- Stages
- 5
- Typical timeline
- 2 to 8 weeks
- Difficulty
- Hard
- Format
- Headhunter screen, interviews, modelling test, case study
Private equity interviews are demanding and usually include a timed modelling test, often a leveraged buyout model, and a case study where you evaluate an investment and present a recommendation. Expect deep questions on deals you worked on, valuation, debt structures and returns, as well as how you think about good and bad businesses. Interviewers want strong technical skills, sound investment judgement and the ability to defend a view under questioning. Many candidates come from investment banking or consulting.
The interview process, stage by stage
- Headhunter screenBackground, deal experience and motivation.
- First roundDeal experience and technical questions.
- Modelling testTimed LBO or operating model.
- Case studyEvaluate an investment and present a recommendation.
- Partner interviewsInvestment judgement and fit.
How you're scored
Accurate, fast modelling and finance knowledge.
Identifies what makes a good investment and key risks.
Deep knowledge of past transactions.
Defends a view clearly under challenge.
Likely Private Equity Associate interview questions
Walk me through an LBO.
A strong answer includes: Purchase price and financing, projections, debt paydown from cash flow, exit value and returns via IRR and money multiple.
Would you invest in this business? Present your case.
A strong answer includes: Market, business quality, financials, valuation and returns, risks and mitigants, and a clear recommendation.
Walk me through a deal you worked on in detail.
A strong answer includes: Rationale, valuation, structure, your role, key issues and outcome, ready for deep follow-up.
Every question for this interview, with what strong answers include. Free with an account for the first few; all of them with Pro.
Common mistakes
- Superficial knowledge of your own deals
- Model errors from rushing
- No clear recommendation in the case
- Weak reasons for private equity
Questions to ask them
- How are associates involved across the deal cycle?
- How does the firm add value to portfolio companies?
- What sectors is the firm focusing on?
- How are investment decisions made?
Candidate experiences
No candidate reports for this interview yet. Interviewed recently? Share what they asked and help the next candidate.
Share your interviewFrequently asked questions
What is in a private equity interview?
Deep questions on deals you worked on, technical finance and LBO questions, a timed modelling test, a case study where you assess an investment, and partner interviews on judgement and fit.
How do I prepare for a PE modelling test?
Practise building an LBO from scratch under time pressure: sources and uses, operating projections, debt schedule, returns calculation and sensitivity tables. Check your model and know the key outputs.
How do I answer a PE case study?
Assess the market, business quality, management, financials, valuation and returns, key risks and mitigations, then give a clear invest or pass recommendation with conditions.
What makes a good private equity investment?
Strong market position, recurring and predictable cash flows, room to grow or improve operations, capable management, sensible entry valuation and a clear path to exit.