I have an AC for a MM firm in London next week, and there's a case study element to it. I was wondering what kind of case study I might expect and how best to prepare for it? I think I have the technicals down but they can throw anything in here.
Thanks!
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Hey there! It sounds like you're gearing up for a big day - exciting times! Based on the most helpful WSO content, you can expect two types of case studies in an assessment center: a finance case study and a business case study.
For the finance case study, you might be given a scenario similar to what candidates faced at the J.P. Morgan investment banking assessment center in 2011. They were given a case study about a golf company seeking to grow through M&A. Three acquisition targets were provided, and candidates had to recommend which company to buy. After 45 minutes, they had to present their recommendation to a J.P. Morgan assessor and answer follow-up questions about the case study.
One common problem here is that many candidates get stuck on the guiding questions and do not make it clear which company they actually recommend to buy. So, you need to make sure that you clarify your answer from the very beginning and back it up for the rest of your presentation. Knowledge on valuation multiples such as EV / EBITDA , EV /Sales and EBITDA margin is also required.
As for the business case study, the specifics can vary, but the key is to be prepared to apply your business acumen to a real-world scenario.
Remember, the key to acing these case studies is to be clear and concise in your recommendations, and to back up your suggestions with solid reasoning. And don't forget to sprinkle in some of that technical knowledge you've been brushing up on!
Good luck, and remember - you've got this!
Sources: How to prepare for an assessment center?, Q&A: 2nd year BA/A/AC at MBB going to UMM/MF in 2020, Q&A 2.0: 3rd Year BA/A/AC At MBB Going To UMM/MF This Summer, NE M7 to MBB: What I wish I knew, observations, and ask me anything
Depends how long the case study may be, level they’re hiring etc., but usually tends to be LBO and DCF, sometimes 3 statement model.
Thank you! I'll be sure to prep for all three. I should have specified it's for an SA position.
Doubt it would be that technical for a SA in London unless it's a boutique known for being very technical
What sort of thing would you expect?
Oh - in that case, very unlikely to be a modelling case study. In my SA / FT AC case studies (London), they weren’t very technical. Would just understand the basics of valuation, how interest rates effect deals, debt types along with their interest rates (i.e., fixed vs variable) and repayment method (e.g., bullet) and the pros and cons.
Thanks so much!
Can you elaborate more on the things we should study and know?
"how interest rates effect deals, debt types along with their interest rates (i.e., fixed vs variable) and repayment method"
Aren't in the 400-question guides.
Hi, I'm recruiting SA this year in London - can I ask several questions about AC and the other details with messages? Thanks!
is this for torch partners?
No
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