IBD case competition

Hi, I'm a sophomore at a target school majoring in econ and math.
Postings about case competition (and the like) held by IBDs are up on our website,
but since I'm an econ major I have no knowledge about finance (no finance course in our school), let alone valuation methods, LBO, DCF and all the acronyms you guys use.
How would I prepare myself for these kinds of competition?
What would I be expected to do in case competitions?
And would it be worth it? (I think it gives you a direct ticket to final round interviews.)

 

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