Have an upcoming case study with a MM this month and was wondering if anyone has any updated views on approaching the case study. Likely will be 4 hours in length and similar to ones discussed on prior topics with ~2 years of transcripts, 10-q/k's, etc. Is fine-tuning the model essential? I can confidently build a model within the 4 hours but plugging in the historical cash flows for the year is definitely a time killer. For instance, would skipping the quarters and just filling in the annuals for the CF up until the last few quarters make sense if I could spend more time thinking about
02 Mar 2021
So I am pretty up to speed on my modeling, technical and behavioral questions but case studies are just a blind spot for me. Does anyone have any advice how to deal with case study exercises in IB assessment centres or can you recommend any good (free) online resources to help me perform well. As ever fellow monkeys any help you give is always really appreciated.
16 Aug 2020
Hi guys, I saw the following case study in one old post, appreciate if anyone is willing to take a crack at it. Particularly, I'm a bit confused on how to get ending net debt at exit. THANKS!! ++++++++++++++++++++++++++++++++++++++ Sponsor acquires a US business for $300m and puts in place the following structure: Sponsor invests $100m $125m of external bank debt The seller leaves in $75m Sponsor own 95% of the ordinary shares of the company with management owning the remaining at 5% Sponsor's money is in the form of a loan note and attracts an initial 15% non-cash pay coupon which is rolled
12 Apr 2020
Hi all, I am in process of interviewing with BX's real estate asset management group and have to complete a case study as the next step in the process. Does anyone have insight on what to expect in terms of topics that it will cover?
13 Apr 2021
Hi All, I really need a case study on consultingcase101. The title is "LinkedIn to Conduct Employee Redundancy Study" but I can't afford the subscription fee especially since I only need just the one. If anyone with access would be kind enough to share the full case study with me, I will appreciate it.
08 Apr 2021
Apologies if this is a dumb question. When doing a case study given a ticker and no template/instructions, how do you forecast out CFO if there are like 20 line items? Should I just group them into general working capital inputs (AR, AP, accrued expenses, etc) and go from there?
24 Mar 2021
Hi all, i've been through some case study interviews where I was given an old IM and asked to create a presentation + an LBO and forming an investment decision in the end. When I was given the IM, I was not sure how detailed the B/S needs to be cuz IM usually doesn't provide a full-blown details of the balance sheet, most of the time just some info on working capital, current debt and then some small line items with very marginal numbers. Question here is do I need to increase all items included in the IM or can I just select the few relevant ones i.e. cash, working capital, pp&e, debt
17 Dec 2019
Hi. Getting the timing right in the job search process is never easy, and I will have to go through 2-3 case studies (with different shops) at the same time. Has anyone experienced this? Any tips or insights? Would greatly appreciate them. Thanks.c
02 Mar 2021
Hi Everyone, Can someone please provide some of the sample mock case studies for IB recruitment process. I know they usually asks for basic 3 statement model and DCF, but I am not sure about the analysis questions. Thanks!
02 Mar 2021
I have a case study/modeling exam coming up with a REPE firm. Does anyone have any that they would like to share? Is there a property type that they typically use? I was told it's a pretty simple "exam" and I should know how to build a cash flow and calculate return metrics, etc. If you are open to sharing, please comment below and I will PM you!
12 Aug 2019
Looking for tips for EY's FSO Technical Consultant final round interview - any and all advice is appreciated (especially in regard to the Case)
09 Feb 2021
Hi All! Have gotten to the case study round for a PE Credit & Special Sits team First time doing a case study in awhile. Any feedback on what to expect / prep material would be appreciated!! Thank ya
21 Mar 2020
I had an interview for a Treasury Operations role. After two phone interviews, they assigned a case study that I worked on for 20hrs. They never responded to my case study that I submitted. two weeks later I got a phone call saying I didn't get the job but my work was great and I should standby as there is an fp&a job they want me to apply for. I said thanks I would consider and if the recruiter could send me the details. I also asked for feedback on my case study. No answer for another week. I followed up and was told they slowed down on hiring and don't have anything right now. I'm ok with
01 Jul 2020
I'm going to have to complete a case study/modeling exam for a small repe firm. The firm invests in hospitality, office, condos, and mixed-use assets. I was told the exam isn't very complicated, that i should build a cash flow and be familiar with return multiples, and i don't need to do a waterfall. Any idea what to expect? For something like this -- is it expected that you do a monthly cash flow or is yearly acceptable? I ask this because in my current role, I am not underwriting anything as most of the work I do is post-transaction/advisory/financial reporting work and all of our cash flows
13 Aug 2019
Hi everyone, I have a 4 hour case study coming up with a hedge fund. Can someone please tell what are the best ways to get a contrarian / divergent view during such a short time span? Any tips would be helpful. This is for a long/short equity hedge fund. Thank you
24 Dec 2020
Hi, I am interviewing for a Debt Advisory boutique and I have a c.3 hours debt capacity case study coming up in the next few weeks. Anyone have any insights on what such a case study would entail, where I could find simulations or more in general how to better prepare myself? I haven't got a LevFin background so any pointers would be very helpful.
