Funding-stage labels refer to the cited historical milestone. A company may have raised later rounds. Scenario finances are labelled separately.
25 complete on-site cases · Briefs, data exhibits, analyst / manager / director tasks, numerical checks and worked answers.
COMPANY / SOURCE CONTEXTNVIDIA
Reported-data case
NVIDIA: explain growth and operating leverage
You are preparing an earnings discussion using NVIDIA’s completed FY2025 annual report. Your job is to quantify growth and margin movements, then distinguish reported results from a forecasting assumption.
Revenue bridge · operating leverage · quality of earnings
Technology · Public-company context
FP&ACorporate financeAccountingInvestment banking
Reported figures from NVIDIA FY2025 annual report. USD millions; fiscal years ended 26 January 2025 and 28 January 2024. Finance Circle questions and calculations are independent.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTRBC
Original Finance Circle case
Bank credit losses: build the allowance bridge
A fictional Canadian lender needs a simplified expected-loss review. You have three loan groups and a roll-forward of the allowance. Explain the numbers without confusing a provision charge with an allowance balance.
Credit analysis · earnings quality · capital
Banking · Public-company context
BankingFP&AInvestment bankingFinancial planning
Illustrative Finance Circle bank portfolio. Figures are fictional and are not RBC balances, policies or findings. RBC public reporting supplies the reading context.
Open complete case ↗2 data exhibits · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTRBC
Original Finance Circle case
Liquidity stress: protect the minimum buffer
A fictional bank wants to understand whether its liquidity resources cover a short-term outflow shock. Prepare a ratio calculation and size the remediation required under a case-specific management target.
LCR · NSFR · stress testing
Banking · Public-company context
TreasuryBankingCorporate finance
Illustrative Finance Circle treasury case. All bank balances, targets and stress assumptions below are fictional, not RBC disclosures.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTScotiabank
Original Finance Circle case
Bank segment economics: where should growth go?
A fictional bank has two segments with different cost structures. The CFO asks whether the next growth initiative belongs in A or B. Keep the historical performance analysis separate from the incremental investment decision.
Segment economics · comparability · strategic choices
Banking · Public-company context
FP&ABankingCorporate financeInvestment banking
Illustrative Finance Circle segment model. Names A and B, figures and proposed initiatives are fictional; Scotiabank reporting provides context only.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTRBC
Original Finance Circle case
External audit: investigate a receivables sample
You are auditing a fictional distributor at year-end. A selected receivables sample has subsequent cash receipts and recovery evidence. Calculate coverage, identify the proposed adjustment and evaluate its significance without projecting a sample error automatically.
External audit · key audit matters · evidence
Wholesale / distribution · Public-company context
AuditAccounting
Original Finance Circle audit case with fictional receivables and evidence. RBC’s published independent auditor’s report is background reading, not the source of these sample records.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTEY · Big4
Original Finance Circle case
Accounting: reconcile profit and adjusted measures
A fictional reporting team needs a transparent profit reconciliation. Management also presents an adjusted operating result. Your role is to calculate both, then explain why an adjusted measure needs clear definitions and governance.
Financial reporting · management measures · controls
Professional services · Established-firm context
AccountingAuditFP&A
Original Finance Circle accounting example using fictional figures. EY’s IFRS 18 publication provides reporting context; the classifications supplied here are exercise assumptions, not an application ruling.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTPwC · Big4
Original Finance Circle case
Systems audit: leaver access and privileged changes
A fictional finance team has moved to a new payment application. Internal audit tests terminated-user access and production-change approval. The risk committee needs a defensible summary of observed exceptions.
Systems audit · access · change management · evidence
Professional services · Established-firm context
AuditAccountingTreasury
Original Finance Circle systems-audit case. All users, deadlines and exceptions are fictional. PwC’s Digital Trust Insights is source context, not evidence about any named organisation.
Open complete case ↗2 data exhibits · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTMcKinsey
Original Finance Circle case
Electric-truck investment: should the board approve?
Northline, a fictional manufacturer, is considering a small electric-truck production line. You have incremental project cash flows and a downside scenario. Prepare an investment decision with a numerical hurdle and a clear sensitivity.
Investment appraisal · market demand · commercial assumptions
Manufacturing · Established-firm context
Corporate financeFP&AInvestment banking
Original Finance Circle investment scenario. All figures and the fictional manufacturer are illustrative. McKinsey’s published Talbot Trucks case is related reading; this is not a reproduction or its official solution.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTMcKinsey
Original Finance Circle case
Product launch: can growth pay for the launch?
