An example of the result you get: a score, your time, and each skill area marked.
What the test covers
Modeling tests for investment banking, private equity and FP&A roles ask you to build the same blocks of a model by hand. The test takes two model pieces from each of the five levels, picked at random each time.
Model basics
Driving a forecast from assumption cells: growth, price times volume, margins, and locking the right references before filling across. Growth and margin formulas, $B$2 and mixed references, CAGR
The schedules behind an income statement: operating costs, depreciation, a fixed asset roll-forward, interest and tax. Depreciation, roll-forwards, MAX for tax, EBITDA to net income
Loan payments and amortization, working capital from days, the cash roll-forward, a revolver and coverage tests. PMT, IPMT, PPMT, working capital days, DSCR
Free cash flow, discount factors, terminal value, the bridge from enterprise value to equity value, and the cost of capital. NPV, IRR, XNPV, XIRR, terminal value, WACC
What a finished model is used for: scenario switches, sensitivity grids, break-even, payback and buyout returns. CHOOSE, INDEX and MATCH, sensitivity grids, IRR
These come from the same pool as the test. In the test you write the formulas into the highlighted cells, fill them across, and the piece is checked on the numbers you see, then again with changed assumptions.
Q1Gross profit and gross margin
Model basics
Revenue grows with B2 and cost of goods sold is given. Fill two rows: gross profit in row 7 (revenue less cost) and gross margin in row 8 (gross profit as a share of revenue).
A
B
C
D
E
F
1
2
Revenue growth per year
10.0%
3
4
Year
2026
2027
2028
2029
2030
5
Revenue
$640,000
$704,000
$774,400
$851,840
$937,024
6
Cost of goods sold
$371,000
$402,000
$436,500
$471,000
$512,000
7
Gross profit
8
Gross margin
Show the answer
B7, filled right to F7=B5-B6
B8, filled right to F8=B7/B5
Margin divides by the revenue in its own year. Locking the revenue reference ($B$5) would divide every year by 2026 revenue, a common slip that only shows up once revenue grows.
Value the business with five forecast years plus a terminal value. Fill the discount factors (row 7), present values (row 8), the terminal value at year 5 using growth in B3 (B10: next year's cash flow divided by rate less growth), its present value (B11) and enterprise value (B12).
A
B
C
D
E
F
1
2
Discount rate
9.5%
3
Long-term growth
2.5%
4
5
Year
1
2
3
4
5
6
Free cash flow
$400,000
$432,000
$459,000
$483,000
$505,000
7
Discount factor
8
Present value
9
10
Terminal value at year 5
11
Present value of terminal value
12
Enterprise value
Show the answer
B7, filled right to F7=1/(1+$B$2)^B5
B8, filled right to F8=B6*B7
B10=F6*(1+$B$3)/($B$2-$B$3)
B11=B10*F7
B12=SUM(B8:F8)+B11
The growth formula values all cash flows after year 5 in one step. It usually carries most of the value, which is why the rate and growth inputs deserve the most scrutiny.
Each model piece is worth one point. You get the point when every highlighted cell returns the right result on the sheet shown and again after the assumptions change, so a typed-in number or a reference that should have been locked does not score.
You can check a piece as often as you like while the clock runs. A piece you skip, or have not finished when the 15 minutes end, counts as wrong. Fifteen minutes for ten pieces is a tight clock on purpose, so skip a piece you are stuck on.
The result shows your score out of 10, the time you took, and each skill area as strong or to review, with links to the model pieces for the areas you missed.
What your score means
0
1
2
3
4
5
6
7
8
9
10
0 to 4Foundations first
Start with Model basics and Income statement and schedules, then come back. The later levels build on them.
5 to 7Working knowledge
The core is there. The areas you missed are the ones to drill before a timed modeling test.
8 to 10Interview-ready on this set
You built pieces from nearly every level under the clock. Drill the one or two areas you missed and you are in good shape.
These bands describe this test only. Employers set their own pass marks, and we do not know them.
Take the test
10 questions from 5 skill areas, 15 minutes on the clock. It starts right here, with no account and no email.
Hints and solutions are off while the clock runs.
Check a piece as often as you like. Skip counts as wrong.
Your answers survive a page reload.
The mistakes that cost the most points
The same five mistakes repeat across the model pieces on Modeldrill. Fix them before a timed test.
A reference that slides when it should stay. A tax rate written as B2 instead of $B$2 is right in the first year and wrong in every year after the formula is filled across.
A reference that stays when it should slide. Dividing every year's gross profit by $B$5 measures margin against the first year's revenue, and only shows once revenue grows.
A number typed into a formula. A growth rate of 1.1 inside the formula passes on the numbers shown and fails as soon as the assumption cell changes.
Negative tax in a loss year. Earnings times the rate books a refund; MAX(0, ...) is the simple floor.
Discounting the terminal value with the wrong factor. It sits at the end of the last forecast year, so it takes that year's discount factor.
The three formats a financial modeling test comes in
Short timed blocks: build a revenue forecast, a depreciation schedule or a loan table from a few assumptions. This test is that format.
A full build in one sitting, usually one to three hours: three linked statements, or a discounted cash flow or buyout model from a blank workbook.
A take-home case: a company, a data pack and a deadline. The model has to work, and you have to explain what it says.
Questions
Is the financial modeling test really free?
Yes. The test is free and you do not need a card. Free visitors get one attempt a day; Pro members can retake it any time.
Do I need an account or Excel installed?
No to both. The test starts in one click and runs on a spreadsheet grid in your browser that follows Excel's rules for the functions covered. The formulas you write work unchanged in Excel.
How long does the test take?
Up to 15 minutes. There are 10 model pieces on one clock, and the test ends when you finish the last piece or the time runs out. The clock is tight on purpose.
How is the test scored?
One point per model piece, 10 in total. A piece scores when every highlighted cell is right on the numbers shown and again with changed assumptions. Skipped or unfinished pieces count as wrong. You also get a breakdown by skill area.
Is it like the modeling test banks and FP&A teams use?
It uses the hands-on format: you build parts of a model with real formulas under a clock. It is not a copy of any employer's or training company's test, and it does not ask you to build a full three-statement model from a blank workbook in one sitting.
Can I retake the test?
Yes. The model pieces are drawn at random from the pool, so a retake is a different test. Free visitors can retake it the next day; Pro removes the limit.
What comes after the test?
Your result links straight to the model pieces for the areas you missed. Your first 15 tasks on Modeldrill are free without an account, and pieces you solve in the test count toward them. Pro unlocks all 74 model pieces, every reference solution, timed mode and the certificate.
Find out where you stand
Ten model pieces, 15 minutes, a score by skill area. Free, and no sign-up to start.
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