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Private equity · Investment banking · Credit

Practice for your next modeling test.

Practice timed models, take-home cases, and investment decisions. Start with the candidate materials, make your attempt, then review the worked answer and guided walkthrough.

I built this library around real interview tests I passed, with fictionalized company data.

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Candidate assignmentRead the PDF

Bramblewick Seafood

3-Hour Purchase Accounting & Exit Waterfall

From the assignment
You have three hours from receipt of the accompanying CIM and financial information. Start from a blank workbook. Do not use a template, preset model or preformatted shell.
What you submit
Excel acquisition model with price, purchase accounting, opening and forecast statements, debt, exit waterfall and IRR/MOIC sensitivities.
Andrew GallagherAndrew Gallagher

Why I built this

I might not have been the best at selling myself in interviews or deciding where I wanted to work, but I was good at the modeling tests. Over my finance career, I passed 25+ of them (not even counting the ones I took in college or live paper LBOs).

More on where the cases came from

This library is built from those processes. Each case is a clean recreation with fictionalized company data that keeps the original test structure, time pressure, and analysis intact, along with how I approached the model and investment decision.

I remember how much time I spent digging for anything close to a real test before an on-site, looking for a working reference when I hit a wall mid-way through a take-home model, or checking my work before defending it to a deal team. That is what this bank is for.

Each case describes its source. Some worked answers were written for practice, and Project Forge includes a separately designed two-hour workshop.

How much time will you have?

Choose the format in your interview instructions. Timed tests list working time. Take-home cases list the submission window, with advance reading and discussions called out separately.

Three cases to start with

All practice tests

PE$39

60-Minute Clean-Sheet Three-Statement LBO

Juniper Trace Technology Services

Model the acquisition and its financing, follow the cash through a recession, and calculate what the sponsor receives at exit.

Time
One hour from opening the fact sheet. Return the printable workbook at the cutoff.
Start with
Blank workbook, Reading packet, Financial inputs
Submit
One printable five-year integrated three-statement LBO built from a blank sheet. Base and a personally underwritten Year 2 recession, with sponsor MOIC and IRR shown for each.
Preview & details

PE$59

3-Hour Purchase Accounting & Exit Waterfall

Bramblewick Seafood

Underwrite volume and price by channel, fund the plant expansion and allocate exit proceeds.

Time
Up to three hours from receipt.
Start with
Reading packet, Financial inputs
Submit
Excel acquisition model with price, purchase accounting, opening and forecast statements, debt, exit waterfall and IRR/MOIC sensitivities.
Preview & details

PE$89

48-Hour Take-Home LBO & Five Diligence Requests

Penwick Process Water

Underwrite recurring chemistry and project-based equipment for a regional industrial-water provider.

Time
48-hour take-home submission followed by a separate one-hour debrief.
Start with
Raw data, Reading packet, Financial inputs
Submit
Three-statement LBO, sources and uses and recommended valuation range in Excel. Investment memo up to four Word pages with exactly five specific diligence data requests.
Preview & details

Preparing for investment banking or credit?

Inside a practice case

Candidate excerpt for 60-Minute Clean-Sheet Three-Statement LBO

Juniper Trace Technology Services

Candidate brief

One printable five-year integrated three-statement LBO built from a blank sheet.

Blank two-hour LBO workbook showing sources and uses and the income statement, without solution outputs

Project Forge

Starting workbook

The two-hour template opens with sources and uses and a blank income statement.

Sponsor forecast lesson with the eight-lesson outline, objective, starting workbook and checkpoint links, and an Excel exhibit with forecast figures hidden.

Project Forge

Guided walkthrough

The sponsor forecast lesson shows which file to start with and where to check the work.

  1. Open the case and candidate materials.
  2. Make an independent attempt or use the walkthrough.
  3. Compare your approach with the worked answer and review materials.

Port Alder Field Supplies · 60-minute attempt

Try a complete LBO case free.

Open the candidate brief and Excel template, build the cash-flow model, then compare with the worked answer and five-lesson walkthrough.

No signup or card required. You start the timer inside the case.

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Technical deep-dives

Build the model, trace the cash, and understand what drives the return.

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Prepare for interviews, compare career paths, and navigate PE recruiting.

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Read the distribution LBO case behind the workbook

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