How to win a finance case competition

Which finance case competitions fit an investment banking path?

The list below shows the competitions we track that fit investment banking: deal and real estate cases, an LBO case, and a firm-sponsored case. Some are open only to students at the host school, so check eligibility. The method in this guide works for any of them, and for consulting and private equity cases too.

• UChicago Private Markets Program LBO Case CompetitionPolsky Center, University of ChicagoNot stated on the page.
• Goldman Sachs Case Competition at KogodKogod School of Business, American UniversityNot stated on the page.
• Cornell International Real Estate Case CompetitionCenter for Real Estate and Finance, Cornell SC Johnson College of Business$10,000 first, $5,000 second, $2,500 third, $1,000 fourth.
• Harold E. Eisenberg Foundation Real Estate ChallengeHarold E. Eisenberg Foundation$10,000+ in scholarships to the top team or teams.

What should your team do in the first hours with the case?

Decide what question you are answering before anyone opens Excel. Most losing decks answer five questions half well. Winning decks answer the one the client asked, fully, and say so on the first slide.

1. Read the case alone, then together. Each person writes the client's question in one sentence; agree on one version.
2. Write a first guess at the answer. You will change it, but a hypothesis tells you what to analyze.
3. List the three or four facts that would prove or kill that answer.
4. Assign one owner per fact: model, market, risks, and the deck itself.
5. Set a hard time to stop analysis and start building slides, at about two thirds of the time you have.

What does a winning deck look like?

Judges read many decks in a row. The ones that stand out are short, lead with the answer, and use one idea per slide with a headline that states the point. A slide titled Revenue Analysis says nothing. A slide titled Revenue grows 8 percent a year only if the new plant opens on time says everything.

• Slide 1: the recommendation in one sentence, with the two or three reasons.
• Slide 2: the situation, only what the judges need to follow you.
• Slides 3 to 6: one slide per reason, each with a chart or table and a full-sentence headline.
• Slide 7: valuation or returns, with the key assumptions on the slide, not hidden in an appendix.
• Slide 8: risks and what would change your answer.
• Slide 9: next steps or implementation, with owners and timing.
• Slide 10: the recommendation again. Everything else goes in a numbered appendix.

How do you split roles on a team of four?

Split by output, not by slide count. Each person owns one thing end to end and one person owns how it fits together. The deck lead is often the most important role and the one teams forget to assign.

• Model lead: builds and checks the numbers, and answers every numbers question in the Q and A.
• Market lead: industry, competitors, comparable deals or companies.
• Risk lead: downside case, sensitivities, and what would change the answer.
• Deck lead: storyline, headlines, design consistency, and timing of the presentation.

How do you handle the Q and A?

The Q and A is where close competitions are decided, because it is the only part you cannot polish in advance. Judges ask to test whether you understand your own numbers and whether you stay calm.

Prepare for it the way you prepare the deck. Each person writes the five hardest questions about their own section, and the team answers each out loud with a clock running. Build backup slides for the ones that need a chart.

1. Pause for a second and repeat the question in your own words, so you answer what was asked.
2. Hand the question to the owner of that section with a name, not a glance around the room.
3. Answer in one sentence first, then give the reason, then point to a backup slide if you have one.
4. If you do not know, say what you would check and how it would change the answer. Never invent a number.
5. Stop talking when you have answered. Long answers invite a second, harder question.

What is a good week-by-week plan for a long-form case?

For a case released a few weeks ahead, this plan leaves room for two full rehearsals, which is the step most teams skip and the one that decides the Q and A.

• Week 1: agree on the question and a first hypothesis, gather data, sketch the storyline on paper.
• Week 2: build the model, draft every headline, and cut any analysis that does not support one.
• Week 3: finish slides, run a full rehearsal for a professor or club alum, take their hardest questions.
• Final days: fix what the rehearsal exposed, build backup slides, and rehearse the Q and A twice.

Questions students ask

How long should the presentation be?

Use the time the organizer gives and finish a minute early. If no time is set, plan for about fifteen minutes with ten slides, and leave the rest for questions.

Should everyone on the team present?

When the rules require it, yes; Cornell's real estate competition, for one, gives every member a speaking role. Otherwise, each person presenting their own section is still the safest way to handle questions.

How much should we model?

Enough to support the recommendation and survive the obvious questions. Judges reward a model they can follow over a large one they cannot.

What do judges remember after the event?

The recommendation, one number that supported it, and how the team handled the hardest question. Build the deck and the rehearsal around those three.

Does a case competition help with banking interviews?

Yes, as a story. Walking through what you recommended, how you valued it, and a question you struggled with is a good answer to the teamwork and deal interest questions.