Most interview prep focuses on memorizing answers. That's backwards.

The candidates who get offers at Goldman, Lazard, KKR, and Blackstone aren't the ones who memorized "walk me through a DCF." They're the ones who built one from scratch and can defend every assumption.

1. A Clean DCF (Discounted Cash Flow)

Not a template you downloaded. One you built cell by cell.

The interviewer will ask: "What's your terminal growth rate and why?"

If your answer is "I used 3% because that's what the template had" — you've already lost.

What to do: Pick a public company. Pull the 10-K. Project 5 years of FCF. Calculate WACC. Build a sensitivity table. The sensitivity table separates analysts from students — it shows you understand valuation is a range, not a number.

2. A Comparable Company Analysis

Comps are how the Street actually prices things day-to-day. The hard part isn't the math — it's selecting the right peer set. Two companies in the same industry can have completely different growth profiles, margin structures, and capital intensity.

What to do: Pick a sector. Find 8-10 companies. Calculate EV/EBITDA, EV/Revenue, and P/E for each. Then explain why the multiples differ. That explanation is your interview answer.

3. A Basic LBO Model

Even if you're targeting investment banking, not PE — you need this. Your PE clients think in IRR, not enterprise value. If you can speak their language, you're more useful on the deal team.

What to do: Find a recent PE take-private deal. Model the sources & uses. Build a simple debt schedule. Calculate the IRR at different exit multiples.

---

The pattern: DCF = intrinsic value. Comps = relative value. LBO = buyer's maximum price at target returns. Master all three, and you don't just pass interviews — you understand how deals actually work.

I teach the complete framework — including the career strategy and networking playbook — inside The Equity Accelerator, a 12-week intensive for women breaking into high finance.