I hope you will find the following information on Houlihan Lokey careers and interview tips helpful. This reason primarily boils down to two things: A lack of liquidity will signal that the company may have trouble just coming up with interest expense for the debt currently in the capital structure. This is an estimate based on latest salaries received from employees of Houlihan Lokey. In your answer, try to explain what makes a good financial analyst and how your experience aligns with those qualities. I applied to their TMT group through university career center. Why HL? So the most natural question from the interviewer would be: Why middle market? Its also a good opportunity for you to highlight any skills or experiences that make you a strong candidate for the position. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Anonymous interview candidate in San Francisco, Anonymous interview candidate in New York City, Anonymous interview candidate in Minneapolis, 101 Investment Banking Interview Questions, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. If you hover over the various sections of the donut, you will see the % breakdown of each score given. Compensation info for 1st Year Analyst in Houlihan Lokey (London). The process was fairly simple. 1 Houlihan Lokey Spring Intern interview questions and 1 interview reviews. The first interview was 25 min and was small talk and 3 technical. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial . The process took 1 week. Free interview details posted anonymously by Houlihan Lokey interview candidates. Houlihan Lokey has a 1-year low of $74.18 and a 1-year high of $115.21. 2. Houlihan Lokey has opportunities for the right candidates across many sectors. They agreed, and it helped us grow our client base.. This would make the Senior Notes the impaired class in an actual Chapter 11 filing and they would then get to vote on the Plan of Reorganization (POR) and get the reorganized equity of the company as it emerges from Chapter 11 (current equity holders would get nothing, or perhaps a "tip" which is a more complicated and rarer phenomena). The process took 1 week. Video interviews with a blend of fit & technical questions on each round. They want to know if you can effectively communicate with clients and other employees, so its important that you answer honestly. The process took 1 week. Flew in the morning of and interviewed until about 4PM. The interview process at Houlihan Lokey can vary depending on the position you are applying for. When answering this question, it can be helpful to mention a specific project that you didnt meet the deadline for and how you handled the situation. To solve this issue, I reached out to some of our existing clients and asked if they would be willing to give us additional funds so we could invest in other projects. Example: A bank offers deposit accounts, loans and credit cards, while an insurance company provides life, health and property insurance. This question is a great way to test your knowledge of financial terms and concepts. In my last role, I was tasked with hiring new analysts to work on our team. Be the first to find this interview helpful. Again, if you are in the restructuring group, you shouldnt have problem switching to other restructuring shops (although Ill have a hard time understanding why). Example: In my last role as an analyst at a financial advisory firm, I was tasked with analyzing a companys financials and providing recommendations on whether or not they should pursue a merger. PIK interest questions are some of the most common to get in restructuring interviews. Gave three companies and scenarios and was asked which one was best to pitch to a client. If you'd like a nearly 100-page guide detailing exactly what restructuring investment banking is in practice with separate guides containing over 500 additional Q&A, be sure to check out the Restructuring Interviews course. Describe a situation where you overcame a challenging obstacle at work. I had prepped for this question. The key things to know for an interview about any out-of-court restructuring deal are the ultimate terms of the deal, how this has at least partly solved the company's problem (pushed out maturity wall, got rid of some cash interest expense, etc. Both were 30 minutes and . What this particular way ofanswering this question does is show you implicitly understand the "Why?" The process is going well in around 40 mins. Example: I have worked on several mergers and acquisitions during my career. Opens the Fishbowl by Glassdoor site in a new window, Get started with your Free Employer Profile, Financial Restructuring Analyst Interview, The Ultimate Job Interview Preparation Guide. I however only made it this far- even though I am extroverted and did an investment banking internship :( In fact, if you are able to get pass their interviews, I am sure you are find with the interviews in other bulge bracket firms in terms of your ability to answer technical questions. I once worked for a small business that needed