Through the Houlihan Lokey screening call? Here is how the one or two first rounds run, who you meet, the technicals each group has asked, how Restructuring differs and how fast the superday follows.
Key facts
- Before it: Corporate Finance applicants take the Suited assessment from a link emailed after they apply, with 5 calendar days to finish it. If the application succeeds, a telephone interview with a recruiter or someone from the group comes next; GP Advisory and Restructuring called it an intro call.2,1,7,8
- How many: One or two. For summer 2027, Los Angeles ran two first-round interviews on Zoom (Dec 2025), Chicago Private Funds Advisory two with analysts (Feb 2026), and Los Angeles M&A a behavioral round with a VP and then a technical one with another VP (Jun 2026).5,3
- Format: A one-on-one Zoom with an associate in New York and a one-on-one video interview with an analyst in Chicago Healthcare (both Jan 2026, summer 2027), and a one-on-one with a VP in Los Angeles Debt Capital Markets (Mar 2025, summer 2026).4,6,3
- Content: Behaviorals and very basic technicals in two New York processes: the income statement, enterprise against equity value, valuation and net working capital. Chicago Healthcare went further: stock-based compensation, multiples, LBO levers and the sell-side process (all Jan 2026, summer 2027).3,4,6
- Restructuring: New York Restructuring ran a phone interview and then two technical rounds before the superday, with recovery questions on secured and unsecured claims (Jan 2026, summer 2027).3
- When: For summer 2027, Restructuring intro calls ran in mid-November 2025 and first rounds from late December, and Los Angeles first rounds in December 2025. New York M&A for summer 2028 posted on Nov 2, 2026, so expect first rounds from December 2026.8,5,2
- Next step: The superday: about three back-to-back interviews. A New York first round moved to a superday within a couple of days (Feb 2025, summer 2026).3,4
Each group hires for itself. In New York, Corporate Finance candidates name their top three industry groups and interview with bankers from those teams, so expect "why this group" for each one you ranked.2
What the Houlihan Lokey interview looks like
Where it sits
Corporate Finance applicants take the Suited assessment first, from a link emailed after they apply. If the application succeeds, a telephone interview with a recruiter or someone from the group follows, then one or two first rounds, then the superday. Each group runs its own process.2,1,3
The format
Expect a one-on-one video call with someone from the group: an associate on Zoom in New York and an analyst in Chicago Healthcare (both Jan 2026, summer 2027), a VP in Los Angeles Debt Capital Markets (Mar 2025, summer 2026). Some processes run two first rounds. For summer 2027 that was two on Zoom in Los Angeles (Dec 2025), two with analysts in Chicago Private Funds Advisory (Feb 2026), and a behavioral then a technical VP round in Los Angeles M&A (Jun 2026).4,6,3,5
What they ask
Why Houlihan Lokey, why the group and a walk through your resume, then technicals. In New York in January 2026 (summer 2027) they were very basic: the income statement, enterprise against equity value, valuation and net working capital. Chicago Healthcare that month added a $50 increase in stock-based compensation, EV/Revenue and EV/EBITDA, EBITDA margin, the levers of an LBO, the sell-side process and what a CIM is. Chicago Private Funds Advisory was mostly technical, with accounting and valuation ratio questions (Feb 2026, summer 2027).3,4,6
Restructuring
For summer 2027, Restructuring ran intro calls in mid-November 2025 and first rounds from late December, aiming to move before the elite boutiques' restructuring groups, and Insight Day attendees went through an accelerated process. In New York, a phone interview led to two technical rounds before the superday, on recovery questions such as how much each claim recovers when part of a senior secured claim is deficient (Jan 2026, summer 2027).8,3
After it
Next is the superday: about three back-to-back interviews, usually two behavioral and one technical. In New York a first round moved to a superday within a couple of days (Feb 2025, summer 2026). Houlihan Lokey gets back to every candidate, and offers feedback to those who reach its in-person interviews.3,4,1
Before your first round
- A quiet room with your camera, audio and background tested for Zoom.
- "Why Houlihan Lokey" and "why this group", with a separate answer for each group you ranked.
- A walk through your resume, in order, that ends at the group.
- The three statements, enterprise against equity value and net working capital, each in under a minute.
- How a change such as stock-based compensation moves through all three statements.
- EV/Revenue, EV/EBITDA and EBITDA margin, and the levers of an LBO.
- The sell-side M&A process and what a CIM is.
- For Restructuring: recovery waterfalls by claim class.
