Note: this site and the author does NOT have any financial relationship with the service provider being reviewed.
THREE POINT OVERVIEW:
We asked Ramp Sheets to solve a basic analyst modeling test, a common part of recruiting processes for junior buyside roles.
The results from Ramp were disappointing, as the models produced were a mess.
We gave the same test to Shortcut AI and the results were better, but the models still had errors and formatting issues. Shortcut AI is definitely ahead of Ramp Sheets as it relates to financial modeling right now, but its performance is still below what you would expect from a competent analyst.
INTRODUCTION:
After publishing two reviews on the Shortcut AI spreadsheet tool this week (Links: Review 1, Review 2), I wanted to review Ramp Sheets, another spreadsheet AI tool that has been gaining popularity online recently.
Pictured Above: Typical hype posts on X
Unfortunately, because Ramp Sheets does not yet have the ability to process PDFs or pull financial info from SEC filings online (the tool is only able to work within Excel files at the moment), we could not test its ability to pull cap structure information and historical financials like we did with Shortcut.
Given this limitation, and to have a little fun, I used a basic analyst/associate-level LBO modeling test I’ve come across in the past. In a recruiting process, this type of test is meant to evaluate a candidate’s ability to quickly model pro forma cash flows and returns to various parts of a new capital structure (see Appendix for full model test instructions).
We tried two variations of the model test. First, I only provided the model test instructions and the income statement in excel (which includes one year of historical figures on top of which forecasts should be built) - this was meant to test Ramp’s ability to independently build the model from scratch. Second, I uploaded a sample excel model solution for a slightly different modeling test as a separate tab and asked Ramp to use the same model structure and formatting as in the template to solve the test - this was to test the model’s ability to use a template and apply it to another modeling task.
REVIEW OF RESULTS:
Test Results Without a Template: