Lazard 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 149 interview experiences · FREE TO READ
Candidate interview experiences
First-hand accounts from people who interviewed at Lazard.
Lazard
M&A Analyst
Intern Average Positive experience Accept offer 2 rounds
Interview process
Recruiter call Phone screen Technical screen
Interview formats
Behavioral Technical Case
Le processus comprenait des questions sur les motivations (pourquoi Lazard, pourquoi le M&A) et des questions techniques (un mélange de tout: process, LBO, relution/dilution, compta). Il n'y avait pas de brain teaser. Des questions sur les expériences passées étaient aussi posées, demandant d'expliquer les deals sur lesquels on a travaillé.
Confirmed questions7 questions
- Could you explain why you are interested in Lazard?
- Could you explain why you are interested in M&A?
- Can you describe the M&A process?
Lazard
Investment Banking Analyst
Entry Average Neutral experience No offer 3 rounds
Interview process
Recruiter call Technical screen Onsite Background check Offer
Interview formats
Behavioral Technical Case
The interview process involves assessing both personality and some math skills. Typically, there are about 5 questions, always including inquiries about why Lazard and why investment banking. The interviews might consist of 3 rounds: 2 behavioral and 1 technical. It might be helpful to prepare some case studies and market sizing questions.
Confirmed questions2 questions
- Can you explain your interest in Lazard and how you align with the firm?
- Why are you interested in a career in investment banking?
Lazard
Investment Banking Analyst
Entry Average Negative experience No offer 2 rounds
Interview process
Recruiter call Onsite
Interview formats
Behavioral Technical
Had a basic phone interview where we talked about fit and my interest in the role. This was followed by a super day in New York. The super day included a mix of technical and fit questions. The interview wasn't too tough. Some interviewers were a bit unprofessional, like one associate who was late, mostly on her phone during the interview, and then wrongly told me my understanding of the role compared to my past experience was off, which her VP, who had a background like mine, didn't agree with. She probably knew best since this is her only job, though.
Confirmed questions2 questions
- Can you explain the three main drivers of value creation in an LBO?
- What is the difference between secondaries advisory and secondaries investing?
Lazard Investment Banker / M&A Analyst Interview Questions
Quoted word for word from Lazard interview reports.
“If a company has $100 in cash flow every year forever, what's its value?”
Read reports →“An asset can have depreciation over 5 and 10 years. With which one is the valuation higher?”
Read reports →“Where can you find a company's shares outstanding in its 10K filing?”
Read reports →“Given a company's Debt/Total Capital ratio increases from 15% to 25%, how are its Cost of Equity, Cost of Debt, and WACC affected, assuming only debt and equity financing?”
Read reports →“What's the implication if a company's FCF is increasing but its Change in Working Capital is becoming more negative annually?”
Read report →“Could you explain why a company with a high EBITDA might be valued less?”
Read report →“Financial statements - what happens if you increase US$100 M in CapEx across the three statements?”
Read report →“Which valuation method, DCF or LBO, would typically result in a higher valuation, and what are the three main valuation methods?”
Read report →“Can you explain the reason behind variations in capitalization rates for properties that share identical characteristics such as location, age, net operating income, and appearance?”
Read report →Formats, difficulty and experience
Across all 149 Lazard interview reports.