How to prepare for a corporate financial advisory M&A 'case interview' at a big four?

Congrats on landing that interview! Preparing for a corporate finance M&A case, especially in a big four advisory team, is a bit different from classic consulting cases. The focus will be less on market entry or growth strategy, and more on financial analysis, valuation, and pitching a transaction.

Here’s how you can get ready:

1. Understand the deal context: Since it’s likely a sellside case, know what that means—helping a company find a buyer, maximize value, and navigate the process. Your goal is to make a compelling case why the company is attractive and what the potential upside is for buyers.
2. Master the key financial concepts: Be solid on valuation methods like DCF, precedent transactions, and comparable companies analysis. Know the basics of LBOs even if it’s not a buy-side case. Brush up on how changes in working capital, debt, and other factors affect cash flow and valuation.
3. Get comfortable with financial statements: You’ll likely need to interpret and analyze income statements, balance sheets, and cash flow statements quickly. Know how to spot red flags or value drivers.
4. Practice pitching a company: The case might ask you to present a short “investment teaser” or elevator pitch to a buyer. Prepare a clear, concise story covering the company’s business model, competitive position, growth prospects, and key financial highlights. Think about what buyers care about: market size, profitability, growth, risks, and deal rationale.
5. Use frameworks but keep it practical: You can structure your analysis around frameworks like “Company, Market, Financials, Deal Rationale” but keep your focus on concrete data and value.
6. Review life sciences basics: Since it’s sector-specific, brush up on the key trends and drivers in life sciences—regulatory environment, R&D cycles, patent cliffs, reimbursement issues, etc. You don’t have to be an expert, but knowing the context will help your story land better.
7. Mock cases and feedback: Try to practice with friends or mentors who know finance cases. The feedback is invaluable.
8. Stay clear and concise: Big four interviews often test communication as much as technical skill. Practice explaining complex financial ideas simply and confidently.

Resources that can help:

• “Investment Banking” by Rosenbaum & Pearl is a classic for technical prep.
• Wall Street Oasis forums have lots of example cases and discussions.
• Corporate finance sections on sites like Mergers & Inquisitions.
• Your CFA materials, if applicable, for valuation and financial concepts.

Finally, go in with confidence that your analytical mindset and preparation will carry you through. They want to see how you think, communicate, and apply finance tools, not just memorize formulas. Good luck—you’ve got this!

For a corporate finance role like this, the preparation will be a bit different from standard consulting case prep. Since the focus is likely on sell-side M&A, it’s important to be comfortable analyzing financial statements and key metrics like EBITDA, revenue growth, and valuation multiples, as these are central to valuing a company. You should also practice pitching, focusing on how to articulate a company’s strengths—like market position, growth potential, and potential synergies for a buyer.

Given the specialization in life sciences, take some time to research industry trends, such as regulatory challenges or areas of innovation, so you can tailor your analysis. It’s also a good idea to review investment presentations and think about how you’d critique and improve them. Finally, practice presenting your ideas clearly and confidently, as strong communication is key in client-facing roles. Looking at some case studies in the life sciences sector might also help you understand what buyers typically focus on. Good luck!