Step 1

Preheat oven to 350°F (177°C). Spray the inside of an 7 inch round cake pan with an oil spray. Line with parchment paper. You will want to create handles along with lining the bottom and sides. See notes for how to line the cake pan properly and photo in post.

Step 2

Separate egg yolks and whites into two separate bowls. Place eggs whites into fridge until ready to use.

Step 3

Using a stand mixer with wire whisk attachment (this can also be done with a hand mixer), beat cream cheese at high speed until fluffy and smooth. Lower speed on mixer and gradually add in condensed milk and beat until smooth. Use a spatula to scrape sides and bottom of bowl to make sure there is no cream cheese stuck to the bowl that has not been incorporated.

Step 4

Beat in egg yolks, one at a time, until batter is smooth.

Step 5

Clean your mixer before you add in the egg whites. Your bowl, mixer and beaters must be completely clean and dry before adding the egg whites or they will not whip up. Beat your egg whites at highest speed until they become white and form stiff peaks. This should not take more than a few minutes. I recommend watching your eggs closely so you don't overbeat your egg whites.

Step 6

Add one third of the egg white mixture to your batter. Fold it in gently with a spatula until no egg streaks remain. Repeat with the next 1/3 and then remaining 1/ Your batter should look very light and airy.

Step 7

Pour batter into prepared baking pan. The cake will be baked in a water bath. To do this, place your cake pan into a larger baking pan that is at least 2 inches deep. I used a 9 x 13 baking pan. A roasting pan will also work. Pour enough boiling water into the bigger pan, so that the bottom 1 1/2 inches of your cake pan is submerged in water.

Step 8

Place cake and water bath into your oven, on the lowest/bottom rack. Bake for 40 minutes. Then reduce the baking temperature to 325°F (163°C) and bake for about 10 more minutes. The cake should have risen and the surface should be brown. Turn off the oven but leave the cake in the oven for one hour. After one hour, you can remove the cake from the oven. Use the cake handles to lift the cake from the pan. Let cake fully cool before cutting and serving. I recommend placing the cake into the fridge overnight for best flavor. This lets the cream cheese and sweetness really come out. If desired, dust with powdered sugar right before serving.