Ares Interview Questions: What They Look For and How to Ace Them

The real challenge with Ares interview questions isn't just the technical depth; it's the pressure. As a top-tier alternative investment manager, Ares looks for candidates who demonstrate composure and precision, and this guide is built on verified questions from inside their process. We'll cover what to expect and how you can use Cook'd AI to simulate the real thing, so you're prepared for every round.

Verified Ares interview questions

We've sourced the following questions directly from the front lines of recent Ares interviews and categorized them by division, group, type, and model to structure your practice.

1. What is an alternative investment?
2. A PE firm acquired a company that sells widgets and they sold 10 widgets last year for $100 each. The EBITDA is $200 and the entry EBITDA Multiple is 10x and leverage multiple is 3x. During the holding period, the EBITDA margin will grow from 20% to 30%. There will be no principal paydown and there will be a $200 cash balance on exit. Assuming no multiple expansion, how many additional widgets they have to sell to achieve a 32% IRR?
3. Why private equity instead of a role at one of the top investment banks?
4. What is your ideal team environment?
   

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15+ other common Ares interview questions

Accounting & valuation questions

1. Walk me through the three main valuation methodologies.
2. How does a $100 increase in depreciation flow through the financial statements?
3. If Ares is considering an acquisition, what are the key differences between using an LBO model versus a DCF model for valuation?
4. Ares has significant funds in both private equity and private credit. How would your valuation approach differ for a company being considered for a buyout versus one being evaluated for a direct lending opportunity?
5. Given Ares' focus on alternative investments, how might you adjust a traditional valuation for a company with significant intangible assets?

Markets & macro questions

1. Where do you see the most attractive investment opportunities right now, given the current interest rate environment?
2. What are the biggest macroeconomic risks and opportunities you see for a firm like Ares over the next 12-18 months?
3. Pitch me an industry or sector you believe is well-positioned for the current economic cycle and explain why.
4. How does sustained inflation impact the attractiveness of private equity versus private credit investments?
5. Discuss a recent geopolitical event and its potential impact on global supply chains and investment opportunities in the infrastructure space.

Deal, client, & behavioral questions

1. Walk me through a deal on your resume.
2. If an Ares portfolio company is underperforming its budget, what are the first three things you would investigate?
3. Tell me about a time you disagreed with a superior's feedback on a piece of analysis. How did you handle it?
4. Why Ares? What is it about our strategy or a specific fund that interests you more than our peers?
5. Describe a time you had to get up to speed on a new industry or company very quickly for a live transaction. How did you do it?
6. We have a lot of qualified candidates. Why should we hire you for this role?

Role-specific questions

1. Walk us through your credit analysis process for a middle-market direct lending opportunity. What are the three most important covenants you would negotiate for, and why?
2. Pitch a specific property type and geography you believe fits the strategy for an Ares real estate fund right now. What are the primary drivers and risks?
3. A major LP is concerned about the current macro environment's impact on their private equity allocation. How would you walk them through Ares' approach to value creation in a downturn?
4. How could we use alternative data to improve our sourcing or underwriting process for new deals? Give a specific example.
5. Ares is considering a dividend recapitalization for a portfolio company. What market factors would you analyze to determine if the timing is right?

How to answer interview questions at Ares

Ares interviewers test for more than just the right answer; they test for composure and investment judgment. Your delivery matters as much as your math. For technicals like the paper LBO, structure your thinking out loud. State your assumptions, walk through the logic, and show how you arrived at the answer. For behavioral questions, your answers must be structured and demonstrate commercial savvy.

• Use the STAR method. Every behavioral answer, from "Why Ares?" to "Tell me about a time you disagreed with a superior," needs a framework. Use the STAR interview method (Situation, Task, Action, Result) to keep your stories concise and impactful. This same story bank can be adapted when you answer "tell me about yourself".
• Show investor judgment. In your "Action" step, don't just list tasks. Explain the thinking behind your actions. Instead of "I built the model," say "I built the model and stress-tested assumptions for a downturn, which was a key concern for the investment committee."
• Quantify your results. Vague outcomes fall flat. Connect your actions to a concrete result. "My analysis identified $2M in cost savings" carries more weight than "My analysis was helpful."

What Ares looks for in candidates

Ares looks for candidates who blend technical horsepower with commercial acumen. Beyond flawless financial modeling and valuation skills, they value strong communication, adaptability, and a clear, compelling reason for wanting to join their platform. Based on interview reports, they are evaluating your investment judgment, your ability to articulate complex ideas simply, and your professional integrity.

If you're from a target university

The bar is higher because you have direct access. Your competition is just as technically sharp, so you must differentiate. First, go beyond the on-campus info session. Use your alumni network to have real conversations with current or former employees, as insider guides suggest. Second, develop a specific, defensible investment thesis that aligns with an Ares fund. Show you've done the work beyond the classroom.

If you're from a non-target university

You don't have a structured path, so you must create one. First, network with surgical precision. Identify alumni or professionals in your city who work at Ares and build genuine connections to earn an internal referral. Second, your technical skills must be undeniable. Use platforms like Cook'd AI to drill paper LBOs and case studies until they are second nature. Frame your background not as a disadvantage, but as proof of your drive and resourcefulness.

Ares interview tips

Before your Ares interview

• Go deeper than their website. Reference specific deals, fund strategies, or even quotes from their investor day presentations to build a compelling case for why you want to join their platform over any other.
• Script and rehearse your story, connecting your deal experience to your motivation for private markets. This narrative is central to how you answer "tell me about yourself" and must be clear and logical.
• Don't just review notes; practice answering questions out loud under time pressure. Composure under fire is a non-negotiable skill they are testing for, so you need to simulate the real interview environment.

During the interview with Ares

• Structure your thinking out loud, especially for technicals. State your assumptions clearly and walk the interviewer through your logic step-by-step; they are testing your judgment, not just your mental math.
• Listen carefully to the question being asked. Don't just launch into a pre-scripted answer; a thoughtful pause shows you're processing the specific prompt and tailoring your response.
• Ask targeted questions that demonstrate genuine interest and research. Inquiring about a specific deal's rationale or a fund's approach to the current market are examples of good questions to ask and carry more weight than generic inquiries about culture.

After the interview with Ares

• Send a concise follow-up email within 24 hours. Reference a specific point from your conversation to reinforce your interest and show you were listening.
• Debrief immediately after the interview. Write down every technical and behavioral question you were asked, especially the ones that gave you trouble, and use them to guide your final prep for the next round.

Get the Cook’d AI advantage for your Ares interview

Your Ares interview doesn't have to feel like a high-wire act. With the right preparation, it can feel like a conversation where you get to demonstrate everything you've worked for.

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Through personalized coaching, behavioral simulations, and real-time feedback, you'll build the kind of clarity and consistency that makes interviewers remember you for the right reasons.

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