Lazard 2028 superday guide

For
2028 summer analysts
Sources
16 cited

Invited to a Lazard superday? Here is the format, who you meet, the LBO case Capital Solutions sets, the questions by group and how fast you hear back.

Two bankers seated across a long walnut table from a student in a quiet, wood-paneled meeting room, with tall windows onto a Midtown street in winter light.
A Lazard superday runs across coverage groups and is more behavioral than the first round; Capital Solutions adds a 45-minute LBO case.

Key facts

  • Interviews: About four interviews. Capital Solutions in New York ran four in February 2026; expect three to six depending on the group.6,13
  • Who you meet: Bankers from different industry and coverage groups, not only the team you applied to, up to vice presidents and managing directors.5,8,13
  • How technical: More behavioral than the first round, which is mostly technical. Restructuring bankers ask harder debt questions.5,9
  • Case study: Capital Solutions sets a 45-minute LBO case with follow-ups, beside a technical round and two behavioral ones.6,9
  • In person or virtual: Usually in person at the office you applied to. Virtual New York superdays came up in early 2025 (summer 2026), so check your invite.13,10
  • When it happens: Within days of the first round: in San Francisco Technology in January 2025 (summer 2026), superdays ran on a Friday and the following Monday, a few days after first rounds.10
  • Hearing back: Offers have gone out as soon as the superdays finished, in New York Restructuring in January 2025.10

The process differs by group. The first round is where most technicals sit; Capital Solutions adds an LBO case at the superday, and Private Capital Advisory has run phone screens with superdays later in the spring.5,6,10,16

What the Lazard superday looks like

  1. Getting there

    For summer 2028, the superday comes after an online assessment with a recorded video, a screening call and a first round. The first round is the technical filter: two analysts asked only technicals in New York in February 2026, and San Francisco ran a very technical first round with two analysts after an HR screen.14,15,5,7

  2. The format

    Expect about four interviews, with bankers from different industry and coverage groups, usually in person at the hiring office. A New York summer associate superday in January 2026 had two interviews inside the group and two outside it, each with a vice president or a managing director.5,6,13,8

  3. What they ask

    The superday leans more behavioral than the first round, and interviewers will walk through niche questions with you. Vice presidents tend to ask the technical questions and managing directors behavioral and industry ones. Restructuring bankers ask the hardest debt questions, so know credit even if you applied to M&A.5,8,9

  4. Capital Solutions: the LBO case

    Capital Solutions runs four rounds: a 45-minute LBO case study, a technical round and two behavioral rounds. The case has a lot of follow-ups, and debt topics are where it gets tricky, so study credit-related questions hard.6,9,2

  5. Why Lazard

    Lazard describes its New York summer program as a generalist program across its M&A coverage groups and Restructuring, with small deal teams, an entrepreneurial culture and a flat structure. Use that: say what you want from working across groups, and name a group or a deal that drew you in.1,2

  6. Restructuring

    Lazard has advised on more than 500 restructurings in the past decade and says its bankers combine restructuring with M&A, credit analysis and capital markets work. If you applied to the Restructuring posting, expect your rounds to test that mix.3

The rounds, by group

Capital Solutions, New York (Feb 2026) 4 rounds
A 45-minute LBO case, a technical round and two behavioral rounds, after a phone screen and a two-on-one Zoom.
Generalist, New York (Feb 2026) Across groups
Bankers from different coverage groups, more behavioral, after a first round with two analysts.
M&A, New York, summer associate (Jan 2026) 4 interviews
Two in the group and two outside, each with a vice president or managing director.
Investment banking, San Francisco (Jan 2025) Days after round 1
Superdays on a Friday and the next Monday, a few days after first rounds.
Restructuring, New York (Jan 2025) Mid-January
Superday news promised by the end of Jan 17, with offers soon after.

Each row is one group's superday with the month it ran. Across them, expect about four interviews, mostly in person, with a mix of groups.6,5,8,10,13

Before your superday

  • An LBO you can walk through on paper: sources and uses, debt capacity, returns, and the debt terms you assumed.
  • Credit basics: leverage and coverage ratios, senior against subordinated debt, and what happens when EBITDA falls.
  • Your first-round technicals, kept warm: DCF, WACC, unlevering and relevering beta, and the three statements.
  • A view on your sector: two recent deals and one trend, with the numbers you would look at.
  • Why Lazard, why advisory and why this group, in under a minute each.
  • Three or four stories for the behavioral rounds: a mistake, a deadline, a team under pressure, a time you changed your message.
  • Questions for bankers outside your group as well as inside it.

