2027 Summer Analyst

The process began with an HR phone screen focused on resume walkthrough and basic fit questions (why Lazard, why IB, why the specific group). About a week later, I had a first-round interview with two analysts that was very technical-heavy.

They tested core valuation concepts (full DCF walkthrough, WACC, unlevering/relevering beta, and LBO basics) along with detailed accounting questions (3-statement walk-through and transaction adjustments). There was also a strong focus on tech-specific questions, including SaaS valuation metrics (ARR, NDR, Rule of 40), how to think about revenue quality, and how growth vs. profitability impacts multiples. They wanted candidates to understand the tech landscape and speak intelligently about current trends and recent deals.