HL RX FT Interview?

Based on the most helpful WSO content, the Houlihan Lokey RX FT interview process is known to be rigorous, with a strong emphasis on technicals. Here's what you can expect:

1. Technical Questions:

   • The interview will likely include a mix of classic technical questions and RX-specific technicals.
   • Expect questions on financial statement modeling, DCF, M&A, LBO, and Comps.
   • RX-specific technicals may include bond math (e.g., estimating YTM, understanding the impact of maturity changes), waterfall recovery scenarios (e.g., identifying impaired classes and their recoveries), and calculating interest rates based on leverage and coverage ratios.

2. Behavioral Questions:

   • Like most IB interviews, you should be prepared for behavioral questions. These may include "walk me through your resume," "tell me about a time when...", and situational questions to assess your fit and problem-solving skills.

3. Expectations for RX Interviews:

   • Unlike classic IB interviews, RX interviews may not expect you to have perfect answers to every technical question. However, demonstrating a strong contextual understanding of restructuring concepts and processes is crucial.
   • The best candidates show they understand what RX entails, including sector trends, risks, and valuation nuances.

4. Interview Rounds:

   • The process may include multiple rounds, starting with a gatekeeper round (HR or junior team members) that mixes behavioral and technical questions.
   • Subsequent rounds may involve deeper technical grilling and possibly a case study or modeling test.

Preparation is key, so ensure you have a solid grasp of both general IB technicals and RX-specific concepts. Good luck!

Sources: Restructuring technicals and their difficulty, 20 Most Frequently Asked Questions - London Edition, How to Navigate FT Recruiting: Learn from My Successes/Failures, The Asymmetric Risk Profile: Preparing for the Hedge Fund Interview, Restructuring prospects, why you should not consider restructuring