Please describe the interview / hiring process. Anyone know anything about Houlihan Lokeys M&A Tax group? Make sure review accounting related knowledge. Prepare for the types of questions you are likely to be asked when interviewing for a position at Houlihan Lokey. The process took 4 weeks. Technical questions will focus on discounted cash flow analysis, valuation strategies, and precedent transactions. 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. Debt amortization ( didn't remember exact question)? I applied through college or university. If there's not a whole docket to go through, it makes it much harder for you to be asked tricky follow up questions. interview and assessment can be done separately. We had two weeks to find solutions to their problems before they released their quarterly report. Houlihan Lokey. Had a 1st round zoom interview and a 2nd room zoom interview. 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. Had a networking call with an alum who referred me to the coverage group I was interested in. . Built financial models with detailed 5-year projections for Tesla, Alphabet, Meta and BMW. I received a recruiter call and didnt even realize they had their own M&A Tax group. Houlihan Lokey (HLI Quick Quote HLI - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2020.This . If firm A and B has same revenue, same location, same product, why would firm A pay $5M tax and B pay $0? Very thorough interview. More realistically, if no restructuring has yet been done the price of equity reflects the fact that maybe the debt holders above (in this case the Senior Notes) really don't want the company to file. These are all signs of potential distress, to be sure. Contribute to the database and get 1 month free* Full online access! Shared on August 30, 2018 - Senior Administrative Assistant - Chicago, IL. On campus interview for first round, then invite to office. Themes All Rights Reserved. I however only made it this far- even though I am extroverted and did an investment banking internship :( Houlihan and Lokey left the firm many years ago and the firm is now headed by co-CEOs Scott Beiser and Jeffrey Werbalowsky. 2. 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. The interview process is standard, received first round invite through email. Example: I want to work at Houlihan Lokey because I am passionate about working in a fast-paced environment where I can make a difference. I interviewed at Houlihan Lokey (San Francisco, CA). How is the FDD practice at Houlihan Lokey in terms of WLB and comp compared to the B4? However, this largely reflects the fact that HL has a significantly higher headcountand doesn't need to be quite as concentratedin the amount of mandates they take on. And so on. Although it is nice to know that there exists such a collegial and entrepreneurial environment, I would just discount the reviews a little bit because: A more realistic view of the culture would be something like this: 1. Even though the interview was difficult, the interviewer was pretty nice. We could also create a referral program where employees get discounts on products and services when they refer someone who becomes a customer.. Anonymous Interview Candidate in New York, NY, I applied online. At the analyst an associate level. Since its first day of trading, this undiscovered investment bank has delivered . How would you determine an equity value of firm with debt exceeding the enterprise value? As In All areas of Life Knowledge is Key. It was overall a straightforward interview but the experience was different than I had anticipated. We have Senior Notes of $100 and thus a recovery for them would be $50. However, with equity there is a defined downside (zero) and an unlimited upside. or Want to Sign up with your social account? Anyone have insight on Houlihan Lokey Dallas? Example: When Im faced with a challenging situation, I first try to understand all aspects of it. I applied through college or university. 1 M&A advisor for the past six consecutive years in the U.S . Questions will focus on your background and experience. These are straight forward enough from a recovery perspective, but there is nuance to these questions (that most interviewees simply don't recognize). Then flew back. The process took 1 week. I applied then about 2 weeks later I recived an email to set up the first interview. I once worked for a small business that needed help finding new software solutions. behind why downgrades could be happening and debt is trading down. MCOL. This question is a great way to test your knowledge of financial terms and concepts. I interviewed at Houlihan Lokey (New York, NY) in Oct 2022. Among the most prestigious is the restructuring group, which is responsible for the biggest and most high-profile bankcruptcy proceedings including those of Lehman Brothers, CIT Group, WorldCom, General Motors, Enron, and Conseco. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. However, most positions will require at least one behavioral interview and one technical interview. | Powered by WordPress, How to Become a CFA: My Awesome Complete Guide. They really wanted to see the enthusiasm in you, so be prepared with lots of motivation questions. I had prepped for this question. