How Lazard Interviews in 2026: Process, Questions & What They Score
The complete process, reported questions, and what interviewers score.
Lazard / Interview snapshot
7
stages from
application to offer
38
reported questions
17
public sources
Independent: SupaCV is not affiliated with or endorsed by Lazard. This is one well-documented shape of Lazard's interviews, not a script: processes change and vary by role, team, level, and region, so confirm specifics with your recruiter.
On this page
01 / For every Lazard candidate
The process, start to finish.
This playbook covers the Financial Advisory (investment banking) analyst and summer analyst track, which is what Lazard is best known for. Asset Management and engineering hiring are separate and not covered. Lazard's official pages describe a stage-by-stage process only for London and Germany. The official US and France careers pages describe no process.
London publishes four stages for its Analyst, Intern and Industrial Placement programmes: an online application with a CV, one sitting of online assessments (a 15-minute timed aptitude test, a roughly 10-minute behavioural trait questionnaire and a recorded video assessment, about 35 to 40 minutes in total), a virtual assessment centre where candidates typically perform a number of exercises with a small number of other candidates, and two in-person final interviews of about 30 minutes each with senior bankers.
London Spring Insight has three stages and no assessment centre. Germany lists an online application (with cover letter, transcripts and references), the same three pre-employment assessments, and in-person interviews with bankers. For the US, Lazard publishes no stage-by-stage format, so the US picture here comes from third-party prep guides and coach forum answers.
They describe a rolling process: sometimes a HireVue video screen (sources disagree on whether US candidates get one), a 20 to 45 minute first round with junior bankers, then a Superday of roughly 3 to 6 interviews with VPs, directors and MDs, usually in person (30 Rockefeller Plaza for New York).
Two guides say US summer analysts are hired as generalists and placed in or choose a group during or after the summer, while one guide says roles are posted by group. One guide describes restructuring as the most competitive group to be placed into full-time. Lazard says its London Analyst, Intern and Industrial Placement interviews cover the firm itself, financial markets, world affairs and some technical financial questions.
The Spring Insight page lists the firm, markets and world affairs but does not mention technical questions. The German page lists the same topics plus a range of competencies and personality and individuality. Lazard does not publish a formal evaluation framework or competency model.
Its German careers page lists nine qualifications it looks for (for example intellectual curiosity, global perspective, maturity and self-confidence), and its UK page says the online assessments give insight into critical thinking and problem solving, the ability to take to training quickly, and behavioural traits and their alignment with the role and Lazard's organizational values. Neither is presented as an interview scoring rubric, so no framework is listed.
Stage 1: Online application (CV; cover letter not required in London)
varies
Reviewed on a rolling basis, and Lazard advises applying early because windows can close early. London windows for the 2027 cycle: Intern 8 Sep to 4 Oct 2026, Analyst 21 Sep to 24 Oct 2026, Industrial Placement opens 22 Sep 2026 (rolling), Spring Insight 19 Oct to 15 Nov 2026. Lazard's London FAQ (written for the 2026 cycle) states a minimum predicted or obtained 2.1 degree and says a CV is needed but no cover letter; the 2027 programme page only says to check eligibility criteria. The German page asks for a CV, cover letter, grade transcripts and reference letters. Lazard's US careers page gives no application window or process; one guide says strong US candidates may hear back within one to two weeks. Timing varies by office and programme.
Stage 2: Online assessments: Aptitude Assessment, Behavioural Trait Assessment, Video Assessment (Europe)
about 35-40 minutes in one sitting
Lazard states about 35 to 40 minutes in total, in one sitting. The aptitude test is 15 minutes, timed, with no calculator and no penalty for guessing. The behavioural questionnaire is untimed, about 10 minutes, and produces a Workplace Insights Report. The video assessment asks about motivation, cultural fit and interest in the firm and the industry; Lazard gives no length for it. Candidates who took the aptitude or behavioural assessments in the last 12 months only repeat the video assessment. One guide says the video has 3 to 5 recorded questions of about 2 minutes each and gives about 3 days to complete. A PrepLounge coach thread about London calls the video a HireVue. Documented officially for London and Germany.
