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    Assignment · 20-minute modeling task

    From the synthetic source packet (USD millions): revenue 1000, COGS 600, cash opex 250, depreciation 40, interest 20, tax 25%, capex 60, working-capital increase 30. Build unlevered free cash flow (FCFF). Correct answer: 32.5.

    Submission A (anonymous)

    4/4 checks
    Revenueinput1,000.0
    Cost of goods soldinput600.0
    Cash operating expensesinput250.0
    Depreciationinput40.0
    Interest expenseinput20.0
    Tax rateinput25%
    Capital expenditureinput60.0
    Increase in working capitalinput30.0
    EBIT=revenue-cogs-opex-dep110.0
    NOPAT=ebit*(1-tax)82.5
    FCFF=nopat+dep-capex-dwc32.5
    • Pass · Initial FCFF equals the source packet32.5
    • Pass · Working capital +20 flows through to FCFF12.5
    • Pass · Interest expense does not change unlevered FCFF32.5
    • Pass · Revenue −10% with variable COGS updates FCFF2.5

    Submission B (anonymous)

    2/4 checks
    Revenueinput1,000.0
    Cost of goods soldinput600.0
    Cash operating expensesinput250.0
    Depreciationinput40.0
    Interest expenseinput20.0
    Tax rateinput25%
    Capital expenditureinput60.0
    Increase in working capitalinput30.0
    EBIT=revenue-cogs-opex-dep110.0
    NOPAT=ebit*(1-tax)82.5
    FCFFtyped value32.5
    • Pass · Initial FCFF equals the source packet32.5
    • Fail · Working capital +20 flows through to FCFF32.5 vs 12.5
    • Pass · Interest expense does not change unlevered FCFF32.5
    • Fail · Revenue −10% with variable COGS updates FCFF32.5 vs 2.5

    Both submissions show the correct 32.5 at first. Move revenue growth: Submission B's FCFF stays at 32.5 because the cell was typed in, not calculated. That failure is invisible to anyone checking only the final number.

    Checks recalculate each workbook under changed inputs: working capital +20, interest +50 (must not change unlevered FCFF), and revenue −10%. Results are evidence for reviewers — MO does not rank or reject candidates.

    Assignments you can start from

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    Custom firm workflowReproduce a sanitized example of the firm's recurring workEmployer-defined outputEmployer-approved acceptance criteria

    Free for candidates

    No trial, card, brokerage connection or Desk signup. A focused workspace with a timer, sources and the editor.

    Evidence, not scores alone

    Every point links to the cell or claim it came from. Unclear accounting goes to a human reviewer.

    Compare with MO

    See which parts of the work MO can take over and where an analyst adds value. Try it on a model: MO Model Duels.