Modeling test / case study
Thinking of lateraling out. When I interviewed before, case studies and modeling tests were 3 statement + some form of analysis. Is this correct today? Anyone have direct info on what one might entail?
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Based on the most helpful WSO content, it's common for modeling tests or case studies, especially in the realm of investment banking, private equity, and similar fields, to involve creating or analyzing three-statement models (income statement, balance sheet, and cash flow statement) as part of the assessment. These tests often require candidates to demonstrate their ability to integrate these financial statements and perform various forms of financial analysis, such as discounted cash flow (DCF) analysis, leveraged buyout (LBO) analysis, or mergers and acquisitions (M&A) modeling.
While the specific nature of the modeling test or case study can vary depending on the firm and the role you're applying for, the core requirement to understand and manipulate financial statements remains a constant. It's also not uncommon for these tests to include a component that assesses your ability to make assumptions, project future financials, and analyze the impact of different scenarios on the company's valuation.
To prepare, it's advisable to brush up on your Excel skills, familiarize yourself with the mechanics of financial modeling, and practice building models from scratch. Resources like the WSO Elite Modeling Package could be particularly useful, as they cover a wide range of topics, including Excel modeling, financial statement modeling, LBO modeling, M&A modeling, and valuation modeling.
Remember, the key to success in these tests is not just technical proficiency but also the ability to think critically about the business implications of your analysis and to communicate your findings clearly.
Sources: Case Studies & Modeling Tests: How Exactly Are They Administered?, Modeling tests/case studies to share?, Modeling tests/case studies to share?
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