Lincoln International: public research and practice themes
Middle-market investment bank. This independent page organizes general study themes alongside public background information; it is not an employer-endorsed interview guide.
About Lincoln International
Lincoln International is a middle-market investment bank headquartered in Chicago. The firm advises on mergers and acquisitions, with a client base weighted toward private equity backed companies and sponsors.
Its M&A practice runs sell-side and buy-side processes across a range of industries, alongside valuation and other advisory work for private companies.
For prep, expect the sponsor relationship to matter. Know your M&A and LBO fundamentals well, and be comfortable with how financial buyers think about a deal.
What to emphasize in your prep
LBOemphasis 3 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 Lincoln International's work in Private equity sponsor coverage.
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 Lincoln International's work in Middle-market M&A 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 Lincoln International as a middle-market investment bank, whichever group you talk to.
Valuationemphasis 2 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 Lincoln International's work in Valuation advisory.
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.
Practice questions
How to talk about Lincoln International
- Be ready to explain your interest in sponsor-driven, middle-market deal work, since that client base is central to this firm's business.
- Have your LBO fundamentals solid alongside M&A, given how often financial sponsors appear as buyers and sellers here.
- Research the industry team you are interviewing with and be ready to talk, in general terms, about the deal activity in that sector.
What to expect from the process
Recruiting at middle-market firms like Lincoln International often runs on a shorter timeline with a smaller number of total interviewers. Direct networking and outreach matter, and you are likely to meet people from the group you would actually join throughout the process rather than only at the end. Processes vary by group, office, and recruiting cycle.
Frequently asked questions
More firms to prepare for
Prepping for Lincoln International? 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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