How to Prepare for an Investment Banking Modeling Test or Case Study

Modeling tests evaluate more than Excel speed. Banks want to see whether you can interpret instructions, build a logical model, make defensible assumptions, and produce usable output under pressure. Here is how to prepare for common discounted cash flow and leveraged buyout tests—and how to manage the clock when every minute matters.

Author: Michael Harris Updated 4 min read

Understand What the Test Is Designed to Measure

A modeling test may range from completing a partially built template to constructing a model from a blank workbook. You could receive historical financial statements, transaction assumptions, management projections, or excerpts from public filings. Instructions and permitted resources vary, so confirm the format beforehand whenever possible.

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