“Why Lazard and why advisory?”
What they test. Specific motivation
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Lazard · Live Interview
Lazard Interview Questions & Prep
Lazard's first-round live interview is where strong written applications become offer pipelines or go nowhere. Below: the real questions Lazard asks, what they're testing for, and how to practise live until it feels routine.
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The format
What Lazard's live interview actually looks like
The phone screen sits between the HireVue and the superday.
Format
A ~30-minute analyst call mixing behavioral and technical, then the superday for the deeper rounds.
Interviewers
Analysts and associates on the screen; analysts through MDs at superday.
Structure
Interviewers probe weak answers. The candidates who get through handle follow-ups confidently, not just the headline question.
Duration. ~30 minutes (phone screen); ~30 minutes each at superday.
Rounds at this stage. One phone screen, then 4-6 superday interviews.
Format breakdown
How to handle each Lazard interview medium
Phone, video, and in-person each have distinct mechanics. The interviewer scoring rubric is the same, but the operational preparation is different.
Phone screen
A ~30-minute analyst phone screen: resume, why Lazard, a clean DCF and basic restructuring.
Video interview
Some early conversations may be by video.
In-person
The superday is typically in person in the New York office.
Question categories
What Lazard actually asks in the live round
Question types cycled through the interview. For each, a real example, what the firm is screening for, plus weak and strong answer signals.
Motivation and fit
“Walk me through your resume.”
What they test. Concise narrative
Technical (M&A and valuation)
“Walk me through a DCF.”
What they test. Core valuation fluency
“Walk me through an LBO.”
What they test. Returns mechanics
“How do accretion and dilution work?”
What they test. Merger mechanics
Technical (restructuring)
A Lazard signature in the US, even for M&A candidates.
“What is the difference between Chapter 11 and an out-of-court restructuring?”
What they test. Restructuring fundamentals
Strong answer. Chapter 11 is a court-supervised reorganization with tools like the automatic stay and cramdown but higher cost and disclosure; an out-of-court deal is faster and cheaper but needs near-unanimous consent.
“What is the fulcrum security and how do you find it?”
What they test. Recovery analysis
Strong answer. The security that converts to equity in a restructuring and so absorbs the value break; you find it by walking the capital structure against enterprise value.
“How does a debt-for-equity swap work and who gets the post-reorg equity?”
What they test. Restructuring mechanics
Technical depth
How deep Lazard pushes on the technicals
Expect conversational but probing technicals; depth of reasoning matters more than a rehearsed script.
M&A
DCF, comps and precedents, accretion/dilution, and a deal you can discuss.
Restructuring
Chapter 11 vs out-of-court, fulcrum security, recovery analysis, impaired classes and post-reorg equity.
The rubric
How Lazard scores you
The interviewer is checking against a scorecard. Knowing the categories is half the battle.
Evaluation pillars
- Technical precision
- Genuine motivation
- Depth of reasoning
- Communication and composure
Aggregation. Interviewers compare notes; consistent technical accuracy and fit drive the decision.
How to practise
Live AI mocks tuned to the firm
Conversational mocks that read your Resume, ask Lazard-specific questions, push back when answers are weak, and produce a scored report.
- Reads your Resume first. Vyo pulls real lines from your Resume ("walk me through that deal you mentioned") instead of asking the same five questions everyone gets.
- Follows up where answers are weak. Weak on numbers? Vyo digs. Vague on motivation? Vyo digs. No two runs are the same.
- Matches Lazard's interview style. Friendly chat, professional grilling, or full-pressure. Calibrated to how Lazard actually runs the round.
- Annotated transcript after every run. Strong lines green, wobbles amber, red flags red. Specific notes on what to fix and how to say it next time.
Lazard · IB Analyst
Technical Interview · Resume-aware
Live
Vyo has read your Resume, questions draw on your experience.
Interviewer
I see from your Resume you completed Insight Program at Lazard. Walk me through a deal you observed during that placement.I observed a $900M sell-side M&A in industrials. I assisted on the CIM financial pages, reviewed trading comps across 14 peers, and helped prepare management for the buyer meetings.
