Apollo 2028 first-round screen guide

For
2028 summer analysts
Sources
12 cited

Got a call from an Apollo team? Here is how many screens to expect, who calls, the behavioral, market and deal questions Apollo teams have asked, and how to prepare before the superday.

A student in a dorm room sitting upright at a small desk by the window, on a phone call, a printed resume and a pen on the desk, late afternoon light through half-open blinds and a blurred campus lawn outside.
Apollo teams have run one to three screens before the superday, often by phone, mostly on your background, why Apollo and a few market questions.

Key facts

  • How many: Three phone screens before a Debt Capital Markets superday (Sep 2019, summer 2020) and three interviews before a Real Estate superday (Oct 2021, summer 2022); a Real Estate Credit applicant (Jan 2026, summer 2026) stopped after the first round. Plan for one or two.8,9,6,5
  • Format: A call by phone or video. Real Estate and Real Estate Debt processes have run phone interviews; expect video on some teams.10,11,5
  • Length: Plan for about 30 minutes a screen, with time at the end for your questions.5
  • Who calls: HR or a junior investment professional, one on one.5,6
  • Content: Mostly behavioral: your background and why the firm and role, with a few market questions and nothing heavily technical (Real Estate Credit, Jan 2026, summer 2026).6
  • Credit: A summer 2026 corporate credit interview opened on background, then spent the rest of the call on markets: private credit, rates, equities, and AI and monetary policy.7
  • Technical: Real estate teams have asked valuation and terms questions: how to value two identical buildings (Real Estate Debt), and asset classes and real estate terms in a few interviews of an Oct 2021 process (summer 2022).11,9,12

Apollo has no single summer class date. It posts summer roles one at a time, some for one team (Credit Trading, summer 2027) and some across several teams (the Sophomore program), and the screens reported differ from team to team.2,3,4,6,7,8,9

What the Apollo interview looks like

  1. Where it sits

    You apply to a posting on Apollo's Workday site. If you move on, one to three screens come next, then a superday of five to seven interviews.3,5,8,9

  2. Who gets one, and when

    Apollo posts its summer roles in the fall for the next summer, and some earlier: for summer 2027, Credit Trading posted on Apr 24, 2026 and the Sophomore program on Sep 30, 2026. Expect your screens to follow your own posting rather than one firm-wide date. Whole processes have taken one to two months.2,3,4,6,8

  3. The call

    Expect about 30 minutes by phone or video, one on one, with HR or a junior investment professional. Real Estate and Real Estate Debt processes have run their screens by phone.5,6,10,11

  4. What they ask

    The core is your background, your resume line by line and why Apollo and the role. Around it come market questions, more of them on credit teams, and on some teams a question that tests judgment, such as how you evaluate a deal or how you would value two buildings.6,7,10,11,12

  5. How to answer

    Apollo says the best idea wins and every voice is expected to be heard, and its postings ask you to challenge convention. Take a clear view, say how you reached it, and hold it when pushed. On a credit screen, give a reasoned view on rates and equities and how you reached it, not a neutral summary.1,3,4,7

  6. After it

    Next is another screen or the superday. Some teams give little word on the timeline, so expect quiet stretches between rounds.8,9,11,7

The screens, report by report

Debt Capital Markets, New York (Sep 2019, summer 2020) 3 screens
Three phone screens, then a seven-interview superday. Accepted offer.
Real Estate, New York (Oct 2021, summer 2022) 3 interviews
A few with technicals, then a five-interview superday.
Corporate credit (late 2025, summer 2026) 1 call
Background, then markets for the rest of the call.
Real Estate Credit, New York (Jan 2026, summer 2026) 1 on 1
Casual, mostly behavioral, a few market questions.

