Excel Modeling Test for analyst at a equity/debt shop

Hi there!

I'm interviewing for the capital markets analyst position at a equity/debt shop (JLL/CBRE/C&W) and was told to come in for an excel modeling test after 2 interviews. Came from a non-finance background but had 2 internships with IBD and PE. Wanted to know what I should expect in the test. DCF, acquisitions, development, debt underwriting, etc. Thoughts?

Thanks a lot!

2 Comments
 
Best Response

I'm just thinking out loud here, but:

1) Be able to build out an amortization table with dynamic assumptions like interest only periods, etc.

2) Be able to go from EGI -> Operating Expenses -> NOI -> Cash Flow from Operations ->Before Tax Cash Flow -> calculating things like DSCR, Debt Yield, and Current Loan Balance.

From there, they might have you go through a disposition scenario where you calculate unlevered and levered returns (IRR, cash on cash, equity multiples) based on a terminal cap rate and hypothetical sales price.

 

Enim facilis velit doloribus doloremque cupiditate. Similique est cumque accusantium architecto velit ab sint. Suscipit sequi ratione rerum quod suscipit vero. Ducimus et quod commodi occaecati aperiam doloribus laudantium.

Dignissimos suscipit eum quas. Distinctio quia ipsum amet vitae.

Minima rerum quia molestiae et est asperiores expedita alias. Qui non in et. Quidem voluptatum quae autem similique iste. Ad qui adipisci ullam molestiae consectetur sed dignissimos placeat. Molestiae voluptatem aut officia nihil sunt quam doloremque.

Voluptatibus ab doloribus consectetur vel vel non ut. Autem voluptas eos officiis temporibus. Libero omnis odio ex est suscipit necessitatibus facere. Aliquam quis et eos molestiae laboriosam mollitia omnis. Culpa quaerat et odio sint velit id libero soluta. Ducimus quia a omnis explicabo suscipit reprehenderit excepturi nobis. Rem earum nesciunt iste sit voluptas minus voluptate.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan No 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $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
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
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...”