London PE / case study prep

Hey guys,

In terms of background, I'm at a BB seeking to go to PE.

I'm seeking resources to prepare for PE case studies. In London, do you usually get a case study to do on the spot (you're placed in a room where you have x hours to do a model / presentation and present your thesis) or do they usually give you several days?

I'm assuming at least a few places have you do cases on the spot and I'd like to better prepare for this. What are some good resources for this? Consulting case study resources (e.g. Case in Point) do not seem too relevant. Would any of you be willing to share some sample questions / cases / IMs (preferably with answers)? I have many resources I can give in exchange.

Any other general case solving tips are welcome as well. I'm willing to put in the hours to prepare but don't know where to start.

Thank you in advance!

Private Equity Interview Course

  • 2,447 questions - 203 PE funds. Crowdsourced from 750k+ members
  • 9 Detailed LBO Modeling Tests and 15+ hours of video solutions.
  • Trusted by over 1,000 aspiring private equity professionals just like you.

Comments (6)

Jul 2, 2017 - 11:21am

Haven't heard about any firm that does take home case studies in London (could have missed someone though).

There are two main types of "on the spot" case studies; (i) you will get an IM or PIB then you have to build your own lbo model (however you want) and your task is to figure out if it is a good investment/where you would price it. It is also typically followed by a discussion on key investment highlights / key risks. Then (ii) is where you have a specific set of instructions and you should model to get to "the right answer", i.e. you would get a certain set of assumptions to use (including projections) and your task could be for example to find out what the 5-year IPO returns would be.

It is extremely easy to make up your "prep material", all you need is a public company annual report and maybe an investment presentation, then you model it out. Prep material is extremely overrated and you typically learn more doing it yourself.

Best Response
Jul 4, 2017 - 7:43am

Having been through the process myself in London, I had more take away case studies, than on site ones. Also be prepared to have one basic 1 hour LBO test completed in the office, followed by a proper case study, where you receive an IM on the Friday, and for Monday submit an abbreviated IC paper with your full assessment of the opportunity. You will then have a follow up with them in the course of that week where you will get grilled on the presentation.

In terms of best preparation, I personally found myself in relatively technical roles on every deal, so the modelling side of it was less of a challenge, but I used the WSO models from the PE guide to make sure that I was good on timing etc. As for the commercial aspect of it, I think this is harder to prepare for it, but develop a framework for assessing each business and then practice by analysing companies you read about in news to develop your own investment thesis and discuss this with people you know in PE who have developed the investor mindset.

Start Discussion

Total Avg Compensation

April 2021 Private Equity

  • Principal (7) $694
  • Director/MD (16) $593
  • Vice President (63) $371
  • 3rd+ Year Associate (66) $267
  • 2nd Year Associate (127) $250
  • 1st Year Associate (269) $224
  • 3rd+ Year Analyst (24) $164
  • 2nd Year Analyst (60) $136
  • 1st Year Analyst (172) $117
  • Intern/Summer Associate (18) $71
  • Intern/Summer Analyst (191) $60