Stage 3: HireVue video interview (US, reported inconsistently)
3-5 questions, about 30 seconds to a minute to prepare and about 1.5 to 3 minutes per answer (two guides)
Mostly behavioural and motivation questions (why Lazard, why financial advisory, leadership, a recent news story, an M&A transaction you find interesting), sometimes a basic finance question. Third-party sources disagree on whether US candidates get this step: Extern and Road to Offer describe it as an early step (Road to Offer says five fit questions), Aced says it is mainly used for UK and European candidates and that US applicants more often go straight to a live first round, and Superday AI lists HireVue as No.
Third-party sources only; whether the US uses a HireVue is disputed
Stage 4: Virtual Assessment Centre (London)
varies
Lazard says candidates successful at the online stage are invited to a virtual assessment centre that would typically require them to perform a number of exercises with a small number of other candidates, and that candidates are not competing directly with each other. It does not state the length or describe the exercises. Not part of Spring Insight, and not documented for US recruiting or for Germany.
Stage 5: First round / phone screen (US and general)
about 20-45 minutes
With 1 to 3 analysts, associates or junior bankers, by phone or video. A mix of behavioural and technical questions (DCF, EV to equity bridge, basic LBO, accounting). Restructuring candidates may get restructuring questions even here. Sources give up to 30 minutes, 30 minutes, 30-45 minutes, or 20-45 minutes.
Stage 6: Superday / final round interviews
London: two interviews of about 30 minutes; US: about 3-6 interviews of 30-45 minutes, half or full day
London (Analyst, Intern, Industrial Placement): two in-person interviews with senior bankers, typically within a week of the assessment centre. London Spring Insight instead has one online final interview of about 30 minutes with one banker and a member of HR. US (third-party guides): back-to-back interviews with VPs, directors and MDs, usually in person; one guide says they can be spread over several days and others say a single day or a half or full day. They mix resume deep dives, technical questions (accretion-dilution, three-statement impact, restructuring scenarios), market awareness and fit. One guide says final rounds include at least one Vice Chairman or Senior Managing Director interview.
Stage 7: Decision and offer
varies
London issues a formal written offer with 1 week to accept; one guide says up to two weeks. Third-party estimates of the wait after the Superday range from the same day to 48 hours, to within a week, to up to two weeks, to 1-3 weeks. The whole process is estimated at 2-3 weeks by two guides, about four weeks by another, one to two months by another, and 5-8 weeks early in the rolling window by a fifth. None of these is official.
Reported interview time, one scale in minutes
Where the minutes go
- Online assessments: Aptitude Assessment, Behavioural Trait Assessment, Video Assessment~35 to 40 min
- HireVue video interview~3 min
- First round / phone screen~20 to 45 min
- Superday / final round interviews~30 to 45 min
Not drawn: Online application, Virtual Assessment Centre and Decision and offer, whose durations are not given in minutes.
02 / What Lazard scores
No publicly documented framework
03 / Coach's notes
Coach's tips.
01
Make your why-Lazard answer specific. Several guides say to anchor it in the independent, advisory-only model (Lazard has no lending or financing arm), its restructuring, cross-border and sovereign advisory work, and one or two Lazard-advised deals. Generic praise of an elite boutique does not work.
02
Prepare for markets and world-affairs questions as well as technicals. Lazard's own careers pages say interviews cover the firm, financial markets and world affairs, so have a reasoned view on a current macro or geopolitical event and on what an advisor could do about it.
03
Express interest in restructuring without closing the door on M&A. Two guides say summer analysts are hired as generalists, and one calls Rx the most competitive group to land, so interviewers want to know you will accept an M&A seat. Undergraduate technicals are still mostly M&A, valuation and accounting. The five-question restructuring list in this playbook comes from a page that says the questions were asked to associates recruiting for restructuring and may also come up in summer analyst interviews.
