Blackstone interview questions, and its process
Blackstone says candidates selected for an interview should expect a first-round video interview with a member of the Blackstone team, followed by a series of face-to-face meetings if selected to move forward. Summer analyst and associate roles post as early as January through March, with US interviews from February, and full-time roles post as early as July, with interviews from August to October.
Updated
- Video first, then meetings. A first-round video interview with a member of the team, then face-to-face meetings.
- Summer is about 10 weeks. For juniors, third-year university students and first-year MBAs.
- Apply to several groups. Blackstone says summer candidates may apply to multiple groups.
- No cover letter, no late applications. Cover letters aren't necessary for campus roles, and late submissions aren't accepted.
- Know its approach. Its private equity page says it engages only in friendly transactions.
The values Blackstone names, and its approach
Blackstone's firm page lists five values, and its private equity page describes how it invests. Have a story or a view ready for each.
Relentlessly pursue excellence
Striving to be the best at what it does for its clients.
Show what they listen for
- What a strong story shows
- A time you held your work to a higher bar than anyone asked.
Never compromise integrity
The highest standards of integrity, maintaining and deepening clients' trust.
Show what they listen for
- What a strong story shows
- A time you told someone something unwelcome because it was right.
Outperform through innovation
A builder mindset, creating new opportunities through innovation and entrepreneurialism.
Deliver for our customers
Meticulous custodians of capital, deploying it when they have conviction they can deliver lasting value.
Show what they listen for
- What a strong story shows
- A deal or idea you'd pass on, and why.
Work humbly, work together
Teams with varied backgrounds who advocate for the best ideas and celebrate each other's wins.
Friendly deals, built to last
Its private equity page says it engages only in friendly transactions, works with management teams and focuses on building businesses to last, with diligence that measures risk and finds the catalysts for value.
From Blackstone: the firm and its private equity page.
How Blackstone hires students
From Blackstone's Students page.
Apply, video round, face-to-face meetings
Summer roles
Apply from January to March
Summer Analyst and Associate positions appear as early as January through March. Students in their junior year, third year of university or first year of business school may apply, and to multiple groups. The program typically lasts 10 weeks.
Full-time roles
Apply from July
Analyst and Associate positions for final-year undergraduates and second-year MBAs appear as early as July, and you must apply through the Blackstone website.
Interviews
Video first, then face-to-face meetings
A first-round video interview with a member of the Blackstone team, then a series of face-to-face meetings if you move forward. US summer interviews start in February for programs starting the following year and run through December. Full-time interviews run from August to October.
Outside the US
Europe and Asia Pacific
Blackstone says European summer applications are due in late November, its APAC summer hiring begins as early as February, and its international offices interview on an ongoing basis.
Blackstone does not publish how many face-to-face meetings there are, what they cover or how it scores them.
13 questions to practice for Blackstone
Our own wording, built from what Blackstone's pages say. Blackstone does not publish its interview questions. Each note says what a strong answer does.
You and Blackstone5 questions
The video round is with a member of the team, so have your story and your reasons ready to say in about two minutes.
Walk me through your resume.
What a strong answer does
Where you are, the experience that points to investing, and why private equity now. End on what you want to learn. Practice it, see a model answer
Why private equity?
What a strong answer does
A moment you saw what an owner does that an advisor doesn't, in your own words. Not exits or pay. Practice it, see a model answer
Why Blackstone?
What a strong answer does
Its own approach, friendly transactions and building businesses to last, tied to a deal or a story of yours. Size alone isn't a reason. Practice it, see a model answer
- “Which of our businesses interests you, and why?”
- “Who else are you talking to?”
Tell me about a time you worked with people very different from you to get something done.
What a strong answer does
Work humbly, work together. Name the difference, what you did to bridge it and the result. Practice it, see a model answer
Tell me about an idea you passed on.
What a strong answer does
Deliver for our customers means deploying capital only with conviction. What you looked at, the reason you said no and whether you'd say no again.
Deals and LBOs8 questions
Expect deal discussion and LBO questions. Blackstone doesn't publish its technical questions, so these are the core ones for any private equity interview.
Paper LBO: $100 million of EBITDA bought at 10 times with 5 times debt. EBITDA reaches $140 million in year 5, $200 million of debt is repaid, and you exit at 10 times. MOIC and IRR?