The questions
Expect fit questions about the firm and your group first, then technicals pitched to the group: basic accounting in most Corporate Finance rounds, more modeling in some, recovery work in Restructuring.3,4,6
- Fit and motivation: Why Houlihan Lokey, why this group, walk me through your resume.
- Accounting: The three statements, net working capital, stock-based compensation through the statements.
- Valuation: Enterprise against equity value, EV/Revenue, EV/EBITDA, EBITDA margin.
- Deals and process: LBO levers, sponsor against strategic buyers, the sell-side process, a CIM.
- Restructuring: Recovery by claim class when enterprise value falls short.
Which division question you get
- Investment banking, New York
- Jan 2026 (summer 2027): two processes, each a one-on-one with an associate. One was on Zoom with a few behaviorals and very basic accounting; the other asked behaviorals and very basic technicals: the income statement, enterprise against equity value, valuation and net working capital.4,3
- Healthcare, Chicago
- Jan 2026 (summer 2027): a screening call on why the group and why Houlihan Lokey, then a one-on-one video interview with an analyst: a $50 increase in stock-based compensation, EV/Revenue and EV/EBITDA, EBITDA margin, levers of an LBO, useful data packs for a transaction, the sell-side process and what a CIM is.6
- Private Funds Advisory, Chicago
- Feb 2026 (summer 2027): two first-round interviews with analysts, mostly technical, on standard accounting and valuation ratios.3
- Financial Restructuring, New York
- Jan 2026 (summer 2027): a phone interview, then two technical rounds before the superday, on recovery questions; less difficult than other restructuring interviews.3
- M&A, Los Angeles
- Jun 2026 (summer 2027): a mostly behavioral round with a VP, then a more technical round with another VP, then a 2-hour virtual superday.3
- Debt Capital Markets, Los Angeles
- Mar 2025 (summer 2026): an online test, then a one-on-one with a VP, mostly behavioral: why Houlihan Lokey, why capital markets, walk through your resume.3
- GP Advisory, New YorkBest guess
- Jan 2026 (summer 2027): an intro call first. Expect fund and secondaries questions in the first round: what GP-led deals are and why sponsors use them.7
The GP Advisory first-round line is our best guess from the group's focus; only its intro call is on record.
Example questions and how to answer them
Fit and motivation"Why Houlihan Lokey, and why this group?"6,3
- 1Firm: one specific reason, such as its mid-market M&A and restructuring franchise and the deal flow that gives analysts.
- 2Group: what the group does and a deal or banker that drew you to it.
- 3Office: why this city, if the posting is for one office.
- 4Link it to a line on your resume.
Tip: Asked in the Chicago Healthcare screening call and again in the video first round (Jan 2026, summer 2027), and in a Los Angeles Debt Capital Markets first round as why capital markets (Mar 2025, summer 2026). In New York you rank three groups, so have a reason for each.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I want to work where analysts see a lot of deals, and Houlihan Lokey's mid-market M&A and restructuring work means a summer analyst gets real reps on live processes. I applied to Healthcare because I spent two summers at a hospital system's strategy office and watched it buy two physician groups; I want to be on the advisory side of those deals. When I spoke with an analyst in the Chicago group, she described running the data room on a sell-side process in her first summer, and that is the kind of work I want.
Technical"Walk me through a $50 increase in stock-based compensation."6
- 1Income statement: operating expenses up $50, pre-tax income down $50, net income down $50 x (1 - tax rate).
- 2Cash flow statement: net income down, but add back the $50 as a non-cash expense, so cash rises by the tax saving.
- 3Balance sheet: cash up by the tax saving; equity: retained earnings down by the after-tax hit, paid-in capital up $50.
- 4Check that both sides balance.
Tip: Asked in a Chicago Healthcare first round with an analyst (Jan 2026, summer 2027). Assume a tax rate out loud, say 25%, and keep the numbers round.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. At a 25% tax rate: on the income statement, stock-based compensation raises operating expenses by $50, so pre-tax income falls $50 and net income falls $37.50. On the cash flow statement, net income is down $37.50, but stock-based compensation is non-cash, so I add back $50 and cash from operations rises $12.50, the tax saving. On the balance sheet, cash is up $12.50. On the other side, retained earnings fall $37.50 and common stock and paid-in capital rise $50, so equity is up $12.50 and the balance sheet balances.
Technical"What are the levers of an LBO?"6
- 1Buy cheaply: a lower entry multiple.