04
Defend your reasoning, not just your answer. One guide says interviewers push back even on correct answers and treats pushback as a test of conviction, and another says to defend your assumptions, not just the mechanics. Build a second reason for answers such as why a company raises debt or why companies merge.
05
For European offices, prepare for the online assessment sitting before any interview: a 15-minute no-calculator aptitude test, a short behavioural questionnaire and a recorded video assessment on motivation and fit. In London, the virtual assessment centre has a number of exercises with a small group of candidates. Lazard does not say what they are, so ask your recruiter what to expect.
06
Bring real international experience into behavioural answers. Two guides say cross-cultural experience, languages and international study are valued, and an unfamiliar-culture question is reported.
04 / The research
Where this page comes from.
Compiled from public sources across 9 sites. Lazard's own page is among them: lazard.com/about-lazard/locations/united-kingdom/careers-in-the-u….
- sites
- 9
- coaching and prep guides
- 11
- Lazard's own pages
- 6
Source composition
Where the research comes from
Grouped by the kind of site that published each source: Lazard's own domain, candidate forums, and everything else.
- Coaching and prep guides11
- Lazard's own pages6
05 / The questions
Reported questions, by category.
Showing questions for
Roles are grouped by the category each question fits, not by the source.
Technical: Accounting, Valuation and M&A
10 questions
Walk me through a DCF, including how you derive WACC.
Tests free cash flow projection, discounting at WACC built from CAPM and after-tax debt cost, and terminal value.
If depreciation increases by $10, walk me through the impact on the three statements.
Tests tracing a non-cash expense change through income statement, tax effect, cash flow and balance sheet.
Walk me through an LBO.
Tests LBO mechanics: sources and uses, debt paydown from free cash flow, and returns at exit.
What is the difference between enterprise value and equity value?
Tests the enterprise to equity bridge: net debt, preferred stock, minority interest and matching multiples.
Company A is considering acquiring Company B. Given basic financial information about both, walk me through your analysis of the deal from start to finish.
What makes a good M&A deal, and why do companies merge?
Tests merger logic: strategic fit, synergies, growth and accretion or dilution.
What are the three core valuation methodologies, and which usually produces the highest valuation?
Tests knowledge of DCF, trading comparables and precedent transactions, and why control premiums lift precedents.
Why is the cost of equity higher than the cost of debt, and could the cost of debt ever exceed it?
Tests capital structure risk ordering: debt ranks senior with fixed claims, so it is cheaper except in distress.
Two comparable companies are identical except one pays a 20% tax rate and the other 35%. Which deserves the higher EV/EBITDA multiple?
Tests how tax rates flow into cash flow and value when EV/EBITDA itself is measured before tax.
What makes an attractive LBO target, and why might a company acquire another on a dilutive basis?
Tests LBO target traits such as stable cash flow and low capex, and non-EPS reasons for dilutive deals.
Reported problems, listed so you know what to expect. Practice them in your own editor or on the platform you prefer; SupaCV's practice mode coaches how you talk through them.
Restructuring
7 questions
Let's say we have a bond with a YTM of 20%. Can you ask me some questions to figure out what the current price is?
Tests bond pricing from yield: coupon, maturity, seniority and the distress inputs needed to find the price.
What are the signs of corporate distress?
Tests spotting distress through leverage, interest coverage, liquidity, covenant breaches and bond prices.
Can you walk me through a restructuring deal?
Tests restructuring process knowledge: diagnosis, creditor negotiation, in or out of court, and recoveries.
What are some common out-of-court restructuring solutions?
Tests knowledge of out-of-court tools such as amend and extend, exchange offers, asset sales and debt-for-equity swaps.
Let's say OpCo has $200 in assets and $150 in debt. HoldCo has $100 in debt and an upstream guarantee from OpCo. What are the recovery values?
Tests structural subordination and guarantees when computing recovery by entity and by creditor claim.
Explain the concept of fulcrum security in a restructuring context. How do you identify it, and why does it matter for recovery analysis?
