To what extent will you be expected to model for summer analyst?

Contrary to what thhddd said, the banks will ask you technical questions - for sure, so know the basics. I've never interviewed w/ any brokerages, so I don't know, but I imagine they're less technical.

As far as actual modeling as part of the SA interview process, I never encountered that. As for when you're actually on the job, it's one of the only things that you might be better at than the senior guys in the office, so it's very useful to be competent at it.

Interview wise just make sure you know the basic Proforma of real estate and maybe how to walk through a DCF too. Both are pretty easy things to understand. You're not going to have to do an excel modeling test.

Once you start your actual internship, you're not going to be underwriting entire deals. More likely you'll be working on IC decks or OMs and using someone else's analysis to fill in the blanks on a pre-made template. Maybe every so you'll use Argus or Yardi to calculate something like Revenue at Risk or you'll be tasked with pulling comps, but don't expect to be grinding out the meat & potatoes of a full-scale underwriting as an intern.

what's the relationship between cap rate, debt yield, and ltv. if i give you the cap rate, and the debt yield, can you give me the ltv?

I'd prepare for the unexpected. In my own recent experiences, every shop is different. And sometimes, each group within a shop is different. When you are looking for a full time role, I would try to be able to hit the ground running and be able to immediately provide value from day 1. Many places have no training and honestly don't want to have to deal with it. There are a lot of other candidates that are ready to go or making lateral moves which is why they will get the nod.

I am just trying to be brutally honest with you. For example, REPE God 's comments are very insightful. For those other folks that are lurking the boards, I'll give you my own recent experiences.

In regards to an "Entry Level" Analyst role - I've had an incredibly wide spectrum of technical interviews where one shop may expect you to build a DCF model through a 4 tiered waterfall that has IRR/EM specific hurdles, and others where they literally just want you to understand the fundamentals such as the relationship between a cap rate, debt yield, and LTV as noted in this thread.

Avison Young's recent "Junior Analyst" roles in Miami were what I would call "Entry Entry Level" but not the case after speaking with their Director of Florida. I honestly couldn't understand what they were wanting. They seemed like a "great" place to work at-- Low $40s, no commission/bonus sharing, pretty terrible benefits, and specifically told it was a budgeted role. The Junior Analyst would support the Analyst on their IS group in South FL. They also required this Jr Analyst to have ARGUS experience as well as 2 years of related experience. With that comp and experience req I have no clue who would be qualified and then accept it other than being desperate.

To add - I have 2 years of professional experience outside of RE, an MSRE from a top program, and networked my way into a referral for the role which is why I spoke with the Director of FL. I still did not get a nod for an initial interview. I was not going to take the job but was going to interview regardless.

It's all just a process and you have to respect it and keep going forward.