If you’re preparing for private equity interviews, you’re probably deep into LBO practice and deal walkthroughs. But if you’re aiming for a role at Apollo, that’s just the foundation.
Apollo looks for candidates who understand its investment strategy, speak its language, and demonstrate judgment that reflects its decision-making process. This article explores what sets Apollo apart and how you can tailor your interview prep to align with the firm’s approach and expectations.
Apollo’s investment principles
In 2024, Apollo deployed a record $222 billion in capital, an amount greater than the entire GDP of Qatar. While that’s impressive, what really sets the firm apart is how it invests.
Apollo has built a reputation for going against the grain. Known for its contrarian approach, the firm targets complex deals and undervalued companies that other PEs shy away from. One standout example in recent years is its acquisition of The Venetian Resort in Las Vegas.
In the aftermath of the pandemic, many investors steered clear of hospitality, viewing it as too risky and unpredictable. But Apollo saw something different. Despite being a distressed asset, the resort represented an iconic property with strong brand recognition, valuable real estate, and long-term cash flow potential. Since the acquisition, Apollo’s investment has driven substantial growth, with the property outperforming pre-pandemic levels.
For candidates, this offers insight into how Apollo operates. The firm’s approach centers on:
- Free cash flow (FCF)
- Downside protection
- Driving value through operational improvements
The Venetian investment wasn’t simply a bet on a market rebound. It was a calculated move based on asset quality and the potential to generate returns through smarter operations.
Match the mindset
Understanding Apollo’s investment philosophy isn’t just background. It should shape your interview preparation, enabling you to present deals more effectively and build financial models that align with the firm’s approach.
One candidate explained that their interview focused less on ticking technical boxes and more on how they thought about investments, specifically through Apollo’s lens. The interviewer wanted to see if they prioritized what matters most to the firm.
Ready to align your interview prep with Apollo’s expectations? Discover key candidate insights in our Apollo Interview Toolkit.
That means whether you’re walking through a past deal or tackling a modeling task, your approach should reflect those core principles. Focus on FCF over EBITDA, and clearly outline both risk mitigation strategies and value-creation opportunities.
The goal isn’t just to pass the technical test. You need to demonstrate your ability to analyze an investment the way Apollo approaches its deals.
A high-performance culture
Apollo isn’t a fit for everyone, and the firm is upfront about its expectations. Its culture is high-performing and built around a clear set of values:
- Outperform expectations
- Challenge convention
- Champion opportunity
- Lead responsibly
- Drive collaboration
For candidates, these aren’t just phrases to recite. They’re traits the firm actively tests for throughout the interview process.
Much of this mindset comes directly from leadership. Marc Rowan, Apollo’s CEO, and Jim Zelter, Co-President, have shaped a culture centered on accountability and ownership. Rowan, in particular, has spoken candidly about what sets standout hires apart.
In one interview, he shared:
You can’t fake this job for very long. Being able to take a blank piece of paper and think about what’s not there is the skill that gets candidates from mastery of numbers to actual decision-making.
Marc Rowan, CEO at Apollo
For candidates, the takeaway should be clear: technical skill is the starting point. Apollo is looking for people who can move beyond the numbers to think independently, evaluate risk, and make informed, commercial decisions.
Big goals, bigger rewards
Apollo’s expectations are high and so is the upside for those who meet them. For employees who thrive in the firm’s demanding environment, the compensation is substantial.
According to Glassdoor data, the median total pay for an associate at Apollo is approximately $279K, broken down into a $153K base salary, a $76K bonus, and $49K in stock-based compensation. That structure reflects more than just short-term reward — it aligns with the firm’s long-term, performance-driven philosophy.
If you come in with the right mindset and an appreciation of how the firm operates, Apollo can be a place where you’re challenged and rewarded.
Bring it all together
This article breaks down what makes Apollo different: its contrarian deal style, its focus on free cash flow, and the high-performance culture shaped by its leaders. But when it comes to interview prep, having these insights in a clear, actionable format can make all the difference.
That’s where our Apollo Interview Toolkit comes in. This downloadable one-pager puts all the key takeaways in one place. It’s easy to digest, designed for quick reference, and built to help you prep with confidence.
