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Six weeks. One funnel.

Three cuts. No hiding place.

Timed math opens the door. The spreadsheet proves the work. The final exposes anyone who cannot defend it.

100%start online
30%reach Round 2
15teams face the IC
R1
Week 1OnlineAll teams

The gateway and the deck

Phase A

The gateway test

20questions
10′hard stop
70%team average

Every member sits the applied math test alone. Open notes. One attempt. If the team average misses 70 percent, the deck stays closed.

Phase B

Five slides. Fixed.

01

Company overview

80 words and one exhibit
02

Industry and market

100 words and one exhibit
03

Investment thesis

100 words
04

Value creation plan

120 words
05

Key risks and pre-mortem

80 words
Round 1 · Phase APractice question

One question at real difficulty.

A fund buys a company at an enterprise value of 8.0× EBITDA. EBITDA is $25M. The company carries $80M of debt and $10M of cash. What is the equity value?

EV= 8.0 × $25M = $200Mthe price of the whole business

Equity= 200 − 80 + 10 = $130Mwhat the owners’ stake is worth

Twenty questions in 10 minutes. About 30 seconds per question.

The preparation reading list explains each term before Round 1.

The zero rule

A risk that could describe any company scores zero. No partial credit for fluent emptiness.

R2
Weeks 3 and 4OnlineTop 30 percent

Due diligence

Teams receive a seller’s CIM and five years of financial data. The CIM is accurate. It is written to sell.

Deliverable 1

The tear sheet

One page. Locked template. The contrarian view gets the largest box.

Deal snapshot
Contrarian view
Pre-mortem
Deliverable 2

The native Excel model

01Revenue and cash flow
02DCF
03Simplified LBO
04Returns
05Sensitivity table
2%
The stress test

Graders cut every revenue growth assumption to 2 percent and recalculate. Hardcoded models fail.

R3
Week 6Live in Almaty15 teams

The investment committee

15′Pitch

Present the deal underwritten in Round 2. Hard stop.

10′Cross-examination

Real investors interrupt, change assumptions, and probe the weak point.

Q&A carries the final45%

Finalists who cannot travel may present by video under the same timing and scoring.

The model moves. The answer holds.

Enter the funnel