Lazard interview process

1. Step 1

   Video screen

   A recruiter screen or HireVue, three to five questions, focused on behavioral fit and motivation for advisory work.

   • Questions probe genuine interest in independent advisory work, not general prestige-seeking.
   • “Why did you apply for Lazard?”
   • “Why financial advisory?”

2. Step 2

   First round

   One or two interviews of 30-45 minutes with analyst or associate-level bankers, mixing behavioral and technical.

   • Expect a DCF walkthrough, the enterprise value to equity value bridge, a basic LBO, and accounting questions.
   • Restructuring-track candidates get a distinct layer of bankruptcy, recapitalization, and creditor-side questions.

3. Step 3

   Final round

   Four to six back-to-back interviews of 30-45 minutes each with VPs, Directors, and Managing Directors.

   • Expect resume deep-dives, accretion-dilution, restructuring scenarios, and three-statement impact questions.
   • Motivation and cultural fit carry real weight throughout, not only in the earlier screen.

Share of the 18 Lazard questions in our bank by topic. Each topic links to a worked example.

1. Behavioral questions33%
2. Three-statement questions17%
3. Mental math and markets17%
4. DCF questions11%
5. Enterprise value bridge6%
6. Valuation multiples6%
7. Paper LBO6%
8. Accretion and dilution6%

• Financial statement fluency, DCF construction, and the enterprise value to equity value bridge.
• Basic LBO mechanics and standard accretion-dilution math.
• For restructuring: capital structure, recapitalization, and creditor-side distressed reasoning.
• Genuine motivation for advisory work and for Lazard specifically, not just prestige.
• Composure under direct MD-level questioning during Superday.

Real questions from the set. Open one to answer it with grading.

• Tell me about the most complex problem you have worked onBehavioral questions|Advanced
• What is net working capital and how does an increase affect cash flow?Three-statement questions|Advanced
• Restructuring: who advises the debtor vs the creditors?Mental math and markets|Advanced
• What is terminal value and how do you calculate it?DCF questions|Advanced
• EV to equity value bridge: standard adjustments beyond debt and cashEnterprise value bridge|Advanced
• What are the three main valuation methodologies?Valuation multiples|Basic
• Walk me through an LBO at a high levelPaper LBO|Basic
• Accretion/dilution: full numeric walkthrough with synergiesAccretion and dilution|Advanced

• Explain concretely why Lazard's independent, advisory-only model appeals to you, echoing the firm's own emphasis on candor and idea-driven culture.
• For restructuring interest, go beyond generic M&A technicals into capital structure and creditor-side mechanics.
• Practice the enterprise value to equity value bridge until it is automatic; it is directly asked at first round.
• Expect a senior banker in the room at Superday and hold your technical answers to that same bar.