Question on Citadel FCAT (Financial Concepts Assessment Test)

What should I expect for the 45 minute Citadel FCAT? Is it a complete 3 statement model with every line item on the balance sheet/cash flow statement needing to be filled out? 

Any specific ratio calculations I should be aware of? 

3 Comments
 

Ah, the Citadel FCAT, quite the challenge! Based on the most helpful WSO content, here's what you might expect:

  • Time Frame: You've got 45 minutes, so expect the test to be intense and time-pressured.
  • Modeling Scope: It's unlikely they'll expect a complete 3-statement model given the time constraint. You'll probably need to focus on key areas rather than every line item.
  • Balance Sheet/Cash Flow: Be prepared to work on the main components, but it's more about understanding the relationships between the statements than filling out every single detail.
  • Ratio Calculations: Know your key financial ratios inside out – think liquidity, solvency, profitability, and efficiency ratios. These could include current ratio, quick ratio, debt-to-equity, return on equity, gross margin, etc.

Remember, the FCAT is designed to assess your understanding of financial concepts and your ability to apply them quickly and accurately. So, while I can't give you the exact content of the test, sharpening your financial analysis skills and being comfortable with financial statements is the way to go.

And a little monkey wisdom – don't just memorize formulas. Understand what they mean and how they relate to the bigger financial picture. That's the key to cracking such tests! Good luck!

Sources: Citadel (Surveyor) Case Study/Modeling Test, GMAT Study Plan, 2-hour Modeling Test for HF (Fundemental Equities) - What to expect?, What to expect at VC interview?

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Asperiores repellat aut quia sint debitis quisquam non. Perferendis quasi nemo fuga quas aspernatur commodi eum.

Voluptatem nostrum fugit et et voluptatem maiores. Vel quia in sed dolor ad sit. Et maiores ipsum eos eos quisquam. Eos nam distinctio necessitatibus illo tempora delectus qui. Rerum ut excepturi eos quo aperiam aut.

Career Advancement Opportunities

June 2026 Hedge Fund

  • Point72 99.0%
  • D.E. Shaw 98.1%
  • Citadel Investment Group 97.1%
  • AQR Capital Management 96.1%
  • Magnetar Capital 95.1%

Overall Employee Satisfaction

June 2026 Hedge Fund

  • Magnetar Capital 99.0%
  • D.E. Shaw 98.0%
  • Blackstone Group 97.0%
  • Citadel Investment Group 96.0%
  • Millennium Partners 95.0%

Professional Growth Opportunities

June 2026 Hedge Fund

  • AQR Capital Management 99.0%
  • Point72 98.1%
  • D.E. Shaw 97.1%
  • Citadel Investment Group 96.2%
  • Magnetar Capital 95.2%

Total Avg Compensation

June 2026 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (27) $464
  • Director/MD (12) $423
  • NA (9) $320
  • Engineer/Quant (86) $288
  • 3rd+ Year Associate (26) $284
  • Manager (4) $282
  • 2nd Year Associate (32) $253
  • 1st Year Associate (76) $192
  • Analysts (242) $181
  • Intern/Summer Associate (29) $145
  • Junior Trader (5) $102
  • Intern/Summer Analyst (282) $96
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”