I am about to start one. The concept art provided can be greatly improved. Before i go balls to the wall though, do company's generally want exactly whats there or are improvements encouraged?
I'd probably just try to make it in the spirit of the concept and the companies style. If its a concept for a wow character and the concept is wow-like, it'd probably be a good idea to make it look like it could easily fit into the next wow expansion.
If something isn't working in 3d about the concept, make it work, but don't take it in a different directions.
I'd say it depends on the studio. I did mine exactly like the concept and my AD really liked that(and the concept was pretty awesome to begin with). I also think its subjective depending on who is giving you the job.
Just ask them if they want you to follow the concept directly or use it as a base to improve upon. Nothing hurts you by asking, it only hurts you if you dont ask.
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If something isn't working in 3d about the concept, make it work, but don't take it in a different directions.
Best of luck, they also told me not to post any of my test anywhere.