Each row is one process, with the month it ran. The shape holds across them: one to three short calls, mostly about you and your interest, with markets and one judgment question on some teams.8,9,7,6

Before your Apollo screen

  • A quiet room, your phone charged, and for video: Wi-Fi, camera, light and sound tested.
  • A 90-second walk through your resume, with a number and a follow-up ready for every line.
  • One answer to why Apollo and why this team, with one reason that only fits Apollo.
  • A short method for evaluating a deal: the business, the market, the numbers, the price or terms, the risks.
  • A view on rates, credit and equities this month, and how you got to it.
  • For Credit: what private credit is and why borrowers use it, in a minute.
  • For Real Estate: cap rates, NOI and why two similar buildings can be worth different amounts.
  • Two questions about the team's work, and a short thank-you note ready to send.

The questions

Expect mostly behavioral and fit questions, a few market questions, and on some teams one question on judgment or the team's asset class. Credit teams lean hardest on markets.6,7,9,11

  • Background: Tell me about yourself, and explain each item on your resume.
  • Fit and motivation: Why Apollo, why this team, and why you are interested in the role.
  • Markets: Private credit, where rates are going, your view on equities, AI and monetary policy.
  • Investing judgment: How you approach evaluating a deal.
  • Team technical: Real estate valuation and terms, or credit basics, by team.

Which division question you get

Real Estate Credit, New York
Jan 2026 (summer 2026): a casual, conversational first round, mostly behavioral on your background and why the firm and role, with a few market questions; how do you approach evaluating a deal.6,12
Corporate credit, summer 2026
Late 2025 (summer 2026): background first, then markets for the rest of the call: what you know about private credit, why rates will be lower, your view on equities, and how the AI boom affects monetary policy.7
Debt Capital Markets, New York
Sep 2019 (summer 2020): three phone screens before a seven-interview superday.8
Real Estate, New York
Oct 2021 (summer 2022): three interviews before the superday, a few with technicals on asset classes and real estate terms. In an earlier process: phone interviews, and explain each item on your resume.9,10,12
Real Estate Debt
A phone interview with a down-to-earth interviewer: comparing two identical buildings, how would you value them.11,12
Private EquityBest guess
Expect your background and why Apollo, then a recent Apollo deal, how you would evaluate it and where in the capital structure you would invest.

The Private Equity line is our best guess from the other teams' screens: Private Equity takes summer analysts, but its screens are not described.

Example questions and how to answer them

Investing judgment"How do you approach evaluating a deal?"6,12
  1. 1The business: what it sells, to whom, and why customers stay.
  2. 2The market: growth, competition and what could change it.
  3. 3The numbers: growth, margins, cash flow and how much debt it can carry.
  4. 4The price or the terms: what you pay or lend, and the return it leaves.
  5. 5The risks and what protects you, then your call.

Tip: Asked in a Real Estate Credit first round in New York (Jan 2026, summer 2026). Give the method in a minute, then run one real example through it in two sentences.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. I start with the business: what it sells, who buys it and why they keep buying. Then the market, because a good company in a shrinking market is a hard investment. Then the numbers: is revenue growing, are margins steady, and does profit turn into cash. From there I look at the price, or for a loan the leverage and the terms, and ask how much has to go right to earn the return. Last, I list the two or three things that could break the case and what protects us, such as a covenant or a lower entry price. If the downside is covered and the upside is real, I would do it; if it needs everything to go right, I would pass.

Markets"What do you know about private credit?"7,3
  1. 1Define it: loans made directly to companies and held, not traded in a public market.
  2. 2Say who borrows and why: speed, certainty and flexible terms, often for private equity owned companies.
  3. 3Say why investors want it: floating-rate income, a premium over public debt, and covenants.
  4. 4Close with one risk you would watch and one link to Apollo's credit business.

Tip: This opened the market part of a summer 2026 corporate credit interview, after the applicant's background. Keep it to a minute and expect a follow-up on rates.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. Private credit is lending done directly between a lender, such as a fund or an insurer, and a company, rather than through a syndicated loan or a bond sold to the market. Borrowers, often companies owned by private equity firms, use it because a direct lender can move faster and tailor the terms. Lenders like it because the loans usually float with rates, pay a premium over public debt and carry tighter covenants. The risk I would watch is credit quality as higher rates squeeze interest coverage for highly levered borrowers. For a firm like Apollo, with insurance balance sheets that want long-dated, steady income, it is a natural fit.