09 Dec 2020
Recently I was invited to an interview where I was asked on the spot to build a real estate financial model with the following assumptions: NOI of 1 million Purchase at a 7% cap rate Expense margin of 45% Revenue Growth Yr 1: 7% Yr 2: 6% Yr 3+ 3% Expense Growth: Yr 1: 5% Yr 2+ 3% Acquisition closing costs 3% $750,000 of capex, funded at closing Leverage: 75% of purchase price (not including closing cost or capex) Financing: 4% interest rate 30 yr amortization Sale in year 5 at 7.25% cap rate on forward year NOI Sale closing costs 2% Show IRR, profit, and equity multiple IRR and equity multiple
03 Aug 2018
Hello all - I have a final round coming up for an infrastructure fund focused on telecom, airports, roads. I have read a lot of posts on modeling type of case studies and am comfortable with those, but can someone provide tips or general idea of how more on-the-spot type of case questions would like? I'm currently guessing market sizing type of questions or modelling approach? I frankly have no project finance experience, just TMT experience for the most part, so any tips / pointers would be appreciated. Thank you!
06 Apr 2020
I'm through to the final round for a trading company/liquidity provider which is going to be a case study, I was wondering if anyone had any advice or could point me to resources to help prepare. They've given me a list of things to look into, which I have been, and I've found a few posts on here and on Glassdoor about it, but I'm not finding a whole lot of specific info or examples of similar interviews for any companies. It's easy enough to read someone saying "get good at hedging/arbitrage questions" or giving basic examples like "Security A trades at 1.5 times the underlying, Security B at
19 Sep 2020
Hi, I'm currently interviewing at a venture financing firm focused on venture debt, and was wondering if you guys have some advice on loan origination & servicing. For instance, what should I look at specifically in terms of: * cash balance * financial projections * burn * break even/profitability * anything else? and how to determine loan amount, duration, IR, interest only period from that? Also if anyone knows how to prepare for a venture debt case study or point me in the right direction that would be fantastic! Thank you!
27 Mar 2019
Hi all, Posting in this forum for obvious reasons and hoping this isn't too stupid a question. I'm currently working my way through a real estate case study and I have been tasked with modelling a multi-family apartment asset. Amongst the criteria for the asset is the following statements: * Capital: assume USD1,000 per unit for deferred maintenance capex items (resurfacing, roofs, railings, landscape, rehabilitation, plumbing). * Make your own assumptions in regards to any additional value‐add/renovation capital needed to execute the proposed business plan for the asset. * Taxes will be equal
10 Aug 2017
I've got a pair of case studies coming up in the next two weeks for private credit funds. These funds are both large ($25B+) and I'm interviewing for the direct lending groups. Anyone have any insight on what a case study would entail, how to differentiate myself, etc.? I know the format of one, they will give it to me and give me a couple of days for the model/writeup, and then I'll have to present. Any pointers would be very helpful.
