Author: Taylor Warfield, Former Bain Manager and interviewer

Last Updated: March 16, 2026

Alvarez & Marsal case interviews involve two to three rounds of candidate-led cases paired with behavioral questions. The process typically takes about 38 days from application to offer, according to Glassdoor data from over 360 candidate interviews.

 

In this guide, you will learn exactly how the A&M interview process works across every practice area, the 5 steps to solve any case, 8 real case examples from past interviews, and the most common behavioral questions with tips on how to answer them.

 

But first, a quick heads up:

 

McKinsey, BCG, Bain, and other top firms accept less than 1% of applicants every year. If you want to triple your chances of landing interviews and 8x your chances of passing them, watch my free 40-minute training.

 

What Is Alvarez & Marsal?

 

Alvarez & Marsal is a global professional services firm that specializes in turnaround management, restructuring, performance improvement, and business advisory. Founded in 1983 by Tony Alvarez II and Bryan Marsal, the firm has grown from a small turnaround shop into one of the fastest-growing consulting firms in the world.

 

A&M is probably best known for serving as the bankruptcy administrator for Lehman Brothers during the 2008 financial crisis. Bryan Marsal himself was appointed as Lehman’s chief restructuring officer and later its CEO.

 

Today, A&M has over 11,500 employees working from offices in more than 40 countries. The firm generates roughly $2.1 billion in annual revenue and has grown headcount by about 10% year over year. Its key practice areas include:

 

• Restructuring: Corporate turnarounds, Chapter 11 advisory, and crisis management

 

• PEPI (Private Equity Performance Improvement): Operational due diligence, value creation, and portfolio company improvement for PE firms

 

• TAG (Transaction Advisory Group): Financial due diligence, quality of earnings, and deal support

 

• CRG (Consumer and Retail Group): Strategy and operations consulting for consumer and retail companies

 

• Disputes and Investigations: Forensic accounting, fraud investigation, and litigation support

 

Understanding which practice area you are interviewing for is essential because the interview format and case types can vary significantly. More on that below.

 

What Does the Alvarez & Marsal Interview Process Look Like?

 

The Alvarez & Marsal interview process typically involves two to three rounds and takes about 38 days from application to offer, based on Glassdoor data from 361 candidate interviews. The format can vary slightly depending on whether you are applying for a full-time role, an internship, or a lateral hire.

 

Round 1: Recruiter Phone Screen

 

The first round is usually a 30-minute phone screen with an A&M recruiter. Questions focus on your resume, previous work experience, and interest in the firm.

 

If you are a student recruiting through on-campus events at a target school, this step is sometimes skipped. According to Indeed survey data, the most common way candidates get an A&M interview is through an employee referral, followed by recruiter outreach.

 

Round 2: First-Round Interviews

 

The second round consists of two to three interviews, each lasting 45 to 60 minutes. Each interview includes a mix of behavioral or fit questions and one case interview.

 

The cases in this round may be shorter or more focused. For example, you might get a straightforward profitability case or an operational assessment. Interviewers at this stage are typically consultants or managers.

 

Round 3: Final-Round Interviews or Super Day

 

The final round is another set of two to three interviews, this time with senior managers, directors, or partners. The format is similar to the first round, but expectations are higher.

 

You will be assessed on your ability to lead the case conversation, synthesize insights, and deliver a clear recommendation. At this stage, interviewers want to see that you can think like a consultant, not just follow a framework.

 

Some offices run a Super Day format where all final-round interviews happen in a single day at the office. Based on Wall Street Oasis candidate reports, Super Days can include four to six interviews plus a modeling test for certain roles. A pre-Super Day case presentation session may also be offered.

 

Round	Format	Interviewers	Duration
1: Phone Screen	Resume + fit questions	Recruiter	30 minutes
2: First Round	Behavioral + case	Consultants, Managers	45-60 min each (2-3 interviews)
3: Final Round / Super Day	Behavioral + case (higher expectations)	Directors, Partners	45-60 min each (2-3 interviews)

 

How Do A&M Case Interviews Differ by Practice Area?

 

Alvarez & Marsal case interviews vary significantly depending on the practice area you are applying to. The general structure stays the same, but the types of cases, the technical depth, and the skills tested are quite different. Having coached over 100 candidates for A&M interviews, I can tell you that the biggest mistake people make is preparing for generic strategy cases when their role calls for financial and operational analysis.

