Formulas? Any insight is appreciated.

Hi Everyone, My friend currently works in PWM at a major firm as an Associate. He is basically an assistant but has learned a LOT about the industry. He has a second round interview with a global fund manager that services only institutional clients. Essentially he is making the switch from the retail side to the buy-side/institutional clients. The position title is 'Analyst, Global Investor Relations.' Obviously, most of the roles in IR would involve good communication skills, ability to multi task, etc. That is fine. However, he was told that on his second round, he would have to take a 2 hour test. A portion of the test would include "basic financial modeling" in Excel. One of his interviewers told him he should know how to calculate weighted average cost of capital (WACC). This was the only "clue" he got.

For someone coming from a PWM background (and not i-banking), what other formulas/concepts do you think could be tested? What other concepts are similar to WACC? Just asking in terms of preparation.

Thanks!