Houlihan Lokey Interview Questions

599 total interview insight submissions
Interview Experience (88%)

The Interview Experience is a score from 1 star (very negative) to 5 stars (very positive) generated based on the Interview Insights at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. If you hover over the various sections of the donut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire dataset.

3.6
  • Very Negative
  • Negative
  • Neutral
  • Positive
  • Very Positive
Interview Difficulty (98%)

The Interview Difficulty is a score ranging from very difficult (red) to very easy (green) generated based on the Interview Insights at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. The higher the number, the more difficult the interviews on average. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). Simply put, as a company gets more insights, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire data set.

3.2
  • Very Easy
  • Easy
  • Average
  • Difficult
  • Very Difficult
% Interns - FT Offers (98%)

The % of Interns Getting a Full Time Offer chart is meant to provide a realistic estimate of the hiring practices of the company based on the reviews at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few reviews). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to the simple company average and away from the average of the entire data set.

71%
  • 0%
  • 10%
  • 20%
  • 30%
  • 40%
  • 50%
  • 60%
  • 70%
  • 80%
  • 90%
  • 100%

Interviews at Houlihan Lokey

Filter by:
Year
Job Title
Group/Division
Location
Experience
Difficulty
Intern
Year 2022
Job Title Intern
Group/Division N/A
Location New York
Experience
Very Negative
Difficulty
Difficult
Intern
Year 2022
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Very Negative
Difficulty
Difficult
Intern
Year 2022
Job Title Intern
Group/Division Restructuring
Location Los Angeles
Experience
Positive
Difficulty
Average
Summer Associate Intern
Year 2022
Job Title Summer Associate Intern
Group/Division Mergers and Acquisitions
Location Los Angeles
Experience
Negative
Difficulty
Average
Summer Associate Intern
Year 2022
Job Title Summer Associate Intern
Group/Division N/A
Location New York
Experience
Very Positive
Difficulty
Very Easy
Summer Associate Intern
Year 2022
Job Title Summer Associate Intern
Group/Division Mergers and Acquisitions
Location Los Angeles
Experience
Positive
Difficulty
Average
Intern
Year 2022
Job Title Intern
Group/Division Mergers and Acquisitions
Location Los Angeles
Experience
Very Positive
Difficulty
Difficult
Intern
Year 2022
Job Title Intern
Group/Division Mergers and Acquisitions
Location Los Angeles
Experience
Very Negative
Difficulty
Very Difficult
Summer Associate Intern
Year 2022
Job Title Summer Associate Intern
Group/Division N/A
Location Los Angeles
Experience
Negative
Difficulty
Average
Intern
Year 2022
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Very Negative
Difficulty
Very Difficult

Interview Questions & Answers - Houlihan Lokey Examples

Summer Analyst Interview - Investment Banking

Anonymous employee in Los Angeles
Interviewed: February 2024
Outcome
Accepted Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Interview
Applied to the firm and coffee chatted an Analyst in the business services and decided to apply to the group. Had a first round interview shortly after applying and was sent into a superday. Superday consisted of 4 interviews back to back with MD, VP, Associate and Analyst. One technical interview and the rest were behaviorals. Followed up with one more interview with an associate which was half technical and half behavioral. Received the offer call later that day and accepted shortly after. Business Services group has a very laid back yet hardworking culture, very tight analyst classes.
Interview Questions
How to expand value in an LBO if exit/entry multiple are the same

Vice President Interview - Investment Banking

Anonymous interview candidate in Minneapolis
Interviewed: January 2024
Outcome
No Offer
Interview Source
Recruiter
Length of Process
Less than 1 month
Application
Phone Interview
Interview
A couple of quick phone calls with HR and with the hiring manager. Pretty informal process. I believe this may have been a bit of a panic posting as it seemed like they were fairly busy and needed some senior execution help. Knew it was fairly remote possibility as I don't have a target background and it played out how I thought.
Interview Questions
Do you think that the company from a deal you recently closed (within last 18 months) is viable long term?

Investment Banking Summer Analyst Interview

Anonymous interview candidate in Houston
Interviewed: January 2024
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
Phone Interview
Interview
It was a phone interview where I was asked 14 very straightforward technical questions straight from the 400 questions guide as a check box to move to the superday.
Interview Questions
The only one that was not pretty much straight out of the guide was "why does depreciation not affect enterprise value but cash does" - everything else was straight out of a basic section of the 400 questions guide.

Summer Analyst Interview - Valuation

Anonymous employee in New York
Interviewed: October 2023
Outcome
Accepted Offer
Interview Source
Recruiter
Length of Process
1-2 months
Application
1 on 1 Interview
Interview
I received one screening phone call, where one of the admins for the division asked me some screener questions about my resume, skills etc. They weren't clear if I'd receive an interview while on this call. One week later I received an email notifying me that I've been granted an interview, asking for a few time slots that work for me. Interviews were held on zoom even though I was local to the city I was applying for. Consisted of 2 back-to-back 30-min interviews each with a VP from the division.

