Excel Tests and Case Studies in Finance Interviews: How to Prepare
More finance interviews now include a practical test. An Excel exercise. A modelling task. A set of accounts to review. A case study to present. Sometimes it is sent the night before. Sometimes it happens in the room with a laptop and a timer.
For many finance professionals, this is the most stressful part of the process. You may not have been tested since university or your professional exams. You worry about freezing, running out of time or forgetting a formula you use every day.
The good news is that these tests are very predictable, and preparation makes a big difference. This article explains the common types of tests in Finance Manager, FP&A and Financial Controller interviews, what the panel is looking for and how to prepare.
Why employers use tests
Resumes and interviews show what candidates say they can do. Tests show what they actually do. Hiring managers have all met candidates who described themselves as “advanced in Excel” and struggled with a basic lookup.
Tests also show how you think. How you structure a problem, how you prioritise, how you check your work and how you communicate findings. For many hiring managers, the thinking matters more than the answer.
The common types of test
Excel skills tests. Usually timed exercises testing lookups, pivot tables, SUMIFS, IF statements, data cleaning and sometimes charts. Common for analyst, Management Accountant and FP&A roles.
Modelling exercises. Building a simple forecast, budget, three-way model or business case from given assumptions. Common for FP&A, commercial finance and business partnering roles.
Accounts review. Reviewing a set of management accounts, a trial balance or a reconciliation to find errors, risks or questions. Common for Financial Controller and Finance Manager roles.
Technical accounting questions. Explaining how to account for a transaction, such as a lease, a prepayment, a provision or revenue on a multi-year contract. Common for Financial Controller, reporting and technical roles.
Case study presentations. Analysing a business scenario and presenting recommendations to the panel. Common for business partnering, commercial finance and senior roles.
Psychometric and numerical reasoning tests. Online tests of numerical, verbal or abstract reasoning, sometimes combined with personality questionnaires. More common in larger organisations.
Ask what to expect
The first step is simple. Ask. Recruiters and HR contacts will usually tell you the format, time allowed, whether you will use your own laptop and whether you need to present.
You might ask:
Will there be a technical or Excel test, and what does it cover?
How long will I have?
Will I work on my own computer or one provided?
Will I need to present my results, and to whom?
Is it open book, and can I use the internet?
Most employers are happy to share this. They want to see your best work, not catch you out with the format.
How to prepare for Excel tests
Practise the functions most commonly tested. XLOOKUP or VLOOKUP and INDEX MATCH, SUMIFS and COUNTIFS, IF and nested IFs, pivot tables, basic text functions, date functions and simple charts.
Practise speed as well as accuracy. Time yourself on sample exercises. Learn keyboard shortcuts, which save a lot of time under pressure.
Be aware of version differences. If you are used to a newer version of Excel with XLOOKUP and spill formulas, and the test machine has an older version, you may need the older functions.
How to approach modelling exercises
Modelling tests are less about clever formulas and more about clear structure. Hiring managers want to see a model someone else could follow.
Separate inputs, calculations and outputs
Label everything clearly
Avoid hardcoding numbers inside formulas
Keep formulas simple and consistent
Add checks, such as totals that should balance
State your assumptions
If you run out of time, a clear, partially complete model with sensible assumptions is often better than a messy complete one.
How to approach accounts review tests
These tests check whether you can spot problems. Read the accounts as a Financial Controller would. Compare periods. Look for unusual movements. Check that the balance sheet makes sense. Look for missing accruals, odd balances, negative figures where they should not be and inconsistencies between statements.
Write down your findings in order of importance. For each one, explain what you found, why it matters and what you would do next. The panel wants to see prioritisation and judgement, not just a list of errors.
How to approach technical questions
For technical accounting questions, structure your answer. Identify the issue, the relevant standard or principle, how you would apply it and the journal or disclosure that results. If there is judgement involved, say so and explain how you would reach a view.
If you are unsure, say what you would check and who you would consult. Honesty about uncertainty is better than a confident wrong answer.
How to approach case study presentations
Case studies test analysis and communication together. A simple structure helps.
Start with the key message in one sentence
Explain the two or three most important findings
Give practical recommendations
Note risks or information you would need
Keep slides simple and readable
Practise presenting within the time allowed. Panels notice when candidates run over or rush the ending. For more on this format, see case presentations in interviews.
What different roles are tested on
The test usually reflects the heart of the role.
Management Accountant: variance analysis, cost allocation, simple budgeting and Excel speed.
FP&A Manager: building a driver-based forecast or budget, scenario analysis and presenting results.
Finance Business Partner: analysing a business unit’s results and making commercial recommendations to a mock stakeholder.
Finance Manager: reviewing management accounts, a reconciliation or a cash flow forecast, plus some Excel.
Financial Controller: reviewing accounts for errors and control weaknesses, technical accounting questions and sometimes a short case on improving month end.
Prepare for the type of test your target role is most likely to use. If you are unsure, prepare for a mix of Excel, accounts review and a short presentation.
Take-home versus in-room tests
Take-home tests give you more time but raise expectations. The panel will expect a polished, well-structured result. Check your work carefully, and keep a note of how long you spent. If they ask, be honest.
In-room tests are more about how you work under pressure. The panel knows time is tight. They are watching your approach, your prioritisation and how you handle not finishing everything. Stay calm and explain your thinking.
Using AI tools in tests
Some candidates now use AI tools to help with take-home tests. Check the rules first. Some employers allow it, some do not, and some will ask you to explain every step. If you use a tool, make sure you fully understand and can defend the result. Being caught unable to explain your own work is far worse than a slightly weaker answer you truly own.
Practise with real data
One of the best ways to prepare is to use real data. Download a listed company’s annual report and build a simple model of its revenue and costs. Review its cash flow statement and look for anything unusual. Prepare a two-minute summary of its results as if you were presenting to a board.
This kind of practice builds exactly the skills tests measure, and it gives you confidence that you can handle whatever format appears.
On the day
Read the instructions carefully before you start. Many mistakes come from misreading the question. Plan your time. Do the parts you are confident about first. Check your work before you submit.
If you get stuck, move on and come back. Leave notes explaining your thinking where you could not finish. Those notes often earn credit.
After the test
You will often be asked to discuss your work. Be ready to explain your approach, your assumptions and what you would do with more time. If you made a mistake, acknowledge it calmly. Showing that you can review and correct your own work is a strength.
Should you ever decline a test?
Occasionally, a test is unreasonable. For example, a take-home task that would take a full day, or one that looks like unpaid work on a real business problem. It is fair to ask about the scope and purpose. Most employers set reasonable tests, but if one feels excessive, raise it politely.
Psychometric tests
Larger employers sometimes add numerical reasoning or personality assessments. Numerical tests reward speed and calm more than advanced maths, so practise with free online samples. For personality questionnaires, answer honestly and consistently rather than trying to guess the ideal profile. For more, see psychometric assessments in senior recruitment.
Common mistakes
Not asking what the test involves
Practising formulas but not structure
Hardcoding numbers and making models hard to follow
Listing errors without prioritising them
Running out of time on presentations
Panicking when stuck instead of moving on
Your next step
Spend two hours this week on Excel practice and one hour building a simple three-statement or budget model from scratch. That small investment makes a big difference when a test appears.
If you want your resume and LinkedIn to get you into more interviews, my Gold package covers your resume, cover letter, LinkedIn and positioning strategy.
If you have a finance interview with a test coming up, book a complimentary Clarity Session and we will talk through how to prepare.