- 2Grow EBITDA: revenue growth and margin improvement.
- 3Pay down debt: cash flow used to cut leverage, so equity owns more of the value.
- 4Sell well: an exit multiple at or above entry; more leverage at entry amplifies all of it.
Tip: Asked in the same Chicago Healthcare first round, beside EV/EBITDA and EBITDA margin. Name the levers, then say which matters most in the group's sector.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Returns in an LBO come from four places. First, the entry price: buying at a lower multiple leaves more room. Second, EBITDA growth, through higher revenue or better margins. Third, debt paydown: the company's cash flow repays debt, so the equity holders own a bigger share of the enterprise value at exit. Fourth, the exit multiple, if the business sells for more than the entry multiple. Leverage amplifies all of these, because the sponsor puts in less equity up front. In healthcare services, margin improvement and add-on acquisitions often carry most of the return.
Technical"Who is typically willing to pay more for an acquisition, a sponsor or a strategic?"3
- 1Give the usual answer: a strategic.
- 2Why: synergies, cost and revenue, that a sponsor cannot capture.
- 3Why a sponsor is capped: its price is set by the return it needs and the debt it can raise.
- 4Name the exception: cheap debt or a platform with add-ons can let a sponsor pay up.
Tip: Asked in a Los Angeles M&A process that ran a behavioral VP round and a technical VP round before the superday (Jun 2026, summer 2027); the review does not say which round.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Usually a strategic buyer, because it can count on synergies: cutting overlapping costs or selling more through its own channels, so the business is worth more in its hands. A financial sponsor is limited by the return it needs, often 20% or more, and by how much debt lenders will provide, which caps what it can pay. The exception is when debt is cheap and plentiful, or when the sponsor already owns a platform company and can treat the target as an add-on with its own synergies; then sponsors can match or beat strategics.
Restructuring"Enterprise value is $150, with $150 of senior secured debt and $100 unsecured, but $50 of the senior secured claim is deficient. What does each claim recover?"3
- 1Find the collateral value: the secured claim is only covered up to $100.
- 2Split the senior claim: $100 secured, $50 deficiency claim that ranks with the unsecured.
- 3Value left for the unsecured pool: $150 - $100 = $50, shared across $50 deficiency + $100 unsecured.
- 4Give each recovery as a percentage.
Tip: Asked in a New York Restructuring process that ran two technical rounds before the superday (Jan 2026, summer 2027). Say your assumptions out loud, as the setup can be read more than one way.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. If $50 of the $150 senior secured claim is deficient, the collateral covers $100, so the secured portion recovers $100 in full. The remaining $50 becomes a deficiency claim that ranks with the general unsecured claims. That leaves $150 minus $100, or $50, for an unsecured pool of $150: the $50 deficiency claim and the $100 of unsecured debt. Each recovers a third, so the deficiency claim gets about $16.70 and the unsecured notes about $33.30. In total the senior lender recovers about $116.70 of $150, roughly 78%, and the unsecured notes about 33%.
More Houlihan Lokey interview questions
Fit and motivation
Technical
“What is the difference between enterprise value and equity value?”4,3
Investment banking, New York, Jan 2026 (summer 2027); a topic, our wording
“What is net working capital?”3
Investment banking, New York, Jan 2026 (summer 2027); a topic, our wording
“What are EV/Revenue, EV/EBITDA and EBITDA margin?”6
Healthcare, Chicago, Jan 2026 (summer 2027)
“If EV/EBITDA is 10x, what follows?”3
Private Funds Advisory, Chicago, Feb 2026 (summer 2027); valuation ratio questions
“How do changes in WACC affect an LBO?”3
Debt Capital Markets, Los Angeles, Mar 2025 (summer 2026); the review does not say which round
Deals and process
“Walk me through a sell-side M&A process. What is a CIM?”6
Healthcare, Chicago, Jan 2026 (summer 2027)
“Which data packs are useful for a transaction?”6
Healthcare, Chicago, Jan 2026 (summer 2027)
“A sponsor is looking at a business with $50 million of EBITDA. The seller wants 10x and comparable public companies trade at 8x. Is the premium justified?”3
M&A, Washington DC, Mar 2026 (summer 2027); the review does not say which round
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How long to hear back after the interview
Each group sets its own pace. First rounds have come a couple of weeks after applying, and the superday as soon as a couple of days after them; Restructuring started its intro calls in November.3,8
Feb 2025 (summer 2026)
Financial analyst intern, New York
A first-round request a couple of weeks after applying, then a superday within a couple of days.3
Mar 2025 (summer 2026)
Debt Capital Markets, Los Angeles
An online test, a mostly behavioral one-on-one with a VP, then a Zoom superday.3
Nov to Dec 2025 (summer 2027)
Financial Restructuring, New York
An intro call in mid-November, then a first round scheduled for late December.8
Dec 2025 (summer 2027)
Summer analyst, Los Angeles
A resume-only application, then two first-round interviews on Zoom.5
Jan 2026 (summer 2027)
Investment banking, New York
An online test, a one-on-one first round with an associate, then a superday of three 30-minute interviews. Two to three months in all.3
Jan 2026 (summer 2027)
Healthcare, Chicago
A screening call, then a one-on-one video first round with an analyst.6
Jun 2026 (summer 2027)
M&A, Los Angeles
A behavioral VP round, a technical VP round, then a 2-hour virtual superday.3
Houlihan Lokey gets back to every candidate, and offers feedback to those who reach its in-person interviews.1
Best guessIf a week passes after your first round with nothing, send your recruiter one short, polite email. Restructuring and some groups run a second round, so a quiet week can mean another round is being set up.
