“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
First live round, ahead of or as part of the assessment centre.
Format
Often a relatively relaxed, competency-led first round, becoming more technical in later rounds.
Interviewers
Analysts through to senior bankers.
Structure
Interviewers probe weak answers. The candidates who get through handle follow-ups confidently, not just the headline question.
Duration. Around 30-45 minutes per interview.
Rounds at this stage. Typically one to two before or within the assessment centre.
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
Some first rounds are by phone or video and lean competency and motivation.
Video interview
Video interviews with bankers covering fit, markets and some technical.
In-person
Later rounds and the assessment centre are often in person or live virtual.
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
“Tell me about a Lazard deal you found interesting.”
What they test. Genuine research
Strong answer. A specific M&A or restructuring mandate and why it stood out.
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 in a deal?”
What they test. Merger mechanics
Technical (restructuring)
A Lazard signature, even for M&A candidates.
“What is the fulcrum security?”
What they test. Restructuring fundamentals
Strong answer. The security that converts to equity in a restructuring and so absorbs the value break; identifying it drives the negotiation.
“How do you value a distressed company?”
What they test. Distressed analysis
“How does a debt-for-equity swap work?”
What they test. Restructuring mechanics
Technical depth
How deep Lazard pushes on the technicals
Expect rapid-fire technicals delivered in sequence; precision under follow-up matters more than a rehearsed script.
M&A
DCF, comparable companies and precedents, accretion/dilution, and a deal you can discuss.
Restructuring
Fulcrum security, signs of distress, debt-for-equity, liquidity and Chapter 11 versus UK administration.
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
- Commercial awareness
- Communication and composure
Aggregation. Interviewers compare notes across rounds; consistent technical accuracy and fit drive the decision.
How to practise
Live AI mocks tuned to the firm
Conversational mocks that read your CV, ask Lazard-specific questions, push back when answers are weak, and produce a scored report.
- Reads your CV first. Vyo pulls real lines from your CV ("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 · CV-aware
Live
Vyo has read your CV, questions draw on your experience.
Interviewer
I see from your CV you completed Spring Week 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 walk-through, or getting enterprise versus equity value wrong.
- 2
No view on a deal
Failing to discuss a specific deal credibly signals weak interest.
- 3
Crumbling under follow-ups
Rapid challenges are designed to test 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
Be able to walk through a DCF, LBO and merger model fluently, out loud.
Bring restructuring awareness
Even for M&A, knowing the fulcrum security and distress basics impresses.
Have two deals ready
One M&A and ideally one restructuring or distressed situation you can discuss 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, Analyst
Prep. Drilled DCF, LBO and merger models out loud and learned the restructuring basics; prepared two deals to discuss.
Experience. First round was relaxed and mostly competency-based, then the technicals came fast: a DCF walk-through, accretion/dilution and a restructuring question on the fulcrum security. Staying calm through the follow-ups mattered as much as the answers.
Outcome. Advanced through the assessment centre 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
How technical is the first round?
Often less technical than expected: recent candidates describe a relatively relaxed, competency-led first round focused on motivation and fit. The technical bar rises sharply in later rounds and the assessment centre, where you face rapid DCF, LBO, merger-model and restructuring questions, so do not let an easy first round lull you into under-preparing.
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 Lazard signature. Understand the fulcrum security, the signs of distress, debt-for-equity swaps, and the difference between Chapter 11 and UK administration. You will not be expected to be an expert, but 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 and EV versus equity value) out loud until they are automatic, then add the restructuring basics. Prepare two deals you can discuss with a view. Intervyo runs realistic, firm-specific mock interviews with rapid 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. Practise each one free on Intervyo.
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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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