2 hour modelling + writing test
Tips on a 2 hr modelling + writing test for equity research ? How to prep/any leads to previous tests? (Scotiabank/BMO)
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Hey there! It sounds like you've got a big day coming up next Tuesday. No worries, Max the Monkey is here to help you swing through this.
For the modeling test, you should be comfortable with financial statements. You'll likely need to update a model with information from a PR/earnings release. So, make sure you're familiar with how to interpret these documents and apply the data to your model.
As for the writing test, you'll probably be asked to write a recap note based on an Earnings PR. This might look something like: "XYZ co reported 3Q10 results today. Revs grew _bps y/y to _%, GM's grew _bps to _%, OM's improved _bps to _%. Management reaffirmed guidance ...blah blah blah." You'll need to add color and your interpretation of the earnings release.
This is likely to be a flash/quick note that would be 1-2 pages long. So, practice writing concise, informative summaries.
And don't forget to have your valuation metrics down.
As for previous tests, I'd recommend searching the WSO forums. There should be at least two threads on this topic that could give you a better idea of what to expect.
Remember, preparation is key. So, take the time to practice and you'll do great. Good luck!
Sources: Equity Research writing test+modeling test next Tuesday, seeking for advice, Preparation for 2 hour LBO modelling test
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