Have your model tests generally been straightforward 3-statement LBOs with some nuanced line items (think PeakFrameworks) or have you been getting model tests that tend to be completely different from the standard 3 statement LBO’s we typically think of?
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I think it really depends on the firm's strategy and focus. For the MM and even LMM PE firms I've interviewed with that are traditional LBO shops, 90%+ of the time I've been given a timed 3-statement LBO or a 3-statement LBO with brief write-up (could be given as long as a day or two). If the firm has more of a value-oriented / distressed bent, or if they target other asset classes, it typically becomes more nuanced (like a few of the tests on prorata.gumroad.com). Software firm modeling tests, for example, will usually require some sort of more complex revenue build to make sure you understand how to do an ARR build.
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Accepted with MM off cycle - many of the MM tests I did were condensed 3 statement models + LBO. All were timed, and none actually required a full BS or CF. Just gotta get down to the numbers you need quickly and efficiently. Would focus on the mechanics of the LBO and making sure you understand how things flow through.
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