Houlihan Lokey Investment Banker / M&A Analyst Interview Questions
& Process
Real candidates share what happened, how many rounds they had,
and how the experience turned out.
Based on 96 interview experiences · FREE TO READ
Candidate interview experiences
First-hand accounts from people who interviewed at Houlihan Lokey.
Houlihan Lokey
Investment Banking Analyst
Intern Average Neutral experience No offer 2 rounds
Interview process
Recruiter call Onsite
Interview formats
Behavioral Technical
First, there was a 15-minute screener call that was mostly behavioral questions but included some basic technicals like how to value a company, and walking through a DCF. The Superday happened two days later and was also mostly behavioral with some basic technical questions. They really focused on teamwork skills during the Superday.
Confirmed questions7 questions
- Can you explain how you would value a company?
- Could you walk me through a Discounted Cash Flow (DCF) analysis?
- How would you calculate the Weighted Average Cost of Capital (WACC)?
Houlihan Lokey
Investment Banking Analyst
Entry Average Neutral experience No offer 1 round
Interview process
Recruiter call
Interview formats
Behavioral
I had an HR round over Zoom. It was mostly about my background and if I'd be a good fit for the role. We started with basic questions like going over my resume, my school background, and explaining how my past internship and current M&A work connect to why I want to be in investment banking.
Confirmed questions4 questions
- Can you describe a typical day in your current role?
- Can you walk me through your resume?
- Can you explain your academic journey?
Houlihan Lokey
Investment Banking Associate
Mid Average Positive experience Decline offer 2 rounds
Interview process
Recruiter call Technical screen
Interview formats
Technical Behavioral
The interview was super friendly and felt like a normal chat. They asked me some questions about M&A modeling, and then we discussed work-life balance and my future career plans.
Confirmed questions1 question
- In five years, what do you envision for your career path?
Houlihan Lokey Investment Banker / M&A Analyst Interview Questions
Quoted word for word from Houlihan Lokey interview reports.
“What effect does a change in WACC have on the stock price?”
Read reports →“What impact does a ten dollar depreciation have on the financial statements?”
Read reports →“Given an Enterprise Value (EV) of 120, Senior debt of 55, Junior debt of 55, and Cash of -20, what would be the expected value of equity?”
Read reports →“Can you explain the impact of $10 in depreciation on the three financial statements?”
Read reports →“Given two companies with EV/EBITDA multiples of 5x and 6x respectively, how would you determine which has a higher net operating income?”
Read report →“Given a P/E of 10, an interest rate of 6%, and a D/E of 6, would you say Debt or Equity is the cheaper option?”
Read report →“If two firms, A and B, have identical revenue, location, and product, what could explain firm A paying $5 million in tax while firm B pays $0?”
Read report →“And conversely, which valuation method tends to yield the lowest valuation, and why?”
Read report →“Can you explain the accounting treatment for $10 in depreciation?”
Read report →Formats, difficulty and experience
Across all 96 Houlihan Lokey interview reports.