I’m currently interviewing for an Associate / Senior Associate role at Alvarez & Marsal in the Restructuring group. First round went well, and they mentioned I’ll have a second-round behavioral followed by a case study.
When I interviewed two years ago, the case study was a take-home 13-week cash flow with an incomplete dataset. I didn’t pass that round, but since then I have done two years of 13-week forecasting projects at a different firm. I’m wondering whether they’ve since changed the format to a timed / live test.
Has anyone gone through A&M’s restructuring case study recently?
Would really appreciate any insight into:
• Format (take-home vs. timed)
• Typical length / difficulty
• Whether it’s still a 13-week model or something different
• What they tend to look for beyond technical accuracy
Thanks in advance for any guidance. Happy to share my experience after the process as well.
Bump
Based on the most helpful WSO content, here's what you need to know about A&M's restructuring case study process:
Format (Take-home vs. Timed):
Historically, A&M has used a take-home format for their case studies, particularly for roles involving 13-week cash flow forecasting. However, there have been mentions of live/timed case studies in recent years, depending on the office or team. It’s best to clarify with HR or your recruiter to confirm the format for your specific interview.
Typical Length/Difficulty:
The case study is known to be challenging but manageable, especially for someone with prior experience in 13-week cash flow forecasting. Expect to dedicate several hours if it’s a take-home, or around 1-2 hours for a live/timed session. The difficulty often lies in working with incomplete datasets and making reasonable assumptions to fill gaps.
Focus on 13-Week Model or Other Tasks:
The 13-week cash flow model remains a staple in A&M’s restructuring case studies. However, they may also test your ability to build or analyze a three-statement model, assess liquidity, or create a business plan. Be prepared for tasks that require linking operational insights to financial outcomes.
What They Look for Beyond Technical Accuracy:
Preparation Tips:
- Brush up on 13-week cash flow modeling, including sensitivity analysis and liquidity forecasting.
- Practice working with incomplete datasets and making reasonable assumptions.
- Review case prep resources like "Reverse the Slide" and WSO’s restructuring modeling training.
- Be ready to discuss how operational changes (e.g., cost-cutting, revenue improvement) impact cash flow and liquidity.
Good luck with your interview! With your two years of experience, you’re in a strong position to excel.
Sources: Alvarez and Marsal -- Restructuring and Turnaround Consulting, WSO's 13-Week Cash Flow Modeling Course Is Now Live, "Leaving IB Soon, Final Rants" - The Follow-Up, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1
Bump
bump, what is your background?
I am coming from performance improvement consulting at a boutique consulting firm.
Did it last year, and it was still a take home case, and I believe the content and difficulty sees a good amount variation depending on what office you apply to bc their recruiting is more office centric. Will most likely be 3SM or 13WCF. That being said, it was pretty hard; at a high level was given a bunch of messy data and a case, had to assess liquidity runway, build a 13wcf and a bunch of (honestly pretty mind bending) other quantitative and qualitative tasks.
Didn't get the offer, but based on what I learned, they look for (aside from technical accuracy) your ability to judge and prioritize effectively, ability to provide insights instead of data dumping, really clear and exec ready communication and a hypothesis driven structure among other things.
I will make a disclaimer that in my personal opinion it was pretty tough, maybe that's because i was coming from a buyside investing role and dealing with companies in crisis was not something that I was trained on, so take that into account.
Thank you!
Bump
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