Declining 2nd Round Interview? Advice Needed..

So I recently got through a first round for corporate strategy at a PE firm. When I initially caught up with the headhunter, I was mostly talking about searching for corp dev. / corp strat. roles, but for normal companies, not PE. However, this came up and the headhunter pushed me to give it a shot and I didn't want to be difficult, so I said sure why not...

I got the first round model test which was the most basic model test ever, so I passed it easily....was honestly expecting to fail...now I have a 2nd round coming up soon for an interview with a couple existing associates and I have a strong feeling I'm going to get absolutely murdered.

Thing is I'm a generalist M&A banker that's never opened a FIG financial statement in my life, nor do I really understand anything about PE fund strategy... I don't really have time to prepare either because of live deals and also a couple of other interviews that I care much more about. 

How bad is it for me to say I re-evaluated and don't want to proceed with the 2nd round?

 

Thanks for the reply - I would push back, but the issue is I just don't think I stand a chance here even with a whole month of preparing. The headhunters emailed me the names of the people I'd be interviewing with. All former BB IB in FIG. I don't understand anything about this industry (and I was shocked they even gave me an interview considering I have no relevant experience on my resume and I don't even work in a BB / EB).

Just don't know if it would burn bridges to tell the HH I just don't want to waste both of our time.   

Edit: Turned it down. Just not worth killing myself for a role I wasn't seeking in the first place.

 

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