Stage 7 (2021) “Jack and Jill”

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Stage 7 (2021) "Jack and Jill"

This is an actual case from the Financial Modeling World Cup 2021, Stage 7 (July 23-26) competition. This is another “freestyle” case. 2 kids, Jack and Jill are playing a game. Your goal is to help them determine the winner. No specific financial knowledge is required to solve this case; however, it will allow you to sharpen your model architecture skills.

Case description:

Jack and Jill need help determining the winner of their daily Tic Tac Toe games over the course of a year, given that they can only play randomly generated moves at this time. The objective is to create a financial model to simulate the outcome of 365 games.

The challenge lies in constructing a model that accurately determines the outcome of each game according to the rules of Tic Tac Toe. There are three possible outcomes: Jack wins, Jill wins, or the game is a tie. Additionally, the model must determine the winner of a seven-game match between the two players, where each game consists of a maximum of eight turns.

The downloadable file consists of the following:
-Task: PDF file with Case Materials; PDF file with Questions; Excel file with data for the financial model
-Solution: Excel file with full Solution Model; PDF file with correct Answers in Bold

This model awarded 500 regular points + 100 Extra Points for the bonus questions, while the whole 2h Stage allowed to earn 1,150 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at



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