Does anyone have an example of what an excel test for a multi-family investment shop (ex. Equity, GID, Avalon) would be like? Or an example would be helpful
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Comments (10)
At what level are you doing it for (Senior/Junior analyst etc.)?
An analyst role, not senior or junior....About 1-2 years of experience
know your way around a rent roll, for starters. i don't have it but i took a MF Excel test and they gave me: Rent Roll, Debt assumptions, a bunch of supporting documents to round out the OpEx portion of the model.
Remember not to overthink it during the test. If you've done some MF modeling, in my experience, these tests are always easier than you think they would be. Follow the directions and don't go overboard.
I guess a better question is what excel funtions should I prepare myself for. Obviously any model I have been working out of already has these equations in so theyre automatically calculated (ex. cap rate sensitivity table analysis, PMT). Things that actually take some financial knowledge, not like a vlookup where it doesnt involve anthing financial if that makes sense.
So essentially what functions do you think i should be prepared for in terms of the excel test?
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Most MF models do not require a ton of financial excel functions. A lot of the work is making sure cells tie correctly and all of your formulas are correct. Entails a lot of general functions of excel (i.e. vlookup, sumif, if, ifs). Only strictly financial functions you would need are PMT, NPV, IRR etc. but those are only used in a handful of cells, whereas the general formulas apply nearly everywhere. Also is this timed? If so, you should be very comfortable with shortcuts. I think you're overthinking it. Do you have previous MF modeling experience?
In my experience there's a 50/50 chance you won't even have to use that on the test. It's more "Make sure you subtract expenses from income to get the NOI."
You listed 2 REITS and one real estate investment company - so take this for what it is. Depending on whether or not you are interviewing for an re investment company you may be asked to model an equity waterfall. If it's a REIT you won't but something to be aware of nonetheless.
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