One real 30-minute paper LBO, in the exact format PE firms use — with an answer key that shows you precisely where you lost points.
What’s inside
- A full timed drill: sources & uses, 5-year schedule, exit, MoM and IRR — with time checkpoints so you pace it like the real test
- A fully worked Year 1 walkthrough, then the complete year-by-year answer key (every number verified)
- A mistake-diagnosis table: match your wrong answers to their causes (forgotten fees, wrong interest base, linearized IRR…)
- “Where candidates lose points” — the five errors that sink most modeling tests
- A bonus question on exit-multiple contraction, with the full sensitivity answer
- A self-scoring rubric and a 7-day study plan
Format & delivery
| Format | PDF workbook |
| Time | 30-minute timed exercise |
| Delivery | Instant download via Gumroad |
| Use it | Print it or work on screen |
| Keep it | Yours to keep — free forever |
Digital download only — no physical shipment, no printed copy. The file is delivered instantly through Gumroad right after checkout.
Wrong file or a defective download? Email us for a full refund. Questions, corrections, or a file that won’t open — hello@analystdrills.com. We read everything.
Who this is for
You’re an IB analyst, MBA student, or lateral candidate facing your first PE modeling test and you want to know what the format actually feels like before the clock starts.
You want to find out where you lose points — not just whether your answer was right.
Who this is NOT for
You already run clean paper LBOs under time. Skip ahead to the 10 timed drills — that’s where the volume is.
You want Excel modeling reps. Those are the Excel Modeling Tests.
Ready for volume? Get all three packs — $26.55, save $8.10 vs $34.65 separately. Get the bundle →
Frequently asked questions
Is it really free?
Yes. The free paper LBO drill is a complete 30-minute timed exercise with a diagnostic answer key — free forever. We just need an email address to send you the file. No card, no catch.
What do I need to do it?
Pen, paper, and a timer. No Excel, no software — the drill runs the way the interview runs it.
How is it delivered?
Instantly, through Gumroad. Click “I want this!” and the PDF is yours in seconds — print it or work on screen.
How does this relate to the Timed Paper-LBO Drills pack?
This drill is Drill 1 of the Timed Paper-LBO Drills pack. The full pack adds nine harder scenarios — ten timed drills, 350 minutes of reps — built to the same diagnostic-key standard.
What if the download doesn’t arrive or the file won’t open?
Email hello@analystdrills.com and we’ll send it to you directly.
Free Paper LBO Drill
One real 30-minute paper LBO, in the exact format PE firms use — with an answer key that shows you precisely where you lost points.
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