Lazard: public research and practice themes

Independent investment banking advisory firm. This independent page organizes general study themes alongside public background information; it is not an employer-endorsed interview guide.

Lazard
Independent investment banking advisory firm
HQ New YorkFounded 1848Type Independent advisory
M&A advisoryFinancial restructuringSovereign and government advisoryShareholder advisory
IB Atlas is not affiliated with Lazard. It does not publish actual, confidential, or leaked interview questions. Confirm current firm information through the firm’s own public materials.

About Lazard

Lazard is an independent investment banking advisory firm headquartered in New York, with roots tracing back to 1848. The firm advises clients on mergers and acquisitions, restructuring and liability management, and other strategic matters.

It has a long-standing franchise in restructuring and sovereign and financial advisory work, alongside a broad M&A practice organized around industry and geographic coverage.

Because the firm is advisory-focused, interviews tend to put real weight on the core technicals. Practice your M&A, valuation, and restructuring fundamentals before you walk in.

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.

DCFemphasis 3 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. That connects directly to Lazard's work in M&A advisory.

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 Lazard's work in Sovereign and government advisory.

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 Lazard as an independent investment banking advisory firm, whichever group you talk to.

Restructuring & Distressedemphasis 2 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 Lazard's work in Financial restructuring.

Practice questions

1Cash Subtracted From Enterprise Value, Explained2Minority Interest in Enterprise Value, Explained3EV/EBITDA's Capital-Structure Neutrality, Explained4Normalizing a Peer's EBITDA, Explained5Control Premium and Its Formula, Explained6Equity Value to EBITDA, Explained7The DCF Walkthrough, Explained8Interest Expense and Unlevered FCF, Explained9Beta and Systematic Risk, Explained10Tax-Affecting the Cost of Debt, Explained11Gordon Growth vs Exit Multiple, Explained12The Mid-Year Convention in a DCF, Explained13Bolt-On Acquisitions, Explained14Accretion vs Deal Quality, Explained

How to talk about Lazard

  • Advisory-only firms want to hear why the model itself appeals to you. Be ready to explain, in your own words, why clients pay for independent advice.
  • Lazard's restructuring franchise is a genuine strength. If you are interviewing anywhere near that group, put real time into distressed and capital structure concepts.
  • Deal teams at independent advisory firms tend to be lean. Frame that as a draw: earlier responsibility and more direct work with senior bankers.

What to expect from the process

Recruiting at independent advisory firms like Lazard 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

Start with the core technical set every group expects: accounting, valuation, and a clean DCF. At Lazard, put extra time into Valuation, DCF, and M&A, since that is where the firm's business is concentrated. Processes vary by group, office, and recruiting cycle, so confirm the emphasis with the people you actually talk to.

Recruiting at independent advisory firms like Lazard 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.

Build the core technicals until they are automatic, then read how Lazard describes its own business on its own site and be ready to connect that, in your own words, to why you want to work there. Practice saying your answers out loud, not just writing them down.

More firms to prepare for

Prepping for Lazard? Get the full question bank as a PDF.

General educational practice prompts with study explanations for offline review. They are not firm-provided questions.

You will get the PDF. If you opt into the daily market brief, you can unsubscribe anytime.

IB Atlas is an independent prep platform and is not affiliated with, endorsed by, or connected to Lazard.

Make your own workspace.

Join the free student beta to bring your learning, practice, market reading, and networking into one place.

Join the free beta