 

PEPI (Private Equity Performance Improvement)

 

PEPI interviews focus heavily on value creation and operational due diligence. You should expect cases involving portfolio company performance improvement, EBITDA margin analysis, cost reduction, and merger integration scenarios.

 

The technical bar is higher here. PEPI interviewers may ask you to walk through a financial model, analyze a 13-week cash flow, or assess working capital. According to A&M job postings, preferred qualifications for PEPI roles include a CPA, CFA, or MBA, along with 2 to 4 years of experience in accounting, financial due diligence, restructuring, or private equity.

 

TAG (Transaction Advisory Group)

 

TAG interviews are the most accounting-heavy of all A&M practice areas. Expect discussions involving income statement and balance sheet walkthroughs, quality of earnings analysis, and net working capital adjustments.

 

A&M’s TAG practice is the largest global transaction advisory group outside the Big Four, with over 1,200 professionals in 40+ offices. Your case might involve assessing a target company for a private equity buyer or identifying red flags in financial statements before an acquisition. Many TAG hires come from Big Four audit or transaction advisory backgrounds.

 

CRG (Consumer and Retail Group) and General Consulting

 

If you are interviewing for A&M’s Consumer and Retail Group or a general consulting role, the cases will be closer to what you would see at a traditional strategy firm. Think market entry, growth strategy, profitability improvement, and competitive positioning.

 

These cases are still more operationally grounded than what you would get at McKinsey or BCG. A&M’s heritage is in hands-on performance improvement, so your interviewer will want to see practical thinking, not just theoretical frameworks.

 

Restructuring

 

Restructuring interviews are intense. Expect cases about companies in financial distress, including topics like liquidity crises, debt restructuring, Chapter 11 advisory, and operational turnarounds. One Wall Street Oasis candidate reported being asked: "If you were consulting for a company in severe distress, how would you prevent a short-term liquidity crisis?"

 

Restructuring roles often include a financial modeling test. Based on candidate reports, this may be a 13-week cash flow model done remotely before the Super Day. Having a strong grasp of cash flow dynamics and distressed company fundamentals is essential.

 

Practice Area	Typical Case Focus	Key Technical Skills
PEPI	Value creation, operational diligence, EBITDA improvement	Financial modeling, margin analysis, working capital
TAG	Quality of earnings, deal diligence, financial statement review	Accounting fundamentals, income statement and balance sheet analysis
CRG / Consulting	Market entry, growth strategy, profitability, competitive positioning	Structured problem solving, market analysis, business judgment
Restructuring	Turnarounds, liquidity management, debt restructuring, Chapter 11	13-week cash flow modeling, distressed analysis, scenario planning

 

What Makes Alvarez & Marsal Cases Different from MBB?

 

A&M case interviews share the same basic structure as McKinsey, BCG, or Bain cases, but there are a few important differences that catch candidates off guard.

 

Candidate-led format. A&M cases are generally candidate-led. You are expected to drive the direction of the case, decide which areas to explore, and propose each next step. This is different from McKinsey’s interviewer-led format where the interviewer guides you through a series of specific questions.

 

More operational and financial. A&M was built on turnarounds and performance improvement. Their cases reflect this heritage. You are more likely to see cases involving cost reduction, cash flow management, or operational efficiency than pure growth strategy or market sizing.

 

Real-world emphasis. Many A&M cases mirror actual client scenarios. Interviewers may give you messy data, ask you to interpret financial statements, or expect you to think about implementation, not just strategy. In my experience coaching A&M candidates, the interviewers care as much about practical thinking as they do about structured frameworks.

 

Collaborative tone. A&M interviews tend to feel more conversational than MBB interviews. The interviewer may push back on your assumptions, offer hints, or redirect you. Go with it. Treat it as a working session with a colleague, not a performance.

 

What Are the 5 Steps to Solve Any A&M Case Interview?

 

Every A&M case interview follows a similar flow regardless of the industry or business problem. Master these five steps and you will be able to handle any case they throw at you.

 

If you want a structured way to master these steps quickly, my case interview course walks you through each one with practice cases and drills.

 

Step 1: Understand the Case

 

Your case interview will begin with the interviewer giving you the case background information. While they are speaking, take careful notes on the most important pieces of information. Focus on the context and the objective.

 

Do not be afraid to ask clarifying questions if something is unclear. You may want to summarize the case background back to the interviewer to confirm your understanding.

 

The most important part of this step is to verify the objective of the case. Not answering the right business question is the fastest way to fail a case interview.

