Through the first rounds at Houlihan Lokey? Here is how the superday works, how the technical interview and the Restructuring rounds differ, the questions interviewers ask and when you hear back.
Key facts
- Before it: A phone or intro call, then one or two first rounds, mostly on Zoom with an associate, VP or analysts. Restructuring in New York ran two technical rounds before the superday (Jan 2026).1,6,7,9,10,12,16
- Interviews: Three back-to-back interviews in New York (Jan 2026, 30 minutes each) and Charlotte (Feb 2025); 30 minutes each with an associate, a VP and an MD in Los Angeles Debt Capital Markets (Mar 2025).6,7,12,8
- The mix: In New York, two behavioral interviews and one fully technical one: a DCF breakdown, industry knowledge and a mini case on adjusted EBITDA and multiples.6,7
- Format: Superdays in New York (Jan 2026) and Los Angeles (Mar 2025) were on Zoom, and a Los Angeles M&A superday was a 2-hour virtual block (Jun 2026). The firm describes in-person interviews at its offices, over one day or several.7,8,9,1
- Restructuring: A Los Angeles Restructuring superday ran five rounds, including a case study where you restructure a company and a round with an MD (summer 2024 cycle).14
- Hearing back: An offer call 5 hours after a Charlotte superday (Feb 2025). The firm says it gets back to every candidate and offers feedback to those who reached the in-person interviews.12,1
Each group hires for itself. In New York, Corporate Finance candidates name their top three industry groups, interview with people from those teams, and get an offer for one of them.3
What the Houlihan Lokey superday looks like
The rounds before it
A successful application leads to a telephone interview with a recruiter or someone from the group. Then come one or two first rounds, mostly 1-on-1 on Zoom with an associate, VP or analysts, mixing behavioral questions with basic technicals. Restructuring in New York ran a phone interview and two technical rounds before the superday (Jan 2026).1,6,7,9,10,12,15
The invite
Superday invites have come within a couple of days of the first round in New York (Feb 2025) and two weeks after it in Charlotte (Feb 2025). In January 2026 (summer 2027), one verbal superday invite followed two rounds.13,12,14
The day
Expect about three back-to-back interviews of 30 minutes. In New York the split has been two behavioral and one fully technical; in Los Angeles Debt Capital Markets the order ran associate, VP, then MD, with technicals in the first two and stories in the MD round. The firm describes in-person interviews over one day or several; recent superdays have been on Zoom.6,7,8,1
The technical interview
The technical interview goes further than the first round: a DCF breakdown, industry knowledge and a mini case with adjusted EBITDA and multiples in New York. Another New York process in January 2026 asked how to value a vending machine business with a DCF and how to get to unlevered free cash flow.6,7
Restructuring
Restructuring runs harder and longer. A New York process asked for each claim's recovery in a waterfall; a Los Angeles superday ran five rounds: behavioral, technicals, behavioral with VPs, a case study restructuring a company, and an MD round (summer 2024 cycle). The summer 2028 posting describes the work: in- and out-of-court restructurings, liability management, exchange offers and distressed M&A.10,14,4
After the day
Offers can move fast: one Charlotte offer call came 5 hours after the superday. The firm says it gets back to every candidate and offers a feedback call to anyone who reached the in-person interviews.12,1
The rounds, by office and group
- Investment banking, New York (Jan 2026) Test, first round, superday
- A first round with an associate on basic technicals, then 3 x 30-minute interviews: two behavioral, one technical.
- Investment banking, Charlotte (Feb 2025) First round, superday
- A Zoom first round with an associate in the group, then three back-to-back interviews two weeks later.
- Debt Capital Markets, Los Angeles (Mar 2025) Test, first round, superday
- A VP first round, then a Zoom superday with an associate, a VP and an MD.
- M&A, Los Angeles (Jun 2026) Two rounds, 2-hour superday
- A behavioral VP round, a technical VP round, then a 2-hour virtual superday.
- Financial Restructuring, New York (Jan 2026) Phone, two technicals, superday
- Two technical rounds before the superday.
- Financial Restructuring, Los Angeles (summer 2024 cycle) 5 rounds
- Behavioral, technical, VP behavioral, a restructuring case study and an MD round.
Each row is one office or group's process, with the month it ran. The firm says its in-person interviews may take place over one day or over several.6,12,8,9,10,14,1
Before your superday
- A DCF from revenue to unlevered free cash flow, told in under two minutes.
- How a change in depreciation or tax flows through the three statements.
- Adjusted EBITDA and what goes into it, and how a multiple turns it into a value.
- Why a sponsor and a strategic buyer pay different prices, with one example deal.
- For Restructuring: a recovery waterfall by class of claim, and the difference between in-court and out-of-court restructurings.
- A reason for Houlihan Lokey, your group and your city, told the same way to every interviewer.
