William Blair Modelling Test - Intern

Based on the most helpful WSO content, William Blair's 3-statement modeling test for a summer intern role typically falls into the "moderate complexity" category. Here’s what you need to know:

1. Time Constraint: You’ll have 2 hours, which is a reasonable amount of time for a 3-statement model. However, this means you need to work efficiently and avoid overcomplicating assumptions.

2. Level of Detail: The test is likely to provide a basic set of financial data and assumptions. You’ll need to link the Income Statement, Balance Sheet, and Cash Flow Statement accurately. Pay close attention to ensuring the Balance Sheet balances—this is a common pitfall.

3. Key Focus Areas:

   • Revenue and Expense Projections: You may need to project revenues and expenses based on given growth rates or margins.
   • Depreciation, Amortization, and CapEx: These are often included, so ensure you understand how they flow through the statements.
   • Working Capital: Be prepared to calculate changes in working capital and their impact on cash flow.
   • Debt and Interest: If debt is included, you’ll need to account for interest expense and repayments.

4. Assumptions: The test might require you to make reasonable assumptions where data is missing. Keep these assumptions simple and logical, and ensure they are consistent across the model.

5. Presentation: While the focus is on accuracy, a clean and organized model will leave a good impression. Use clear labels, consistent formatting, and avoid unnecessary complexity.

6. Preparation Tips:

   • Practice building 3-statement models from scratch under timed conditions.
   • Review common modeling errors, such as incorrect linking or formula mistakes.
   • Familiarize yourself with William Blair’s industry focus (e.g., middle-market investment banking) to tailor your assumptions if needed.

If you’re looking for additional resources, the WSO Elite Modeling Package offers comprehensive training on 3-statement modeling, which could be a great way to sharpen your skills before the test. Good luck!

Sources: https://www.wallstreetoasis.com/forum/investment-banking/william-blair-is-paradise?customgpt=1, IB duties for Intern - more modeling or pitchbooks?, Q&A: Current 3rd-Year BB Coverage Analyst, Help with 3-Statement Model Test, Oaktree Modeling Test /Case Study