Hey everyone,
Im hoping to get a summer analyst internship with Houlihan Lokey, in New York. I was wondering if anyone could fill me in a little bit on their opinions of the bank. I have read some horror stories about how poor working there is, but I have also heard great things and thought the people I interviewed with were great. Anyone actually have some first hand experience, or friends with first hand experience? Also, does anyone know what the compensation is for both the Summer Analysts, as well as first year analysts? Thanks a lot for any info anyone can give me.
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Houlihan Lokey - Reputation and opportunities for analysts? (Originally Posted: 03/04/2007)
I just got offered a position to work at this bank for the summer and I was wondering what its reputation was and what the opportunities are coming out of its analyst program.
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Which HLHZ office were you offered? LA?
HLHZ has some of the biggest assholes (at the junior level) I have ever interviewed with.
The senior people seemed okay, but the junior guys were real dicks. They were the only bank that said they do not care about cultural fit as long as someone has the technical skills they need.
Damn...hahaha I actually liked the people I interviewed with (junior guys included). Maybe it differs from office to office.
HLHZ is supposed to be one of the more selective boutiques. They don't hire much. I think they are known for their middle-market M&A transactions and their above-average compensation. I would think the HQ in LA have most of the assholes. Or maybe NY.
I'm not sure about their selectivity. Their analysts don't tend to stick around for their third year or associate promote.
And the "above average" compensation is wrong. I'm not sure what you mean by "average," anyways. Average on the street? HLHZ will have a 5-10k discount to street, although they paid street last year.
EDIT: I have friends in the LA, Chicago and NY offices of HLHZ. Chicago and NY people were very nice. But the person above who said they look for technical skills over fit is probably right. But I think to a degree, that is the case with every bank.
People also tend to forget that sometimes the asshole thing is an act during interviews to see if you can handle the pressure and what not. The whole "good cop/bad cop" routine. But yeah, at the end of the day, it's a summer internship and you need to make the choice that is best for you.
However, the feeling I got about the culture wasn't just in interviews (though I will also say that they were the only bank where someone pulled the "can he handle me being an asshole to him" act), but also in the informational sessions, talking to analysts, etc.
The founder of the boutique I work for started the Chicago office of HLHZ. Though he's been with Smith Barney, Morgan Stanley and Madison Dearborn, he speaks most highly of his experience at Houlihan Lokey.
That's very interesting. What made the difference for him, or was it the fact that HLHZ Chicago was "his" office (assuming he played a large part in most of the hiring)?
I think they're just bitter because they couldn't get into a REAL bank.
--Let the flame-wars begin!...--
Depends on the division/group that you would be in. FAS does not have a very good reputation, for obvious reasons. Their M&A group dominates the middle market and is fairly well regarded (not top ten, but I would say without a doubt top twenty and I would actually probably take HLHZ over Deutsche Bank, especially if you're in LA). And Houlihan's restructuring business, as has been reiterated ad nauseam on this forum, is top-notch (top three).
Agree with your FAS, Agree with middle market M&A doing well, if it's sell-side only. But its not regarded at all.
HLHZ ADG in LA has earned some stripes as a niche player and has placed well.
HLHZ restructuring is great, but not many firms have pure restructuring arms.... Evercore, Lazard, UBS are much much better.
For such a good M&A group, I wouldn't expect their CIMs and Mgmt Presentations to be horse shit.
what are the obvious reasons why the FAS group does not have a good reputation
Pitchbooks in Word...doesn't GS do that, too?
Didn't say it was necessarily my first choice, its simply the only one I have had a superday with so far. I am still waiting on a number of other firms. Why do you ask?
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Thanks... anyone else have any comments on Houlihan Lokey, everyone I spoke to at the firm, from the Analyst Level through MD, spoke highly of the firm (obviously) but nearly everything I read on message boards is negative... Comments on anything (compensation, hours, culture, exit options, etc)?
Funny, everything I've read about the firm has been positive.
Let me guess... all vault guide stuff? Take a look at the forums on the vault website if you have access to it. Lots of negatives, nothing like whats reported in the guide itself, I question how legitimate the information in the guide is. A few of my interviewers at a number of different firms referred to the guide rankings and information as "bullshit" which is the same impression I get from the responses on the vault forums. I would just like to get some honest responses from people who have actually had experience, or know people who have experience there to see what it is really like since the opinions are so drastically conflicting.