- Three or four stories on teamwork, conflict, creative problem solving and a hard deadline.
- Questions for each interviewer about the group's recent deals.
The questions
Behavioral interviews test why you chose Houlihan Lokey, the group and the city, and walk through your resume. The technical interview tests valuation, accounting and a short case; Restructuring adds claims and recoveries.5,6,8,10,14
- Fit and motivation: Why Houlihan Lokey, why this group, why this city, walk me through your resume.
- Behavioral: Creative problem solving, teamwork and conflict, often in the MD round.
- Technical: DCF, unlevered free cash flow, the three statements, multiples and adjusted EBITDA.
- Mini case: A business with given numbers: is the price fair, or how would you improve it?
- Restructuring: Recovery waterfalls, claims by class and a restructuring case study.
Which division question you get
- Corporate Finance, New York
- Jan 2026 (summer 2027): two behavioral and one fully technical interview; a DCF breakdown, industry knowledge and an adjusted EBITDA mini case. Another New York process that month asked how to value a vending machine business.6,7
- M&A, Washington DC
- Mar 2026 (summer 2027): behavioral topics, past internships, accounting, valuation, modeling and M&A concepts, and a premium-versus-comparables case.11
- M&A, Los Angeles
- Jun 2026 (summer 2027): a behavioral first round, a technical second round with another VP, then a 2-hour virtual superday. Sponsor versus strategic buyers came up.9
- Debt Capital Markets, Los Angeles
- Mar 2025 (summer 2026): a DCF walkthrough and tax and depreciation effects on the three statements; how WACC changes affect an LBO; the MD asked about relocation and stories on problem solving and conflict.8
- Financial Restructuring, New York
- Jan 2026 (summer 2027): a phone interview and two technical rounds before the superday, including a recovery waterfall with a deficient secured claim.10
- Financial Restructuring, Los Angeles
- Summer 2024 cycle: five rounds, including why restructuring and why Los Angeles, restructuring technicals and a case study.14
- Capital SolutionsBest guess
- Expect capital structure and private credit questions: how a leveraged buyout is financed, and how lenders look at leverage and coverage.
The Capital Solutions line is our best guess from the group's summer 2028 posting and the Corporate Finance and Restructuring questions above.
Example questions and how to answer them
Technical"How would you value a vending machine business, and how do you get to its unlevered free cash flow?"7
- 1Pick the method: a DCF, because the business throws off steady, forecastable cash.
- 2Build revenue from the drivers: machines, sales per machine, price.
- 3Get to unlevered free cash flow: EBIT, less taxes, plus depreciation, less capex and the change in working capital.
- 4Discount at WACC, add a terminal value, and sense-check against what comparable businesses trade at.
Tip: Asked in a New York process in January 2026 (summer 2027) that ran a first round and a three-interview superday. Lead with the steps out loud, then fill in numbers if the interviewer wants them.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I would use a DCF, since a vending business has steady, predictable cash flows. Revenue is the number of machines times sales per machine, driven by location and price. Subtracting product costs, restocking labor and site fees gives EBITDA; subtracting depreciation on the machines gives EBIT. Unlevered free cash flow is EBIT times one minus the tax rate, plus depreciation, minus capex for new and replacement machines, minus any increase in working capital such as inventory. I would project that for five years, add a terminal value with a perpetuity growth rate or an exit multiple, and discount it all at WACC. Then I would check the implied EBITDA multiple against similar route-based businesses.
Mini case"A private equity firm is looking at a business with $50 million of EBITDA. The seller wants 10x, but comparable public companies trade at 8x. Is the premium justified?"11
- 1Size the gap: 10x is $500 million against $400 million at 8x, a $100 million premium.
- 2Ask what could justify it: faster growth, higher margins, a control premium, synergies or scarcity.
- 3Test it the sponsor's way: can the deal still hit the target return at 10x with sensible leverage?
- 4Say what would make you walk away: weak quality of earnings, peak-cycle EBITDA or no path to the return.
Tip: Asked in a Washington DC M&A process in March 2026. Give the dollar gap first; it shows you can do the math before you argue.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. At 10x the price is $500 million, $100 million above the $400 million the public comps imply. Some premium is normal: public multiples are minority prices, and a buyer pays for control. Beyond that, I would want growth or margins clearly above the peers, or a clear plan to grow EBITDA. Then I would run a quick LBO: if the sponsor can lever it sensibly and still reach its target return on a reasonable exit multiple, the price can work. I would recommend against it if the EBITDA is at a cyclical peak, if adjustments to EBITDA do not hold up in diligence, or if the return only works by assuming an exit at 10x again.
Restructuring"Enterprise value is $150. There is $150 of senior secured debt and $100 of unsecured debt, and $50 of the secured claim is deficient. What does each claim recover?"10
- 1Split the secured claim: $100 is covered by collateral, $50 is a deficiency claim.
