MM Boutique IB process

Hey,

Recently had a recruiter reach out about a MM Analyst 1 position and started interviewing for them but not sure whats happening, so was wondering people’s opinions.

Basically, recruiter reached out, then disappeared for 2 weeks (I honestly just thought she’s wasting my time). After two weeks she popped up again and scheduled an interview with a director. She has said that it’ll probably only be motivational. Any case I revised a lot of technicals which came in handy because i ended up getting grilled on every single detail you can imagine on technicals for 50 mins. Before we even finished the call the director seemed to really like me and told me he wants me to meet the rest of the team (pretty small team (5 people including partner)).

Following day got an email asking me to meet two associates and the partner the following week in person. Obviously prepped as much as i could and showed up, one of the associates was off sick so met the other, and the partner. Got along really well with the partner and found out we had a lot of mutual people in common. Once again, before I left they told me they wanted me to do a modelling test (no one had mentioned anything about a modelling test prior). Anyways i agreed on the basis its a simple DCF.

The modelling test was 5 hours and was sent to me. They’re FIG focussed but i was still suprised to get the test to find its just 3 power point slides with an income statement (it was an asset manager so no debt, no COGS), a mid year balance sheet, and the asset managers historical returns & AUM. There was no info on beta, capex, NWC etc. I did the best i could and came out with a model that works with the info i had. They were aware in advance i have no FIG background, and 12 month of intern experience.

The email also asked for a powerpoint, however my laptop crashed so only ended up submitting two slides.

I’m not really sure what they wanted to see or expected of me. All I know is that they said they would get back to me this week (todays thursday and havent heard a thing) recruiter also told me that there was another candidate who did the test the day after me and they scheduled him in to go through the model today. She said the expectation is everyone who does the model will sit down and go through it with them but just surprised they havent reached out.

What do people think? Have i been dinged and just move on? Should i reach out to them directly?