| Firm | # of New Technical Questions |
|---|---|
| Evercore | 29 |
| PJT Partners | 13 |
| Qatalyst Partners New | 10 |
| Raine Group New | 7 |
| Bank of America | 6 |
| Morgan Stanley | 5 |
| Wells Fargo | 5 |
| Greenhill & Co. | 5 |
| Citi | 4 |
| Guggenheim Partners | 4 |
| Goldman Sachs | 4 |
| FT Partners New | 3 |
| William Blair | 2 |
| Rothschild | 2 |
| J.P. Morgan | 2 |
| Deutsche Bank | 2 |
| Nomura Greentech | 1 |
| Houlihan Lokey | 1 |
| Total (18 Firms) | 105 New Questions |
| Firm | # of Technical Questions |
|---|---|
| Evercore | 84 |
| Moelis & Co. | 77 |
| Greenhill & Co. | 41 |
| PJT Partners | 33 |
| LionTree | 31 |
| Lazard | 27 |
| Morgan Stanley | 25 |
| Centerview Partners | 22 |
| Guggenheim Partners | 21 |
| Citi | 20 |
| Bank of America | 15 |
| Jefferies | 13 |
| Goldman Sachs | 12 |
| M. Klein & Co. | 12 |
| Rothschild | 12 |
| Ares Management | 11 |
| J.P. Morgan | 11 |
| Qatalyst Partners | 10 |
| Perella Weinberg | 8 |
| Wells Fargo | 8 |
| Allen & Company | 7 |
| Raine Group | 7 |
| UBS | 6 |
| Barclays | 5 |
| BMO | 5 |
| William Blair | 5 |
| Houlihan Lokey | 4 |
| RBC | 4 |
| Ardea Partners | 3 |
| FT Partners | 3 |
| Deutsche Bank | 3 |
| CIBC Capital Markets | 2 |
| Nomura Greentech | 2 |
| Union Square Advisors | 1 |
| Piper Sandler | 1 |
| Leerink Partners | 1 |
| Brookfield Asset Management | 1 |
| Total (37 Firms) | 553 Questions |
| Firm | Type | Question |
|---|---|---|
| Bank of America | Accounting | Salesforce sells a $100 contract upfront for a service. Walk through the three statements at signing, and again six months later assuming no expense other than taxes. |
| Evercore | Accounting | You buy a widget machine for $100 financed 50% with new debt and 50% with new equity. Purchase price is based on 5x EBITDA. Debt interest is 10% and tax rate is 40%. Straight-line depreciation over 10 years. How are the three statements impacted at purchase and after 1 year? |
| William Blair | Enterprise & Equity Value | A firm with $500 million EV issues $100 million of new debt to invest in a project with $100 million NPV. What is the new enterprise value? |
| FT Partners | Valuation | Describe a lesser-known valuation methodology. Explain how it works and when you would use it. |
| Nomura Greentech | Valuation | Companies A, B, and C all have the same EBITDA this year. Their EV / EBITDA multiples are 8x, 9x, and 10x now, but forward multiples are 10x, 9x, and 8x respectively. Which company would you invest in? |
| Guggenheim Partners | Merger Model (M&A) | What are the pros and cons of financing an acquisition with 100% cash versus 100% stock? |
| Evercore | Leveraged Buyouts (LBOs) | Interest coverage is 5x. Leverage ratio is 5x. What is the implied interest rate on debt? |
| Guggenheim Partners | Leveraged Buyouts (LBOs) | What is a dividend recap, who benefits from it, and why? Follow-up: In what situations would a dividend recap not benefit the sponsor? |
| Evercore | Restructuring / Distressed M&A | A HoldCo owns two SubCos, each with $50 million EBITDA. Comps trade at 8x. SubCo 1 has $200 million senior debt and $300 million junior debt. SubCo 2 has $200 million senior debt. HoldCo itself has $200 million senior debt. Where does each tranche of debt trade? |
| Qatalyst Partners | Technology Banking | What are the essential SaaS metrics investors should track? How do these metrics affect valuation multiples? |
| Qatalyst Partners | Technology Banking | Select a private company you admire within a specific tech category (fintech, SaaS, semiconductors, etc.). Why do you find it compelling, and what metrics best highlight its strengths? Follow-up 1: Who might acquire this business, and what strategic value does it offer to each potential buyer? Follow-up 2: Which public companies serve as suitable comparables, and why? Follow-up 3: What is your second choice company within the same category, and what makes it appealing? |