07 Feb 2018
All, I work at a middle-market fund (started about 8 months ago here) and wanted to learn from someone qualified (associate level or above) who works on the buyside what the best and most efficient way to analyze a CIM is (Confidential Information Memorandum, for those who're not aware is a 40-50+ pg book that basically markets a company to potential strategic/financial buyers and is usually put together by an investment bank working on behalf of the client, the company. It contains critical confidential information on the company's history, business model, operations, financials, management
13 Oct 2016
Hey All, So I got selected to go in for an in person interview with a lean and quite new High Yield Credit HF. The first round consisted of a 60 min online survey that was about 25% behavioral and 75% technical. I was the only candidate selected, based on the survey, to come in or the in person. I have a 5 hour in person interview that consists of 1-1.5 hrs with each member of the firm (Senior Analyst, COO, Managing Partner and CIO/Founding Partner) Additionally, I will be expected to complete a 6-8 hour credit agreement project/case study that consists of 150+ questions. (expectation is this
21 Dec 2018
good evening monkeys, I had an interview a few days ago for an IB internship position, and the first step was a case study. I've been on the hunt to land IB for a while now (like a lot of you guys) and worked on the modeling/valuation aspects a bunch of times over the past few months. The case study they gave was to be completed in 2 hours, and it had so much meat on it I was shocked. The case wouldn't be hard if given a day to complete or an afternoon, but that much work in just 2 hours seems a bit much for an internship. The case compiled of industry research for prep, formatting IS and BS
09 May 2017
When working on a case study with very little information given, the following questions occured. 1) When calculating the interest coverage ratio, how do I treat amortising loans? If they yield 0.75% should I treat 0.75% of the notional value as interest expense although that is technically wrong? Do I include the "amortising part" when calculating interest coverage? (No debt schedule given) 2) Apart from that, if I know that costs for a project are $100mm for renovating the office, employing more people, etc., how do I estimate which amount to capitalize and how much to treat as costs
17 May 2020
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
02 Jul 2017
I have been in the work force for about a year (2015 grad) and am seeking to move laterally into an analyst position within the restructuring group at a well respected boutique. I participated in a phone screen and was asked to complete a take home case study a few weeks later. A few days after submitting, I was notified that my case study passed the review of the team and that I would be coming in for the "next round". Can anybody shed some light (from past experiences of their own or having conducted similar processes themselves) on what I can expect in the process moving forward? Given the
04 Feb 2017
Hey guys, For those of you that have had the pleasure of working on a HF case study , is it worth building a full 3 statement model? The particular company i got is not a balance sheet driven business and I can complete a valuation with an earnings model (Revenue down to EBITDA and FCF) and a debt waterfall. A 3 statement model obviously would be nice but time is a constraint and there are certain factors prevent it from being a straight forward exercise. Let me know your thoughts. Thanks !
10 Jul 2015
For context, I will likely soon have to complete a couple of case studies for a fund I'm recruiting for. It's a low net, fundamental L/S equity with a top down approach involving macro themes. Can anyone who's been through the process offer any guidance?
15 Feb 2020
Hi, I have been given a take home case study to prepare. The case study asks us to recommend different types of debt products - loans, bonds and private placement. I have been given very basic company financials (EBITDA, and peers financials. Could anyone give me some advice on how to approach this? Thank you very much for your advice!
02 Dec 2016
I'm new to case study interviews and have done a bit of research on WSO and on the web in general. Out of curiosity, how many frameworks did you learn for interviews? I see that Victor Cheng has 4 frameworks while Case in Point has way more. Would you say that the 4 frameworks from VC are generally sufficient for case studies?
25 Jan 2015
Just a bit of background...Currently in an investment sales role at a big brokerage house (think CBRE, JLL, Cushman) primarily focused on private capital (we sell assets between $2-$25 million). Looking to make a big transition in the next few years to a team or shop with institutional deal exposure. Primarily interested in Eastdil (Investment Sales or Debt/JV Placement) to be quite frank. I recently got my hands on the REFM's "Real Estate Finance Bootcamp" to brush on the quantitative side of real estate. I have intentions of studying and getting certified in Argus after I finish studying
24 Jan 2016
Hello all, been prepping with the WSO course, and am working on the PaySmart case. I have two questions, one specific to this case, and one that's more general: (1) Minor point, but in the video solution, when projecting out the market share for US and Europe, Europe increases by the given 0.5% (from 4.0% - 4.5%) in the first year, but the US market share gain of 0.25% appears to be delayed by a year. Is this an error? (2) In this example, no minimum cash balance was assumed. Instead, there was a floor of $100mm above which any "excess" cash is used for paydown. The deal is CFDF, but assumes
27 Dec 2019
What's the best resources to help prep for private equity case studies? There's plenty of LBO practice out there but are there any full case studies (WITH SOLUTIONS) where you're provided a CIM and asked to provide an investment recommendation via a ppt presentation or investment memo?
