Am I being played here? Ridiculously long case study

Had an in person interview at a decently well known PE/PC firm ($10bn AUM). Interviews went OK, but 2 of the VPs I spoke with came off as extreme douchebags/assholes (similar to the hardos I interacted with in IB). That said, they could tell I knew my shit and were still impressed.

So this week they sent me a case study to complete. 24 hours to go through an 80-page CIM, create a 3SM/LBO, and pull together a 10 page memo for the “investment committee.” This is also for a sector I have no experience in.

At this point im considering not even doing it cause this will definitely take 12+ hours or even longer, and I am nowhere close to getting an offer at this firm.

Does anyone else think this is fu**ing overkill? I offered to come in and do a 2 hr modeling test live, but they are insisting on this. Just want a sanity check here.

For what it’s worth im also in process with 7 other buyside firms for similar roles and none of them have asked me to do something as long as this. Also found some scathing reviews of the firm from ex employees on Glassdoor.

 

OP here, sorry about text looking like one paragraph also, tried adding spacing but had to type this from my phone

 
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I've had to do this before, but it was over the course of a weekend. Only allowing 24 hours should give indication to a potentially rough culture  

 

I mean this is a standard case study format, though typically you would have only 3-4 hours in front a computer (and probably shorter memo expected). I agree it is a pain to have it open ended as it inevitably means a higher quality output is expected and all candidates use almost the whole 24 hours period.

It is what it is, don't think you can bargain on this though and that it will be materially different than what other firms do. This is quite standard practice, the hiring processes in PE/PC are very painful (especially offcycle).

 

One time I had to try and do a 1hr lbo modeling test over Zoom, was a FoF type of platform so just thought it was a chill standard 1 hour long practice LBO you see in the interview guides.

Nope. Was a full 3 hour LBO and had to finish it in 1 hour. Has anyone had to do something like this?

 

they probaby send these out to people to get a head start on actual IC memos they need to pull together. OP is just doing free work for lazy VPs (source, am a lazy VP)

 

This isn't standard...that would be typical for a weekend case, but 24 hours is tight. 3-4 hour in-person cases are usually <5 slides or a Word memo...

OP - shitty situation unfortunately, sorry to hear. Similar thing happened to me before back in my banking days...given you have a lot of other options (and you wouldn't like the culture of a place like this) if I were you, tell the recruiter or firm you had some family emergency OR you have another offer elsewhere and want to bow out. Think those reasons are reasonable enough that people can't get mad at you for 

 

The 2 VPs being dicks during the interview is already enough indication to tell them to fuck off.

 

If you have 7 other processes and didn't like the guys, I would say just drop this one. It's one thing for your dream firm but sounds like you wouldn't even take this offer

I don't think this amount of work is totally unheard of, but usually over a weekend (do I think that is a fair ask - still no). IMO the 3-4 hour cases and a good presentation/Q&A is plenty to get an idea of your skillset without wasting your time.

 

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