Financial Modeling Practice for REPE, PE & IB Recruiting
Learn financial modeling by building it, not watching it.
SheetRank is a practice platform, not a course. Open a real deal, build the model yourself in a blank spreadsheet grid, and a grading engine checks every formula the moment you click away from the cell.
Project Sunbelt, a real 300-unit multifamily underwriting. No account and no card, and it is graded the same way as the rest of the library.
- Graded targets
- 1195
- Deals in library
- 53
- Model archetypes
- 9
- Guided courses
- 23
Real grading, not a mock-up: a correct answer, a near-miss, and a wrong one, each evaluated the instant you click away.
- 01
Open a real deal
A teaser or offering memo for an actual LBO, DCF, or real estate underwriting, the same kind you'd get in an interview.
- 02
Build it yourself
Start from a blank spreadsheet grid. No template, no fill-in-the-blank, every formula is yours to get right or wrong.
- 03
Get graded instantly
The moment you finish, every cell is checked against the answer key and you see exactly what broke, and why.
The part the tutorial leaves out
You have watched every LBO walkthrough there is. You can recite the waterfall from memory. Then someone hands you a blank grid, changes one assumption out loud, and asks you to rebuild it, and the model you thought you knew falls apart.
That is not a knowledge gap. It is a practice gap, and no amount of watching closes it.
Not a finance claim. Just how learning works.
Two independently replicated findings, neither of them about finance, because the gap between watching and doing shows up everywhere it has been measured.
What is specific to finance: in REPE, PE, and IB recruiting the modeling test is not a formality on the way to the real interview. It is the interview. You get handed a blank grid and judged on what you build in it.
The same number can pass or be rejected.
Deterministic, published rules run on every submission. No human grading variance, no partial-credit negotiation, no waiting for a mentor to look at it.
$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.
One grading engine, every way you need to use it.
Everything below scores against the same deterministic key, so your standing is comparable across drills, coursework, and assigned deals.
Deal Flow
Timed teasers and offering memoranda across REPE, PE, and IB. Build the pro forma from an empty grid the way a first-year would, then submit it for grading.
53 dealsAcademy
Guided, step-by-step builds with cell-level verification at every step, so the engine catches a wrong reference before it propagates through the rest of the model.
23 coursesSpeed Sessions
Single-archetype drills against the clock: debt schedules, draw schedules, waterfalls, accretion/dilution, comps.
9 archetypesTeaching a section? SheetRank is free for instructors. Students pay for their own access, like a textbook.
An instructor for every model.
Academy is SheetRank's course library: 23 lessons that walk you through the concept behind every line before you touch the grid, across REPE, PE, and IB.
Foundations
3 courses, starting with “How to Read a Deal”.
Intermediate
6 courses, starting with “5-Year LBO”.
Advanced
11 courses, starting with “Ground-Up Development”.
VP Level
3 courses, starting with “The JV Equity Waterfall”.
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.
Free to start. Start with “How to Read a Deal”.
Before you start.
Do I have to pay to try it?
No. Project Sunbelt opens with no account and no card, and the free tier keeps one full deal plus 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.
Start free. Pay when it is worth paying for.
One deal is free forever, no card required. Pro unlocks the rest of the library.
One full deal (Project Sunbelt), every Academy course, Beginner mode with cell hints, and your profile scorecard.
The full Deal Flow library, every difficulty mode, Speed Sessions, and Challenge Board access.
Firms, universities, and recruiting cohorts. Unlimited seats, admin analytics, SAML SSO.
Studying with a .edu email? Verify it for 50% off Pro, applied at checkout. See full pricing.
Stop watching. Start building.
Project Sunbelt is free to try, no account or card required. Browse the full library anytime; signing in unlocks grading history and Pro deals.