1 week to prep for FT EB modeling tests - what to do

As someone who went through the FT recruiting process for EBs, I would break my answer into two parts:

1) Modeling

For modeling tests, these are generally not going to be the full-blown, four-hour tests you see at some buyout firms. They are usually simpler case studies that might take around an hour, and even then, they should not be extremely difficult. If you are currently in an M&A group or any modeling-heavy group, you honestly should be pretty well prepared. If not, I would recommend the Peak Frameworks course, since it does a good job showing how to make assumptions around PP&E, debt schedules, working capital, etc.

I would say the underlying modeling itself will not be very difficult, but if you can devote ~40 hours this week to learning how to build a clean model from scratch, you should be in good shape. The better use of your time is probably learning how to make reasonable assumptions around the PP&E schedule, debt schedule, working capital, and margins, since they want to hear logical explanations about your assumptions. Again, you should be fine if you practice doing it yourself in Excel from a blank sheet. In some ways, it is more important to be sharp on technicals, because there is often a right or wrong answer. Modeling is a little more subjective, and as long as you have good intuition and basic Excel/modeling skills, you should be fine. These are not going to be four-hour grill sessions.

2) Technicals

For technicals, it is very similar to what you saw during SA recruiting for these shops. Think three to four interviews. I remember having four separate 30-minute interviews for Evercore, that are probably around 30% behavioral and 70% technical. Expect more advanced concepts like diluted shares outstanding, harder M&A questions, and algebra valuation questions. If you were already well prepared for SA recruiting, I would still devote another ~40 hours just to brush up on everything. This is where you really want to be perfect, because the answers are much more black-and-white. If they have another candidate who is technically flawless, and you do not have some other major advantage ie. nepo or a referral, they can easily ding you.