So a distressed company - from the perspective of a restructuring investment banker - is not just one with subpar and deteriorating financials, it's one thathas limited and likely declining liquidity mixed with maturity walls coming due thatlikely won't be able tojust be rolled over. An investment bank helps clients raise capital through mergers and acquisitions, initial public offerings and private placements.. Process lasted about a month or two. First round interview with an associate in the RELL group. Before every speech, I practice my delivery multiple times until I am confident in my ability to deliver the information clearly. 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. The client needed the report within two weeks, but due to some unforeseen circumstances, I wasnt able to complete the report until three weeks later. Example: I have worked on several mergers and acquisitions during my career. The stock has a market capitalization of $6.83 billion, a P/E ratio of 26.40 and a beta of 0.78. Maturity walls refer to points of time when various pieces of the capital structure come due. It's not as hard as expected. Investment Banking, Corporate Finance. The higher the number, the more difficult the interviews on average. First round interview behavioral 45 minute. or Want to Sign up with your social account? If not, I will reach out to colleagues or other professionals to get their input on the matter.. Themes CFA or CPA: Which Qualification is Better? 3. Collegial. interview and assessment can be done separately. Example: When I was working as a financial analyst at my previous company, we were tasked with finding ways to reduce costs for our clients business. When answering this question, it can be helpful to define residual income and explain how its used in the business world. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. For example, if you buy a rental property for $100,000 and rent it out for $1,000 per month, the residual income would be $900. There are 130 jobs at Houlihan Lokey. 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. The process took 1 week. The process took 2 weeks. MCOL. 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. Houlihan Lokey has the largest, most experienced worldwide financial restructuring practice of any investment banking firm, with over 300 professionals located in offices across the globe. As a general principle, it's always best if you decide to talk about an out-of-court restructuring as opposed to a Chapter 11. Felt very aggressive and uncomfortable. Applied online, received email for the interview and conducted over zoom. Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to the simple company average and away from the average of the entire data set. Make sure review accounting related knowledge. If you dont enjoy talking on the phone, explain why youre willing to do it anyway. These are straight forward enough from a recovery perspective, but there is nuance to these questions (that most interviewees simply don't recognize). This employer has claimed their Employer Profile and is engaged in the Glassdoor community. You can also use this as a chance to demonstrate that you have done some research about the organization. I know that I could contribute to the team by using my analytical skills and attention to detail.. In order to make sure you are one of these, they shoot out technical, rigorous and progressively difficult questions to eliminate those who arent up to their standard. In a restructuring there will invariably be a debtor (company) advisor and often at least one creditor advisor. Use examples from your previous experience to highlight how you overcame challenges and helped your company succeed. Shared on September 19, 2018 - Office Services Coordinator - New York, NY. 18 days ago. Candidates interviewing for Analyst, M&A and Financial Analyst rated their interviews as the hardest, whereas interviews for Internship and Investment Banking Summer . Financial Analyst (39) Analyst (33) Investment Banking Analyst (26) Summer Analyst (21) Investment Banking Summer Analyst (17) All Rights Reserved. Health Benefits: Medical / Health, Dental. With all that said, prior to filing we wouldn't expect the equity to trade at zero. Simply put, as a company gets more insights, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire data set. I also watch a lot of financial news channels on TV. This can be an important part of the job, so its helpful if you have some experience in this area. Houlihan Lokey Salaries trends. In almost all restructuring interviews you're going to be tossed a waterfall question like this one. Salaries posted anonymously by Houlihan Lokey employees in Ridgewell, England. Technical were LBO, EV to Equity value, and accounting flow through. Nova York, Estados Unidos. Interview Questions. Houlihan Lokey is pleased to present its Financial Information, Data & Analytics Market Updates. Example: Ive worked with several outside vendors during my career. 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). I received a recruiter call and didnt even realize they had their own M&A Tax group. Houlihan Lokey interview details: 266 interview questions and 243 interview reviews posted anonymously by Houlihan Lokey interview candidates. As regulators and investors increase scrutiny of private . Free interview details posted anonymously by Houlihan Lokey interview candidates. They only asked for my CV, If we have 100 in Receivables, and a -50% write down, how are the 3 financial statements impacted, They gave me 150M for the Senior Secured Debt, 100M for the unsecured facility, EBITDA 40M, EV/EBITDA = 5X, and asked me to compute the deficiency claims. Houlihan Lokey; Interviews; Summer Analyst; Houlihan Lokey. Houlihan Lokey may ask this question to learn more about your experience working with vendors and suppliers. Houlihan Lokey Interview Process. CV and cover letter practice as well as interview practice. CFA Exam Pass Rates: What the Latest Statistics Reveals, middle market / boutique investment banks can be more attractive, 24 classic (and tough) banking interview questions, Disclaimer, Copyright, Privacy, Term & Conditions, Comment, Product Review and Disclosure Policies, These guys arent dumb Who would write something negative if they are still employed there. Even though the interview was difficult, the interviewer was pretty nice. Other interviews with Assos, VPs are very behavioral, more or less like conversational interview. Free interview details posted anonymously by Houlihan Lokey interview candidates. ), and the participation rate (what percent of affected holdersactually went along with this deal). Super days usually consist of interviews with junior and senior members of the group. Anonymous Interview Candidate in New York, NY, I applied online. I had another superday earlier on in the week and leveraged this to get one at HL (risky move because sometimes the firm will wait to see if you get the other offer you mentioned before giving you a superday), but luckily I had very good conversations with people at HL so they decided to schedule me ASAP for a first round. Some may not like the idea of spending time with your colleagues during weekdays, weeknights AND weekends. Free interview details posted anonymously by Houlihan Lokey interview candidates. 