Interview Questions / Lazard

Lazard Interview Questions & Process

Financial Advisory Analyst · M&A Analyst · Restructuring Analyst

Updated July 2026

Lazard is one of the elite advisory boutiques and the world's largest independent financial advisory firm by revenue, with one of the deepest and longest-established restructuring (RX) franchises on the Street — so expect its technicals to reach into complex capital-structure and restructuring territory, not just standard valuation. It recruits across Financial Advisory and Lazard Asset Management, and its processes differ by office; the most fully published is the London Financial Advisory early-careers path.\n\nIn London that path runs an online application, a timed aptitude test, an untimed behavioural-trait assessment and a video assessment, then an assessment centre, and finally two roughly 30-minute interviews with senior bankers covering competencies, Lazard, financial markets, world affairs and technical finance. US-style recruiting instead tends to run a HireVue and an analyst phone screen into a superday of four to six 30–45-minute interviews with VPs, Directors and MDs. Either way, come with a crisp 'why Lazard', three-statement fluency, valuation that handles odd cases like negative EBITDA, a recent Lazard deal, and calm mental maths.

The cost of walking in unprepared

Lazard's process spans 6 distinct stages, often compressed into a single high-pressure loop. Most candidates only find out they weren't ready once the result lands.

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The Lazard interview process

  1. 1Online Application. Apply online to the eligible programme (London Financial Advisory permits one application per year).
  2. 2Online Assessments. Complete the online assessments — a timed aptitude test, an untimed behavioural-trait assessment, and a motivation/fit video assessment.
  3. 3Assessment Centre. Attend the assessment centre, which evaluates skills, potential and cultural fit while introducing the team and work.
  4. 4Final Round (London). Two ~30-minute interviews with senior bankers on competencies, Lazard, markets, world affairs and technical finance — typically within a week of the assessment centre.
  5. 5US-Style Route (HireVue + Superday). A HireVue and analyst phone screen into a superday of 4–6 interviews (30–45 min) with VPs, Directors and MDs, leaning technical with restructuring depth.
  6. 6Decision. Interviewers consolidate the evidence and recruiting communicates the decision.

Real Lazard interview questions

As reported by recent candidates. The same styles Hope asks in a Lazard-style mock.

“How would you value a company with negative EBITDA?”
Valuation
“In which industries or situations is a standard DCF inappropriate or less useful?”
Valuation judgment
“Walk through a paper LBO — entry assumptions, debt paydown, exit value and sponsor returns.”
Restructuring/LBO
“Explain how the income statement, balance sheet and cash-flow statement connect.”
Accounting
“Work through an acquisition case and lay out the strategic and financial considerations.”
M&A case
“Describe an important current finance event and what Lazard should advise a client to do about it.”
Markets/firm

Prepping alone vs with Merra

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  • ✕Find out you weren’t ready from a rejection email

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Lazard interview FAQs

Is Lazard's process the same everywhere?

No — the detailed stages here are the London Financial Advisory early-careers path; other offices and Lazard Asset Management run their own processes.

What's in the London online assessment?

A ~15-minute aptitude test, a ~10-minute behavioural-trait assessment, and a video assessment on motivation, fit and interest in the industry.

What makes Lazard's technicals distinctive?

Its deep, long-established restructuring franchise and independent-M&A heritage — expect real capital-structure depth and the occasional brain-teaser, not just vanilla valuation.

Are these questions guaranteed?

No — Lazard publishes topic areas, not a question bank; the examples are candidate-reported.

Related interview guides

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Merra is an independent interview practice platform and is not affiliated with Lazard. Interview formats vary by role, region, and year.

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