Tests the capital structure waterfall: finding the impaired class that takes the equity and shapes the plan.
Compare and contrast Chapter 11 reorganization with an out-of-court restructuring. When would you advise a client to file versus negotiate, and what are the key considerations?
Tests the tradeoffs of a court process versus negotiation: holdouts, cost, timing and creditor leverage.
Reported problems, listed so you know what to expect. Practice them in your own editor or on the platform you prefer; SupaCV's practice mode coaches how you talk through them.
Every role
Behavioral and Fit
15 questions
Why investment banking, and why Lazard?
Why should we choose you over another candidate?
Tell me about a time you led a team.
Tell me about yourself.
Tell me about a time you worked to a tight deadline.
Tell me about a time when you were part of a team where someone wasn't giving their best.
Tell me about a time you operated in an unfamiliar cultural context.
Describe the most complex problem you have worked on.
How do you work with people more senior than you?
What was the team dynamic there? How do you work on a large team compared with a small one?
Describe a time you had to challenge conventional thinking on a project.
Describe a time you failed.
In 20 years, if you were writing an article about Lazard, what would the firm have achieved?
Why Lazard over Evercore or Centerview?
Why financial advisory?
Every role
Markets and Deal Awareness
6 questions
Walk me through a recent industry trend or piece of news that interests you and why. What can Lazard do about it?
What is your view on a recent geopolitical or macro event affecting markets?
Describe an M&A transaction you find interesting.
Tell me about a deal you are following. What would be a good acquisition target for that company right now?
How would you think about advising a European government on a privatization?
What makes cross-border M&A more complex than domestic M&A?
Tests cross-border deal frictions: regulation, currency, tax, political risk and differing accounting and legal regimes.
Reported problems, listed so you know what to expect. Practice them in your own editor or on the platform you prefer; SupaCV's practice mode coaches how you talk through them.
Your next step
Interviewing at Lazard?
Make sure your resume gets you to the first round.
Practicing for Lazard against your resume is in Interview Prep on Career.
Common questions
Quick answers.
How many stages are in Lazard's interview process?
Lazard has 7 stages, set out in The process.
Does Lazard have an official interview framework?
Lazard has no publicly documented framework, as set out in What Lazard scores.
What kinds of questions does Lazard ask?
Lazard's questions fall into 4 categories, grouped in The questions.
How reliable is this Lazard interview playbook?
It is compiled from public sources, and the evidence is in The research.
Sources (17)
Every public source this page was compiled from. Links open in a new tab.
9 sites, by sources
- lazard.com6
- preplounge.com3
- superdayai.com2
- legacy.vault.com1
- aced.io1
- roadtooffer.com1
- techinterview.org1
- extern.com1
- restructuringinterviews.com1
- 01lazard.com/about-lazard/locations/united-kingdom/careers-in-the-u…
- 02lazard.com/about-lazard/locations/united-kingdom/careers-in-the-u…
- 03lazard.com/about-lazard/locations/germany/financial-advisory-care…
- 04lazard.com/about-lazard/locations/united-states/careers-in-the-un…
- 05lazard.com/about-lazard/locations/france/financial-advisory-caree…
- 06lazard.com/careers/students
- 07legacy.vault.com/internship-application/commercial-banking-and-financia…
- 08aced.io/guides/lazard-investment-banking-summer-analyst-interv…
- 09roadtooffer.com/blog/lazard-interview-questions
- 10superdayai.com/banks/lazard
- 11superdayai.com/banks/lazard/interview-questions
- 12techinterview.org/companies/lazard-interview-guide
- 13extern.com/post/lazard-internship-guide
- 14restructuringinterviews.com/blogs/restructuring/top-5-lazard-interview-questions
- 15preplounge.com/en/articles/interview-lazard
- 16preplounge.com/en/finance-forum/what-to-expect-from-lazard-hirevue-22…
- 17preplounge.com/finance-forum/lazard-technical-vs-strategy-mix-23467
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Compare Lazard's process with other Investment Banking, Private Equity & Asset Management companies in this playbook: