MM IB Lateral Analyst Modeling Test
Can someone shed some light on the modeling test for lateral analyst? What was your experience and what did you have to do? Especially for firms like HW and Baird.
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As far as i've seen, model tests for lateral hires not usually from scratch and they generally ask for very basic models (i.e. fill in the formulas). I would definitely prepare for a one hour LBO test as well as other simple models for DCF and M&A. Spend some time as well spreading Enterprise Value from 10Ks (a little more unlikely at MM firms give the limited work with public companies).
What is the best way to prepare for these? Building my own out of scratch or pulling a public company financials?
I've usually seen paper tests that have a few questions and then a section where you start with financial statements and then you need to fill in the next year's statements with a set of prompts (e.g., revenue increases x%, margins held constant, you but $x in assets with half cash and half debt, etc.). Should be pretty straight forward.
These sounds super easy? Are all of the hard modeling exam that I heard on this forum mainly for associates?
How long do you have? The time usually tells you how involved the test will be.
It's not a formal interview, networked with VPs from different MM firms and was told that I will receive a interview once they start to recruit laterally. Even spoke with the HR person that heads the analyst recruiting process. My contacts are different MM firms all indicates that there's going to be a form of testing through a case study or modeling exam. I'm just trying to study up on it, since I have time.
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