Prepared for the Moment

How the MSF Program Shaped Nicholas Muglia’s Business Valuation Challenge Experience

Widely regarded as one of the most rigorous private company valuation competitions in the country, the Annual Business Valuation Challenge brings together top finance and accounting students to assess the value of an actual privately held company under real-world constraints. For Nicholas Muglia, an MSF student at the Mendoza College of Business, the Challenge became a defining example of how the program’s experiential learning opportunities are intentionally designed to prepare students for real-world finance work.

A Real-World Valuation, Start to Finish

The Challenge placed teams from more than 30 universities into a live valuation scenario, requiring them to analyze several years of historical financials alongside a detailed brief outlining the firm’s background, industry dynamics, management structure, and operational details. The objective was to value a 51 percent equity stake for a potential exit or acquisition.

Working alongside fellow MSF students Jesus Barragan, Ashwin Bharadwaj, Niraj Patel, and Juan Espinoza, Muglia spent more than a month conducting independent research and building a comprehensive valuation model. Their work earned the team a place among the top five competitors and advanced them to the final round in Atlanta, where they refined their pitch based on feedback from industry judges.

When Curriculum Becomes Application

What made the experience especially meaningful for Muglia was how directly it reflected the MSF curriculum. Rather than feeling like a separate or extracurricular exercise, the Challenge felt like a natural extension of the program itself.

“Everything we did tied directly back to the MSF curriculum,” he explained. “The program intentionally builds up foundational skills, accounting refreshers, financial analysis, modeling, and eventually pitch-deck creation, and this competition was essentially the culmination of all of it.”

Throughout the Challenge, classroom concepts translated seamlessly into application. Running a full valuation, building a defensible model, synthesizing large volumes of research, and turning that analysis into a clear, organized presentation mirrored the work Muglia and his teammates had been preparing for throughout the program.

“It served as proof,” he said, “that the structure of the program genuinely prepares you for real analytical work.”

Collaboration, Pressure, and Professional Growth

The hands-on nature of the experience was particularly impactful. Long nights spent refining assumptions, pressure-testing the model, and shaping the narrative created an environment that closely resembled professional finance roles.

“The most meaningful part was how much it felt like real banking and finance work,”  Muglia shared. “We had many long nights in Excel and turned raw thoughts into a refined, organized deck.”  That intensity led to an unexpected realization. “I was initially surprised how the work genuinely energized me.”  The experience helped confirm his interest in pursuing a career in finance.

Teamwork played a central role in shaping the experience. Each member of the team brought a different but complementary skill set, creating an environment where learning was constant and collaborative.

“Those stronger in historical analysis picked up modeling nuances,”  Muglia noted, “and those of us more comfortable modeling learned presentation techniques and data-visualization tricks from teammates who were stronger communicators.”

That preparation was tested most clearly during the final round, when industry judges challenged the team to defend their assumptions and methodology. “It forced us to defend our assumptions at a high level and pull from these shared skills,”  Muglia said, reinforcing confidence in both the work itself and his ability to apply MSF training in a professional setting.

Preparation Meets Opportunity

The Business Valuation Challenge stands as a clear example of the opportunities embedded within the MSF program. It demonstrates how structured curriculum, experiential learning, and mentorship come together to bridge the gap between classroom instruction and industry expectations.

“The classroom builds the foundation, but this pushed me far beyond that,”  Muglia shared when thinking about future MSF students. “You learn what the work really feels like, you grow faster, and you do it alongside talented people who make you better.”

In that way, the Challenge was more than a competition. It was a moment where preparation met opportunity and where the value of the MSF program came fully into focus.