Case Study Lab · Modeling Test 01
Project Forge: Private Equity LBO Modeling Test
Work a realistic middle-market process under time pressure: review the CIM, build the LBO, write the one-page investment memo, and then compare your work with a completed solution model, answer key, debrief, and reference memo.
$99 USD + applicable tax · One-time purchase · Access after payment confirmation
Eight files · Two timed tracks · 30-day satisfaction refund
By purchasing, you agree to the Terms of Use.
One finished case. Two ways to take it.
Project Forge is a synthetic precision-manufacturing acquisition built around the ambiguity, time pressure, and evaluation bar of real middle-market and lower-middle-market recruiting cases. It is a self-directed test, not a course or a collection of disconnected templates.
Structured-template build
Start with the provided workbook structure and complete the operating case, sources and uses, debt schedule, returns analysis, and sensitivities under a two-hour limit.
Clean-sheet build
Start from the clean-sheet source-data workbook and build the sponsor model yourself under a three-hour limit.
Make the investment call
Turn the model into a one-page recommendation covering the thesis, returns, risks, sensitivities, and priority diligence questions.
Exactly eight customer files
Everything you need to take the test cold, complete either track, and review your work afterward. The download is organized into Start Here, Case Materials, Choose One Track, and Open After Timer folders. Nothing is released in stages.
- Candidate briefRead-first instructions, timing, deliverables, and test rules.
- One-page investment memo templateAn editable Word document for your recommendation.
- Project Forge CIMThe company, market, operating, customer, and financial information you must underwrite.
- Two-hour template workbookThe structured Excel starting point for Track A.
- Three-hour clean-sheet source dataThe Excel data pack for Track B.
- Answer key and debriefReference outputs, tie-outs, common mistakes, and the assumptions that change the conclusion.
- Completed solution modelThe finished Excel model for comparing structure, formulas, and outputs after your attempt.
- Reference investment memoA completed PDF example connecting the model to an invest-or-pass recommendation.
See the assignment before you buy.
You receive a defined role, company snapshot, shared case rules, and two choose-one starting points. Both tracks use the same CIM, transaction terms, and required outputs, so you can match the format of the process you are preparing for.
- A realistic synthetic middle-market manufacturing company
- Clear timing, permitted materials, and required deliverables
- No solution outputs or answer-key spoilers on this page
Practice the work that happens after the formulas.
Work it cold
Choose one track, set the timer, and do not open the answer materials until you finish.
Grade the model
Compare your build with the completed solution, tie-outs, sensitivities, and debrief.
Defend the recommendation
Compare your memo with the reference and rehearse the assumptions, risks, and diligence priorities you would defend to the deal team.
Want a free warm-up first? Work the $150M Distribution LBO case study before taking Project Forge under the clock.
Built to the shape of the tests I actually sat
I sat more than twenty modeling tests as a candidate across middle-market and lower-middle-market PE processes between 2021 and 2026, and passed the ones that got me to the next room. Nearly every one had the same shape: a CIM or data pack, a workbook, a clock, and then a meeting where you walk the deal team through what you built and why.
Project Forge is an original synthetic case built to that shape. The company and the numbers are fresh, but the format, pacing, and evaluation bar are the ones I was tested against, and the debrief and reference memo exist to prepare you for the conversation that comes after the spreadsheet.
Who Project Forge is for
You know the mechanics and need a realistic rep.
- Investment-banking analysts preparing for middle-market or off-cycle PE processes
- Consultants, corporate-development professionals, and career switchers who can already build a basic LBO
- Candidates who want to practice both Excel execution and the investment recommendation
You need instruction or personal feedback.
- You are learning accounting, Excel, or LBO mechanics for the first time
- You want a video course, live class, community, coaching, or recruiting advice
- You want personalized grading or review of your model, memo, or confidential live-process materials
Before you buy
What software do I need?
You need Microsoft Excel for the modeling work and Microsoft Word or another compatible DOCX editor for the memo template. The package includes XLSX, PDF, and DOCX files and does not require macros.
Do I get both timed tracks?
Yes. Your purchase includes both the two-hour structured-template workbook and the three-hour clean-sheet source-data workbook. Choose the track that matches your target process, or take the second track later as a harder repeat.
How do I receive the files?
After Stripe confirms payment, you return to a secure UpLevered access page with a short-lived download link. Buyer email delivery is the fallback; if it does not arrive, contact support from the checkout email so the paid order can be verified and access recovered. Product links are signed and revocable.
Is this based on confidential deal or recruiting material?
No. Project Forge is an original, synthetic educational case. It uses the format and decision pressure of real recruiting work without including confidential employer, client, company, or candidate materials.
What support is included?
Support covers access or file problems and clarification of the published case materials. If you have any questions or need any guidance, feel free to reach out; we’re happy to help.
What is the refund policy?
Project Forge comes with a 30-day satisfaction refund from the date of purchase. See the Terms of Use for the full license, support, and refund terms. A full approved refund revokes product access and the license to retain or use the files.
Why might Stripe checkout show FirmLedge?
FirmLedge is the shared payment account used to process this UpLevered purchase. Card statements are configured to show FIRMLEDGE* UPLEVERED, though your bank may format the merchant name differently. Project Forge remains an UpLevered product, and [email protected] handles access and support.
Take the test before the test counts.
Get the complete eight-file package, choose your timed track, and compare your model and investment memo with the finished solution after your attempt.
$99 USD + applicable tax · One-time purchase
Access after payment confirmation · Personal-use license · 30-day satisfaction refund