In the process with a couple of different MM banks and have heard that they may give modeling tests/case studies. Does anyone have any advice for how to prep for these? Also if anyone has any examples that would be helpful.
I have the paper lbo down but not sure what else to expect. Was under the impression that only EBs did modeling tests
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Last Thursday a Middle Market PE firm had me come out to their office in Midtown and I was there for 5 hours. 3 hours in they whipped out a computer and had me do a modeling exercise.
Leading up to this interview I bought the WSO PE Interview course and started grinding at learning how to build a full LBO from scratch and build them from using prompts or case study type of questions. When they opened Excel, the LBO was already built, but many sections of it were blank like the MOIC the IRR and some other things. They wanted to see if I could use the Sources and Uses and other parts of the model to be able to fill in what was missing, which was much easier and shorter than building one from scratch.
I think it's hard to predict what type of test you will get. If you can, try to connect with someone who works there on LinkedIn and try to get them to tell you what you should expect. I doubt many firms these days will have you build a full LBO though, it just takes way too long
This is helpful +1
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