help finding new software solutions. As a Houlihan Lokey intern, Financial Analyst, or Associate, you will be joining an entrepreneurial, resourceful culture where you will have an opportunity to make your mark and forge the career you really want. This question can help interviewers understand your ability to prioritize and manage your time. This question is a great way to show your interviewer that you understand the role and responsibilities of an associate. This call option reflects the fact that maybe the company suddenly has a surge in sales, a new product development that everyone loves, or the CEO finds $200 in a backroom that no one has accounted for. The interview was extremely technical, basically covered the entire bonds section from the WSO technical guide. I would certainly recommend reading it. They may ask this question to see if you understand what it takes to be a successful financial analyst. Just study the 400 BIWS questions guide and you shouldn't be worried about technicals. Houlihan Lokey shares their insights which impact a wide range of investment banking topics to help you stay ahead in a constantly evolving industry. Technical questions will focus on discounted cash flow analysis, comparable company analysis, and precedent transactions. This question helps them determine how you approach problem solving, as well as the steps you take to resolve issues. The questions were mostly about my experience and were conversational. Nothing beyond standard technicals with a few industry metrics. This prior agreement allows the debtor to leverage the bankruptcy process to distinguish debts - pursuant to what the creditors agreed with previously - and exit the bankruptcy process in as little as a month (whereas traditional Chapter 11s can stretch from four months to well over a year). Your bosses and colleagues do care, which is typical in a smaller bank. Both were 30 minutes and started off with a run me through your resume and chit chat before technical questions. Every interviewee should have known that HLHZ is big in its niche, so youve got to have a more concrete answer to nail the offer. Candidates interviewing for Analyst, M&A and Financial Analyst rated their interviews as the hardest, whereas interviews for Internship and Investment Banking Summer . I met with several VPs and MDs. Houlihan Lokey Howard & Zukin, or HLHZ) is founded by Houlihan and Lokey in 1972. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Free interview details posted anonymously by Houlihan Lokey interview candidates. Want Access to these Houlihan Lokey Interview Insights? However, most positions will require at least one behavioral interview and one technical interview. If you are not familiar with Bloomberg Terminal, consider asking the interviewer what it does so that you can learn more about it before your interview. 2005-2023 Wall Street Oasis. Both calls lasted 30min. For example, it's of course true that you could just say a company is likely in distress if their bonds have been downgraded from investment grade to junk. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given. Explain residual income and its importance. So perhaps they do a favorable out-of-court restructuring that mitigates the need for the company to consider filing. Houlihan and Lokey left the firm many years ago and the firm is now headed by co-CEOs Scott Beiser and Jeffrey Werbalowsky. As In All areas of Life Knowledge is Key. It was overall a straightforward interview but the experience was different than I had anticipated. Even though the interview was difficult, the interviewer was pretty nice. those written by existing HLHZ employees) give out raving reviews. Please describe the interview / hiring process. It was mostly standard stuff. I interviewed at Houlihan Lokey (London, England) in Feb 2017. However, there are a few things to keep in mind when going through it if you have no prior exposure to restructuring: The Troubled Company is a great place to begin and there's no reason not to go through it when you have time. This question is a way for the interviewer to assess your communication skills. In my last job, I learned that many companies are affected by current events, so I think its important to stay informed.. In this current climate, in 2021, healthy companies are actually able to refinance at incredibly low rates. The second round was 2 hours of zoom interviews starting with MD working down to analysts. . Would encourage people to apply most definitely. Est Annual Revenue: $500m+ Website. I applied online. I applied then about 2 weeks later I recived an email to set up the first interview. It's not as hard as expected. Culture, benefits, comp? Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. 