2 Hour Modeling Test in Person- What to Expect, Top Capital Markets Team Miami
Hey guys,
Have a two hour in person modeling test for an analyst role for a capital markets team in Miami. Test is this Wednesday in their office, they said it's going to be multifamily. Assuming they will give me an OM and historic cash flows. Want me to model down to levered and unlettered IRR. Provide certain debt assumptions and add those in, maybe come up with one or two sensitivity tables.
Thoughts? What to expect in a two hour test? Role is very modeling heavy for an analyst, was asked for an example to make sure we could pass the test so guessing not just an easy 1 hour test but again it is a brokerage so not sure if I'm overthinking.
I've encountered two types of tests. One is where you build a cash flow from scratch, then calculate IRR, EM, etc. Do a sources & uses table, sensitivity tables, and waterfall. Then answer some questions about the "deal". The other is a combination of Excel skills check (SUM, SUMPRODUCT, AVERAGE, etc.) and short prompts/questions with parts of the cash flow already provided. Either one could take up two hours, so I'd say be prepared for both.
I think if you're comfortable with one type, you can handle the other. Given that this is a brokerage and it's only 2 hours, I doubt there will be a waterfall. If you have time and feel like your skills are otherwise solid, maybe practice a simple, 2-tier one just in case.
Thank you, looking back at it I think it will be build out a simple proforma and answer a few questions about your results.
If it’s ground up development, don’t forget to ask about draw schedules.
Great thanks, I don' t think it's ground up development more existing multifamily.
Hey guys OP, have another test 1.5 hours and they're going to give me a cashflow and want me to answer questions. It's for an owner seems pretty easy, it's early next week. Any input into what I might face? I was thinking it's simple like give me cash flows ask me to project out 1-2 years and down to levered IRR. And ask questions like what's the cap rate going in, what's the DSCR, etc - to clarify it was emphasized some excel skills are needed so seems very basic especially with time limit.
I'm just gonna reiterate 2-hour exams will likely have IRR waterfalls 1.5-1hr exams will likely just be DCF with net cash flow and debt of course.
I just took one that had IRR and EM waterfalls...holy fuck, 2 hour time limit it was insane.
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