The questions

Lazard's first round carries most of the technicals. The superday mixes behavioral and industry questions from senior bankers with technical ones from vice presidents, and a case study in Capital Solutions.5,8,6

  • Behavioral and fit: Why Lazard, why banking, why this group, and stories about how you work.
  • Technical: Valuation, LBOs and accounting, with debt and credit questions from Restructuring bankers.
  • Case study: A 45-minute LBO case in Capital Solutions, with follow-ups on your assumptions.
  • Industry and judgment: Your view on a sector, a deal or a business question with no single right answer.

Which division question you get

M&A / Restructuring Generalist, New York
Feb 2026: a superday across industry and coverage groups, more behavioral than the all-technical first round; debt questions from Restructuring bankers were the tricky part.5,9
Capital Solutions, New York
Feb 2026: a 45-minute LBO case with follow-ups, a technical round and two behavioral rounds; credit-related questions are worth studying hard.6,9
Investment banking, San Francisco
Jan 2026 first round: what OpenAI's income statement probably looks like, SaaS metrics such as ARR, net dollar retention and the Rule of 40, and how growth against profitability moves multiples.7,9
Restructuring, New York
Jan 2025: superdays after mid-January first rounds, with offers out once they finished. Lazard pairs restructuring with M&A, credit analysis and capital markets work.10,3
Private Capital Advisory, New York
Mar 2025: a first-round phone interview on technicals and your interest in private capital advisory, then a superday.16,10
M&A, New York (summer associate)
Jan 2026: is growing synergies through price or through volume better; managing directors asked behavioral and industry questions, vice presidents technical ones.8,9
Power, Energy & Infrastructure, HoustonBest guess
Expect commodity prices and how they move valuations, how you would value an asset with a long contracted life, and a recent energy or infrastructure deal.

The Houston line is our best guess from the group's name and the sector questions San Francisco asks. The summer associate row is an MBA process, which shares the superday shape.

Example questions and how to answer them

Case study"Walk me through this LBO case. How much debt can the company support?"6,9
  1. 1Restate the case: the purchase price, the EBITDA and the sponsor's target return.
  2. 2Size the debt off leverage and coverage: a multiple of EBITDA, then check interest coverage.
  3. 3Sources and uses: debt plus sponsor equity must equal the price plus fees.
  4. 4Project cash flow, pay down debt, then exit at a multiple and work out the return.
  5. 5Defend each debt assumption: tranche, rate, and what happens if EBITDA falls.

Tip: Capital Solutions sets a 45-minute LBO case with a lot of follow-ups, and the debt topics are where it gets tricky. Say each assumption out loud so the interviewer can push on it.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. Say the company has $100 of EBITDA and is bought at 10x, so $1,000 plus $20 of fees. I would size debt at about 5x EBITDA, $500, and check coverage: at 8% interest that is $40 a year against $100 of EBITDA, 2.5x, which is comfortable. The sponsor puts in the other $520. If EBITDA grows 5% a year and most free cash flow pays down debt, after five years EBITDA is about $128 and debt is down to roughly $300. Exiting at 10x gives $1,280 of enterprise value and about $980 of equity, close to 1.9x the $520, or about a 13% return. If the sponsor needs 20%, I would test more debt, but I would say the risk: at 6x, coverage gets tight if EBITDA falls by a fifth.

Industry and judgment"Walk me through what OpenAI's income statement probably looks like."7,9
  1. 1Revenue: name the lines, such as consumer subscriptions and enterprise and developer access.
  2. 2Cost of revenue: computing to run the models is the big cost, so gross margin is lower than classic software.
  3. 3Operating expenses: research and training costs, then salaries and sales.
  4. 4Bottom line: likely a large operating loss today, and say what would change it.

Tip: Asked in a San Francisco first round in January 2026, alongside SaaS metrics and recent deals. Expect sector questions like this at the superday too.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. Revenue comes from two places: consumer subscriptions, and businesses and developers paying for access to the models. The biggest cost of revenue is computing to run those models for users, so gross margin is well below a classic software company. Below that, training new models is a huge research expense, plus salaries and a growing sales team for enterprise. Put together, it is likely running a large operating loss while revenue grows fast. What would change that is the cost of computing per user falling faster than prices, or enterprise contracts growing into a bigger share of revenue.

Industry and judgment"Is growing synergies through price or through volume better?"8,9
  1. 1Say there is no single answer, then give your view.
  2. 2Price: higher margin per unit, but customers and competitors may push back.
  3. 3Volume: lower risk of losing customers, but needs capacity and may cut margin.
  4. 4Pick one for a stated situation and say what you would check.

