11 questions reported in Moelis interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
Easy · Medium
Hard
Model builds
Built in the spreadsheet grid
Liquidity runway, fulcrum security, Chapter 11 mechanics and recoveries. 6 questions
A first-round question on recognising when a company needs restructuring advice.
What are the early warning signs that a company may need restructuring advice?
The first analysis a restructuring banker runs on a new situation.
A company calls you in distress. What is the first analysis you run, and what determines whether they have a liquidity problem or a solvency problem?
A technical question on setting recoveries in a restructuring.
How does valuation of a distressed company differ from valuation of a healthy company?
A restructuring analyst prioritization lab testing liquidity control, stakeholder sequencing, and executable contingency planning.
You advise a retailer whose revolver agent has sent a reservation-of-rights notice. Payroll is due in five days and suppliers are shortening terms. Rank the actions as the stakeholder situation…
A restructuring analyst live case balancing liquidity, stakeholder leverage and recoveries.
You advise a sponsor-owned distributor with one week before payroll and a blocked revolver draw. Decide what to do as facts arrive, then send the senior team a restructuring recommendation.
Material in restructuring and in acquisitions of loss-making companies.
A target has $500m of NOL carryforwards. How much is that worth to an acquirer, and where does it go in the valuation?
Merger models, accretion/dilution, purchase accounting and deal judgement. 5 questions
Standard opener before the interviewer drills into whichever one you seem least sure about.
What are the three primary valuation methodologies? Rank them by the valuation they typically produce and explain why.
Expect this as a rapid mental-math question with no calculator.
Company A trades at 20x P/E and acquires Company B at 15x P/E in an all-stock deal, with no synergies. Is the deal accretive or dilutive? Explain the rule and its limits.
Asked to test whether a candidate uses EBITDA thoughtfully or reflexively.
EBITDA is often used as a proxy for cash flow. Explain why that proxy breaks down, and name the specific items that separate EBITDA from actual free cash flow.
Standard for M&A groups. The model behind the question every banker is asked.
An acquirer is buying a target in a 50% cash / 50% stock deal. Build the pro forma EPS. The cash portion is funded with new debt at the stated rate; the stock portion is funded by issuing acquirer…
Shows up in M&A and restructuring where NOLs are a material part of deal value.
What creates a deferred tax asset? Explain how net operating losses are valued in an acquisition and what limits their usefulness to a buyer.
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Moelis.