Analyst Interview Questions - Blackstone Real Estate Asset Management

DevInt's picture
Rank: Chimp | 5

Hey guys, very new to posting on this site.

I have an upcoming 1st round interview for an Analyst position within Blackstone's Real Estate Asset Management group, and I'm wondering if anyone with past experience has any tips on how to stick out as a strong candidate. I have been preparing the typical behaviorals, so this is more geared towards any sort of technical prep I should add in.

A little more background on me... I'm a rising senior at a top-tier, non-to-semi-target school, interned at a top RE manager/developer/investor (Brookfield/Hines/Vornado etc.) this past summer, though I did not get as much financial modeling/Excel/ARGUS experience as I would have liked. Also, I've never interviewed with BX before, and I landed this interview through an alum in the group.

Thank you in advance! It's my first interview for a full-time position so I'm pretty nervous/anxious, would appreciate any and all advice.

Comments (12)

Best Response
Dec 31, 1969

First, google Jonathan Gray.

Second, go through previous threads on this forum.

Third, look up the following terms: DSCR, LTV, Debt Yield, NOI, DCF(all CRE models use a DCF template), Cap Rate.

Know that in real estate there is no EBITDA or EBIT when looking at an investment just NOI which is Rent Roll minus a vacancy rate(people move in and out) and then subtract the expenses of which there can be anywhere from 4 to 30 expense line items in a proforma.

There is no P/E ratio, the metric that we use is Cap Rate which is an inverse P/E ratio.

Dec 31, 1969

Holy smokes. Good tips. I was going to type something and then just stopped because typically when I respond such an open question like this it takes me an hour. I think you nailed it.

Dec 31, 1969

Would this all apply to Starwood Capital Acquisitions and Asset Management?

Funniest
Dec 31, 1969

how did you get an interview for RE AM without knowing absolutely nothing about RE?

    • 4
Dec 31, 1969

My guess = wharton. Otherwise I would be kind of shocked too. I thought it was also funny that he knows "nothing about RE" but would "kill for the job" pretty funny considering most RE people are completely obsessed with RE. Whatever though more power to him.

Dec 31, 1969

Yeah, I think it's more like he heard "blah blah blah Blackstone blah blah blah TOMORROW" If I were in his shoes and knew nothing about real estate I would also kill for the job. It's too bad I know real estate and couldn't get the job if I gave Jonathan Gray a handy under the interview table. Not saying at this point in my career I would want to work analyst hours again.

Dec 31, 1969

Mainly fit. The following are what I remember from first round (after a prelim interview):
Why real estate?
Why Blackstone?
Why Asset Management?
If you had $100mm where would you invest today (in real estate)?
First round typically a modelling test, portfolio of assets, build out DCF, refi debt in x year, dispose in y year, what is the IRR, what is the equity multiple, does debt pass DSCR and DY tests, etc.
What do you do for fun?
Any questions for us?

Dec 31, 1969
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