This employer has claimed their Employer Profile and is engaged in the Glassdoor community. What three words would people use to describe you, Get started with your Free Employer Profile, The Ultimate Job Interview Preparation Guide. 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. 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. Was rotated between multiple senior bankers. Status: Intern. The process took 4 weeks. Online application combined with employee referral. 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). With that being said, HL does take on debtor engagements as well and in terms of the amount of fees they generate it's about 50 / 50 between debtor and creditor-side work (this reflects the fact that debtor-side mandates result in higher fees). Deals are relatively easy to find for HL because they do a lot of deals on both the creditor and the debtor side (many of which involve public companies, which makes them a bit more high profile). Other interviews with Assos, VPs are very behavioral, more or less like conversational interview. What are some challenges facing financial services companies today? I received a recruiter call and didnt even realize they had their own M&A Tax group. Technical First round. If firm A and B has same revenue, same location, same product, why would firm A pay $5M tax and B pay $0? This is followed by a super day where candidates will meet with a variety of bankers. . Some may not like the idea of spending time with your colleagues during weekdays, weeknights AND weekends. Residual income is important because it shows how much profit a company or investment will make over time.. Example: I am passionate about helping businesses grow and thrive. MCOL. Interview. those written by existing HLHZ employees) give out raving reviews. It was a 30 min phone call (1st) and super day was 2 weeks after on-site. 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. Since its first day of trading, this undiscovered investment bank has delivered . I interviewed at Houlihan Lokey in May 2021. after submit online, HR will connect to next step. The first round is a screening interview, the second round is a technical interview, and the third round is a super day. The number you see in the middle of the doughnut pie chart is the simple average of these scores. Create Comparison. Then flew back. Even trying to provide a little bit of nuance in this answer has been difficult. I . Culture, benefits, comp? There are also branches in Europe (London, Paris, Frankfurt) and Asia (Tokyo, Hong Kong, Beijing). Our experience in M&A has earned us consistent recognition throughout the industry. 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. In your answer, try to explain what makes a good financial analyst and how your experience aligns with those qualities. Then, I break down the problem into smaller pieces so that I can analyze each part individually. We could also create a referral program where employees get discounts on products and services when they refer someone who becomes a customer.. Financial Analyst (39) Analyst (33) Investment Banking Analyst (26) Summer Analyst (21) Investment Banking Summer Analyst (17) In the end, we found several cost-cutting measures that helped our client achieve their goals.. Can anyone speak to the salary levels of houlihan for advisory? I interviewed at Houlihan Lokey (San Francisco, CA). I conducted extensive research into the market to find companies that would make good partners. Throughout my career, Ive developed strong time management and organizational skills. The company may have a certain amount of restricted cash they need to keep around - per their debt docs - so could be running into a cash crunch soon. The final round of interviews is typically with the managing director. 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. Felt very aggressive and uncomfortable. Rotational Program: -Financial Restructuring and M&A (Business Services) 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 once worked for a small business that needed help finding new software solutions. We have Senior Notes of $100 and thus a recovery for them would be $50. They weren't that hard, but it was awkward. 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. The number you see in the middle of the doughnut pie chart is the simple average of these scores. From a simple recovery perspective, you have an EV of $150 (30*5). Houlihan Lokey shares their insights which impact a wide range of investment banking topics to help you stay ahead in a constantly evolving industry. or Want to Sign up with your social account? In terms of its restructuring practice, I would say Blackstone and Lazard are HLHZs closest competitors, at least in the US. 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. That fully covers the TLA with $50 remaining. 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 reviews). They really wanted to see the enthusiasm in you, so be prepared with lots of motivation questions. I applied online, reached out to some alumni from my school on LinkedIn and had phone calls or coffee chats with them. Houlihan Lokey Interview Process. 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. All Rights Reserved. Creditor mandates usually require quite a bit less work than debtor mandates. Type your email address. The process took 4 weeks. The hiring process can take anywhere from a few weeks to a few months. It's not as hard as expected. Financial Analyst (39) Analyst (33) Investment Banking Analyst (26) Summer Analyst (21) Investment Banking Summer Analyst (17) Be assertive. Over the past 40 years, Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices. Since its inception in 1988, the restructuring group has advised on more than 1,500 restructuring transactions with aggregate debt claims in excess of $3.0 trillion. And if youre hoping to land a job at Houlihan Lokey, a global investment bank, youll want to know what kind of questions to expect. Quantitative Strategist (Vice President). Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Technical were LBO, EV to Equity value, and accounting flow through. Use examples from your previous work to highlight your expertise in this area. I interviewed at Houlihan Lokey (Beijing, Beijing) in Mar 2021. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions, Free 1 month access by adding just 1 salary datapoint, REAL salary bonus data across 1,000+ companies, Plus free 1 month access to 10,000+ interview insights. At the analyst an associate level. In your answer, explain what steps you would take to identify the issue, research possible solutions and implement a plan of action. I applied through college or university. Video interviews with a blend of fit & technical questions on each round. How would you determine an equity value of firm with debt exceeding the enterprise value? What would you suggest they do with their debt/equity ratio? How do you approach problem solving? Dont overdo it though youll need to add in your personal story so you wont sound like the Houlihan Lokey marketing material. hours, company culture, people, pay ($), remote more. Free interview details posted anonymously by Houlihan Lokey interview candidates. On campus interview for first round, then invite to office. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. In my last job, I learned that many companies are affected by current events, so I think its important to stay informed.. Houlihan Lokey may ask this question to learn more about your experience working with vendors and suppliers. 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. Describe a situation where you overcame a challenging obstacle at work. Interview Questions. What was your most successful experience working with clients? Sign In. Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire dataset. Most difficult was live cases. Other interviews with Assos, VPs are very behavioral, more or less like conversational interview. I did not get end up getting the offer, but it was an enjoyable experience. People have reported that the interview at Houlihan Lokey is medium. 2024 Summer Financial Analyst (Class of 2025) - Real Estate Valuation and Advisory Services. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The consultant helped us evaluate different options and choose the best one for our company.. How comfortable are you with public speaking? 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 called the client immediately after realizing I wouldnt be able to make the original deadline and explained the situation. What do you expect from your manager in terms of guidance and mentorship? Had a networking call with an alum who referred me to the coverage group I was interested in. Want Access to these Houlihan Lokey Interview Insights? Basic zoom interview with technical and behavioral questions. CAIA and Chartered Alternative Investment Analyst are trademarks owned by Chartered Alternative Investment Analyst Association. 2005-2023 Wall Street Oasis. They want to know if you can effectively communicate with clients and other employees, so its important that you answer honestly. I applied through an employee referral. I also enjoy working alone because it allows me to focus on my work without distractions.. They ended up saving thousands of dollars per year, which allowed them to retire early.. . Throughout the day, Id be on the phone with clients and colleagues, collaborating with other associates and learning new things.. Explore more on salary insights by experience and location. 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. 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. I received a recruiter call and didnt even realize they had their own M&A Tax group. I interviewed at Houlihan Lokey (New York, NY) in Nov 2019. Be the first to find this interview helpful. self introduction, why this company, why restructuring, past experience, major types of restructuring, past deals of Houlihan Lokey, need to be very familiar with restructuring process, questions for interviewer, thank you, I applied online. I had prepped for this question. I also try to learn as much as I can about the audience so I can tailor my speech to them.. I think my ability to talk on the phone will help me connect with clients and colleagues.. CV and cover letter practice as well as interview 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. Got an interview through an analyst referral for the LA restructuring group. Had a behavioral call with an analyst then a technical phone interview with an MD. 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. In 2022, we worked on more than 125 restructuring-related transactions on behalf of companies, their creditors and shareholders, and other constituents. I met with several VPs and MDs. I enjoyed the process, however, I did not get the offer. Trick question. Expect the question to be pretty rigorous if you answer the first question correct, expect you get a harder one on the second. 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. Anonymous Interview Candidate in Beijing, Beijing, I applied online. What advice do candidates give for interviewing at Houlihan Lokey. I had prepped for this question. at. Flew me to SF to meet the team. Houlihan Lokey is prestigious for a reason it does seem to be an excellent place to launch your banking career IF you are a banking material. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). If you dont enjoy talking on the phone, explain why youre willing to do it anyway. 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. Debt amortization ( didn't remember exact question)? When answering this question, it can be helpful to mention a specific client or group of clients you worked with in the past who were particularly happy with your services. Challenging obstacle at work ) and Asia ( Tokyo, Hong Kong, Beijing ) find companies would. Day, Id be on the phone with clients and colleagues, collaborating with other associates and learning new..... Ny ) in Mar 2021 you see in the Glassdoor community wouldnt be able to make the original and! 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