Markets"Why do you think rates will be lower?"7
  1. 1Give today's level: the Fed funds range and where the 10-year sits, checked that week.
  2. 2Name what drives your view: inflation, the job market and the Fed's latest signal.
  3. 3Give a direction and a time frame, and what would make you wrong.
  4. 4Link it to the team: what lower or higher rates mean for borrowers, loan demand and spreads.

Tip: Asked after the private credit question in the summer 2026 corporate credit interview, with your view on equities next. The applicant gave a strong opinion and walked through how they reached it; do the same.

Background"Explain each item on your resume."10,6,12
  1. 1For each entry, one line on what you did and one on what you learned.
  2. 2A number for every bullet: the size, the result, the time.
  3. 3Link each step to why you want this Apollo team.
  4. 4Cut or prepare anything technical you cannot defend for a minute.

Tip: This was the question in a New York Real Estate process that ran phone interviews, and a Real Estate Credit first round (Jan 2026, summer 2026) centered on background. Every line is a likely question.

Real estate technical"Comparing two identical buildings, how would you value them?"11,12
  1. 1Say what "identical" leaves open: location, leases, tenants and condition.
  2. 2Value each on income: net operating income divided by a market cap rate.
  3. 3Explain what moves the cap rate: location, tenant credit, lease length.
  4. 4Cross-check with recent sales per square foot, and say which you trust more.

Tip: Asked in a Real Estate Debt phone interview. The point is that identical buildings can be worth different amounts, so name the drivers.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. If the buildings are physically the same, the difference is in the income and the risk. I would value each on its net operating income divided by a market cap rate. The one with longer leases to stronger tenants, or in a better location, earns a lower cap rate and so a higher value, even with the same rent today. I would check that against recent sales per square foot nearby. As a lender, I would also ask how well each building's income covers the debt, because that sets how much we can safely lend.

Fit and motivation"Why Apollo, and why this team?"6,2,4
  1. 1Start with the team: what it invests in or lends to, in one sentence.
  2. 2Give one reason specific to Apollo, such as small teams investing across the capital structure.
  3. 3Name what you bring: a class, job or project the team could use.
  4. 4Close with what you want to learn on the team this summer.

Tip: The Real Estate Credit first round of Jan 2026 (summer 2026) centered on why the firm and the role. Apollo describes its summer as full immersion in small teams, so speak to the team, not only the firm.

More Apollo interview questions

Markets

  • “What is your view on equities?”7

    Corporate credit, summer 2026

  • “How is the current AI boom affecting monetary policy?”7

    Corporate credit, summer 2026

  • “A few market-related questions.”6

    Real Estate Credit, New York, Jan 2026 (summer 2026); topics not given

Background and fit

  • “Tell me about your background.”7,6

  • “Why are you interested in the firm and the role?”6

  • “Why investing, and why not investment banking first?”

    Best guess

    Apollo hires summer analysts straight onto investing teams

Team technical

  • “Technical questions on different asset classes and real estate terms, and how they relate.”9,12

    Real Estate, New York, Oct 2021 (summer 2022); the review does not say which round asked them

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How long to hear back after the interview

Each team sets its own pace. Whole processes have taken from under a month to two months, and some teams give little word between rounds.6,8,9,11

  1. Sep 2019 (summer 2020)

    Debt Capital Markets, New York

    Three phone screens, then a superday and an accepted offer; 1 to 2 months.8

  2. Oct 2021 (summer 2022)

    Real Estate, New York

    Three interviews, then a superday of about four hours; 1 to 2 months.9

  3. Late 2025 (summer 2026)

    Corporate credit

    One applicant sent a thank-you note after the call and had heard nothing on next steps when posting an update; they expected the small team to hire one to three interns.7

  4. Jan 2026 (summer 2026)

    Real Estate Credit, New York

    Applied online; stopped after the first round, 1 to 2 months in all.6

Small teams hire few summer analysts (one to three on one credit team), and some give little word on timing, so expect quiet stretches after a screen.7,11

Best guessIf two weeks pass after your screen with no news, send one short, polite email to your contact, and keep applying to other Apollo teams as they post.