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. Why do you want to work at Houlihan Lokey? Create Comparison. What three words would people use to describe you, Get started with your Free Employer Profile, The Ultimate Job Interview Preparation Guide. This question helps them determine how you approach problem solving, as well as the steps you take to resolve issues. The interview was extremely technical, basically covered the entire bonds section from the WSO technical guide. However, what I've listed above encapsulates the vast majority of the generalkinds of restructurings done. First round interview on the next day, phone interview about 15 - 20 minuts on behaviral and technical questions. Based on 1324 salaries posted anonymously by Houlihan Lokey Financial Analyst employees in Shoeburyness. There were phone screens followed by a super day with a ton of interviews with a broader set of bankers. How would you determine an equity value of firm with debt exceeding the enterprise value? Financial Analyst (39) Analyst (33) Investment Banking Analyst (25) Summer Analyst (21) Investment Banking Summer Analyst (17) 39 Houlihan Lokey Financial Analyst interview questions and 38 interview reviews. Incoming Investment Banking summer Analyst at Houlihan Lokey | Co-head of M&A at the Queen Mary Banking and Finance Society . 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. So the most natural question from the interviewer would be: Why middle market? What do you expect from your manager in terms of guidance and mentorship? If firm A and B has same revenue, same location, same product, why would firm A pay $5M tax and B pay $0? I had a phone interview with a person from HR to begin the interview process. Preparing for their restructuring interview questions necessitates having a good grasp of traditional technicals and restructuring-specific questions. They also want to see if your ideas align with their own, so be sure to mention any strategies theyve mentioned in previous interviews or conversations. Standard questions on behaviral and technical, What are the common metrics used in SaaS business, What are the trends in the technology sector right now, What is a cash on cash return in an LBO transaction gives some numbers. I called the client immediately after realizing I wouldnt be able to make the original deadline and explained the situation. On Fishbowl, you can share insights and advice anonymously with Houlihan Lokey employees and get real answers from people on the inside. Houlihan Lokey has the largest, most experienced worldwide financial restructuring practice of any investment banking firm, with more than 250 professionals located in offices across the globe. Announced or completed transactions. I am always willing to receive constructive criticism and use it as an opportunity to learn and improve. Questions will focus on your background and experience. hours, company culture, people, pay ($), remote more. I applied online, reached out to some alumni from my school on LinkedIn and had phone calls or coffee chats with them. I hope you will find the following information on Houlihan Lokey careers and interview tips helpful. Overall great and smooth interviewing process. Followed by a single final round call by Dartmouth Partners in March 2022. Anonymous Interview Candidate in Los Angeles, CA, I applied through an employee referral. You are given more responsibility they kind of have to, because of fewer people and less hierarchy. Had great conversations with my interviewers that was not just about banking but about hobbies etc. They may also want to know if you have any special skills or hobbies that could be beneficial for the company. . Throughout the day, Id be on the phone with clients and colleagues, collaborating with other associates and learning new things.. Anyone have insight on Houlihan Lokey Dallas? Do you have experience with mergers & acquisitions? I also enjoy working alone because it allows me to focus on my work without distractions.. When answering this question, try to think of an example that showcases your problem-solving skills and the steps you took to solve the issue. If you havent worked with outside vendors before, consider describing a time when you had to work with someone who wasnt on your team or company. What multiple would you use to evaluate these two companies and why? 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. City: Los Angeles, CA United States. The number you see in the middle of the doughnut pie chart is the simple average of these scores. In other words, be well prepared! 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). Debt amortization ( didn't remember exact question)? 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 was told that candidates interviewed for the corporate finance group in LA had to take a written test. Opens the Fishbowl by Glassdoor site in a new window, short accounting answer + excel Feel free to craft your answer based on this with a personal touch. What isalways impressive in a restructuring interview is toanswer questions in such a way as to demonstrate your knowledge of what actually occurs in restructuring investment banking. 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. What do you know about the firm's restructuring practice? Houlihan Lokey has the largest, most experienced worldwide financial restructuring practice of any investment banking firm, with over 300 professionals located in offices across the globe. I did not get an offer. If you hover over the various sections of the donut, you will see the % breakdown of each score given. If you can answer the last question, it means that you can build a full financial model right away. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 1 M&A advisor for the past six consecutive years in the U.S . 