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. And the third. More Responsibility. I interviewed at Houlihan Lokey (New York, NY) in Sep 2022, Real Estate- REITB Group Few bankers stay in the same firm for life, so you should also consider the exit opportunities in various firms. Contribute to the database and get 1 month free* Full online access! Of course, I should make clear that part of the reason why certain tranches of debt are trading low in the first place could be because maturity walls are coming up, the coming has limited liquidity, and the market is pricing in the need for there to be some kind of restructuring in the future. Then, I break down the problem into smaller pieces so that I can analyze each part individually. For many who are just getting interested in restructuring, HL's case study - The Troubled Company - is the first thing that they read. Houlihan Lokey has the largest worldwide financial restructuring practice of any investment banking firm, with offices and experienced professionals located across the globe. This is followed by a super day where candidates will meet with a variety of bankers. Interview Questions. Sign In. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. . They agreed, and it helped us grow our client base.. The Interview Experience is a score from 1 star (very negative) to 5 stars (very positive) generated based on the Interview Insights at this company. Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. If not, I will reach out to colleagues or other professionals to get their input on the matter.. Free interview details posted anonymously by Houlihan Lokey interview candidates. 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 interview process at Houlihan Lokey can vary depending on the position you are applying for. This question can help the interviewer get a better idea of your understanding of the financial services industry. I got an email for phone screening availabilities after 2~3 weeks. Use your answer to highlight your knowledge of Houlihan Lokeys services and how they differ from those of banks, insurance companies and other financial institutions. What multiple would you use to evaluate these two companies and why? Interviewers ask this question to make sure you are comfortable speaking in public. I believe that if I have questions or concerns about my work, I should feel comfortable enough to ask my manager for help.. 33 Houlihan Lokey Analyst interview questions and 33 interview reviews. Industry and behavioral focused. . Both were 30 minutes and . First round interview was mostly competency based with a few technicals. Its a powerful tool that allows users to access real-time financial data and news stories. Est Annual Revenue: $500m+ . Asked about drivers of value from more of an academic/ theoretical perspective. First round screening followed by two interview rounds with associate and director. HL is known for taking a higher proportion of creditor-side mandates than other Tier 1 restructuring firms (PJT, Evercore, Moelis, and Lazard). 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. While there are some common interview questions that you should be prepared to answer, such as Tell me about yourself and Why are you interested in this position?, youll also want to be ready for some company-specific questions. 1 M&A advisor for the past five consecutive years in the U.S., the No . In your opinion, what makes a good financial analyst? 3. Due to the unpredictable workload and big responsibility. The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). I had a phone interview and did not get through the first round. Student Intern Amplify Trading Jul 2021 - Jul . The interview process takes about a week. . This question can help interviewers understand your ability to prioritize and manage your time. Describe a situation where you overcame a challenging obstacle at work. However, most positions will require at least one behavioral interview and one technical interview. Investment Banking, Corporate Finance. Offered position a week later and accepted. Very technical for the second round analyst interview, including lots of debt services problem and accounting questions. Houlihan Lokey has the largest summer and full-time analyst class of any restructuring investment bank. Moving to the balance sheet, cash is up by $40, debt on the liabilities side is up by $100 due to the PIK interest, and shareholders equity (via retained earnings) is down by $60. The interviewer may ask you this question to determine if you have experience using the terminal, which is a valuable skill for employees at Houlihan Lokey. MCOL. 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. Contribute to the database and get 1 month free* Full online access! There are also branches in Europe (London, Paris, Frankfurt) and Asia (Tokyo, Hong Kong . Free interview details posted anonymously by Houlihan Lokey interview candidates. Anyone know anything about Houlihan Lokeys M&A Tax group? Almost no company has enough cash on hand to just pay off the principal balance of their debt when it comes due (it likely wouldn't be prudent to do so! 2005-2023 Wall Street Oasis. I applied through an employee referral. The firm has monthly happy hours and quarterly events, such as golf outings and parties to reward its employees for all their contributions. What advice do candidates give for interviewing at Houlihan Lokey. Example: A typical day as an associate would start with me reading through emails from my clients, reviewing their financial statements and researching comparable companies in order to provide them with accurate valuations. All Rights Reserved. There are also branches in Europe (London, Paris, Frankfurt) and Asia (Tokyo, Hong Kong, Beijing). I applied online. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Houlihan Lokey interview details: 266 interview questions and 243 interview reviews posted anonymously by Houlihan Lokey interview candidates. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). Compensation info for 1st Year Analyst in Houlihan Lokey (London). Listen Carefully! Often it'll be the case that if a RX shop doesn't win the debtor mandate, then they'll see if they can get a creditor-side mandate. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, College / University / On Campus Recruiting. These are some of the more common questions from HL. 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. For instance a debt exchange may involve the new debt instrument - that folks are exchanging into - having 5% cash interest and 4% PIK, for example. The process was fairly straightforward and quick. I interviewed at Houlihan Lokey (London, England) in Aug 2021, There are 3 interview rounds for an Analyst positions, 1st screening with some basic questions about your experience and knowledge of the industry, 2nd technical (simple finance related questions regarding LBO/valuation, SaaS metrics) and motivation/behaviour, 3rd is one hour interview with two MDs. Hiring managers want to know that you have the skills and knowledge necessary to succeed in their company. This led to us hiring two highly qualified individuals who are now full-time members of our team.. Felt very aggressive and uncomfortable. I met with several VPs and MDs. Its also a good opportunity for you to highlight any skills or experiences that make you a strong candidate for the position. A distressed company that will ultimately be engaged by a restructuring investment bank like HL will not only likely have recent downgrades and debt that's trading low, they'll also have a reason for needing to get right-sized soon. The % of Interns Getting a Full Time Offer chart is meant to provide a realistic estimate of the hiring practices of the company based on the reviews at this company. 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. Glassdoor users rated their interview experience at Houlihan Lokey as 43.0% positive with a difficulty rating score of 3.11 out of 5 (where 5 is the highest level of difficulty). The interviewee is professional. Investment Banking. Houlihan Lokey is a global investment bank, so the interviewer may ask you this question to see if you understand the differences between their business and other financial institutions. Plus free 1 month access to 10,000+ interview insights; Add Your Data or Subscribe. Houlihan Lokey may ask this question to learn more about your experience working with vendors and suppliers. Example: I am passionate about helping businesses grow and thrive. Houlihan Lokey has the largest, most experienced worldwide financial restructuring practice of any investment banking firm, with more than 250 professionals located in offices across the globe. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Both calls lasted 30min. 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. This question is a way for the interviewer to assess your communication skills. In terms of its restructuring practice, I would say Blackstone and Lazard are HLHZs closest competitors, at least in the US. Houlihan Lokey; Interviews; Summer Analyst; Houlihan Lokey. Why HL? Houlihan Lokey . Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. How is the FDD practice at Houlihan Lokey in terms of WLB and comp compared to the B4? The process took 4 weeks. Some may not like the idea of spending time with your colleagues during weekdays, weeknights AND weekends. Candidates applying for Financial Analyst had the quickest hiring process (on average 16 days), whereas Summer Analyst roles had the slowest hiring process (on average 20 days). Interview Questions. To help you prepare, weve compiled a list of some potential questions you may be asked in an interview with Houlihan Lokey, along with some sample answers. Comparison between these multiples. 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. I had prepped for this question. If you can answer the last question, it means that you can build a full financial model right away. Want Access to these Houlihan Lokey Interview Insights? Interviews for Top Jobs at Houlihan Lokey. When it comes to interviews, preparation is key. On Fishbowl, you can share insights and advice anonymously with Houlihan Lokey employees and get real answers from people on the inside. Financial Analyst (39) Analyst (33) Investment Banking Analyst (26) Summer Analyst (21) Investment Banking Summer Analyst (17) I interviewed at Houlihan Lokey (New York, NY) in Sep 2022. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. Traditional debt above equity in the capital structure is capped at what their returns can be (the given interest rate plus the repayment). Reason being is that when you have a Chapter 11 there's a whole docket that you (hypothetically) could go through, whereas with an out-of-court the only public information available will generally be press releases discussing the proposal and what the results of it were. There are 130 jobs at Houlihan Lokey. Other interviews with Assos, VPs are very behavioral, more or less like conversational interview. Technical First round. . 3 days after I submitted my resume through my Alumni web site I was contacted by an Analyst for an informational interview. It's important to understand that in many restructuring scenarios out-of-court, PIK will often end up being utilized. The process took 1 week.