18 Dec 2019
Hey, Wondering if anyone has information on, or has completed the case study/excel test that Royal Bank (RBC) makes potential Equity Research Associates complete. I might have to take it next week, and so any insight would be greatly appreciated. Thanks
12 Jul 2018
Long time reader of this forum, first time poster. Would greatly appreciate any insight on CIM Group and their final round pre-mba associate interviews. Has anyone been this year? Any color on format/length of their case study, general interview process, or other feedback? Can anyone comment about culture there? I've heard hours are longer than average and pay is below market. Thanks in advance. FM
24 Nov 2012
Hi - as most of us go through case studies (both equity and credit) I wanted to discuss how you approach estimates in in-house case studies. Usually, candidates have between 3 to 6 hours depending on the shop to set-up model / thesis / recommendation. One can develop a view on the asset and come up with indicators for long or short. Yet, returns materially depend on estimates one derives during the case. - What financial items do you estimate? - What kind of key sensitivities do you run? - What is your strategy for forecasts given time contraint? - Do you estimate year-on-year or simply use a
09 Apr 2015
I've been asked to develop a case study / pitch for an activist group of a hedge fund whose diligence style is more similar to that of a private equity firm. That is to say, they have longer hold periods and do deeper diligence on their investments, but their investing takes place in both private and public markets. The sector focus of the strategy is, broadly speaking, technology. I need to select a target and develop a long / short opinion on it. Any thoughts on where to start for target selection / structure of the case study?
06 Nov 2019
I've been asked to develop a case study / pitch for an activist group of a hedge fund whose diligence style is more similar to that of an private equity firm. That is to say, they have longer hold periods and do deeper diligence on their investments, but their investing takes place in both private and public markets. The sector focus of the strategy is, broadly speaking, technology. I need to select a target and develop a long / short opinion on it. Any thoughts on where to start for target selection / structure of the case study?
06 Nov 2019
Interviewing for small shop and will have a case study (5-7 days to prepare). I understand that an LBO analysis is the norm but the job description details DCF and M&A models and capital structure analysis. Should I be focusing my studies on these and not LBO? Thanks.
02 Jan 2015
For a PE case study, if you are asked to provide a memo with several points and one is the following: "financial Model with Returns and Sensitivities," could someone provide insight into what to include here? I am not submitting my actual Excel model as part of the study, so I want to ensure I am providing enough detail. Obviously, I would add in sensitivity tables, but wondering if I need to include things such as different cases, operating model, etc. Any insight would be appreciated - thanks!
24 Mar 2018
13 Jan 2011
Hi, I am about to do a case study interview for a PE FoF's for a junior analyst position. I've been told that I do not need to prepare anything and will be given an hour to read the materials and prepare before presenting my views followed by a 30 mins Q&A session. I have one year's IB experience and several internships...I was just wondering if anyone could kindly give me a few pointers? I - presumably - will have to undertake an investment appraisal and talk them through my thought process...if anyone has any experience with this - particularly for a FOF - I would be very interested and appreciative in hearing it. Many thanks
13 Feb 2011
Hi, this is my case study question, I seek your advice in how I should go about in answering it well. Thank you very much!! :) "You are an independent businessperson meeting with a group of bankers. You have submitted a business loan application to the Bank and have been called to explain your intended business venture. Your task is to convince the Bank to grant the loan."
19 Jun 2011
I have been reading Buffett's newsletters as well as Pershing Square's presentations whenever I can get my hands on them. (I have linked to them below for your perusal as well). I also try to read Greenlight's quarterly investor letter as well. Who else do y'all follow and are there any other presentations I should read? http://www.berkshirehathaway.com/letters/letters… http://www.scribd.com/doc/26531910/Pershing-Squar… http://www.scribd.com/doc/88340350/Justice-Holdin…
22 Aug 2012
I'm a consulting noob whose just starting to get serious about studying for case interviews. In order to get a good foundation, I've memorized pretty much all of the CIP frameworks along with Victor Cheng's Business Situation framework. I figured I would use Cheng's Business Situation framework as a back up when I couldn't really put my finger on what type of case it is, but I'm often confused which aspect to start with out of the 3C's and 1P. (Customer, Product, Competition, Company) I know a lot of people say that you should look at cases and come up with your own frameworks and such, but frankly I'm just having a really hard time doing so. As a result, I have a really difficult time solving cases that deviate (even slightly sometimes) from the frameworks I've studied.
15 Sep 2012
I have an interview coming up an IBD analyst position which will involve an M&A case study. Typical situation - company X wants you to advise on which company it should acquire of 3 options. Other than the financial aspects - value and profitability. What key elements should I consider? Specificity, if one company has a large diverse shareholder base, would this be considered an easier target, than a private business with a small number of shareholders - for example a family owned business? As well as ideas, can anyone point me to resources I should consider before the case study- I'm fairly knowledgeable on valuation etc. But the softer aspects I am less sure on.
07 May 2009