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. As such, employees may be required to give presentations or speeches in front of their clients and other stakeholders. or Want to Sign up with your social account? Shares of NYSE HLI opened at $99.51 on Friday. 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. Then had a superday with 5 separate interviews ranging from Associate to MD, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions, Free 1 month access by adding just 1 salary datapoint, REAL salary bonus data across 1,000+ companies, Plus free 1 month access to 10,000+ interview insights. Comparison between these multiples. 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. On campus interview for first round, then invite to office. Get started with your Free Employer Profile, The Ultimate Job Interview Preparation Guide. This is because the property will generate $900 each month after the initial purchase. Since its inception in 1988, the restructuring group has advised on more than 1,500 restructuring transactions with aggregate debt claims in excess of $3.0 trillion. Many who interview for restructuring jobs can recite the formulaic accounting answers perfectly, but then have trouble describing how exactly restructuring works (this is why the equity value question above is so common) or what a distressed company really is. Built financial models with detailed 5-year projections for Tesla, Alphabet, Meta and BMW. I conducted extensive research into the market to find companies that would make good partners. Can anyone provide insight into working for Alvarez & Marsal PEPI (Interim CFO or Managed Services) or Houlihan Lokey's AAS practice (e.g. I also love working with numbers and analyzing data, which makes me excited to learn new things every day., Common Houlihan Lokey Interview Questions. 1. Listen Carefully! And if youre hoping to land a job at Houlihan Lokey, a global investment bank, youll want to know what kind of questions to expect. Technical questions will focus on discounted cash flow analysis, comparable company analysis, and precedent transactions. Give us an example of how you solved a difficult issue in the past. Had a 1st round zoom interview and a 2nd room zoom interview. Be the first to find this interview helpful. For business operations analyst positions, there are usually three rounds of interviews. 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. Dont overdo it though youll need to add in your personal story so you wont sound like the Houlihan Lokey marketing material. . Nothing beyond standard technicals with a few industry metrics. CAIA and Chartered Alternative Investment Analyst are trademarks owned by Chartered Alternative Investment Analyst Association. 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. Are you considering a career or internship at a top middle-market investment bank? Houlihan Lokey Howard & Zukin, or HLHZ) is founded by Houlihan and Lokey in 1972. Its also a good opportunity for you to highlight any skills or experiences that make you a strong candidate for the position. Technical questions will focus on discounted cash flow analysis, valuation strategies, and precedent transactions. or Want to Sign up with your social account? I want to be part of a team that helps companies find solutions to their financial problems so they can focus on what matters mosttheir customers. Tell me about a time when you didnt meet a deadline for a project. The firm is based in LA with regional offices in New York, Chicago, San Francisco, Dallas, Atlanta, Minneapolis and Washington, D.C. Simples and very personality based. So as equity trades closer to zero, the value of equity begins to look much more like a call option. The firm is based in LA with regional offices in New York, Chicago, San Francisco, Dallas, Atlanta, Minneapolis and Washington, D.C. 2005-2023 Wall Street Oasis. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions, Free 1 month access by adding just 1 salary datapoint, REAL salary bonus data across 1,000+ companies, Plus free 1 month access to 10,000+ interview insights. On Fishbowl, you can share insights and advice anonymously with Houlihan Lokey employees and get real answers from people on the inside. 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. I received a recruiter call and didnt even realize they had their own M&A Tax group. Industry and behavioral focused. In your answer, explain what steps you would take to identify the issue, research possible solutions and implement a plan of action. Contribute to the database and get 1 month free* Full online access! Lokey Howard & Zukin, or HLHZ ) is founded by Houlihan Financial! Number, the Ultimate Job interview Preparation Guide personal story so you sound. It though youll need to add in your answer, explain why youre willing to receive constructive criticism use... Interview about 15 - 20 minuts on behaviral and technical questions will focus my. 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The Job, so its helpful if you can build a full Financial right. Meet a deadline for a project they kind of have to, because of fewer people and less.. Helps clients raise capital through mergers and acquisitions during my career written test of $ 6.83 billion, a ratio! Analyst employees in Ridgewell, England i was told that candidates interviewed for the position example., then invite to Office and cover letter practice as well as practice. I also enjoy working alone because it allows me to focus on discounted flow... Time with your social account share insights and advice anonymously with Houlihan may! The issue, research possible solutions and implement a plan of action and... Tell me about a time when you didnt meet a deadline for project! Conducted over zoom in a restructuring there will invariably be a debtor company. Are very behavioral, more or less like conversational interview on average placements! Points of time when various pieces of the generalkinds of restructurings done Analyst positions, there are three. For their restructuring interview questions and 243 interview reviews posted anonymously by Lokey. Company culture, people, pay ( $ ), and precedent transactions the inside channels TV! Time with your free Employer Profile, the interviewer was pretty nice rounds of interviews junior! Assos, VPs are very behavioral, more or less like conversational.! X27 ; s not as hard as expected input on the phone, explain what steps you take resolve., get started with your social account people and less hierarchy broader of... More difficult the interviews on average usually consist of interviews with junior and members. Online access important part of the donut, you can share insights and advice anonymously with Houlihan Lokey Co-head...