A fictional beverage brand plans a new product. The sales team forecasts a large launch, but the CFO needs a contribution and recovery analysis before committing funds.
Market sizing · contribution · break-even
Consumer products · Established-firm context
FP&ACorporate finance
Original Finance Circle commercial-finance scenario with fictional product data. McKinsey’s Electro-Light case is related public reading, not the source of these figures.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTMcKinsey
Original Finance Circle case
Financial access: is an agent network sustainable?
A fictional financial-services provider proposes a small agent network for underserved communities. Evaluate commercial sustainability while recognising that access and customer protection also matter.
Distribution economics · access · operational risk
Banking · Established-firm context
BankingCorporate financeFinancial planning
Original Finance Circle distribution scenario. All agents, prices and costs are fictional. McKinsey’s Diconsa case is a source of related financial-inclusion context.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTBain & Company
Original Finance Circle case
Private equity: underwrite the return, not the story
A fictional fund evaluates a platform acquisition. Separate operating growth, leverage and exit valuation. The committee wants a transparent base return and a downside without multiple expansion.
Value creation · due diligence · exit risk
Private equity · Established-firm context
Private equityInvestment bankingCorporate finance
Original Finance Circle LBO teaching case with fictional deal terms. Bain’s published private-equity research provides market context, not this transaction or its solution.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTBCG
Original Finance Circle case
Profitability diagnosis: volume grew, profit fell
A fictional manufacturer sold more units than planned yet missed its operating-profit budget. Reconcile the miss and communicate the decision without assigning unproven causes.
Problem structure · assumptions · communication
Manufacturing · Established-firm context
FP&ACorporate financePrivate equityInvestment banking
Original Finance Circle management-finance scenario. BCG’s case-preparation guidance is related reading; BCG did not supply or endorse this case.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTBain & Company
Original Finance Circle case
Campus café: does a small market share make it viable?
A fictional founder plans a campus café. The pitch says a tiny market share is enough. Your role is to translate that claim into contribution, operating break-even and cash recovery.
Commercial judgement · recommendation · trade-offs
Hospitality · Established-firm context
Corporate financePrivate equityInvestment bankingFP&A
Original Finance Circle café scenario with fictional Canadian figures, distinct from Bain’s published Coffee Shop Co. case. Bain is the related-source publisher, not the case author.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTMicrosoft
Reported-data case
Microsoft: quantify the FY2025 margin story
You are presenting Microsoft’s FY2025 performance to a finance mentor. Quantify growth and margin, reconcile the operating-income movement, and test a deliberately simple downside.
Actual reported figures · margin analysis · capital allocation
Technology · Public-company context
FP&AAccountingCorporate financeTreasuryInvestment banking
Reported Microsoft FY2025 annual-report figures, printed page 25. USD millions; fiscal years ended 30 June. The director scenario is a Finance Circle hypothetical.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTMicrosoft
Original Finance Circle case
Internal & operational audit: inspect the purchasing workflow
A fictional technology business has rapid infrastructure purchasing growth. Internal audit tests authorisation and separately reviews invoice-processing efficiency. Keep control compliance and operational effectiveness distinct.
Internal & operational audit · risk scoping · evidence
Technology · Public-company context
AuditAccountingTreasury
Original Finance Circle audit scenario with fictional technology-company records. Microsoft public reporting is context only; these are not Microsoft purchases, policies or audit findings.
Open complete case ↗2 data exhibits · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTGoogle / Alphabet
Original Finance Circle case
Cloud finance: buy growth or protect contribution?
A fictional cloud business is considering a discounted enterprise contract. The CFO wants to know whether the deal creates incremental contribution and whether the team has identified the right missing data.
Technology · Build the base contribution model
Technology · Public-company context
FP&ACorporate financeFinancial analysis
Original Finance Circle cloud-business scenario. Every operating input is illustrative, not Alphabet results, prices, targets or an actual Google interview question.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTAMD
Reported-data case
AMD: why did data-center growth not become equal profit growth?
You are preparing a semiconductor earnings discussion. Data-center revenue grew much faster than operating income. Quantify the gap, distinguish segment from consolidated measures and propose the next evidence to review.
Technology · Calculate comparable growth
Technology · Public-company context
FP&AAccountingInvestment banking
Reported AMD FY2025 and FY2024 figures, USD millions. Segment figures use the reported comparable presentation. The director scenario is illustrative, not AMD guidance.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTHCA Healthcare
Reported-data case
HCA: distinguish patient volume, revenue yield and scope
You are explaining hospital revenue growth to a finance leader. Consolidated revenue and same-facility revenue are different comparisons. Use the disclosed volume and revenue-per-equivalent-admission rates without turning them into an unsupported causal claim.