Interviewer
You mentioned trading comps. Walk me through how the peer set was selected, what criteria were used, and were there any borderline cases?Q3 of 5·14:23 elapsed
Full report when you end
Why candidates fail
How candidates lose the Lazard live round
Specific failure patterns documented across past applicants. Most are avoidable with focused preparation.
- 1
Shaky mechanics
Hesitating on a DCF or LBO, or confusing enterprise and equity value.
- 2
No view on a deal
Failing to discuss a specific situation credibly signals weak interest.
- 3
Crumbling under follow-ups
Conversational probing tests depth; defensiveness or guessing hurts.
What works
What separates candidates who pass
Concrete moves drilled by candidates who clear the cut, drawn from applicant accounts and recruiter feedback.
Know the mechanics cold
Walk through a DCF, LBO and merger model fluently, out loud.
Bring restructuring awareness
Even for M&A, knowing Chapter 11 vs out-of-court and the fulcrum security impresses.
Have two situations ready
One M&A and one distressed, each with a view.
From past applicants
How recent Lazard candidates approached the live round
Anonymised candidate accounts of how recent Lazard applicants handled the live round. Each covers prep, the experience, and the outcome.
Financial Advisory, Summer Analyst (NY Restructuring)
Prep. Drilled DCF, LBO and merger models out loud and learned the restructuring basics; prepared a distressed situation to discuss.
Experience. The phone screen was conversational, then the superday technicals came fast: a DCF, accretion/dilution, and a Chapter 11 versus out-of-court question. Reasoning out loud under follow-ups mattered as much as the answers.
Outcome. Advanced through the superday to an offer.
What gets you through
Five moves that decide the interview
- 01Have a CV walkthrough rehearsed. Two-minute version of your CV that connects every role to why this firm. Most interviews open with "walk me through your CV". Knowing yours cold is the foundation.
- 02Three anchor stories. Prepare three behavioural stories that demonstrate multiple competencies each. Reuse them, reframe them. You will get further than candidates with one story per question.
- 03Plant follow-ups in your answers. End answers with a hook the interviewer can dig into. "Happy to walk through the modelling if useful" turns one question into a longer conversation on your terms.
- 04Reference Lazard concretely. Specific deal, division, recent news, a person you spoke to at an event. "I admire the brand" loses to "I followed your work on the X transaction".
- 05Have two smart questions ready. For the "any questions for me?" close. Not generic ("what is the culture like"), specific ("what is the typical analyst staffing model on a cross-border M&A deal here").
FAQ
Lazard interview questions, answered
What is the Lazard phone screen?
A roughly 30-minute call with an analyst that sits between the HireVue and the superday, mixing behavioral and technical questions: your resume, why Lazard, a clean DCF and some basic restructuring. Know your resume cold and rehearse the core walk-throughs out loud.
Do I need to know restructuring for an M&A role?
Knowing the basics is a strong differentiator even for M&A candidates, because restructuring is a US Lazard signature. Understand Chapter 11 versus out-of-court, the fulcrum security, recovery analysis and post-reorg equity. Genuine awareness signals real interest in the firm.
How should I prepare for the technicals?
Drill the core walk-throughs (DCF, LBO, merger model, the three statements, EV versus equity value) out loud until automatic, then add the restructuring basics, and prepare two situations to discuss. Intervyo runs realistic, firm-specific mock interviews with conversational follow-ups and instant feedback on accuracy and delivery.
The other rounds
The rest of the Lazard process
Live interview is one of four rounds. The Pack covers all four end to end.
Lazard Pack
Walk into the Lazard interview already rehearsed
Live AI mocks tuned to Lazard, scored after every session. One Pack covers HireVue, online assessments, live interviews and the superday.
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Intervyo is not affiliated with or endorsed by Lazard. Interview questions are sourced from past applicants and the firm's published guidance; verify on the firm's careers site. Sector: Investment Banking.
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