9h case study test for MM PE internship
MBA candidate here with ~3 years pre-MBA MBB consulting experience and BBA. I’ve been shortlisted for a summer internship with a Tier 2-3 MM PE firm and asked to complete a 9-hour take-home case study.
Some questions below. Any insights will be much appreciated.
- Is 9h test standard these days for MM PE internship recruiting, or a red flag? I’ve read older forum threads and people's views seem mixed about firms that require such long duration tests...
- Is it reasonable to ask the firm what the test will broadly entail, or is that usually frowned upon? Past forum threads suggest a test this long seems likely to involve a fuller LBO model plus some investment memo or deck output, but more clarity may help me prep more efficiently.
- What level of modeling depth should I expect? For example, if they do not specify, would candidates typically build a full 3-statement + pro forma balance sheet, or is a cleaner operating model + debt schedule + returns + sensitivity analysis usually sufficient?
- Do candidates usually prepare generic model / memo / deck templates in advance?
- With 4 days left, how best to prioritize prep? I have some modeling experience from consulting and have gone through WSP's LBO course, but am still struggling to build the model from scratch within short duration.
1 - I’ve done ~5–6 model tests / case studies during PE recruiting. Most were 3–4hr LBOs with a few short-answer questions. I’ve also had a 24hr take-home with a full LBO and a more complex case background / set of questions. So 9 hours does feel a bit unusual because it sits in the middle, but I wouldn’t view it as an immediate red flag by itself.
2 - Asking about the scope is completely fine IMO. In my experience, some HR / recruiters will simply say they can’t disclose anything, while others may give you a high-level idea, e.g. “it will be an LBO of a public company.” I don’t think it hurts to ask, as long as you frame it as wanting to allocate your time appropriately rather than asking for hints.
3 - If it’s a 9-hour case, my guess is they expect a fairly complete LBO model, though the balance sheet can probably be lighter. I reviewed a few model tests for my previous firm and my personal thought is that 1) make sure the model is highly readable, so formatting actually matters a lot; 2) formulas are clean and linked, with hardcodes limited to clearly marked input assumptions; and 3) the entry / exit assumptions and operating assumptions are reasonable and defensible.
4 - Yes. For a take-home case, I think it’s standard to have clean model / memo / deck templates or shells ready.
5 - Modeling for the purpose of beating a model test is a lot like practicing a sport or instrument — a big part of it is muscle memory. With 4 days left, I’d focus less on learning every possible advanced modeling feature and more on doing timed reps.
Thanks so much! This is very helpful.
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