Houlihan Lokey: public research and practice themes
Global investment bank. This independent page organizes general study themes alongside public background information; it is not an employer-endorsed interview guide.
About Houlihan Lokey
Houlihan Lokey is a global investment bank headquartered in Los Angeles, with a franchise built on financial restructuring, mid-cap M&A, and valuation advisory. Its restructuring group is widely known for advising companies and creditors through distressed situations.
The firm also runs a large M&A practice focused on the middle market, alongside capital markets and financial and valuation advisory businesses.
That mix shapes what to prepare. Corporate finance candidates should have M&A and valuation fundamentals down, and anyone interviewing near the restructuring group should add distressed concepts on top of the core set.
What to emphasize in your prep
Valuationemphasis 3 of 3
Be fluent in trading comparables and precedent transactions, and be ready to explain how you would pick and defend a multiple. Valuation questions test judgment as much as mechanics. That connects directly to Houlihan Lokey's work in Valuation and fairness opinions.
M&Aemphasis 3 of 3
Be ready to walk through how a merger gets evaluated and modeled, including the accretion and dilution math, and to explain the strategic logic in your own words. That connects directly to Houlihan Lokey's work in Middle-market M&A.
Restructuring & Distressedemphasis 3 of 3
Understand how a capital structure breaks down in a distressed scenario, the difference between in-court and out-of-court processes, and how creditors are prioritized. That connects directly to Houlihan Lokey's work in Financial restructuring.
Accountingemphasis 2 of 3
Make sure the three financial statements, and how they connect to each other, are automatic. Interviewers use accounting questions to check whether you can reason quickly under pressure, not just recite a definition. That applies to Houlihan Lokey as a global investment bank, whichever group you talk to.
DCFemphasis 2 of 3
Practice building a discounted cash flow out loud, from unlevered free cash flow through to a defensible valuation range. Be ready to explain every assumption, not just the formula.
LBOemphasis 2 of 3
Know how a leveraged buyout comes together: sources and uses, a basic debt schedule, and how leverage, cash flow, and multiple change drive the return. That connects directly to Houlihan Lokey's work in Capital solutions.
Practice questions
How to talk about Houlihan Lokey
- If you are interviewing anywhere near restructuring, put real time into distressed concepts: capital structures, credit metrics, and how value breaks across a waterfall.
- Deal volume here is weighted toward the middle market. Be ready to say why smaller, faster processes and broader deal exposure appeal to you.
- Valuation is a franchise at this firm, not just a skill, so have your comps and DCF fundamentals practiced cold.
What to expect from the process
Recruiting at independent advisory firms like Houlihan Lokey runs through both structured campus channels and off-cycle, network-driven hiring. Deal teams are lean, so you may meet senior bankers relatively early in the process, and interviews tend to put real weight on the technical fundamentals and on why the advisory model appeals to you specifically. Processes vary by group, office, and recruiting cycle.
Frequently asked questions
More firms to prepare for
Prepping for Houlihan Lokey? Get the full question bank as a PDF.
General educational practice prompts with study explanations for offline review. They are not firm-provided questions.
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