Citadel FCAT test
Does anyone know what to expect from this? Saw online its 3-statement modeling
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Based on the most helpful WSO content, the Citadel FCAT test typically involves a 3-statement modeling exercise. Here are some key takeaways from similar Citadel case studies and modeling tests:
Time Management: You may not have enough time to build a full 3-statement model. Focus on creating a robust income statement with thoughtful revenue and cost builds. Prioritize understanding the business and identifying key drivers, risks, and opportunities.
Simplify Assumptions: Avoid overcomplicating. For example, instead of building detailed schedules (like PP&E or working capital), you can assume percentages of sales or use adjusted numbers.
Key Focus Areas:
Discussion and Defense: After building the model, you’ll likely need to present your findings, defend your assumptions, and provide a recommendation. Be prepared to discuss the business's key issues, risks, and upside/downside drivers.
Resources Provided: Expect to work with public filings, earnings transcripts, and possibly peer data. You may not have access to databases like CapIQ or equity research reports.
Granularity: Keep it practical. For example, depreciation and amortization can be assumed as a percentage of revenue rather than detailed schedules.
If you're preparing, practice building concise models under time constraints and focus on articulating your thought process clearly. Good luck!
Sources: Citadel (Surveyor) Case Study/Modeling Test, 2-hour Modeling Test for HF (Fundemental Equities) - What to expect?, Help with 3-Statement Model Test, Equity Research writing test+modeling test next Tuesday, seeking for advice, Citadel 4hr case study - updated view?
Did the software require you to have your camera on? Mine has been broken and deciding whether to borrow a friends laptop. Thanks!
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