I was told by a recruiter about a model test in person for a VP role I am in the process for.
I am not nervous about this but curious if anyone has had experience. Do you think it will be more complex than a standard model test for an associate role? I was thinking it would be the same test but scrutinized more. This is also for a REPE fund that is taking LP positions.
I had to take a modeling test for a large REPE firm taking LP positions. They gave me the Argus file for a CBD office building. Asked me to underwrite the deal using the assumptions in the Argus file and partnership terms provided in a separate email. They wanted the outputs to include levered returns, unlevered returns, sensitivity tables on purchase price, hold period, and exit cap rates, YOC, etc. They then wanted me to put together a few slides to comment on the deal and the assumptions in the Argus file primarily MLA's.
It took a long time as I made it scratch, but they gave me a week to complete it. It's exactly what I do everyday so it wasn't anything crazy. It was easy to walk them through the outputs.
How common is a VP excel test?
This seems really unusual to me. Do they have a lack of analysts/associates? If so, be wary as you might be getting stuck with grunt work. I almost never see VPs/Directors in excel or ARGUS outside of reviewing models...
It's rare, maybe 1 in 5 or less of the VP level interviews I've gone through had an excel test (the other was at a major REIT). They explained they were burned by someone in the past who misrepresented their abilities, and wanted to ensure that won't happen again. I didn't end up taking the job so I can't say what the role looked like after joining.
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