What happens after the interview
Online application
Done. Resume and application on Workday, one posting per group and office.1,2
Suited assessment (Corporate Finance)
Done, for Corporate Finance: an online assessment from a link emailed after you apply, within 5 calendar days.2
Screening call
Done. A telephone interview with a recruiter or someone from the group; some groups call it an intro call.1,7,8
First round, sometimes twoYou are here
This page. One or two interviews, mostly on Zoom, with an analyst, associate or VP: behavioral questions and basic to intermediate technicals.3,4,5,6
Superday
About three back-to-back interviews, usually two behavioral and one technical; more rounds and a case study in Restructuring.3,4
Offer
Houlihan Lokey gets back to every candidate, and offers feedback to those who reached its in-person interviews.1
First round vs superday
The first round is one or two short video calls on fit and the basics; the superday is about three interviews in a row, one of them fully technical.
Format
Who
An associate, a VP and an MD in Los Angeles Debt Capital Markets (Mar 2025, summer 2026).3
FAQ
What comes before the Houlihan Lokey first round?
For Corporate Finance, the Suited assessment, from a link emailed after you apply. Then, if the application succeeds, a telephone interview with a recruiter or someone from the group; GP Advisory and Restructuring called it an intro call.2,1,7,8
How many first-round interviews does Houlihan Lokey have?
One or two. For summer 2027, New York investment banking ran one with an associate (Jan 2026); Los Angeles ran two on Zoom (Dec 2025), and Chicago Private Funds Advisory two with analysts (Feb 2026).4,5,3
How technical is the Houlihan Lokey first round?
Basic in most groups: the income statement, enterprise against equity value, valuation and net working capital in New York (Jan 2026, summer 2027). Chicago Healthcare went further that month, with stock-based compensation through the statements, multiples, LBO levers and the sell-side process.3,4,6
Is the Houlihan Lokey first round on Zoom?
Mostly. For summer 2027, New York ran a one-on-one Zoom with an associate (Jan 2026), Chicago Healthcare a video interview with an analyst (Jan 2026), and Los Angeles two Zoom first rounds (Dec 2025).4,6,5
How is the Restructuring first round different?
More rounds and more technical. New York Restructuring ran a phone interview and two technical rounds on recovery questions before the superday (Jan 2026, summer 2027), and for summer 2027 its intro calls came in mid-November 2025.3,8
Does Houlihan Lokey give feedback after a first round?
Houlihan Lokey gets back to every candidate, and offers feedback to those who reached its in-person interviews.1
Interview at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.
- 1Houlihan Lokey: How to Apply
- 2Houlihan Lokey (Workday): 2028 Investment Banking Summer Financial Analyst (Class of 2029), NY M&A
- 3Candidate reports on a public forum: Houlihan Lokey Interview Questions (2026)
- 4Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Jan 2026)
- 5Candidate report on a public forum: Summer analyst interview, Los Angeles (Dec 2025)
- 6Candidate report on a public forum: SA2027 Analyst interview, Healthcare, Chicago (Jan 2026)
- 7Candidate discussion on a public forum: Houlihan Lokey SA 27 (Jan 2026)
- 8Candidate discussion on a public forum: HL RX SA27 Thread (from Dec 2025)
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