 

Step 2: Structure the Problem

 

Next, develop a framework to break the problem down into smaller, more manageable components. Think of a framework as brainstorming different ideas and organizing them into categories.

 

Ask the interviewer for a minute or two to collect your thoughts before presenting your framework. Ideally, your framework should be MECE, meaning each element has zero overlap and the sum of all elements covers all the important areas of the case.

 

For a complete guide on building tailored frameworks, check out our article on case interview frameworks.

 

Step 3: Lead the Analysis

 

Once you have presented your framework, start exploring different areas to solve the case. Since A&M cases are candidate-led, you will need to propose which area to investigate first and explain why.

 

There is generally no right or wrong area to pick first. The interviewer wants to see that you can prioritize and make decisions with a clear rationale. If you pick an area the interviewer does not want to explore, they will redirect you.

 

Step 4: Solve Quantitative and Qualitative Questions

 

Most A&M cases have a quantitative component. You may be asked to calculate profitability, estimate a market size, or interpret financial data. The key is to lay out your structure or approach before doing any math.

 

Present your approach to the interviewer first. If they approve it, the rest is just execution. Talk through your calculations out loud so the interviewer can follow your thinking. Once you reach an answer, explain what it means for your recommendation.

 

For qualitative questions like brainstorming or giving your opinion on a business issue, structure your answer. Provide your stance first, then list the reasons that support it. Always connect your answer back to the case objective.

 

Step 5: Deliver a Recommendation

 

In the final step, present your recommendation and the top reasons that support it. Do not recap everything you did in the case. Focus on the facts that matter most.

 

It is also good practice to include potential next steps you would take if you had more time or data. These can be areas of your framework that you did not have time to explore or lingering questions without clear answers.

 

What Technical Skills Do You Need for A&M Case Interviews?

 

The technical skills required for your A&M interview depend heavily on the practice area. General consulting roles test the same skills as any case interview: structured thinking, mental math, and business judgment. But PEPI, TAG, and restructuring roles go deeper.

 

Here are the technical skills that come up most frequently across A&M interviews:

 

• Financial statement analysis: Be able to walk through an income statement, balance sheet, and cash flow statement. Know how changes in one statement affect the others.

 

• EBITDA and margin analysis: Understand how to calculate and interpret EBITDA, gross margin, operating margin, and net margin. A&M cases frequently center on improving these metrics.

 

• Cash flow modeling: For restructuring roles, you should be comfortable with 13-week cash flow models. This is the standard tool for managing liquidity in distressed situations.

 

• Cost structure analysis: Be able to break down fixed vs. variable costs, identify cost drivers, and propose realistic cost reduction strategies.

 

• Mental math and data interpretation: Across all practice areas, you need to do calculations quickly and accurately. Practice your mental math daily during prep. For tips, see our guide on market sizing.

 

According to Glassdoor, candidates who interview for A&M rate the interview difficulty at 3.0 out of 5, with financial and technical roles rating higher. About 65.5% of candidates describe their overall interview experience as positive.

 

What Are Real Alvarez & Marsal Case Interview Examples?

 

Below are eight case interview questions that Alvarez & Marsal has given to real candidates. These examples cover the most common case types including market entry, growth strategy, profitability, cost reduction, and M&A. Use them to get a feel for the types of business situations you could face.

 

For more practice, check out our article on 23 MBA consulting casebooks with 700+ free practice cases.

 

Case 1: Truck Manufacturing Emerging Markets Growth

 

Case type: Growth Strategy / Market Entry

 

Our client is the CEO of an American truck manufacturing company. The company is successful and has strong positions in mature markets in North America and Europe. However, it has struggled to grow in China since entering five years ago. China is the world’s single largest market for trucks and now accounts for 70% of global demand by volume. Our consulting firm has been tasked to help the CEO profitably increase its market share in China. What would you recommend?

 

Case 2: New Bar in Chicago

 

Case type: New Business / Profitability

 

Your client is an MBA graduate with a passion for entrepreneurship. He is looking to open a new bar in Chicago. To do this, he needs to determine how profitable the bar will be and convince his primary investor, his father, that it will be a viable business. What areas would you investigate? Is opening a new bar in Chicago a good idea?

 

Case 3: Canadian Diamond Market Entry

 

Case type: Market Entry / M&A

 

An international corporation headquartered in London specializes in diamond exploration, mining, retail, trading, and industrial manufacturing. The company has operations in over 30 countries. To date, all mining initiatives have been in Central and Southern Africa. They are now entering the Canadian diamond market in both mining and retail. You have been hired to determine how this can be accomplished.