Tip: Asked by a managing director at a New York summer associate superday in January 2026. Managing directors asked behavioral and industry questions there.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. It depends on the market, but I would usually trust volume more. Price increases drop straight to profit, so they look best in a model, but in a competitive market customers switch and competitors undercut you, so those synergies often do not last. Volume synergies, like selling one company's product through the other's channels, are harder to lose once they work. If the combined company had real pricing power, say a market leader in a niche product, I would be more comfortable with price. Either way, I would check what customers did after past price increases.

Technical"How do ARR, net dollar retention and the Rule of 40 change how you value a software company?"7,4
  1. 1ARR: the recurring revenue base, the starting point for a revenue multiple.
  2. 2Net dollar retention: above 100% means existing customers spend more each year.
  3. 3Rule of 40: growth rate plus profit margin, a test of balance between the two.
  4. 4Tie it together: higher retention and a better Rule of 40 score earn a higher multiple.

Tip: Asked in a San Francisco first round in January 2026, with how growth and profitability move multiples. Expect it in Lazard's Technology groups in Boston, Charlotte and San Francisco, and in Industrials & Technology in Minneapolis.

Behavioral and fit"Why Lazard?"1,7
  1. 1One reason about the model: advisory focus, with no lending or trading to sell.
  2. 2One reason about the program: a generalist summer across coverage groups and Restructuring.
  3. 3One reason about the people, from a conversation you had during recruiting.
  4. 4Close on what you would bring to a small deal team.

Tip: Why Lazard, why banking and why the group come up from the screening call onward. Expect them again at the superday, from bankers outside your group.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. Three reasons. First, Lazard is focused on advice, so the work is judgment about what a client should do, which is what I want to learn. Second, the summer is a generalist program across the coverage groups and Restructuring, and I want to see both sides before I pick. Third, the bankers I spoke to described small teams where an analyst is in the room with senior bankers, and that is how I learn best. I would bring the habit I built running our club's research: checking every number before it goes out.

More Lazard superday questions

Technical

  • “Walk me through a DCF. How do you calculate WACC, and how do you unlever and relever beta?”7

    San Francisco, Jan 2026, first round

  • “Walk me through the three statements, and how a transaction adjustment flows through them.”7

    San Francisco, Jan 2026, first round

  • “Debt questions from Restructuring bankers.”5,9

    New York, Feb 2026, superday; a topic, not exact wording

  • “Credit-related questions around the LBO case.”6,9

    Capital Solutions, New York, Feb 2026; a topic, not exact wording

  • “How do you treat stock-based compensation in a DCF?”9

    Associate, New York, Apr 2026; a lateral hire, so expect it as a harder follow-up

Behavioral and fit

  • “Walk me through your resume. Why Lazard, why investment banking, why this group?”7

    San Francisco, Jan 2026, HR screen

  • “Tell us about a time you missed a deadline or delivered work that did not meet the standard.”14

    From the summer 2028 recorded video; the themes come back in behavioral rounds

  • “Tell us about a project where your team faced pressure or competing priorities.”14

    From the summer 2028 recorded video

  • “Tell me about a time you disagreed with a senior person on a piece of work.”

    Best guess

    Our wording for a behavioral round with a managing director

Industry and markets

  • “Talk about current trends and recent deals in technology.”7

    San Francisco, Jan 2026

  • “How does growth against profitability affect multiples?”7

    San Francisco, Jan 2026

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How long to hear back after the superday

Lazard moves fast once interviews start: superdays have come within days of the first round, and offers soon after the superdays.10

  1. Jan 2025 (summer 2026)

    Restructuring, New York

    First rounds in mid-January, with superday news promised by the end of Jan 17. Offers were out once the superdays finished.10

  2. Jan 2025 (summer 2026)

    Investment banking, San Francisco

    First rounds, then superdays a few days later, on a Friday and the next Monday.10

  3. Early 2025 (summer 2026)

    Private Capital Advisory, New York

    Phone screens, then more chats and superdays around March, with no separate first round that year.10

  4. Jan to Feb 2026 (summer 2027)

    Restructuring, New York

    First rounds came out, and a superday followed within weeks.11

  5. Jan to Feb 2026 (summer 2027)

    Strategic Capital Solutions, New York

    A screener, then a first round over Zoom, then more than 48 hours of waiting for superday news.12

  6. Feb 2026 (summer 2027)

    Capital Solutions, New York

    Phone screen, two-on-one Zoom and a four-round superday, all in less than a month.6

Best guessExpect the superday within a week of your first round and a decision within a few days of it. If a week passes after the superday, send your recruiting contact one short, polite email.

