Citadel FCAT test
Hey all, I’m trying to calibrate how much time to put into preparing for the Citadel FCAT. I’ve taken similar platform-based modeling tests before, but I keep seeing mixed messages about what Citadel actually focuses on.
This is what I think is correct, but please sanity-check me:
- It’s a web-based assessment, right? Not a downloadable Excel file?
- I assume it’s a pretty straightforward 3-statement build, but is it more like:
a) a bare-bones plug-and-play forecast with light adjustments,
or
b) a more detailed revenue / cost driver build?
-I’ve heard people say there is NO DCF, is the output more like:
“here are the numbers, interpret them,”
rather than a valuation/recommendation?
- How granular are the schedules? e.g., do they expect WC schedules, debt roll-forwards, or do most people skip them under the time cap?
Not asking for anything proprietary, more trying to avoid prepping the wrong way.
If anyone who’s done it can give some guidance on what to expect, how much detail the test actually requires, and what tripped people up, that’d be hugely appreciated.
Based on the most helpful WSO content, here's what you need to know about preparing for the Citadel FCAT test:
Web-Based Assessment: Yes, the FCAT is typically a web-based platform assessment rather than a downloadable Excel file. This means you’ll likely be working within a controlled environment with limited external tools or resources.
3-Statement Build: The test generally involves building a 3-statement model, but the level of detail can vary. From previous threads, it seems to lean more towards option (b): a detailed revenue and cost driver build rather than a simple plug-and-play forecast. This means you should be comfortable with creating thoughtful assumptions and linking them across the financial statements.
No DCF: Many candidates have noted that the test does not include a DCF. Instead, the focus is on interpreting the numbers and understanding the business dynamics. You may be asked to identify key risks, drivers, and provide insights based on the model output rather than delivering a valuation or investment recommendation.
Granularity of Schedules: The level of granularity expected can depend on the time constraints. While some candidates mention skipping detailed schedules like working capital (WC) or debt roll-forwards due to time pressure, others suggest that having a clear income statement with well-thought-out revenue and cost builds is more critical. The key is to prioritize what adds the most value to your analysis within the time limit.
Common Pitfalls:
Preparation Tips:
Good luck! Remember, Citadel is looking for both technical proficiency and business acumen, so balance your preparation accordingly.
Sources: Citadel (Surveyor) Case Study/Modeling Test, Updated SIE/79/63 Advice - 2023
Close to option B. Simple build out of the three financial statements. By far the hardest part is using the web based software to finish it in time Most excel shortcuts don’t work.
Thanks thats helpful! How detailed revenue / cost driver build (2/3 lines vs proper segment breakdown)? Do you know if quarterly or annually? Also assume revolver plug?
How did it go and did you get the offer? What role was this for?
If you flunk FCAT you either have shit modeling skills or got tripped up in some of their notations. For instance I recall one ratio where traditionally I’d have done an average in denominator, I think this needed a point in time. I find the web interface annoying too but it’s not a deal breaker. Just be conscious that their formula conventions differ.
Thanks thats helpful! Any other piece of advice?
Anyone taken cfat recently and can confirm whether still similar to hycalibre test?
Is it possible to direct message the P72 and Citadel Hycalibre models if you have a copy? I can't seem to get onto the website anymore. Happy to pay
Found that CFAT this year requires a full segment by segment revenue build. Also there is simple valuation at the end and ratio work to be completed to get full score.
Did the software require you to have your camera on? Mine has been broken and deciding whether to borrow a friends laptop. Thanks!
Hey what role were you interviewing for and did you get the offer?
Does anyone have the hycalibre test? Hycalibre website is down. Thanks.
Hey did you ever get ahold of the Hycalibre models for P72 and Citadel. Happy to pay, please DM! Can’t seem to get website access anymore either
dm me
Google gumroad modeling tests, you should find a similar one
bump. Did anyone find this? Taking a mm modeling test soon
thank you - did it end up being similar to the real test?
yes, it's pretty similar to the real test
Helpful
Did the software require you to have your camera on? Mine has been broken and deciding whether to borrow a friends laptop. Thanks!
No camera
I have nearly 100 modeling case studies across PE/HF/PC/RX/IB willing to sell/trade whatever for some
dm
Molestias quibusdam porro nemo ipsa. Vitae aut debitis laudantium occaecati ut id accusamus blanditiis. Dolor et deleniti cumque error. Praesentium sit et dolorem. Perspiciatis nam laudantium blanditiis at voluptatem et. Dolor nihil commodi ut optio.
Tempora eos eaque a eum eum et ab suscipit. Accusamus eaque culpa nobis. Sed ut rerum amet recusandae et. Voluptate esse aut commodi est. Sapiente eligendi ut saepe excepturi dolorum. Dolorem aut consequatur nisi.
In accusamus earum et dolorem. Ratione quod omnis sit modi. Vel assumenda laudantium mollitia eaque eum omnis. Consequatur ea pariatur officia vitae. Fugit voluptatibus non libero non.
At aut suscipit quod velit ratione. Et autem eligendi aut iure id aut ducimus quia. Aperiam nobis minima est inventore quia ut soluta. Libero quasi assumenda ad ea officia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Sit quo laudantium provident aut laudantium. Odio magni dolore vitae ducimus velit laborum. Eum atque animi iste ipsum et a. Aut ad delectus quibusdam illum. Laudantium neque ut ratione assumenda dolor laboriosam. Ut ullam ab ipsam nobis accusantium consequuntur et.
Minus iste voluptatem iure ut sed perferendis. Soluta dolores delectus provident dolor nihil voluptas natus.
Aliquid architecto ea est iusto consequatur. Ea id et sit. Ex dolore ut quia esse sunt. Ea et non numquam et.
Animi modi aut in est repellat. Sit dolor autem porro magnam sit ipsa. Assumenda labore voluptatem deleniti at nesciunt. Pariatur tempora aut et labore.