 

Case 4: Healthcare Revenue Decline

 

Case type: Profitability / Cost Reduction

 

A non-profit healthcare delivery system in the state of New York is currently in a strong financial situation but anticipates a 40% decline in revenue over the next few years. What can be done to protect their profit margins in the future?

 

Case 5: Dairy, Ham, and Sausage Profitability

 

Case type: Profitability Improvement

 

Our client is a leading producer of dairy, ham, and sausages in the United States. Currently, they produce more than 1,000 different products. Our client and two other competitors dominate the market. Our client wants to increase profits and has hired our consulting firm to help. How would you approach the problem?

 

Case 6: Vitamin Retail Chain Acquisition

 

Case type: Private Equity / M&A

 

Your client is a private equity firm specializing in equity and debt recapitalizations, management buyouts, and debt and equity portfolio purchases. They target companies with revenues between $20 and $500 million. Your client is interested in purchasing Vitamin Co., a retail chain of health stores with over 1,000 stores in shopping malls. Should your client purchase Vitamin Co.?

 

Case 7: Telecom Cost Reduction

 

Case type: Cost Reduction / Operations

 

An American multinational telecommunications corporation is one of the largest providers of mobile and fixed telephony and broadband subscription television services in the United States. The CFO has asked you to develop a program that will reduce costs by $1 billion a year. Suggest areas of focus using a structured approach and identify risks and performance indicators for your cost reduction strategy.

 

Case 8: Sportswear Manufacturer Doubling Sales

 

Case type: Growth Strategy

 

Our client is a UK clothing apparel company that produces dressy-casual clothing and sportswear for men. For the past 5 years, the company has managed respectable sales growth. However, the CEO would like to double their sales within the next year. Is doubling of sales possible in one year? If so, what should the company do to achieve this?

 

Notice the range of industries and business problems in these examples. A&M cases can cover anything from healthcare to telecom to private equity. The common thread is a focus on practical, operational problems with real financial stakes.

 

What Are the Most Common A&M Behavioral Interview Questions?

 

In addition to case interviews, you will face behavioral or fit interview questions in every round. These questions are more predictable than cases, which makes them easier to prepare for. In my experience, candidates who nail the behavioral portion often get the benefit of the doubt on a borderline case performance.

 

If you are short on time, my fit interview course covers 98% of the questions you could be asked in about 3 hours.

 

Here are the ten behavioral questions that A&M most commonly asks, along with guidance on how to answer each one. For a deeper dive, see our complete guide on consulting behavioral interview questions.

 

1. Why are you interested in working at Alvarez & Marsal?

 

Have at least three specific reasons. You could mention their unique mix of advisory, restructuring, and consulting services. You could speak to their hands-on approach to turnarounds and performance improvement. You could also talk about the entrepreneurial culture and early exposure to senior leadership. Research the firm on Alvarez & Marsal’s website to make your reasons specific and authentic.

 

2. Why do you want to work in consulting?

 

Again, have three reasons. Strong options include fast career growth, the opportunity to develop versatile skills across industries, the chance to make a measurable impact on large organizations, and the collaborative nature of the work.

 

3. Walk me through your resume.

 

Provide a concise summary of your experience, starting with the most recent. Focus on your most impressive and memorable accomplishments. At the end, briefly connect your experiences to why you are a great fit for consulting and for A&M specifically.

 

4. What is your proudest achievement?

 

Choose your most impressive or memorable accomplishment. Structure your answer with the situation, the task, the actions you took, and the results. Highlight what made you proud and what it says about you as a professional.

 

5. What is something you are proud of that is not on your resume?

 

This is your chance to show who you are outside of work. A meaningful volunteer project, a side business, an athletic achievement, or an interesting hobby are all fair game. Choose something that demonstrates qualities A&M values: initiative, independence, and drive.

 

6. Tell me about a time when you led a team.

 

Pick a time when you directly managed people or led a project. Explain the challenge, how you handled leadership, and quantify the results. Highlight specific leadership skills like decision-making, delegation, and motivating others.

 

7. Give an example of a time when you faced conflict or disagreement.

 

Focus on the steps you took to resolve the conflict, not on the conflict itself. Emphasize the interpersonal skills you used and the positive outcome. Interviewers want to see that you handle disagreements constructively.

