How long is the SIG Equity Research practice sitting?

Outcry’s mock has 20 items across 3 sections, with 30 minutes of section time. Those figures describe this mock; see the source check for any published format elements.

Will SIG Equity Research use the same questions every time?

Outcry generates questions from its own banks. Counts and rules remain fixed; the selected problem types or numeric parameters change. Some archetypes may recur across attempts.

SIG · Initial assessment · equity research track

SIG Equity Research - Timed Practice

Equity research practice covering financial statements, valuation multiples and footnote analysis. Outcry’s mock has 20 questions across three 10-minute sections; Susquehanna confirms a finance and quantitative assessment for the cited equity analyst track.

Format

3 sections · 20 items · about 30 minutes
Format and scoring below apply to this Outcry mock. See the source check for verified firm details and practice adaptations.
Marking on Reading the statements, Multiples and valuation, Footnotes and judgement: +1 correct, 0 wrong, 0 for a skip. Any item-specific mark weight is shown on the question.
Questions are generated from Outcry's own banks; a retake changes the selection or parameters.

Sections

Reading the statements - 7 items, 10 minutes, no negative marking. 7 items in 10 minutes. Margins, growth and compound growth, working capital, days of inventory and receivables, cash flow and cover ratios, read off a small statement.
Multiples and valuation - 7 items, 10 minutes, no negative marking. 7 items in 10 minutes. Enterprise value, earnings and EBITDA multiples, discounting, cost of capital, returns on capital and unit economics.
Footnotes and judgement - 6 items, 10 minutes, no negative marking. 6 items in 10 minutes. A footnote changes what the headline number means. Work out the adjusted figure, then say what it does and does not establish.

What this practice sitting covers

3 sections, 20 items and 30 minutes of section time. Each section uses its own clock. Questions are generated from Outcry’s own banks; repeat attempts can share problem types with different selections or parameters.

How this mock is marked

Marking on Reading the statements, Multiples and valuation, Footnotes and judgement: +1 correct, 0 wrong, 0 for a skip. Any item-specific mark weight is shown on the question.

In this mock you can return to earlier questions within a section. Once a section ends, it is submitted.

Scores measure performance on these exercises. They are not a firm’s pass threshold or a prediction of an interview or offer.

Public sources and practice adaptations

The cited Sydney equity analyst internship lists an online assessment on finance knowledge and quantitative skills before recruiter and case-study stages.

The 20-question, 30-minute paper, three equal section clocks and scoring are Outcry settings. The source does not publish these details.

Section by section, with a worked example

Every example below is generated by Outcry, drawn from the same generator that section runs during the timed sitting. None of it is SIG's own material.

A. Reading the statements

7 items in 10 minutes. Margins, growth and compound growth, working capital, days of inventory and receivables, cash flow and cover ratios, read off a small statement.

In this Outcry section: 7 items in 10 minutes, averaging 86 seconds per item. Wrong answers receive no marks and carry no deduction. Unanswered items score zero. Correct-answer weights are shown on the questions. These are the mock’s rules.

Example 1

HARLOW MEDIA - INCOME STATEMENT ($m)
                                      FY24       FY25
-----------------------------------------------------
Revenue                              1,657      1,906
Cost of sales                        1,221      1,258
Operating expenses                     384        419
Depreciation                            45         57

Which line grew fastest in percentage terms?

Revenue
Operating expenses
Depreciation
Cost of sales

Answer Depreciation

Growth rates: Revenue 15%, Cost of sales 3%, Operating expenses 9.1%, Depreciation 26.7%. Depreciation is the fastest.

Example 2

CALDER SYSTEMS - BALANCE SHEET ($m)
                                      FY25
------------------------------------------
Total current assets                   801
Total current liabilities              287
Long-term debt                         450

What is the current ratio?

Answer 2.79

801 ÷ 287 = 2.79. Long-term debt is not current and stays out of it.

B. Multiples and valuation

7 items in 10 minutes. Enterprise value, earnings and EBITDA multiples, discounting, cost of capital, returns on capital and unit economics.

Example 1

A simple-interest deposit at 8.5% a year has paid $4,590.00 of interest over 6 years. What was the principal?

Answer 9000

From I = P x r x t, P = I / (r x t) = $4,590.00 / (0.0850 x 6) = $9,000. The total rate applied over the 6 years is 51.0%, so the interest is that fraction of the principal.

Example 2

BRIGHTLINE FOODS - PEER COMPARISON ($m)
                                      FY25
------------------------------------------
Net income                             210
Shares outstanding (m)                 122
Peer median P/E                      27.0x
Current share price ($)              55.08

What share price does the peer multiple imply?

Answer 46.48

Earnings per share is 210 ÷ 122 = 1.72. At 27 times that is 46.48.

C. Footnotes and judgement

6 items in 10 minutes. A footnote changes what the headline number means. Work out the adjusted figure, then say what it does and does not establish.

In this Outcry section: 6 items in 10 minutes, averaging 100 seconds per item. Wrong answers receive no marks and carry no deduction. Unanswered items score zero. Correct-answer weights are shown on the questions. These are the mock’s rules.

Example 1

CALDER SYSTEMS - REVENUE ($m)
                                      FY25
------------------------------------------
Revenue                              1,683
Operating profit                       134

NOTE 12 - CONCENTRATION
One customer accounted for 26% of revenue in the year.
The supply contract is renewed annually.

How many dollars of revenue, in millions, are up for renewal each year with that customer?

Answer 437.6

1683 × 0.26 = 437.6. A margin that looks stable can sit on one signature.

Example 2

LOWELL CHEMICALS - REVENUE ($m)
                                      FY24       FY25
-----------------------------------------------------
Revenue                              1,099      1,308

NOTE 2 - REVENUE RECOGNITION
A change of policy in FY25 brought forward 26 of revenue
that would previously have been recognised in the following year.

What is the like-for-like revenue growth?

16.7%, taking the pull-forward out of FY25 only
19%, as reported
19.5%, taking it out of both years
16.3%, adding it to FY24 instead

Answer 16.7%, taking the pull-forward out of FY25 only

Take the 26 out of FY25 only, since FY24 was on the old policy: (1282 ÷ 1099) - 1 = 16.7%. Reported growth of 19% includes the pull-forward.

Common questions

How long is the SIG Equity Research practice sitting?: Outcry’s mock has 20 items across 3 sections, with 30 minutes of section time. Those figures describe this mock; see the source check for any published format elements.
How does scoring work in SIG Equity Research?: Marking on Reading the statements, Multiples and valuation, Footnotes and judgement: +1 correct, 0 wrong, 0 for a skip. Any item-specific mark weight is shown on the question.
Can I go back in SIG Equity Research?: In this mock you can return to earlier questions within a section. Once a section ends, it is submitted.
Will SIG Equity Research use the same questions every time?: Outcry generates questions from its own banks. Counts and rules remain fixed; the selected problem types or numeric parameters change. Some archetypes may recur across attempts.
Is SIG Equity Research an official assessment?: No. This is Outcry practice with original generated questions. The 20-question, 30-minute paper, three equal section clocks and scoring are Outcry settings. The source does not publish these details.

Susquehanna equity analyst internship process

Outcry is not affiliated with SIG and has no access to their assessment content. See the source check for confirmed format elements and Outcry adaptations. Every question is generated by Outcry.