For IB, PE and REPE recruiting
Practice the modeling tests that decide finance offers.
Real LBO, DCF and real estate cases in your browser. Type each formula, get it graded instantly, and walk into your Superday ready.
- 0.7%
- of 360,000+ applicants won a Goldman Sachs internship in 2025. Fortune
- 70%
- of employers now hire entry-level talent on skills. NACE Job Outlook 2026
Watching a model get built doesn't mean you can build one.
Two independently replicated findings, neither about finance, because the gap between watching and doing shows up wherever it has been measured.
Course failure rate
Lecture only vs. active practiceRetained one week later
Practiced recall vs. re-readingIn REPE, PE and IB recruiting, the modeling test is not a formality on the way to the interview. It is the interview: a blank sheet and a clock. SheetRank is where you practice it.
Open a case. Build it. See every cell graded.
- 01Open a real case. The memo a bank or fund would hand you.
- 02Build it from blank. No template, no fill-in-the-blank.
- 03Graded the moment you click away. See what broke, and why.
Try it here: work out NOI, then the cap rate. Type the formula, not the number.
Try it
Work out NOI and the cap rate
Rent after vacancy, less operating expenses, is NOI. NOI over the price is the cap rate.
| A | B | |
|---|---|---|
| 1 | Gross potential rent | |
| 2 | Vacancy | |
| 3 | Operating expenses | |
| 4 | Purchase price | |
| 5 | Net operating income | |
| 6 | Cap rate |
Tap cells to put them in the formula. On a laptop you can type the numbers and operators.
Just need the number? Use the free cap rate calculator.
The cases each desk tests you on.
52 graded deals across the three recruiting paths, from a first pro forma to a sponsor-grade LBO.
Real estate private equity
- Pro formas and NOI bridges
- Debt sizing: LTV, DSCR, debt yield
- JV and American waterfalls
- Development and lease-up
Private equity
- Paper and full LBOs
- Debt schedules and cash sweeps
- Returns attribution
- Carve-outs, take-privates, fund models
Investment banking
- Three-statement models
- DCF and trading comps
- Merger accretion / dilution
- Credit, restructuring and IPO cases
One platform, four ways in.
Pick who you are to see what SheetRank does for you.
Walk into the modeling test having already built it.
- Build real deals from a blank grid, graded the second you click away
- Climb from Incoming Analyst to Managing Director as you pass harder deals
- Timed Speed Sessions for the clock you will face in a Superday
SR Rating ladder
Sample profile
- Incoming Analyst0+
- Analyst1,150+
- Senior Analyst1,450+You
- Associate1,900+
- Vice President2,400+
- Director2,950+
+25 Foundations · +45 Intermediate · +75 Advanced, on a first pass
Graded like a reviewer would. Checked like an auditor would.
Deterministic, published rules run on every submission. No human grading variance and no waiting for a mentor to look at it.
- 213,624
- answers run through the grader in the last audit
- 0
- silent errors, where a wrong model passed
- ±$1
- tolerance on currency, ±0.1% on IRR
- $0
- credit for a number typed in by hand
$3,450,000
PassedResolves through a formula that references its precedents, and lands inside the currency band.
1.31x
PartialOutside the multiple band by 0.06x. Scored on its own, so the correct build above it still counts.
$3,450,000
RejectedExactly the right number, typed in by hand. No formula, no credit. This is the rule that makes the rest mean anything.
Every line comes with the reason behind it.
An instructor explains the concept in plain words, then you build that exact line and it’s graded. All 18 Academy courses are free.
Start with “How to Read a Deal”Instructor
Net Operating Income
What’s left after real operating costs, before any debt payment. Take gross rent, haircut it for vacancy, then subtract whatever actually leaves the building.
Start free. Upgrade when you're recruiting.
One full deal and every Academy course are free forever, no card required.
One full deal (Project Sunbelt), every Academy course, Beginner mode with cell hints, and your profile scorecard.
Every REPE, PE and IB deal, every difficulty, Speed Sessions and the Challenge Board.
Run a club, coaching group or bootcamp: assign deals and Speed Sessions, run competitions, one invite link.
Firms and universities: a program license, hiring tests, LMS launch and SSO.
Studying with a .edu email? Verify it for 50% off Pro, applied at checkout. See full pricing
Before you start.
Do I have to pay to try it?
No. Project Sunbelt opens with no account and no card, and a free account adds every Academy course and your profile scorecard, for as long as you want it.
How is this different from a video course?
A course shows you a finished model. Here you build one and it gets checked: a target cell has to resolve through a formula referencing its precedents, so a typed constant that happens to match the answer is rejected, and each submission is re-run against scenarios you never saw while building.
I already know the mechanics. Is it still useful?
The hidden-scenario pass is the part that tends to bite. A model tuned to one set of inputs fails when the engine changes them, which is the same thing that happens when an interviewer revises an assumption out loud and asks you to recalculate.
Is there a student discount?
Yes. Verify a .edu email and 50% comes off Pro automatically at checkout.
Walk into the modeling test having already built one.
Start with Project Sunbelt, guided step by step. Free, no account or card.
Start a free practice case