What happens after the interview

  1. Online application

    A Workday posting per role, with a resume. For summer 2027, postings went up from April 2026 into the fall.3,4,5

  2. Phone or video screensYou are here

    This page. One to three screens, often by phone: your background, why Apollo and the role, and a few market questions.6,7,8,9

  3. Superday

    Five to seven interviews in one day, mostly behavioral, with a technical interview or case study in some.8,9

Screens vs the superday

The screens check your background and interest in one or two short calls; the superday adds more people, more depth and a technical interview or case in some teams.

How many

Phone or video screens

One to three calls.6,8,9

Superday

Five to seven interviews, back to back.8,9

Setting

Phone or video screens

Phone or video, about 30 minutes.5,10,11

Superday

On video across two offices in one Real Estate process; your invite says which.10

Who

Phone or video screens

HR or a junior investment professional.5

Superday

Members of the team, sometimes from more than one office.10

Content

Phone or video screens

Mostly behavioral, a few market questions.6,7

Superday

Mostly behavioral, plus a technical interview or case study.8,9

2028 summer analyst status

Apollo posts its summer roles in the fall for the next summer, and for summer 2027 some posted as early as April 2026. Summer 2026 screens ran from late 2025 into Jan 2026. Expect summer 2028 screens to follow your own posting rather than one firm-wide date.2,3,4,6,7

FAQ

What is the Apollo first-round interview like?

One to three short calls with the team you applied to, often by phone. Most of it is your background and why Apollo and the role, with a few market questions; credit teams can spend most of the call on markets.6,7,8,9

Is the Apollo screen on the phone or on video?

Either. Real Estate and Real Estate Debt have used phone interviews, and screens can also run on video. Test your setup either way.10,11,5

How long is an Apollo phone screen?

Plan for about 30 minutes. Keep answers to a minute or two so there is time for markets and your questions.5

Is the Apollo first round technical?

Lightly, and it depends on the team. A Real Estate Credit first round (Jan 2026, summer 2026) had nothing heavily technical; real estate teams have asked how to value two identical buildings and about asset classes and real estate terms; credit teams ask about private credit and rates.6,11,9,7

What market questions does Apollo ask?

In a summer 2026 corporate credit interview: what you know about private credit, why rates will be lower, your view on equities, and how the AI boom affects monetary policy. Have a view on each and explain how you reached it.7

When do you hear back after an Apollo screen?

It depends on the team. Whole processes have taken under a month to two months, and some teams give little word on timing, so expect quiet stretches.6,8,11,7

Interview at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.

  1. 1Apollo: Careers
  2. 2Apollo: Life at Apollo
  3. 3Apollo (job-board copy, OpenQuant): 2027 Summer Analyst, Credit Trading (New York, posted Apr 24, 2026)
  4. 4Apollo (job-board copy, Internships.com): 2027 Sophomore Summer Analyst (posted Sep 30, 2026)
  5. 5Extern: Apollo Global Internship 2027-2028: Programs, Deadlines & How to Apply · prep site
  6. 6Candidate report on a public forum: Real Estate Credit Summer Analyst interview, New York (Jan 2026)
  7. 7Candidate discussion on a public forum: Apollo Interview for Credit Role (thread from Nov 5, 2025)
  8. 8Candidate report on a public forum: Intern interview, Debt Capital Markets, New York (Sep 2019)
  9. 9Candidate report on a public forum: Intern interview, Real Estate, New York (Oct 2021)
  10. 10Candidate report on a public forum: Summer Analyst interview, Real Estate, New York (Apr 2018)
  11. 11Candidate report on a public forum: RE Debt SA interview (May 2022)
  12. 12Candidate reports on a public forum: Apollo Global Management interview questions, latest 10 reviews (Nov 2026)

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