How do I prep for 3-4h Model Case studies as a consultant?

I know technicals, I can do LBOs (e.g., WSO examples, PF up to LVL4, etc.) but I now have a final round coming up with a 3-4h Model Case study. 

Quiet anxious about that, I have thought about prepping the following: 

  • Having a simple 4-5 Pager template in mind I can populate at the end of the case (i.e., business overview, transaction returns & sensitivities, market outlook, competition, risks)
  • Prepping more operating model builds; those have been SUPER simple on all LBO prep providers (e.g., "Business Unit A sells 5k units and grows volume by 10% and price by 5%")

I'm a bit afraid of industry specific nuances. The fund I am involved with is not a software player but they constantly asked me about my knowledge of software metrics (i.e., what figures would you look at in a FDD, etc.) even though I never done software/tech at my MBB.

Can someone chime in a bit here? Thinking about this already makes me nervous.

4 Comments
 

To tackle a 3-4 hour model case study effectively, here's a structured approach based on the most helpful WSO content:

1. Preparation Before the Case Study

  • Template Familiarity: Your idea of having a 4-5 pager template is excellent. Ensure it includes:
    • Business Overview: Key revenue drivers, market position, and growth potential.
    • Transaction Returns & Sensitivities: IRR, MOIC, and sensitivity analysis on key KPIs.
    • Market Outlook & Competition: Industry trends, competitive landscape, and benchmarks.
    • Risks: Highlight operational, financial, and market risks.
  • Practice Operating Models: Focus on building simple, functional models. For example:
    • Revenue drivers → Top-line → Adjusted EBITDA → Free Cash Flow.
    • Incorporate sensitivities for volume, pricing, and cost assumptions.
  • Industry-Specific Metrics: Since the fund has a focus on software metrics, brush up on:
    • Key SaaS Metrics: ARR, churn rate, CAC, LTV, and gross margin.
    • FDD Insights: Look at retention rates, customer cohorts, and scalability potential.

2. During the Case Study

  • Hour 1: Understand the Problem
    • Read all provided materials (e.g., SEC filings, investor presentations, sell-side research).
    • Take detailed notes on revenue/cash flow drivers, KPIs, and any nuances in the business.
  • Hours 2-3: Build the Model
    • Start with a basic structure: Revenue → EBITDA → FCF.
    • Add functionality for sensitivity analysis to test different scenarios.
    • Avoid overcomplicating—focus on clarity and accuracy.
  • Hours 3-3.5: Develop Your Pitch
    • Use your notes to craft a concise investment thesis.
    • Compare your model outputs to any guidance or consensus estimates provided.
  • Hours 3.5-4: Finalize and Write-Up
    • Populate your 4-5 pager template with key findings, valuation, and recommendations.
    • Include a checklist of "next steps" for further diligence.

3. Addressing Industry-Specific Concerns

  • If you're unfamiliar with software/tech metrics, focus on understanding the basics:
    • Revenue Growth: Subscription vs. one-time sales.
    • Profitability: Gross margin trends and scalability.
    • Retention: Churn and customer lifetime value.
  • Highlight your ability to adapt and learn quickly. If asked about software metrics, frame your response around transferable skills and logical frameworks.

4. Mindset and Execution

  • Stay calm and structured. Break the case into manageable chunks as outlined above.
  • Focus on delivering a clear, actionable recommendation rather than perfection.
  • Remember, the goal is to demonstrate your thought process, not just technical skills.

By following this approach, you'll be well-prepared to handle the case study confidently. Good luck!

Sources: How would you approach a 4 hour case study?, Case Prep, "Leaving IB Soon, Final Rants" - The Follow-Up, Private Equity Recruiting Walkthrough – My Experience

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
[Comment removed by mod team]
 

Quia molestiae perferendis sit. Accusantium officiis voluptatem et et quia quo vel. Voluptas nobis laborum explicabo non magnam eos similique.

Est optio dolorum incidunt. Dolor quibusdam consequatur totam eos aspernatur et esse.

Unde ea aperiam ex molestiae doloremque ut et. Exercitationem inventore vel eaque ducimus eum. Beatae eos labore et sint.

Veniam debitis laborum iusto ea quas. Consectetur dicta voluptatem aut. Saepe recusandae eveniet error reiciendis magni ut ea. A nemo mollitia quam perferendis.

 

Quo maiores ratione quis praesentium id. Et quia doloremque dolor nihil ut similique cum omnis. Quaerat sed eius hic enim et laudantium.

Adipisci ratione deserunt ipsa aut culpa. Delectus vel provident et distinctio non et. Sunt facilis excepturi iure doloremque delectus sit veritatis.

Sequi officia fugiat pariatur numquam qui repudiandae. Explicabo voluptas blanditiis voluptate est ipsam. Occaecati et et perspiciatis.

Rerum et nobis quia earum sunt eaque. Aperiam itaque distinctio libero. Dicta at consequuntur sed consequatur deserunt exercitationem numquam. Expedita fugit iste qui non eius ab. Placeat excepturi cum a ipsum consequuntur nostrum. Eius facilis quo asperiores. Rerum animi quis cumque sunt harum quos omnis.

[Comment removed by mod team]

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.9%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 03 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.3%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (51) $260
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (15) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
kanon's picture
kanon
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”