retakable while you subscribe, and its terms now allow proctored exams for designated assessments. BIWS uses quizzes at the end of courses.
A Third Option for Banking Recruiting
If you are recruiting for banking, BIWS is not the only specialist. Wall Street Prep sells its own modeling certification programs; we compare it in our CFI vs Wall Street Prep and Wall Street Prep vs BIWS guides. Wall Street Oasis sells an investment banking interview course for $197 one-time (October 2026), the same price as the BIWS guide. Our ranked guide to the best investment banking certifications puts all of them side by side.
The Decision Framework
Choose CFI if you want a broad finance education, need a recognized certification, work in or target corporate finance, FP&A or commercial banking, or are changing careers into finance from outside the industry.
Choose BIWS if you are recruiting for investment banking analyst or associate roles, need sector-specific models, want structured interview preparation, or are targeting private equity roles that test deal modeling.
The overlap case: if you want general finance skills and a certification as well as banking interview preparation, take CFI Self-Study for the modeling and the certificate, then add the BIWS IB Interview Guide for the recruiting material. That costs $544.90 for the first year and covers both needs without paying twice for core modeling.
Want the CFI cost breakdown first? See our CFI pricing guide, including Self-Study against Full-Immersion and the student rate.
Try CFI Self-Study at 30% off →
Our verdict: Corporate Finance Institute, 4.3 / 5
We score CFI because we have reviewed it. We are not putting a number on Breaking Into Wall Street, because we have not independently reviewed it; this comparison draws on BIWS’s published curriculum, prices and terms, which is enough to route you but not enough to rate a product.
- Breadth: the reason to pick it here. Seven certifications spanning modeling, commercial banking, capital markets, FP&A, data, wealth and fintech, plus an IB and PE modeling specialization. BIWS covers deal modeling and recruiting only.
- Recognition: a genuine edge. A NASBA-registered CPE sponsor with six programs accredited by Walbrook Institute London. BIWS issues completion certificates.
- Investment banking recruiting: not its strength. If you are recruiting for IB analyst or associate roles, BIWS is built for that job and CFI is not.
- Refunds: the weaker term. CFI’s terms make pre-paid fees non-refundable; BIWS gives 90 days. Treat a CFI purchase as a commitment.
Frequently Asked Questions
Is BIWS or CFI better for investment banking?
BIWS, if your goal is winning an investment banking or private equity offer. Its catalog starts with networking and interview preparation and goes deep on M&A, LBO and sector modeling built from real deals. CFI’s IB & PE Modeling Specialization covers the modeling, but we found no equivalent of BIWS’s networking toolkit or interview guide in CFI’s catalog (October 2026).
How much does Breaking Into Wall Street cost?
In October 2026 BIWS Platinum, the full library, costs $497 for one year. Individual courses are one-time purchases with no time limit: the IB Interview Guide is $197, Core Financial Modeling $297, the Excel and Financial Modeling bundle $397 and BIWS Premium (Excel and VBA, Core Financial Modeling and PowerPoint) $497. Sector courses run from $97 to $497.
How much does CFI cost?
CFI shows 30% off to everyone in October 2026: Self-Study is $347.90 a year (list $497) and Full-Immersion $592.90 a year (list $847). Both include all seven CFI certifications and the IB & PE Modeling Specialization. CFI does not sell single courses.
Does BIWS offer a certification?
BIWS issues course certificates after its quizzes, but it does not run an accredited certification program. CFI’s certifications are accredited by Walbrook Institute London (six of the seven) and CFI is a NASBA-registered CPE sponsor.
Which has the better refund policy?
BIWS. It offers a 90-day money-back guarantee on all courses and guides, though not on its resume editing and coaching. CFI’s terms of service (25 August 2026) say pre-paid fees are not refundable except where the law requires it; canceling stops the next renewal.
Can I buy BIWS courses without a subscription?
Yes. Apart from Platinum, every BIWS course and bundle is a one-time purchase that you keep without a time limit. CFI is subscription-only, and access to courses ends when your membership lapses, although certificates you earned stay valid.
Should I compare Wall Street Prep too?
Yes, if you are recruiting for banking. Wall Street Prep is the other specialist in investment banking training. See our CFI vs Wall Street Prep and Wall Street Prep vs Breaking Into Wall Street comparisons for its current prices and certification.
Related: CFI certifications hub · CFI review · CFI vs Wall Street Prep · CFI vs CFA · best financial modeling courses