Case study at Evercore

Question

Hi everyone,

I just made it through first rounds with Evercore in London and they told me the final stage will include a technical case study. I’m a bit nervous because I come from a non-target school and my only internship so far was in corporate finance at a mid-sized manufacturing firm, not in investment banking.

I’ve practiced DCFs and LBOs on my own, but I’ve never had to do one under time pressure in an interview setting. I’ve read some places that Evercore tends to push candidates hard on sell-side style case studies, where you have to analyze a CIM and come up with valuation ranges, but others say it’s more like a standard modeling exercise with a 2-3 hour time limit.

For those of you who actually went through the Evercore process, how detailed was the case (full model, or just high-level valuation)? And did they care more about the exact numbers or about how you explained your assumptions?

Answer 1

Hi there,

Congrats on making it to the final stage! From what I’ve seen and heard, Evercore case studies are less about getting every number perfect and more about how you structure your approach and justify assumptions. They usually want to see logical reasoning, clarity in communication, and an ability to think like a banker rather than just technical perfection.

It helps to practice under timed conditions, even if it’s just a simplified model, and be ready to explain your assumptions clearly. Focus on showing structured thinking, market awareness, and sound judgment, rather than obsessing over precise outputs.

Good luck!

You’ve got this!
Simon

Answer 2

Hey! 👋

Congrats on making it to the final stage, that’s a strong achievement. I agree with Simon that Evercore focuses more on your structure and reasoning than on getting every number exactly right. One thing I’d add is that they like to see how you prioritize under time pressure, meaning which assumptions and valuation methods you consider most relevant.

It can really help to practice a shorter sell-side style case on your own, maybe summarizing a CIM and building quick comps or a simplified DCF within two to three hours. When you present, be clear about your logic and ready to justify your assumptions with common sense and market reasoning.

They care more about your thought process and communication than a perfect Excel model.

Hope it helps and good luck for the final round.