Investment Banking · 3-5% acceptance rate

Lazard Interview Preparation

Premier independent advisory firm. Highest quality M&A work. Best hours, best culture, elite PE pipeline.

40,000+

Applications

3-5%

Offer rate

$120k base + $100k bonus

Starting salary

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HireVue Practice

Lazard — HireVue Practice

Your question

30s preparation 2 min recording Camera + mic

Application process

How to get into Lazard — step by step

Online Application & HireVue

1-2 weeks

Lazard's HireVue focuses heavily on thinking and communication. They want to see how you approach problems, not just what you know. Be conversational and thoughtful. Emphasis on "why Lazard" — they want genuine advisors, not just bankers.

Phone Interview with Associate

2-3 weeks after HireVue

Usually 30-45 minutes. Very conversational. They're assessing fit and thinking ability. Ask questions about their career trajectory and why they chose Lazard. Build genuine rapport. This matters for offers.

Superday (4 hours, 4-5 rounds)

3-4 weeks after phone

Less intense than bulge brackets. 1-2 technical rounds, 2-3 behavioral/fit rounds, 1 partner round. They test thinking and judgment over speed. More conversational than adversarial. Less pressure, more evaluation of fit.

Offer

2-4 days after superday

Offer rates 70-75% for superdayed candidates. Lazard is fast and decisive. Once you superday, odds are very good. Offers come quickly — sometimes same week.

Interview questions

Lazard interview questions by round

Questions change at every stage. Know what to expect.

1Walk me through how you'd value a company in a recession.
2How would you approach valuing an acquisition target with negative EBITDA?
3A company trades at a premium despite declining margins. What's your view?

What they value

What Lazard looks for in candidates

Genuine Advisory Mindset

Lazard is advisory, not underwriting-driven. They want people who think about clients' interests first. Show you understand the difference between advising a company through a major decision versus rushing to close a deal for fees.

Sound Judgment

Lazard values judgment and wisdom over raw technical ability. Show examples of times you thought critically, considered multiple perspectives, and made sound decisions. Intellectual honesty matters — saying "I don't know" is fine if you explain how you'd figure it out.

Communication Excellence

At Lazard, you're closer to clients and partners. Communication skills are critical. Show you can explain complex concepts clearly, listen well, and think before speaking. Writing quality matters.

Collaborative Ability

Lazard is a partnership. People work together closely. They want team players who add positive energy. Show you work well in groups, ask good questions, and contribute constructively.

Long-Term Strategic Thinking

Lazard wants people thinking about client value, not just deal fees. Show you understand how M&A fits into broader corporate strategy. Think like a strategist, not a salesperson.

Compensation

Lazard salary & benefits

Graduate

$120,000

Intern

$16,500

Bonus

$100,000

Perks & benefits

Highest bonus in the industry (matched only by top boutiques)Structured hours with better work-life balance than bulge bracketsRelocation package and housing supportExcellent mentorship from partners and senior bankersCFA and MBA exam sponsorshipUnmatched PE recruiting outcomes and advisor legacy network

Culture & work style

What it's actually like to work at Lazard

Advisory Excellence — Lazard is pure advisory. No principal investments, no conflicts. Everything is about giving clients the best advice. This creates a different culture — less sales-focused, more intellectually honest.

Best-in-Class Work Hours — Lazard explicitly manages analyst hours. Expect 70-85 hour weeks, sometimes less. This is dramatically better than bulge brackets. Senior bankers protect analyst time. Real weekends off occasionally.

Meritocratic Partnership — Lazard is structured as a true partnership. The best ideas win. Hierarchy exists but is fluid. If you have good analysis and good judgment, people listen regardless of seniority.

Intimate Team Culture — Lazard is small (80-100 analyst positions company-wide). You know everyone. Partners know your work. This creates tight relationships and real mentorship. It's a family-like environment without being toxic.

Premium Positioning — Lazard is the most selective advisory firm. They work on the highest-profile, most complex transactions. You're working on truly important deals, not routine M&A. This creates pride and quality of work.

Insider tips

How to stand out at Lazard

Research Lazard's Advisory Approach — Know how Lazard positions itself versus bulge brackets. Lazard is pure advisory. Show you understand why independent advisors might be better for clients in certain situations.

Know Major Lazard Transactions — Research 3-4 high-profile Lazard-led transactions. Understand the client, the decision being made, and Lazard's role. Show respect for the quality of work.

Emphasize Sound Judgment — Tell stories about times you made thoughtful decisions, considered multiple perspectives, or stood by a correct recommendation even when it was unpopular. This is Lazard's core value.

Show Advisory Thinking — Explain situations from clients' perspectives. Show you understand advisory clients have different incentives than buyers/sellers. Demonstrate client empathy.

Highlight Your Values — Lazard culture emphasizes integrity. If you have examples of doing the right thing even when it was harder, discuss them. Ethical decision-making matters here.

Compare

Lazard vs competitors

Firm	Salary	Hours	Culture	Exit opps
Lazard	$120,000	70-85/week	Advisory Excellence — Lazard is pure adv...	—
Evercore	$120k base + $95k bonus	75-90 hrs/week	Similar boutique positioning; slightly higher hours; M&A-focused	Comparable PE recruiting; both boutiques excellent
Goldman Sachs	$110k base + $85k bonus	85-100 hrs/week	Larger platform; more intense; sales-driven	Comparable PE recruiting; GS slightly ahead on brand
Morgan Stanley	$110k base + $85k bonus	80-100 hrs/week	Larger; more collaborative; broader platform	Comparable PE recruiting; MS stronger in tech banking
Centerview Partners	$125k base + $105k bonus	75-85 hrs/week	Comparable boutique prestige; slightly smaller; ultra-selective	Excellent PE recruiting; Centerview marginally ahead in prestige

FAQ

Lazard FAQs

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