Looking to lateral from a Top MM (WB, HL, Key) to a BB/EB after this summer for FT 2025. For entry level roles, are there usually modeling tests? If so, are they 3 statement, DCF, Acc/Dil, LBO, etc?
Also, are there any big differences between SA and FT recruiting for undergrads?
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When considering a lateral move from a top middle market firm like William Blair, Houlihan Lokey, or KeyBanc to a bulge bracket (BB) or elite boutique (EB) for full-time (FT) positions in 2025, it's essential to be prepared for the modeling tests that are part of the interview process. Based on the most helpful WSO content, here's what you need to know:
Modeling Tests: Yes, for entry-level roles at BBs and EBs, modeling tests are a common part of the interview process. These tests are designed to assess your technical skills and your ability to apply financial concepts in practical scenarios. The types of modeling tests you might encounter include:
Differences Between SA (Summer Analyst) and FT Recruiting: While both SA and FT recruiting processes assess candidates' fit and technical skills, there are a few notable differences:
Preparing for these modeling tests and understanding the nuances of FT recruiting compared to SA positions will be key in making a successful lateral move to a BB or EB. Focus on refining your modeling skills, leveraging resources like the WSO Modeling Series, and building a strong network within your target firms.
Sources: Q&A: Barclays IB to MM Private Equity, Modeling at work vs modeling tests, Which firms do lateral hires for entry-level positions now?, Are there any Entry Level Positions Opening Right Now?, EBs have more interesting work than BBs?
when i recruited last year only 1 bank (eb) out of 10 gave me a modeling test
Thank you, do you mind saying which bank? And wow 10 interviews for FT!?! Thought the market was dead
PJT And yes it still was dead, imagine 10 processes and each of them is taking 1 analyst lol, or 0 because they randomly decided to cancel the process
No
what is key?
KeyBanc Capital Markets
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