No "on the job" modeling experience

So I am currently in MATS with a big 4 and have been interviewing with I-banks and some small PEs lately. One (not surprising) question I always seem to get is about my experience with financial modeling.

I have a lot of schooling on the subject from my graduate studies and I have done my own research, however, I do not have any tangible "on the job experience" to talk about. Does anyone have any thoughts as to how to spin this to where I am not immediately eliminated from consideration?

Thanks.

 

I had my WSP class listed in the skills section of my resume. I also built many operating models and DCF's for publicly traded companies in various sectors on nights and weekends. When asked about modeling, I spoke of the skills that I had learned in class, self-study, and WSP; and offered to send them one of my home made models if they were interested.

 
Best Response
Texas Tea:

It's the more complex modeling I worry about (i.e. M&A, LBO's, IPO's, general valuation models, etc.).

You should be able to get into an entry level ER position without significant modeling experience, basic modeling knowledge is enough from experience of friends. The ER models I have used are not terribly complex, if you know how to do a basic 3 statement model, you can do ER modeling...same thing fundamentally, just different outputs.

As for the more advanced modeling you reference in addition to Corp. Dev, its really going to be an uphill battle to lateral into the role from Corporate Banking as we are modeling the pay down of acquisition financing, cash flow, etc. for the consolidated entity vs. building the merger model and getting into the weeds..if its what you really want, you should have several good options for lateraling into IBD...CB actually places pretty well into Lev. FIn.

 

I lateraled into IB from law in my early 30s and completely missed learning modeling. It's not that difficult to pick up later in life, whether reviewing someone else's model or constructing your own. It hasn't impacted my career at all.

Those who can, do. Those who can't, post threads about how to do it on WSO.

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