No, everything I've read on message boards like this one or heard from friends who have friends there. Your response was pretty condescending. I'm not a fucking child; the Vault guide is a joke and everyone knows it. As for the Vault forums...they're pretty shitty too.
I interviewed with KippsDeSanto & Co.--an IBD founding in May 2007--a few months ago in the Washington, DC area. This firm was founded by a bunch of former Houlihan guys. They told me the place is awesome, has great benefits, and a good culture.
Thats good to hear and thats the impression I got from talking to the people I interviewed with. I walked out thinking that it would be a great place to work, but then when I did some more research, found all the horror stories. I am keeping my options open though, but would still love to get an offer from them moving forward. Keep the comments coming, its great to hear different people's stories and opinions. Thanks everyone.
Woah, I think you misunderstood my post. I really wasn't accusing you of anything. I simply thought you possibly fell into the same trap I fell into when doing preliminary research into the firm, thats all. I honestly want to hear what everyone has to say, including you. I really did not mean to come off condescending in any way, and in no way meant to offend you. My apologies. If i may, what have your friends said about the firm? I really want first hand insight since I know people are much more likely to go out of their way to post their negative opinions on something than their positive ones. Again, sorry for any misunderstanding Brisbane and I really do value everyone's opinions/comments, both positive and negative as I go through this process.
you already had a superday with HLHZ? I was always under the impression that superdays were a little later on...like in Feb?
I am studying abroad in the spring, so a few firms are willing to bring some people in early.
I realize the irony here seeing as I'm answering your question on a message board, but in general you should take horror stories and one-off incidents you hear about on message boards with a grain of salt.
The reality is that all banks have their bad apples, just like any company has its bad apples. You will find people who have had horrible experiences at any bank, just like you will find people who have good experiences at any bank, simply because so much of your experience is dependent on your group, co-workers, and lots of factors well beyond your control.
More than individual horror stories, you should pay attention to what you hear about the culture of a bank - like GS' focus on the whole being greater than the sum of the parts and Bear's more "entrepreneurial" culture.
I'm not super familiar with HLHZ, but you should expect smaller deal teams, more responsibility, and the benefits typically associated with a MM/boutique. Beyond that, probably best to ask someone here who has worked there before.
I've heard great things about Houlihan, especially in LA. They have an excellent restructuring group and decent corpfin group. I think their FAS group is a bit weaker but when it comes to restructuring, it's one of the best on the street. They have gotten a bit of a sweatshop reputation but what shop doesn't work their analysts hard?
I've heard great things about Houlihan, especially in LA. They have an excellent restructuring group and decent corpfin group. I think their FAS group is a bit weaker but when it comes to restructuring, it's one of the best on the street. They have gotten a bit of a sweatshop reputation but what shop doesn't work their analysts hard?
Hey
Hope I can shed some light on the matter and give my own personal opinion on HLHZ.
I am from the UK, I attend one of the top UK schools and study Finance and Econometrics. I am currently in my 4th and final year of study and have carried out 2 M&A BB summer internships to date. Summer 06 I was in Goldmans and Summer 07 I was in JPMorgan. Of course at the end of the summer I was keen to sign up to a Grad job and had offers (all for M&A) from GS, MS, JPM, Nomura and HSBC.
Now going on past experience of the London offices - JPM and GS were never an option. The culture and the guys in the UK M&A team sucked. MS seemed pretty cool and to be honest Nomura and HSBC dont have great deal flow.
So one day I had a call from a guy that I worked in GS with - and he told me that he jumped ship and joined HLHZ in their restructuring team. He knew that I was Graduating in summer 08 and wondered did I fancy attending an interview with them........Of course I said yeah.
The interview with HLHZ was by far the most technical I have had and they really did grill me! However the personalities within the team all seemed to be really unique and individual - and I seemed to fit in much better!
It took me all of 2 mins to decide on whether to go for the elite GS, MS or JPM or to go to this smaller US restructuring firm. My decision was based on 1. personalities of the team and work colleagues and 2. the fact that the economy is going into recession and a lot of restructuring will need done!
My experience of the firm is that they are very team strong and friendly. Also that yes they work extremely hard, without all of the politics involved in the BB firms.
Compensation in London kicks the ass of the BB but I am not sure how it compares in New York.
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