Citadel Interview

Based on the most helpful WSO content, here's what you need to know about the Citadel (Surveyor) case study/modeling test:

1. Case Study Details:

   • Duration: 4 hours.
   • Resources: You can only reference public filings and earnings transcripts.
   • Tasks:
     • Build an operating model and a DCF.
     • Provide a recommendation based on your model.
     • Defend your findings during a discussion.

2. Modeling Expectations:

   • Components: Aside from the operating model and DCF, you might need to include:
     • Unit/price build.
     • Incremental edit margin.
     • Cost lines tied to units/employees/store count, etc.
   • Simplifications:
     • Forecast balance sheet working capital items as the same percentage of sales as the previous year.
     • Add seasonality and comps fluctuations in quarterly forecasts.
     • Use adjusted numbers and avoid typing in the entire reconciliation.
     • Include a dummy line for FX if relevant.

3. Preparation Tips:

   • Historical Financials: It's unclear if historical financials are pre-inputted, so be prepared to build from scratch.
   • Focus Areas: Concentrate on reading transcripts to gauge guidance and momentum, and model based on quarterly cadence.
   • Avoid: Do not waste time on formatting or building detailed schedules like PPE.

For more detailed preparation, consider utilizing resources like the WSO Financial Modeling & Valuation Bootcamp or other relevant training programs offered by WSO.

Sources: Citadel (Surveyor) Case Study/Modeling Test, Citadel 4hr case study - updated view?, What does it take to work at Citadel Securities?, What's the word on Citadel now?, Citadel GQS