Firms that don’t give case study/modeling tests?
Has anyone landed a role or went through all interviews without having to a modeling test?
Just curious.
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I would say 90% of reputable shops recruiting development and acquisition positions will be giving some sort of excel test.
Eh - tons of smaller developer jobs (that still have good reputations) don't give a test. Development is like 5% modeling and dividing NOI by cap rates isn't rocket science.
Right, as usual in this business there is not a standard for really anything. That said, I believe with reasonable certainty that most places will have you at least do something to show you aren't a completely lost in excel. OP should expect to have to take one anywhere.
Tangentially speaking, this forum tends to overemphasize learning curve required to get up to speed to be dangerous in excel but lets also not oversimplify development modeling into exclusively consisting of NOI/Cap rate to determine market value.
Agreed.
The person who wrote this post can't write. I'm drunk and high, and I despise your writing. Please read a book or two.
Agreed.
I'd expect 9/10 firms would implement some sort of Excel/Argus Modeling Test as part of their interview process for analyst and associate level roles. Considering in a Capital Markets/Acquisitions type role you're going to be working in Excel a good majority of your day it isn't worth faking Excel proficiency.
If you're asking this question because your technical skills are lacking maybe purchase an Excel for (insert product type) Real Estate Modeling course, or stick to applying for property management/leasing jobs where you won't be given a case study/modeling test of any kind.
i haven't come across any modelling courses for specific property types (only general ones that might incorporate a multi/retail/office model). would you be able to recommend any that delve deep into the specifics?
Adventures in CRE has a model and lesson for just about every property type
Just landed an acquisitions analyst role at a reputable MM REPE firm post graduation.
Was told 90% of my time will be on Excel/Argus, and I did not have to take a modeling test. Some of the first year analysts I talked with said they had to take one and some said they did not. I had two internships with heavy excel use, and they must have taken my word for it.
I don’t know any large financial institutions that require excel test, it’s always brain teaser/behavior/business case interview
Every job I've ever landed has NOT involved a modeling test. However, I have taken modeling tests for other REPE opportunities (other than my current REPE position) that did require a modeling test. Also, certain firms wanted to view examples of models I have built, but you must be very careful to avoid people just fishing for free stuff...
Worked in lending - excel test, but no specific modeling (more parsing data or running calculations)
Moved to acquisitions - no modeling test because I had worked with them previously as a client so they trusted my skills, but the firm does give tests to entry level applicants
In my experience with real estate related interviews, all case studies i've had were "take home" where I get it 3 days in advance of the interview and I talk about my thoughts on it in person having had those 3 days to study it. Only one of them slightly involved modeling. That's why i've always done better in real estate interviews than traditional investment interviews where i'm given a 45 minute paper exam without warning or have to build a full financial statement model off the cuff
First REPE job 1 in house 1 take home
Went through the process recently (didn't end up moving) 1 case 2 in house modelling 1 just didn't give me any test
Based on my tiny sample size 1 out of 6 didn't give me a modelling test, so to be on the safe side be comfortable with building a model from scratch :)
seems from the comments that firms either give a timed on-site test OR an more in-depth take home test. anyone ever heard of any firms giving both?
You'll most likely receive one or the other. I've never heard of anyone doing an in office and a take-home modeling exam.
recently interviewed w/ a shop where i was given a take home as an initial screen. in the actual interview, they pulled up additional and was asked to not necessarily model but complete short exercises (more critical thinking) utilizing the models they had pulled up.
appreciate the insights. interesting, i've never heard of a firm giving a modeling test, let alone a take home, as the initial screen. how long did you have and how difficult was it?
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