Investment Banking Excel Test
A financial modeling and analysis test typical of investment banking recruiting. Analyze company financials and comparable company data to perform valuation analysis and make investment recommendations.
Positions Using This Test
What to Expect
Download CSV files with company financials and comparable company data
Answer 18 multiple choice questions about financial metrics and valuation
Write 5 short answer responses analyzing financial trends
Complete 2 essay questions with investment recommendations
You have 120 minutes to complete the entire test
Question Format
18
Data analysis questions requiring Excel calculations
5
Business insight questions (100-200 words)
2
Strategic recommendations (300-500 words)
Tips for Success
Calculate key metrics: gross margin, operating margin, EBITDA margin, ROE, ROA
Build an implied valuation using comparable company multiples
Understand the relationship between EV multiples and equity multiples
For essays, structure like an investment memo - situation, analysis, recommendation
Show your work - cite specific calculations and data points
Common Mistakes to Avoid
Jumping into questions without first exploring the CSV data structure
Not managing time well - spending too long on multiple choice questions
Writing essay responses without citing specific data points