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I would expect it. I would also expect a technical interview where they may ask you to walk through a deal you worked on, talk about the valuation, do you think it was a good deal or not and why, etc.
In Corp Dev now, had three interviews at different places with different profiles and had modeling tests in all
M&A and and then an A&D model bc it was public
My current employer had me create a model/investment materials to put into a committee deck and present it as if I was pitching to the board
Basically an overly simplified DCF. Took historical financials, found the EBITDA and put a multiple on it. Then projected everything out 5 years to illustrate potential returns.
My case is a little nuanced in the fact that I was going from one medical practice rollup to another doing the same exact thing.. so I knew exactly what they were looking for