 

8. Tell me about a time when you had to persuade someone.

 

Choose a time when you changed someone’s mind through evidence and communication, not authority. Walk through your approach and the result. A&M values people who can influence clients and stakeholders.

 

9. Describe a time when you failed.

 

Choose a real failure, not a success in disguise. Focus on what you learned from the experience and how you applied those lessons going forward. Interviewers want to see self-awareness and resilience.

 

10. What questions do you have for me?

 

Ask thoughtful questions about the interviewer’s personal experience at A&M, their career path, or what they enjoy most about the work. Getting the interviewer talking about themselves creates a positive impression. Avoid questions that could be easily answered by reading the firm’s website.

 

How Should You Prepare for Alvarez & Marsal Case Interviews?

 

Preparing for an A&M case interview is similar to preparing for any consulting case interview, with a few important additions depending on your practice area. Here is a prep strategy that has worked well for the candidates I have coached.

 

1. Start with the fundamentals.

If you are new to case interviews, learn the basic structure first. Understand how to build frameworks, do structured math, and deliver recommendations. This foundation applies to every A&M interview regardless of practice area.

 

2. Practice candidate-led cases.

Since A&M interviews are candidate-led, you need to practice driving the case yourself. This means proposing areas to explore, prioritizing your analysis, and connecting your findings back to the objective without being prompted. Many candidates who are used to interviewer-led McKinsey cases struggle with this at first.

 

3. Build role-specific skills.

If you are interviewing for PEPI or TAG, spend extra time on financial statement analysis, EBITDA calculations, and cost structure breakdowns. For restructuring, get comfortable with cash flow modeling and distressed company scenarios. General consulting candidates should focus on a broad range of case types including profitability, market entry, and growth strategy.

 

4. Do mock interviews.

Practicing cases with a partner is the fastest way to improve. Aim for at least 10 to 15 practice cases before your interview. If you want personalized feedback, my 1-on-1 coaching helps you improve roughly 5x faster than solo practice.

 

5. Prepare your behavioral answers early.

Do not leave behavioral prep to the last minute. Write out answers to the 10 most common questions above, then practice delivering them out loud until they feel natural. Behavioral questions are easy points that too many candidates leave on the table.

 

6. Research the firm.

Know A&M’s history, practice areas, and recent work. You should be able to answer "Why A&M?" with three specific and authentic reasons. Check A&M’s website, press releases, and recent news for talking points.

 

Frequently Asked Questions

 

How hard is it to get into Alvarez & Marsal?

 

A&M is selective, especially for high-demand practice areas like Restructuring, PEPI, and TAG. Estimated acceptance rates for these roles range from 3% to 7% at target schools, according to campus recruiting data. Glassdoor users rate the interview difficulty at 3.0 out of 5, which is moderate compared to MBB firms. Strong preparation and role-specific technical skills make a significant difference.

 

How long does the Alvarez & Marsal interview process take?

 

Based on Glassdoor data from 361 candidate interviews, the average A&M hiring process takes about 38 days from initial application to final offer. Some candidates report receiving an offer within days of the final round, while others wait one to two weeks.

 

Does Alvarez & Marsal do Super Days?

 

Yes. Some A&M offices and practice areas run a Super Day format where all final-round interviews happen in a single day on-site. Based on Wall Street Oasis candidate reports, Super Days can include four to six interviews and may involve a financial modeling test for certain roles like restructuring.

 

Can you prepare for an A&M case interview in one week?

 

Yes, if you focus on the right things. Prioritize learning the 5-step case solving method, practice 5 to 10 candidate-led cases, brush up on mental math, and prepare your behavioral answers. For PEPI or TAG roles, also review financial statement fundamentals. A structured prep plan is more effective than trying to cover everything.

 

What types of cases does Alvarez & Marsal ask?

 

A&M cases typically involve restructuring, profitability improvement, cost reduction, M&A evaluation, market entry, and private equity due diligence. The specific case type depends on the practice area. PEPI and TAG roles lean toward finance-heavy cases, while general consulting roles cover a broader range of strategy and operations problems.

 

Are Alvarez & Marsal case interviews candidate-led or interviewer-led?

 

A&M case interviews are generally candidate-led. You are expected to drive the direction of the case by proposing areas to explore, prioritizing your analysis, and connecting insights back to the objective. The interviewer will collaborate with you and may redirect if needed, but you should be prepared to take initiative throughout the case.

 

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