Banking
Interactive
How banks earn, and how loans go bad
Understand the spread a bank earns between deposits and loans, why thin capital makes it fragile, and how expected credit losses are estimated.
bankingcredit-riskspread
An independent finance archive
A clearer view
of finance.
Understand the ideas. Follow the numbers. Build your knowledge with thoughtful notes, essential formulas, and interactive practice.
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Structured notes
Interactive tools
Practice & exams
The method
Every note in three moves.
One consistent structure across the archive, so you always know how to study a topic end to end.
01
Learn
A clear explanation of the idea, the formula, and why it matters in practice.
02
Calculate
An interactive tool. Change the assumptions and follow the result for yourself.
03
Apply
A decision case and self-check questions that turn the idea into judgement.
Browse by subject
25
Structured notes
76
Formulas
90
Practice questions
5
Sample exams
Learning tracks
Follow a path, not a pile.
Tracks sequence the notes from foundations to application so a topic builds in the right order.
Financial Management3 notes
Foundations of finance
The core ideas every other topic builds on: time, value, interest, and the statements that describe a business.
Corporate Finance7 notes
Investment appraisal
Judge whether a project, product, or purchase is worth the capital it consumes.
Investments7 notes
Analysis & markets
Read performance, weigh risk, and connect company numbers to market expectations.
Financial Modeling2 notes
Modelling & decisions
Build a linked forecast, then pressure-test the judgement that goes into it.
Banking2 notes
Banking & risk
How intermediaries earn a spread, where their fragile leverage comes from, and how market, credit, and liquidity risk are measured.
Derivatives2 notes
Derivatives & currency
Transfer risk deliberately with forwards, futures, and options, then price the currency exposure that crosses every border.
Fintech2 notes
Fintech & conduct
The unit economics behind payments and digital lending, and the standards that decide whether a defensible number is the right choice.
The growing collection
Notes worth keeping.
Fintech
Interactive
Fintech: payments, wallets, and digital lending
See where a payments business actually earns, work out the unit economics of a digital loan, and understand why speed changes the risk.
fintechpaymentslending
Derivatives
Interactive
Forwards, futures, and how hedging works
Price a forward from the cost of carry, use futures to lock in a price you can plan around, and see how options trade certainty for a premium.
derivativeshedgingfutures
Investments
Interactive
Bond pricing and yield
Value a bond as the present value of its coupons and face value, and read the inverse relationship between price and yield.
fixed-incomevaluationinterest-rates
Financial Analysis
Interactive
Financial ratios, explained simply
Turn raw statements into liquidity, profitability, and leverage signals you can compare.
ratiosliquidityprofitability
International Finance
Interactive
Exchange rates, parity, and the cost of crossing borders
Quote a currency correctly, derive the forward rate from interest rates with covered parity, and use purchasing power parity to sanity-check a long-run view.
fxexchange-ratesparity
Formula library
Every relationship in one place.
Search 76 formulas from across the archive, see what each variable means, and download the full sheet.
Banking
Net interest income
NII = (Earning assets × Asset yield) − (Funding × Funding cost)
Banking
Net interest margin
NIM = NII ÷ Earning assets
Banking
Expected loss
EL = PD × LGD × EAD
Fintech
Contribution per loan
Contribution = Revenue − Expected loss − Servicing cost
The Ledger · Editorial desk
Finance, argued.
Short essays on capital raising, risk, the CFO seat, and the accounting profession — the opinion desk of the archive.
Capital raising6 min read
Crowdfunding and the new capital ladder
Reward, debt, and equity crowdfunding widened the first rung of company finance. Each model costs something different.
06 Oct 2026Read
Risk management7 min read
Hedging capital: protecting what the business has already earned
A hedge is not a bet on the market. It is a decision to give up upside the firm cannot afford to depend on.
04 Oct 2026Read
Corporate finance6 min read
The modern CFO: from scorekeeper to strategist
The finance chief has moved from reporting the past to financing the future. The job is now capital allocation, risk, and cadence.
02 Oct 2026Read
Learn · Calculate · Apply
Build finance judgement, one idea at a time.
Start with the foundations, then follow a track to project appraisal or analysis. Everything is free to read, practise, and download.