AI in Modeling Test / Case Study

Currently interviewing for a lateral Associate role at a few MM/EB banks, and I’ve been told the next round will likely be a modeling/case study.

I have solid modeling experience and understand the concepts well, but in my current role I rarely have to build models completely from scratch. Most of my day-to-day is modifying or expanding existing models.

From what I’ve heard, the test is virtual. They’ll email over the case, give you a set amount of time, and then walk through your model afterward.

My question is: what’s really stopping someone from using Claude (or another AI tool with Excel integration) during the exercise? Assuming you understand the model well enough to explain every assumption and walk through the output, how are firms actually controlling for that?

I’m not looking to game the process, just genuinely curious how banks are thinking about this now that AI is becoming so capable.

Also, for those currently at MM/EBs or BBs, how many of your teams are using Claude for Excel in your day-to-day? We use it fairly often at my current shop, and it’s been a massive productivity boost.