First one was mostly behavioral, although he asked me a few basic technical questions (think easy section in 400 Question IB Prep Guide), we then spent 10 or so minutes on questions I had for him that I prepared.

Second interview was different, received 1 behavioral question, and then asked me a few technical questions about my understanding of what the division did (in the FVA umbrella), I was also asked about some extra-curriculars on my resume, and then I was quizzed on some of my excel abilities (specifically regarding to statistics and data analysis). I asked the interviewer one or two questions and it concluded.

I sent thank you emails to both interviewers, but received no response. I received a phone call from an admin in the division about 10 days later that I've received the offer, and I should expect my paperwork later that day.

My advice is as follows:
- don't act like you know more than you do, they'll press you on it until you make yourself sound stupid.
- Take a minute to think when answering a question, helps you articulate your thoughts and breaks up the pace of the interview.
- know what the company does and where your division fits into their corporate structure
- know about the company's history, stock price (if applicable) and CEO name
Interview Questions
Tell me about a time you led a team and were unsuccessful at your goal

intern Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: February 2023
Outcome
No Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
Phone Interview
Interview
In order to get an interview, you needed a good call with at least one person. Usually, they would kind of give you a hint that they would give you an interview. They were very helpful and nice, I talked to 3 people, and one of them actually ended up mock itnerviewing me + giving me advice the day before my interview.
Interview Questions
There was an LBO question as well as an in depth question about the enterprise value calculation (more than just adding net debt to equity value). Honestly it was pretty easy, given that it was the first round. Keep in mind that this was in a RX interview

Analyst Interview - Investment Banking

Anonymous interview candidate in Washington
Interviewed: October 2023
Outcome
No Offer
Interview Source
Recruiter
Length of Process
1-2 months
Application
Phone Interview
1 on 1 Interview
Skills Test
Interview
First round screening with recruiter followed by Zoom with VP, modeling test, and finally a super day. Modeling test was pretty straightforward and proctored.
Interview Questions
Interview questions were pretty straightforward and mostly centered around my deal experience - most unexpected/fun question was “ What is something you know that you think I don’t know”

Senior Associate Interview - Generalist

Anonymous interview candidate in New York
Interviewed: September 2023
Outcome
Declined Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
1 on 1 Interview
Interview
Fairness opinions group. Overall seemed to be a pretty cool group for someone looking to get good experience to eventually use to lateral to IB. Given that I was already a couple of years into my career it didn't make as much sense. They asked a couple questions about why HL, why this group and technicals that were on my resume.
Interview Questions
Why this group

Intern Interview - Restructuring

Anonymous employee in London
Interviewed: September 2023
Outcome
Accepted Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
2-3 months
Application
Phone Interview
1 on 1 Interview
Group Interview
Interview
1st round: TI with an AN/AS describing why RX, why you, why your major, what is a Term Loan, why do companies fall into distress, what are different methods of restructuring a company (20-30 mins max)
2nd round: 2xTI with AS/VP describing RX questions (standard waterfall, structural subordination w/ 2 opcos and 1 holdco, YTM approx questions) and basic accounting and valuation (write down of asset, DCF for distressed, what are best comps types to use in RX etc.)
Superday: 3x in person with everyone from AN to MD on same as above but some were more fit/behavioural/personality and some were technical (calculate UFCF/LFCF, what are EBITDA addbacks, trends in RX/Levfin), explain a deal we did, walk through your deals, mechanics of a capital structure
1 last HR interview to ask about other processes, availability to start and basic formalities
Interview Questions
1. YTM for bond at 50 with 10% coupon maturing in 3 years, sensitise for 1y,2y,5y maturities
2. Why does EBITDA capture company profit more than EBIT
3. how does BS change for distressed company
4. why does your profile fit rx
5. Describe your 2nd greatest weakness and why it's your 2nd greatest not your greatest
6. What catalysed your interest in our firm vs when you first heard about us
7. Explain me the basics of any RX deal

RX Summer Analyst Interview - Investment Banking

Anonymous interview candidate in Dallas
Interviewed: June 2023
Outcome
No Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
1 on 1 Interview
Interview
First round was a zoom interview. Pretty standard questions to start. The position was a group-specific rx position and the interviewer got super in the weeds for the group specific transactions. Turned out to do less RX work than it read so the heavy industry questions started to make more sense. Wasn't bummed it didn't go past the first round.
Interview Questions
How is terminal value typically adjusted in our industry compared to others?

Complex Securities Valuation Interview - Advisory

Anonymous interview candidate in Los Angeles
Interviewed: August 2023
Outcome
No Offer
Interview Source
Applied Online
Length of Process
1-2 months
Application
Phone Interview
Group Interview
Interview
The first part is a round of technical questions on option pricing, following the second round of coding challenges on Monte Carlo simulation. The final round is 4 people behavior-based questions and chatting to see if you are fit for the team.
Interview Questions
Use monte carlo in code to simulate an option's value
what do you like to do outside of work?