What a strong answer does
Entry equity is $500 million, exit equity $1,100 million, so 2.2 times and about 17%. $400 million of the gain is EBITDA growth and $200 million is paydown. Practice it, see a model answer
- “What if you exit at 9 times?”
- “Where does the paydown come from?”
Pick a business you'd buy. What are its catalysts, and what's the first risk you'd diligence?
What a strong answer does
Blackstone says its diligence measures risk while finding the catalysts for value. Name two or three specific levers and the one risk that would break all of them.
- “What multiple would you pay?”
- “What would make you walk away?”
What makes a good LBO candidate?
What a strong answer does
Steady cash flow to carry debt, a defensible market position, room to improve and a clear way out. Tie each to why it matters for the debt or the exit. Practice it, see a model answer
Where do LBO returns come from?
What a strong answer does
EBITDA growth, debt paydown and a change in the multiple. Say which you'd underwrite and which you'd treat as upside. Practice it, see a model answer
If 5% of a $600 million equity gain goes to employees, what happens to returns, and why might it pay?
What a strong answer does
Blackstone says new large US control companies in its private equity portfolio are meant to give broad-based employee eligibility for equity-linked bonuses. $30 million takes 2.2 times to about 2.14 times, and $3 million more year-5 EBITDA at 10 times pays for it.
Walk me through a deal you worked on.
What a strong answer does
The company, why the buyer wanted it, the price and how it was paid for, your own role, and what you'd have done differently as the investor.
Walk me through sources and uses.
What a strong answer does
Uses are the purchase price, refinanced debt and fees. Sources are the new debt and the sponsor's equity, and they must match. Practice it, see a model answer
IRR or MOIC: which matters more to you?
What a strong answer does
Both. IRR rewards speed, MOIC measures the money made. Give a case where a high IRR on a quick flip is worth less than a lower IRR held longer. Practice it, see a model answer
More to prepare with
Mistakes that cost Blackstone applicants
Missing the window
Blackstone doesn't accept late submissions. Summer roles post as early as January, full-time roles as early as July.
Treating the video round lightly
It is a first-round interview with a member of the team. Prepare it like a live one.
Why Blackstone with only its size
Its own pages describe how it invests and the values it holds. Use those, with a story of yours.
Asking for an informational interview
Blackstone says it can't coordinate informational interviews or calls. Go to its campus events and webinars instead.
How to prepare for Blackstone
Before you apply
Choose your groups
Read Blackstone's pages for each business and apply to the groups that fit, since summer candidates may apply to more than one.
Before you apply
Go to the events
Blackstone encourages candidates to attend its campus events and virtual webinars to learn about the firm.
Before the video
Rehearse your story out loud
Why private equity, why Blackstone and one deal you know well, each in about two minutes.
Before the meetings
Paper LBOs and a deal view
Do paper LBOs by hand until the IRR anchors are automatic, and prepare a business you'd buy with its catalysts and first risk.
Practice the video round, then the deal questions
Soreno's AI interviewer asks you a question out loud, follows up on your numbers like a private equity interviewer and scores your answer. Free for 7 days.
Questions people ask
What is the Blackstone interview process?
Blackstone says selected candidates should expect a first-round video interview with a member of the Blackstone team, followed by a series of face-to-face meetings if they move forward.
When does Blackstone recruit summer analysts?
Summer positions appear on its website as early as January through March. For US positions, interviews start in February for programs starting the following year and run through December. European summer applications are due in late November.
Who can apply to Blackstone's summer program?
Students in their junior year of college, third year of university or first year of business school. Blackstone considers candidates from schools across the globe.
Do I need a cover letter for Blackstone?
No. Blackstone says cover letters are not necessary for campus applications.
Does Blackstone sponsor visas?
Blackstone says that if you are not a citizen it may petition on your behalf for an employment-based visa, and that the immigration office makes the final decision.
Can I apply to Blackstone's university programs after graduating?
No. Blackstone says its university programs are for students still in undergraduate or graduate programs, and points recent graduates to its entry-level positions.
Is Soreno affiliated with Blackstone?
No. Soreno is an independent practice tool, not affiliated with, endorsed by or sponsored by Blackstone. The practice questions are Soreno's own.