How to Prep for Superday Interviews with SheetRank

Superday season doesn't leave much room for guesswork. You need to know the technical material, prove you can build models under pressure, and be ready to explain your reasoning out loud — often in the same hour. This guide is a structured prep plan built around SheetRank's actual product: live graded deal flow, speed sessions, interview Q&A drills, and the resource library you're reading right now.

What superday interviewers actually test

Across REPE, PE, and IB superdays, technical interviews converge on the same core skills:

| Skill | REPE | PE | IB | |-------|------|----|----| | Build a model from scratch | Multifamily pro forma | LBO model | 3-statement / DCF | | Explain key assumptions | Cap rate, DSCR, exit cap | Leverage, exit multiple, sweep | WACC, terminal value, comps | | Mental math under pressure | Cap rate → value, IRR | Paper LBO, MoIC → IRR | EV bridge, accretion/dilution | | Conceptual depth | Waterfall, value-add vs. core | Returns attribution, QoE | Circularity, goodwill, comps selection | | Market awareness | Cap rate trends, sector dynamics | LBO market conditions | M&A activity, valuation ranges |

The candidates who get offers aren't the ones who've read the most — they're the ones who've built the most models under realistic conditions and can explain every assumption when challenged.

The 4-week prep plan

Week 1: Foundations — read, then build

Goal: Cover the conceptual material and complete your first live graded models.

Day 1–2: Read the resource library Work through the guides for your target track:

• REPE: Cap Rate Bridge → DSCR & Debt Sizing → Multifamily Pro Forma → Value-Add Underwriting
• PE: LBO Modeling Basics → LBO Candidate Characteristics → Returns Attribution → Paper LBO Mental Math
• IB: 3-Statement Model Guide → DCF Valuation → Trading Comps → Merger Model Basics

Day 3–4: First live models (Deal Flow, Beginner mode) Start with the recommended first deal for your track:

• REPE: Project Sunbelt — stabilized multifamily pro forma
• PE: Project Apollo — standard LBO
• IB: Project Catalyst — 3-statement model

Build from the blank grid. Submit for grading. Read every cell-level error. Rebuild the sections you missed.

Day 5–7: Interview Q&A drills Use SheetRank's Interview Prep mode for your track:

• REPE: /interview-prep/repe — 15 technical questions with model answers
• PE: /interview-prep/pe — 16 questions covering LBO mechanics, returns, and diligence
• IB: /interview-prep/ib — 16 questions on 3-statement linkages, valuation, and M&A

Mark questions "needs work" and revisit them daily until you can answer from memory.

Week 2: Speed and repetition — build under time pressure

Goal: Complete models within interview-realistic time limits.

Day 1–3: Speed Sessions Use SheetRank's Speed Sessions for your track's core archetypes:

• REPE: Cap Rate Bridge, JV Equity Waterfall, Debt Schedule
• PE: LBO Model, Returns Attribution, Sources & Uses
• IB: 3-Statement Model, DCF, Trading Comps

Speed Sessions give you a single-archetype grid with a timer. Target: complete and submit within the session time limit with >90% accuracy.

Day 4–5: Second deal (Deal Flow, Beginner mode) Move to a second deal to test transferability:

• REPE: Project Meridian — JV equity waterfall
• PE: Institutional LBO — advanced LBO with multiple debt tranches
• IB: Project Harborview — M&A accretion/dilution

Day 6–7: Paper LBO / mental math practice PE candidates: practice paper LBOs daily (see our Paper LBO guide). REPE candidates: practice cap rate → value → IRR mental math. IB candidates: practice EV bridge and accretion/dilution mental math.

Week 3: Advanced deals and weak spots

Goal: Close gaps identified in Weeks 1–2 grading reports.

Day 1–3: Academy guided builds For topics where your Deal Flow grading showed consistent errors, use Academy's step-by-step guided builds:

• Each cell is verified as you go — ideal for learning the exact sequence (e.g., waterfall tier logic, circularity handling, PPA goodwill calculation)
• Academy courses map directly to Deal Flow deals via the course-deal bridge

Day 4–5: Advanced Deal Flow (Intermediate/Advanced mode) Attempt your track's institutional deal:

• REPE: REPE Institutional Multifamily or Distressed Office
• PE: PE Institutional LBO
• IB: IB Institutional DCF or Catalyst Advanced

Don't expect a perfect score on the first attempt. The goal is exposure to the complexity you'll face in a real superday case.

