M&A Analyst Test - Boutique - Lead Advisory Firm

Hi Monkeys,

I'm doing an "Analyst Test" for a boutique firm and wanted to share this so upcoming interns and graduates can get a feel of some the important topics to learn.

On a side note, I've got a preparation plan covered, but any suggestions on how to prepare for this test best would be extremely helpful and greatly appreciated.

Especially the Takeover fairness to shareholders part - Would that come under Corporate Governance Knowledge or just plain common sense?

Thanks for your help!!

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Analyst Modelling Test:

For the test, which is all within one excel document, you complete questions at each tab within the workbook.

 During the test, you may research answers, but be advised that this will ultimately slow you down. Also try not to copy & paste straight from the internet if you research the answers as we like you to use your own words and show understanding (as well as demonstrate you communication skills).

The suggested time frames and the structure of the test are as follows:

·         21 x general knowledge questions on valuation concepts - 30 min;

·         Is it fair? Asks you to consider if a proposed takeover offer is fair to shareholders of a company - 30 min; and

·         DCF cash flow model. The model is partly built – you need to complete the missing parts to derive the cash flows from the P&L - 30 min.

The purpose of the test is to see where your level of knowledge is, as well as to see how well you communicate in writing. It is expected you will get some incorrect answers; or that there may not be a right or wrong answer so give it a go and we’ll revert shortly after with our feedback.   

For the test, which is all within one excel document, you complete questions at each tab within the workbook.