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Based on the most helpful WSO content, for a financial analyst role at CBRE, the second-round interview often includes a "real estate and finance" test. While the exact details of the test can vary, here are some key preparation tips:

  1. Excel Proficiency: Be prepared to demonstrate strong Excel skills. This could involve building or analyzing financial models, such as cash flow projections or valuation models. Familiarize yourself with advanced Excel functions and shortcuts.

  2. Real Estate Fundamentals: Refresh your knowledge on key real estate concepts, such as:

    • Cap rates (going-in vs. terminal cap rates)
    • Loan-to-Value (LTV) ratios
    • Debt Service Coverage Ratios (DSCR)
    • Discounted Cash Flow (DCF) analysis
    • Types of valuation methods (e.g., income, sales comparison, cost approach)
  3. Market Insights: Be ready to discuss your perspective on the current commercial real estate (CRE) market, including sectors you are bullish or bearish on and why.

  4. Practice Modeling: If possible, practice constructing a basic real estate financial model. This could include creating a pro forma, calculating net operating income (NOI), and determining property valuation.

  5. Behavioral Questions: While technical skills are crucial, don’t neglect behavioral preparation. Be ready to discuss your experiences, problem-solving skills, and how you handle challenges.

For additional resources, consider exploring WSO's financial modeling templates and training programs, which include lessons on DCF, M&A, and LBO modeling. These can help sharpen your technical skills and boost your confidence for the test.

Sources: Interview at CBRE and have to take test, advice?, Advice from an ex-IB MD: Eight tricks to ace your 1st round interview, https://www.wallstreetoasis.com/forum/real-estate/my-8-month-real-estate-finance-internship-journey-some-general-thoughts-on-nyus?customgpt=1, 20 Most Frequently Asked Questions - London Edition, JLL Analyst Excel Test

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