- 2Pay the covered secured claim first: $100 in full.
- 3Share what is left, $50, between the unsecured pool: the $50 deficiency claim plus the $100 unsecured debt.
- 4Work out the rates: $50 across $150 is one third, so the secured class gets $100 plus about $17.
Tip: Asked in a New York Restructuring process in January 2026 (summer 2027). Say which assumption you are making about collateral before you start.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. If $50 of the secured claim is deficient, the collateral covers $100 of it, so that $100 is paid in full. The $50 deficiency becomes an unsecured claim and ranks alongside the $100 of unsecured debt, making a $150 unsecured pool. There is $50 of value left, so unsecured claims recover one third. The secured lenders get $100 plus about $16.7 on their deficiency, about $116.7 of $150, or roughly 78%. The unsecured debt gets about $33.3 of $100, or 33%.
Technical"Who is typically willing to pay more for an acquisition, a sponsor or a strategic buyer?"9
- 1Give the usual answer: a strategic buyer.
- 2Explain why: synergies let it pay away value a sponsor cannot capture.
- 3Add the sponsor's limits: a target return and how much debt the business can carry.
- 4Name the exceptions: cheap credit, a platform add-on, or a strategic buyer with a weak balance sheet.
Tip: Asked in a Los Angeles M&A process in June 2026. One sentence on synergies, one on the sponsor's return constraint, then an exception.
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, such as cutting overlapping costs or selling more through its own channels, and can share some of that value with the seller. A sponsor prices off the return it needs, so it is limited by how much debt the business can carry and the multiple it expects to exit at. That flips when credit is cheap, when the target is an add-on to a platform the sponsor already owns, or when the strategic buyer cannot fund a big deal.
Technical"How do changes in WACC affect an LBO?"8
- 1Separate the two: an LBO is driven by the cost of debt and the equity return, not by a DCF discount rate.
- 2Higher interest rates raise the cost of debt, so the business carries less of it.
- 3Less leverage and higher interest cut the sponsor's return, so it pays less.
- 4Link it back: a higher WACC also lowers DCF values and can lower exit multiples.
Tip: Asked in a Los Angeles Debt Capital Markets process in March 2025; the account does not say which round. Show you know an LBO solves for a return.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. An LBO solves for the sponsor's return rather than discounting at WACC, but the inputs move together. If the cost of debt rises, each dollar of debt costs more in interest, so the business can support less leverage, and more of the price has to come from equity. Higher interest also means less cash to pay down debt. Both lower the return at a given price, so the sponsor bids less. A higher WACC also pushes down DCF values and often the exit multiple, which hurts the return again.
Mini case"A B2B software company has a given EBITDA and P/E ratio under its current management. What would you do to improve its operations and financials?"6
- 1Ask for the numbers that matter: growth, gross margin, retention, sales efficiency.
- 2Revenue levers: pricing, upselling existing customers, lowering churn.
- 3Cost levers: sales and marketing efficiency, research spend, overhead.
- 4Tie it to value: how margin gains move EBITDA, earnings and the multiple.
Tip: Asked in a New York process in January 2026 (summer 2027) whose superday had one fully technical interview; the account does not say which round. Ask a clarifying question first; it is part of the case.
More Houlihan Lokey superday questions
Technical
“Walk me through a DCF.”8
Debt Capital Markets, Los Angeles, Mar 2025, superday
“How do tax and depreciation changes flow through the three statements?”8
Debt Capital Markets, Los Angeles, Mar 2025, superday
“Walk me through a $50 increase in stock-based compensation.”15
Healthcare, Chicago, Jan 2026, first round
“What are the levers of an LBO?”15
Healthcare, Chicago, Jan 2026, first round
“Valuation ratio questions, such as: if EV/EBITDA is 10x, what follows?”16
Private Funds Advisory, Chicago, Feb 2026, first round; a type of question
Deals and process
Behavioral
Fit and motivation
“Why Houlihan Lokey, and why capital markets?”8
Los Angeles, Mar 2025, first round
“Why restructuring, why investment banking and why Los Angeles?”14
Restructuring, Los Angeles, summer 2024 cycle, superday
“Why this industry group over the other two you ranked?”
Best guessOur expectation from the New York process, where you rank three industry groups
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How long to hear back after the superday
Offers can come the same day. The firm says it gets back to all candidates, and offers a feedback call to anyone who reached the in-person interviews.12,1
Feb 2025 (summer 2026)
Investment banking, Charlotte
Superday invite two weeks after the first round; offer call 5 hours after the superday.12
Feb 2025 (summer 2026)
Investment banking, New York
Superday a couple of days after the first round.13
Jan 2026 (summer 2027)
Summer analyst, US
A verbal superday invite after two rounds.14
Jan 2026 (summer 2027)
Investment banking, New York
Test, first round and superday took two to three months in all.6
Jun 2026 (summer 2027)
M&A, Los Angeles
Two rounds and a virtual superday, all within a month.9
Feedback is reserved for candidates who reach the in-person interviews; it is not offered after the telephone interview.1
Best guessExpect a decision within a few days of the superday, sometimes the same day. If a week passes, send your recruiter one short, polite note.