Day 6–7: Mock superday simulation Simulate a superday block: 2 hours, one full model from a blank grid, no guides. Use a Deal Flow deal you haven't attempted yet. After submitting, spend 30 minutes writing out your assumption rationale as if presenting to an interviewer.

Week 4: Polish and peak performance

Goal: Sharpen speed, fill remaining gaps, and build confidence.

Day 1–2: Review all "needs work" Interview Prep questions Every question you marked needs work should now be answerable in 60–90 seconds with specific examples.

Day 3–4: Speed Session PR attempts Revisit your Week 2 speed sessions and try to beat your accuracy and time. Target: >95% accuracy within the time limit on your track's core archetypes.

Day 5: Full mock superday Three 45-minute modeling blocks (different archetypes) + 30 minutes of verbal Q&A after each. This mirrors the physical superday format at most firms.

Day 6–7: Light review, rest Re-read your most-missed resource guides. Do one easy speed session for confidence. Don't cram new material — consolidate what you know.

How to use each SheetRank module

Deal Flow (live graded models)

Your primary prep tool. Every deal is a blank grid with hidden scenarios — the same format as a superday case. Submit for deterministic, cell-level grading. Read every error. Rebuild. Repeat until >90% accuracy.

Best for: Simulating the actual superday modeling test.

Speed Sessions (timed single-archetype drills)

Focused drills on one model type (LBO, cap rate bridge, 3-statement, etc.) with a timer. Builds muscle memory for the core build sequences.

Best for: Getting fast on the mechanics so you have time to think about assumptions in a real case.

Academy (guided step-by-step builds)

Cell-by-cell verification as you build. Slower than Deal Flow but ideal for learning a new archetype or fixing a specific weak spot.

Best for: First exposure to a new model type, or remediating consistent grading errors.

Interview Prep (Q&A drill mode)

One question at a time, reveal the model answer on demand, track what you mark "needs work." Covers REPE (15 questions), PE (16 questions), and IB (16 questions).

Best for: Verbal technical prep — the "explain this to me" portion of superday interviews.

Leaderboard

Global rankings on accuracy, speed, and deal volume. Useful as a benchmark: if you're in the top quartile on your track's core deals, you're competitively prepared.

Best for: Confidence calibration and motivation.

Track-specific priorities

REPE candidates

1. Cap rate bridge (GPR → EGI → NOI → Value) — must be automatic
2. DSCR and debt sizing — know which constraint binds
3. JV equity waterfall — four-tier European structure
4. Value-add vs. core underwriting assumptions
5. REPE interview Q&A — all 15 questions from memory

PE candidates

1. LBO model (sources & uses → debt schedule → returns) — must be automatic
2. Returns attribution (deleveraging, EBITDA growth, multiple expansion)
3. Paper LBO mental math — 5-minute napkin version
4. LBO candidate characteristics and QoE
5. PE interview Q&A — all 16 questions from memory

IB candidates

1. 3-statement model linkages — must be automatic
2. DCF (UFCF → WACC → terminal value → implied price)
3. Trading comps (peer selection, outlier handling, median application)
4. Merger model (PPA → pro forma EPS → accretion/dilution)
5. IB interview Q&A — all 16 questions from memory

What to do the night before

• Review your "needs work" Interview Prep list one final time
• Do one easy speed session for confidence (not a new hard deal)
• Read the Cap Rate Bridge or LBO Modeling Basics guide — whichever is your track's foundation
• Get sleep. Superdays are endurance tests. A rested candidate with 90% accuracy beats an exhausted candidate with 95%.

The meta-skill: explaining assumptions out loud

Every superday includes a "walk me through your model" portion. Practice this explicitly:

After every Deal Flow submission, spend 5 minutes answering these four questions out loud:

1. What's the investment thesis? (Why does this deal work?)
2. What are the three most important assumptions? (What moves the return?)
3. What would break this deal? (Downside case / sensitivity)
4. What would you diligence first? (If this were a real deal)

This verbal practice is what separates candidates who can build from candidates who can present — and presenting is what gets offers.

Start Week 1 today. Open your first deal, build from the blank grid, and submit. Everything else in this plan follows from that first graded submission.