Houlihan Lokey IB
I’m curious to hear people’s thoughts on Houlihan Lokey’s Investment Banking Corporate Finance group and how it compares to other banks. HL is obviously well-known for its Restructuring practice, but since this isn’t RX, I’m wondering how strong the IB CF side is. Do analysts in CF still get solid exits into PE, hedge funds, or corporate development? How does the pay stack up against other boutiques, elite boutiques, and bulge brackets? Also, what’s the promotion structure like—do people tend to stay, or is there a push to leave after a few years?
I’ve heard Business Services is one of the more well-regarded groups in IB CF, but I’d love to get others’ opinions on that. More broadly, how does HL CF’s reputation hold up outside of RX? Can it be compared to top EBs or is it more of a strong MM player in terms of deal flow and experience? I'm also looking between the LA and NYC office, but preferring LA because it's headquartered there and that's where most people are, but would love to get your take on that as well.
Would appreciate any insights from people familiar with the firm!
Most of the CF groups are strong, certainly so in terms of deal flow. Many are atop the league tables for total deals closed. That being said, it is a volume shop so most teams have a sweaty reputation. Business Services, Consumer, Healthcare, Industrials, and Tech are strong groups. The Private Funds group is also extremely strong, but this is outside the scope of M&A. Some groups in certain offices will have a specific focus. For instance, Chicago Consumer is very strong in Food and Beverage meanwhile Dallas Consumer is focused on Active Lifestyle.
I'm not certain how LA recruiting works, but NYC intern recruiting is generalist, though by the time you sign, you will be placed into an industry group.
Exits are generally MM PE or BB/EB. I'm sure HF is also very possible.
Something to note is that the promotion timeline was recently updated. It used to be very long, but it was standardized to that of most other banks (3 years analyst/associate, 3-4 years VP, then promoted to D / MD).
CF gets $20 for lunch three days each week (M W Th) and can expense up to $40 for dinner.
It's a great place to start a career.
How big are they on face time? Do they ever WFH?
I think it depends on the group / office- some groups are very flexible.
Do you know if the meal expense is different for other team like FVA/Transaction Opinions?
Can confirm it’s similar.
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