What happens after the superday
Online application
Done. Resume and written application on Workday, one posting per group and office.1,3
Suited assessment (Corporate Finance)
Done. The online test Corporate Finance postings require after you apply.3
Screening call
Done. A telephone interview with a recruiter or someone from the group.1,10
First round, sometimes two
Done. One or two interviews with an associate, VP or analysts; two technical rounds in New York Restructuring.6,9,10
SuperdayYou are here
This page. About three back-to-back interviews in one block, more in Restructuring.6,7,14
Offer
As soon as the same day: one Charlotte offer call came 5 hours after the superday (Feb 2025). The 10-week summer starts with a week of training, and many interns return as full-time analysts.12,2
First round vs superday
The first rounds check the basics; the superday adds a harder technical interview and more senior interviewers.
Format
How technical
FAQ
How many interviews are in a Houlihan Lokey superday?
Usually three back-to-back interviews, as in New York (Jan 2026, 30 minutes each) and Charlotte (Feb 2025). Los Angeles Restructuring has run five rounds, including a case study (summer 2024 cycle).6,7,12,14
Is the Houlihan Lokey superday technical?
One interview usually is. In New York the split was two behavioral and one fully technical interview, with a DCF breakdown and a mini case on adjusted EBITDA and multiples. Restructuring adds recovery and case work.6,10,14
Is the Houlihan Lokey superday virtual or in person?
Superdays in New York (Jan 2026) and Los Angeles (Mar 2025) were on Zoom, and a Los Angeles M&A superday was a 2-hour virtual block (Jun 2026). The firm's own page describes in-person interviews at its offices, over one day or several. Ask your recruiter when the invite comes.7,8,9,1
Who interviews you at a Houlihan Lokey superday?
People from the group: an associate, a VP and an MD in Los Angeles Debt Capital Markets (Mar 2025). In New York Corporate Finance you interview with bankers from the three industry groups you ranked.8,3
When do you hear back after a Houlihan Lokey superday?
Fast. One Charlotte candidate had an offer call 5 hours after the superday (Feb 2025). The firm says it gets back to every candidate.12,1
Does Houlihan Lokey give feedback after a superday?
After in-person interviews, yes. Houlihan Lokey offers feedback to every candidate who has done its in-person interviews, by a scheduled telephone call if you ask for it. It does not offer feedback at the telephone interview stage, so after a virtual superday, ask your recruiter whether feedback is available.1
How is the Restructuring superday different?
Longer and more technical. New York Restructuring ran two technical rounds before the superday and asked recovery waterfall questions; a Los Angeles superday ran five rounds, including a case study where you restructure a company (summer 2024 cycle). Know the work the group does: creditor- and debtor-side restructurings, liability management and distressed M&A.10,14,4
Superday at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 5, 2026.
- 1Houlihan Lokey: How to Apply
- 2Houlihan Lokey: Internships, United States
- 3Houlihan Lokey (Workday): 2028 Investment Banking Summer Financial Analyst (Class of 2029), NY M&A
- 4Houlihan Lokey (Workday): 2028 Summer Financial Analyst, Financial Restructuring (Class of 2029), New York
- 5Candidate reports on a public forum: Houlihan Lokey Interview Questions (2026)
- 6Candidate report on a public forum: IB Summer Analyst interview, New York (Jan 2026)
- 7Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Jan 2026)
- 8Candidate report on a public forum: Summer Analyst, Debt Capital Markets interview, Los Angeles (Mar 2025)
- 9Candidate report on a public forum: Summer Analyst interview, M&A, Los Angeles (Jun 2026)
- 10Candidate report on a public forum: Restructuring summer internship interview, New York (Jan 2026)
- 11Candidate report on a public forum: Investment Banking Summer Analyst interview, M&A, Washington DC (Mar 2026)
- 12Candidate report on a public forum: Intern interview, Investment Banking, Charlotte (Feb 2025)
- 13Candidate report on a public forum: Financial Analyst Intern interview, New York (Feb 2025)
- 14Candidate report on a public forum: Houlihan Lokey SD Format - 2027 (Jan 2026)
- 15Candidate report on a public forum: Summer analyst interview, Healthcare, Chicago (Jan 2026)
- 16Candidate report on a public forum: Private Funds Advisory interview, Chicago (Feb 2026)
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