Paper LBO Test – Given at earlier rounds, you’ll get a pen and paper (no calculator) and 5-10 minutes
Basic LBO Modeling Test – You’re given a laptop, simple instructions and ~30 minutes – this serves as a slightly more robust early-round screen than the Paper LBO
Standard LBO Modeling Test– You’re given a laptop and 1-2 hours. This is the most common LBO Modeling Test given at lower-middle market and middle-market PE firms.
Advanced LBO Modeling Test – You’re given a Laptop, a 5-15 page packet of financial data, and 3-4 hours. You’re most likely to see this from upper-middle market firms or mega-funds in the later rounds of the interview process.