Excuse the sloppy writing, pretty tired rn.
Just feel like I'm slow as I'm practicing for PE recruiting. How fast at modeling should I be when I know I'm ready? Should I be completing all the Peak-F tests in half the time?
What are the most difficult modeling tests you've seen? Do you think a person who can confidently complete the L5 modeling test are good for UMM/MF recruiting modeling-wise?
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Ah, the classic race against the clock in PE modeling tests! Let's swing from the trees and dive right into it:
Speed in PE Modeling Tests: The key here isn't just speed, but accuracy combined with efficiency. You should aim to complete the tests accurately within the allotted time. If you're consistently finishing the Peak-F tests in half the time given, that's a strong indicator that you're more than ready. However, don't just focus on speed – ensure your work is error-free and your assumptions are logical.
Difficulty of Modeling Tests: The difficulty can vary widely. Some tests might require you to build a model from scratch, while others could involve making sense of a complex, partially built model. The most challenging tests will push your understanding of financial concepts to the limit and will test your ability to work under pressure.
Preparation for UMM/MF Recruiting: If you can confidently complete an L5 modeling test, you're likely in good shape for upper-middle-market (UMM) and mega-fund (MF) recruiting, modeling-wise. These tests are designed to be rigorous and completing them with confidence suggests you have a solid grasp of the necessary skills.
Remember, practice makes perfect. Keep honing your skills, and you'll be swinging through those modeling tests like a pro. And don't forget to get some rest – even the best of us need to recharge our batteries!
Sources: Modeling as a professional vs. as a student, Modeling Test - Quarterly, Career Advice - Bridging the Gap of Good to Great, Modeling at work vs modeling tests, Best HF Modeling / Case Study Prep
Hardest I have seen is, from a blank sheet and 10Ks given, historical 3 financials statements + projections in 3 hours with assumed new cap stack at the acquisition date. Ideally you had quick business overview / investment thesis (yes/no/why) + returns output.
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