canonical/appendices/Appendix-J-12-month-analyst-training-program.md

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<!-- Appendix: J | Title: 12-MONTH ANALYST TRAINING PROGRAM -->

# APPENDIX J - 12-MONTH ANALYST TRAINING PROGRAM

## Month 1: SEC filings, source discipline, three statements, and historical reconstruction

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 2: Revenue, working capital, capex, taxes, SBC, and share count

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 3: Forensic accounting, non-GAAP, auditor reports, estimates, and red-flag logs

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 4: Business models, customer behavior, pricing, retention, and unit economics

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 5: Industry structure, market sizing, competitive benchmarking, cycle, and disruption

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 6: Integrated three-statement modeling and model quality control

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 7: DCF, relative valuation, reverse DCF, SOTP, and scenario analysis

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 8: Management, incentives, governance, ownership, and capital allocation

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 9: Earnings, guidance, M&A, restructuring, distress, and catalyst mapping

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 10: Alternative data, expert calls, channel work, scraping, and signal validation

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 11: Investment writing, IC defense, decision journaling, forecast-error analysis, and post-mortems

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.

## Month 12: Full-company initiation under senior review, including model, memo, sector map, risk register, monitoring, and oral defense

- Complete one primary-source drill with a source log and definition reconciliation.

- Complete one spreadsheet/model exercise with visible error checks and senior review.

- Write one two-page variant-view memo separating fact, estimate, judgment, and falsification evidence.

- Complete one error review describing what was initially wrong, why it was wrong, and what process control will prevent recurrence.

- Defend the work orally against at least five adversarial questions and update the research based on valid objections.