Healthcare · Calculate the consolidated comparison
Healthcare · Public-company context
FP&ACorporate finance
Reported HCA FY2025 annual-report figures and rounded same-facility growth rates. USD millions for consolidated revenue. Finance Circle index calculations and downside assumptions are independent.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTTeladoc Health
Original Finance Circle case
Digital-health finance: separate recurring fees from visits
A fictional virtual-care provider bills membership fees and visit fees. Finance needs to distinguish contracted recurring revenue, usage revenue and contribution while maintaining a service-capacity commitment.
Healthcare · Build revenue correctly
Healthcare · Public-company context
FP&AAccountingCorporate finance
Original Finance Circle digital-health scenario. All memberships, fees, visits and costs are illustrative and are not Teladoc results, reimbursement rates or interview questions.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTNumeric
Original Finance Circle case
Series A finance: hire now or protect runway?
A fictional accounting-software startup has completed a financing. The founder wants to hire ahead of revenue, while the board wants at least 12 months of cash runway. Show the trade-off and the limits of a flat-burn model.
Accounting SaaS · Calculate net burn and runway
Accounting SaaS · Series A milestone
TreasuryFP&ACorporate finance
Numeric’s Series A announcement is a verified historical funding milestone. The fictional startup in this exercise has separate, illustrative cash and operating inputs; these are not Numeric’s finances. Numeric later announced a Series B.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTNumeric
Original Finance Circle case
Series B finance: growth quality, retention and CAC payback
A fictional finance-software company is scaling after Series B. The board wants to know whether new-customer growth, expansion and acquisition spending are creating a durable growth engine.
Accounting SaaS · Reconcile ARR and retention
Accounting SaaS · Series B milestone
FP&ACorporate financeInvestment banking
Numeric’s Series B is a verified funding announcement. All ARR, acquisition spending, retention and burn figures below describe a fictional teaching company, not Numeric. They are not industry benchmarks.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTFloat Financial
Original Finance Circle case
Series C finance: funding is not revenue or usable cash
A fictional Canadian fintech is raising equity and wants to expand. The board has confused headline valuation, money raised and cash available to spend. Reconcile the financing, dilution and operating runway.
Fintech · Reconcile cash and ownership
Fintech · Series C milestone
TreasuryCorporate financePrivate equity
Float publicly announced a CAD $85m Series C on 24 June 2026. The exercise below uses a different fictional startup and deliberately different financing terms and balances; it is not a model of Float.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTKPMG · Big4
Original Finance Circle case
Working capital: release cash without inventing profit
A fictional manufacturer has strong reported profit but growing funding pressure. The CFO wants a working-capital plan that distinguishes one-time cash release from recurring earnings improvement.
Professional services · Build current net working capital
Manufacturing · Established-firm context
FP&ACorporate financeAccounting
Original Finance Circle manufacturer scenario with fictional balances. KPMG’s published case-presentation programme informs the presentation format only; this is not a KPMG competition case or interview question.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTDeloitte · Big4
Original Finance Circle case
Advisory finance: explain a fixed-fee margin miss
A fictional advisory team sold a fixed-fee finance-transformation project. The engagement exceeded planned hours. Explain the margin bridge and assess a genuine change in scope without sacrificing delivery quality.
Professional services · Calculate budget and actual margin
Professional services · Established-firm context
FP&AAccountingCorporate finance
Original Finance Circle professional-services scenario. All fees, hours and rates are fictional. Deloitte’s public interview guide is a format reference, not the source of a confidential client engagement.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included
COMPANY / SOURCE CONTEXTNVIDIA
Original Finance Circle case
Strategic investment: price the stake and the synergies separately
A fictional chip designer is considering a minority investment in a supplier. The investment case combines the value of the stake with synergies accruing directly to the buyer. The investment committee wants a clear separation of those value streams and a conditional recommendation.
Technology · Value the stake alone
Technology · Public-company context
Investment bankingPrivate equityCorporate finance
Original Finance Circle strategic-investment scenario, separate from the RocketBlocks case. Every deal term, probability and cash flow below is illustrative and is not an actual NVIDIA–Intel transaction term or official employer question.
Open complete case ↗1 data exhibit · 3 responsibility levels · Worked answers included