Houlihan Lokey associate interview - what to expect?

aceman's picture
Rank: Orangutan | 373

Hi all, I have a phone interview with Holihan Lokey for the associate position in financial advisory services. Does anyone have experience with that and might know what types of questions they ask as a first round phone interview?

Also, how do you compare this FAS group vs the corporate finance group , which i believe this the traditional IBD M&A and financing group? Will I still get a well rounded investment banking experience from that group? Exit opps same as the corporate finance group?

Thanks.

Comments (26)

Jan 15, 2010

HLHZ is known for accounting-type technicals, so be prepared for plenty. Also some fit questions, so know why you want to work for HLHZ, why FAS, etc...

Jan 15, 2010

Thanks dude!

By the way, I really don't know why I would do FAS vs Corporate Finance...any ideas?

Jan 15, 2010

Which office are you interviewing for - Chicago or New York?

Jan 15, 2010
mathewp984:

Which office are you interviewing for - Chicago or New York?

I will be interviewing for New York

Jan 15, 2010

i have a friend who interviewed at houlihan lokey's chicago office last year for their restructuring group.
they gave him a written test covering accounting and corporate finance concepts. he said it was fairly difficult.
they even asked him about the modigliani-miller theorems.

so start studyin

Learn More

Side-by-side comparison of top modeling training courses + exclusive discount through WSO here.

Jan 15, 2010

FAS is not like corporate finance. You will mostly do valuation work, no M&A at all. If you want M&A, don't work in FAS.

Jan 15, 2010

Interviewed for a lateral analyst position at HLHZ FAS NY a while ago. More technical than most of BB interviews. Please prepare for both basic valuations and case studies.

Be able to explain why FAS, not IBD is also the key. FAS mostly do fairness opinion, solvency opinion, portfolio valuation etc. It is quite different from traditional M&A, though its FAS team work together on many assignments with the M&A team and restructuring team.

Jan 15, 2010
Ukon:

Interviewed for a lateral analyst position at HLHZ FAS NY a while ago. More technical than most of BB interviews. Please prepare for both basic valuations and case studies.

Be able to explain why FAS, not IBD is also the key. FAS mostly do fairness opinion, solvency opinion, portfolio valuation etc. It is quite different from traditional M&A, though its FAS team work together on many assignments with the M&A team and restructuring team.

Thanks, this is helpful. Can you clarify what you mean by case studies? Like those for consulting interviews?

Also, what was your answer when they asked you why FAS as opposed to IB/Corp finance? I would think it's hard to justify why someone would love valuation work over M&A? As for fairness opinion, solvency, I just know what the website says...that's not enough right? Can you elaborate on what they do exactly?

Thanks man, appreciate it.

Jan 16, 2010

@aceman:

FAS vs. IBD:
-Mostly execution, little to no pitch assignments in FAS
-Opportunity to work on your assignment together with Corp Fin and Restructuring
-Opportunity to learn and gain exposure on a variety of different services that you usually will not be able to work on in traditional IBD (obviously you have to say that you like valuation...)
-More focused on technical skill development
-HLHZ's FAS offers an investment banking approach to valuation, as opposed to that of the accounting firms, which stay at an accounting level of approach

Just my 2cents.

Jan 15, 2010

It seemed to me that the FAS guy I heard from talked about his experience as more fast-paced, with turn-around time of engagements being like 2 weeks long. So, you're getting exposure to a LOT of different businesses, which could make for a stimulating experience. You could talk up that angle.

Not to hijack the thread, but I will be interviewing for their restructuring group, anyone with specific insights as to what to expect on that front? What would be a good angle as to why restructuring work on creditor side is preferable? Thanks.

Jan 16, 2010

@IBPEHFVC are you interviewing for an analyst of an associate position?

I went through the (analyst) process myself for a spot within their restructuring group. At the analyst level, the first round was not overly technical although they digged quite a bit on the specifics of valuing a distressed company. A good resource is the guide that they have on their website ("Buying & Selling the Troubled Company: A Case Study"), which offer quite a lot of insights on distressed situations and valuation from both the creditors and distressed company standpoints. If you haven't read it at this point, go ahead; it really helped me to nail the technical part.

Best of luck!

Jan 16, 2010

@BradZ it's for summer associate

I do have that case study, thx, so will be sure to read it through. If you have any other documents, I'd love to get my hands on some more resources. Feel free to PM me. I recently met w/ Blackstone and the whole interview was technicals, so I'm wondering if they will be easier or harder.

May 5, 2010

Does anyone have an idea what the 1st year FAS Associate Bonus is roughly vs the CorpFin or Restructuring Group at Houlihan?

May 5, 2010

ny or london? I know someone at HL FAS and I would agree they are super technical and straught shooters. I think it's the culture overall at the firm. they're not looking to teach so much, they do it like the GMAT, answer 1 Q right and the next is harder and harder.

May 5, 2010

LA actually

May 5, 2010

bump

May 5, 2010

Did you ever take this test? Curious how it is.

May 5, 2010
May 5, 2010

i don't know how much relevant advice you can get at that level, but there are a select few seasoned members on this forum. Good luck to you.

May 5, 2010

I interviewed with HL back in the day. I had a superday in LA--depending on where you will be culture will be different. Most of the guys I met in the LA office were very laid back (it was friday, everyone was wearing jeans and polo shirts) and the HR girls specifically told me that the LA office is much more laid back compared to NYC. Mostly USC and UCLA guys, so think of your typical californian, but on the most conservative side of that scale (this is still banking). Most of the more senior guys I met with were ex-BBers, moved to LA for lifestyle reasons. They all mentioned that they loved working with guys who had started their business from the ground up bc you could tell they lived and breathed their business etc. Hope that helps.

May 5, 2010
Comment
May 5, 2010
Comment