What happens after the superday

  1. Online application

    One of 13 US postings for summer 2028, open from Oct 23, 2026 to Jan 15, 2027.1,4

  2. Online assessment and video

    An online assessment of about 40 minutes in all: aptitude questions, then 3 recorded behavioral questions at the end, scored on the transcript, with a recruiter deciding.14,15

  3. Screening call

    A phone screen on your resume and fit: why Lazard, why banking, why the group. Capital Solutions has mixed in technical questions.7,6

  4. First round

    A first round with two analysts: very technical, about a week after the screen, in San Francisco; a two-on-one Zoom mixing technical and behavioral questions in Capital Solutions.7,6

  5. SuperdayYou are here

    This page. About four interviews across coverage groups, more behavioral, with an LBO case in Capital Solutions.5,6

  6. Offer

    Offers have gone out as soon as the superdays finished, in New York Restructuring in January 2025.10

First round vs superday

At Lazard the first round is the technical test and the superday is broader. Prepare for both, but in a different order.

Who

First round

Two analysts, in New York and San Francisco (2026).5,7

Superday

Bankers across coverage groups, vice presidents and managing directors.5,8

How technical

First round

All technicals in New York; very technical in San Francisco: DCF, WACC, beta, LBO basics, accounting.5,7

Superday

More behavioral; vice presidents technical, managing directors behavioral and industry.5,8

Format

First round

Phone or Zoom; a two-on-one Zoom in Capital Solutions.12,6

Superday

About four interviews, usually in person at the office.6,13

Case

First round

Sector questions in San Francisco, such as OpenAI's income statement.7,9

Superday

A 45-minute LBO case in Capital Solutions.6

2028 summer analyst status

For summer 2028, the postings close on Jan 15, 2027. Going by the last two cycles, expect superdays in January and February 2027, or sooner, since the postings went up about two months earlier.1,4,10,11

FAQ

How many interviews are in a Lazard superday?

About four. Capital Solutions in New York ran four in February 2026: an LBO case, a technical round and two behavioral rounds. Expect three to six depending on the group.6,13

Is the Lazard superday technical?

Less than the first round. The superday leans behavioral, with technical questions from vice presidents and harder debt questions from Restructuring bankers. The first round carries most of the technicals.5,8,9

What is the Lazard Capital Solutions LBO case?

A 45-minute LBO case study in the superday, with a lot of follow-ups. Debt topics are the tricky part, so study credit questions as well as the LBO mechanics.6,9

Who interviews you at a Lazard superday?

Bankers from different industry and coverage groups, not only your own. At a New York summer associate superday, two interviews were inside the group and two outside, each with a vice president or managing director.5,8

Is the Lazard superday in person?

Usually, at the office you applied to. Virtual New York superdays came up in early 2025 (summer 2026), so check your invite.13,10

When do you hear back after a Lazard superday?

Quickly. In New York Restructuring in January 2025, offers went out as soon as the superdays finished.10

Do I need to know restructuring for a Lazard M&A superday?

Know the basics. The New York summer program is a generalist program across M&A coverage groups and Restructuring, and Restructuring bankers at the superday ask the hardest debt questions.1,5,9

Superday at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.

  1. 1Lazard (LazardStudentCareers): 2028 Summer Analyst, New York M&A / Restructuring Generalist
  2. 2Lazard (LazardStudentCareers): 2028 Summer Analyst, New York Capital Solutions
  3. 3Lazard (LazardStudentCareers): 2028 Summer Analyst, New York Restructuring & Liability Management
  4. 4Lazard (LazardStudentCareers): Lazard Student Careers, job listings
  5. 5Candidate report on a public forum: Intern interview, New York (Feb 2026)
  6. 6Candidate report on a public forum: Summer Analyst interview, Structured Capital Solutions, New York (Feb 2026)
  7. 7Candidate report on a public forum: 2027 Summer Analyst interview, Investment Banking, San Francisco (Jan 2026)
  8. 8Candidate report on a public forum: Summer Associate interview, M&A, New York (Jan 2026)
  9. 9Candidate reports on a public forum: Lazard, Inc. Interview Questions (2026)
  10. 10Candidate discussion on a public forum: Lazard SA 2026 Megathread (Jan 2025)
  11. 11Candidate discussion on a public forum: Lazard 2027 Summer Analyst Program (Dec 2025 to Feb 2026)
  12. 12Candidate discussion on a public forum: Lazard Strategic Capital Solutions SA 2027 (Jan to Feb 2026)
  13. 13Aced: Lazard Investment Banking Summer Analyst Interview Guide · prep site
  14. 14Candidate report on a public forum: Lazard hirevue (Oct 2026)
  15. 15Lazard: Global Notice on the Use of AI-Enabled Interview Tools in Recruitment
  16. 16Candidate report on a public forum: Private Capital Advisory Summer Analyst interview, New York (Mar 2025)

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