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Based on the WSO threads and resources, it's quite common for infrastructure finance roles, especially in prestigious firms like JPMorgan, to require candidates to complete a modeling test. Here’s what you can generally expect and some tips on how to prepare:

1. Type of Model: For an infrastructure finance advisory role, the test will likely involve creating a project finance model. This typically includes forecasting cash flows, calculating net present values, and assessing financial viability under various scenarios.

2. Focus Areas:

   • Debt Scheduling: Understand how different types of debt (senior, mezzanine, etc.) are structured and how they impact the project's cash flows.
   • Revenue Modeling: Be prepared to model revenue streams based on contractual agreements, usage rates, or government subsidies, which are common in infrastructure projects.
   • Expense and Capital Expenditure: Accurately forecasting operating expenses and capital expenditure is crucial for infrastructure projects.

3. Financial Metrics: Key metrics to focus on might include leveraged and unleveraged IRR, debt service coverage ratio (DSCR), and payback period. Understanding the sensitivity of these metrics to various inputs is also valuable.

4. Scenario Analysis: Be ready to perform scenario and sensitivity analysis to demonstrate how changes in key assumptions impact the project's financials.

5. Best Practices:

   • Accuracy and Neatness: Ensure your model is accurate, easy to follow, and professionally formatted.
   • Documentation: Include clear documentation and assumptions. This makes it easier for reviewers to understand your logic and approach.

6. Resources for Practice:

   • WSO Financial Modeling Resources: Utilize the financial modeling lessons and templates available on Wall Street Oasis to practice.
   • DCF and 3 Statement Models: Although more generic, practicing these can help sharpen your modeling skills.

7. Preparation Strategy:

   • Review Past Projects: If possible, review financial models from previous infrastructure projects to understand common structures and challenges.
   • Practice Under Time Constraints: Often, these tests are timed, so practice completing your model within a limited timeframe.

Feel free to reach out if you need specific materials or further guidance. Good luck with your modeling test at JPMorgan!

Sources: Q&A - Infrastructure PE & IBD, https://www.wallstreetoasis.com/forum/investment-banking/ib-pu-vs-infra-project-finance-teams-for-infra-pe-recruiting?customgpt=1, Q&A - Infrastructure PE & IBD, PJT Secondary Advisory Super Day (Modeling Test), JP Morgan - Mortgage Advisory