18 days ago. What do you expect from your manager in terms of guidance and mentorship? Investment Banking. The number you see in the middle of the doughnut pie chart is the simple average of these scores. Id then meet with my client to discuss our findings and recommendations before presenting it to senior management. They weren't that hard, but it was awkward. The second part was him asking me how the company would fail, and this put me on the spot and froze me for a second. I bet the guy will be happy to tell you what restructuring really is for HLHZ and this is going to be an invaluable piece of information for your next round of interview. This is because as equity prices tend toward zero, much of the value of equity is in its underlying optionality. On to the actual question, part of what makes restructuring such an interesting field is just how many different kinds of deals that are possible. interview and assessment can be done separately. Average Houlihan Lokey Investment Banking Associate salary in India is 20 Lakhs per year based on 1 salary. I interviewed at Houlihan Lokey in May 2021. after submit online, HR will connect to next step. Shared on September 19, 2018 - Office Services Coordinator - New York, NY. There are always quite a few real companies that have financials quite like what I've outlined above where they still have actively traded equity at surprisingly high prices. 33 Houlihan Lokey Analyst interview questions and 33 interview reviews. Nearly every restructuring is slightly different and things get complicated quite fast. I did not get an offer. First round interview with an associate in the RELL group. Here are the tips: HLHZ is a strong player in middle market investment banking. In an out-of-court restructuring you can do a simple amend and extend of a revolver or term loan to push out maturities, do a debt exchange (including fancy sounding things like a non-pro rate uptier), do a debt exchange with equtization, etc. Find a Great First Job to Jumpstart Your Career, Stand Out From the Crowd With the Perfect Cover Letter, How to Prepare for Your Interview and Land the Job. Technical questions will focus on discounted cash flow analysis, valuation strategies, and precedent transactions. There are also branches in Europe (London, Paris, Frankfurt) and Asia (Tokyo, Hong Kong, Beijing). Interview. Financial Analyst (39) Analyst (33) Investment Banking Analyst (25) Summer Analyst (21) Investment Banking Summer Analyst (17) This question allows the interviewer to assess your experience with M&A, which can be an important part of working for this company. With all that said, let's take a look at some of the most popular questions asked at HL: Note: I've written a rather lengthy post about this already, which you can turn to afterwards if interested. Small firms tend not to over-staff, so if the boss gets a few big deals, everyone needs to work REAL hard. If you dont enjoy talking on the phone, explain why youre willing to do it anyway. 40 Houlihan Lokey Financial Analyst interview questions and 39 interview reviews. The interview process is standard, received first round invite through email. Hiring managers want to know that you have the skills and knowledge necessary to succeed in their company. Obviously the reason why PIK is usedis to try to keep the amount of cash interest flying out the door to a minimum thus protecting the likely already fragile liquidity position of the company. The process took 2 weeks. Press the space key then arrow keys to make a selection. New York, NY. Be assertive. Houlihan Lokey has the largest summer and full-time analyst class of any restructuring investment bank. Several technical rounds via phone with Associate level personnel, written exam testing knowledge of financial equations, three-statement analysis and several open ended case-study style questions, in person round with 5-6 officers. Restructuring interviews are daunting, but in reality the most important thing is to show your interviewer that you have contextual understanding about what restructuring investment bankers really do all day. Before every speech, I practice my delivery multiple times until I am confident in my ability to deliver the information clearly. I interviewed at Houlihan Lokey (London, England) in Feb 2017. For other industry groups in corporate finance, they are considered ok-ish If you like the people there and dont mind an occasional lack of deal flows, no problem; but if you get an offer at a bulge bracket, you should seriously consider your alternatives. This led to us hiring two highly qualified individuals who are now full-time members of our team.. What multiple would you use to evaluate these two companies and why? I interviewed at Houlihan Lokey. Type your email address. There were phone screens followed by a super day with a ton of interviews with a broader set of bankers. This question is an opportunity to show the interviewer that you are motivated by more than just money. Please note, comments must be approved before they are published, Use left/right arrows to navigate the slideshow or swipe left/right if using a mobile device, There is an emphasis on asset sales (both out-of-court and in-court) in the case study that are reasonably uncommon in most deals, There isn't muchwritten aboutthe potential out-of-court solutions that exist for the company (which is a reasonably large part of restructuring in practice). The Interview Difficulty is a score ranging from very difficult (red) to very easy (green) generated based on the Interview Insights at this company. Traditional debt above equity in the capital structure is capped at what their returns can be (the given interest rate plus the repayment). Houlihan Lokey Interview Process. Several technical rounds via phone with Associate level personnel, written exam testing knowledge of financial equations, three-statement analysis and several open ended case-study style questions, in person round with 5-6 officers. Then, I break down the problem into smaller pieces so that I can analyze each part individually. CFA or CPA: Which Qualification is Better? Their website lists out the many awards they won over the years. I applied online, reached out to some alumni from my school on LinkedIn and had phone calls or coffee chats with them. At the analyst an associate level. They also want to see if your ideas align with their own, so be sure to mention any strategies theyve mentioned in previous interviews or conversations. After my initial phone interview I had a technical interview with a VP. I applied through college or university. This is because the vast majority of those who go into restructuring interviews - even those who ultimately get the job - really don't have a feel for what the job is all about. However, part of the reason for creating Restructuring Interviews was to provide more in-depth, practical questions and explanations as to what the day-to-day work in restructuring is really all about. Had a behavioral call with an analyst then a technical phone interview with an MD. Status: Intern. Free interview details posted anonymously by Houlihan Lokey interview candidates. Quantitative Strategist (Vice President). Interview. I interviewed at Houlihan Lokey (New York, NY) in Dec 2009. next step is 30 mins with sr. hr manager and assessment is 1 hour. Houlihan Lokey. I applied through an employee referral. 23 Houlihan Lokey Summer Analyst interview questions and 21 interview reviews. Asked me a lot of questions abt if I had gotten other offers and when I had to respond to them if I had them. Our firms culture is very collegial, supportive, and fun. or Want to Sign up with your social account? How comfortable are you with public speaking? We had two weeks to find solutions to their problems before they released their quarterly report. In this case, you'd expect equity to pop as now there's even more time for the company to turn things around (and the longer you have to wait for a better tomorrow, the more the value the equity will have just as would be the case with a call option). After meeting with them several times, we determined that they could save money by changing some of their investment options. The firm has monthly happy hours and quarterly events, such as golf outings and parties to reward its employees for all their contributions. Nothing much to say. Get started with your Free Employer Profile, The Ultimate Job Interview Preparation Guide. behind why downgrades could be happening and debt is trading down. In your opinion, what makes a good financial analyst? I met with several VPs and MDs. I find it interesting to see whats going on in the world and how it might affect our economy. HLHZ arguably has the best restructuring group out there and they are proud of it. Group/Division/Type: Generalist. Simples and very personality based. Anonymous Interview Candidate in New York, NY, The process took 2 weeks. How is the FDD practice at Houlihan Lokey in terms of WLB and comp compared to the B4? People have rated the overall interview experience as . CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Had a follow-on interview where I had to give a presentation on a recent M&A deal. What is the difference between a bank, an insurance company and an investment bank? Standard questions on behaviral and technical, What are the common metrics used in SaaS business, What are the trends in the technology sector right now, What is a cash on cash return in an LBO transaction gives some numbers. CAIA and Chartered Alternative Investment Analyst are trademarks owned by Chartered Alternative Investment Analyst Association. Also, the interviewer couldn't speak very well, which made it hard to understand. The hiring process can take anywhere from a few weeks to a few months. . It's not as hard as expected. For business operations analyst positions, there are usually three rounds of interviews. So as equity trades closer to zero, the value of equity begins to look much more like a call option. Houlihan Lokey has extensive expertise in mergers, acquisitions, divestitures, activist shareholder and takeover defense, and other related advisory services for a broad range of U.S. and international clients. Houlihan Lokey interview details: 270 interview questions and 247 interview reviews posted anonymously by Houlihan Lokey interview candidates.
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