Got a Lazard screening call or first round? Here is what each call covers, who you speak to, the technicals and sector questions by group, and how fast the superday follows.
Key facts
- Screening call: A screening call comes before the first round: an HR phone screen on your resume and fit in San Francisco, a phone screen mixing technical and behavioral questions in Capital Solutions.6,7
- Who: Junior bankers, most often two analysts, as in New York and San Francisco in early 2026 (summer 2027). Expect 1 to 3 junior bankers.8,6,15
- Format: A phone or video call. Capital Solutions ran a two-on-one Zoom, and Strategic Capital Solutions ran both its screen and its first round on Zoom.7,14
- Length: One conversation of 20 to 45 minutes. An MBA summer associate first round in New York in January 2026 (an MBA cycle) ran 30 minutes.15,9
- How technical: Lazard's heaviest technicals often come in the first round: all technical in a New York first round in February 2026 (summer 2027), and DCF, WACC, beta, LBO basics and accounting in San Francisco.8,6,15
- Sector questions: Expect questions on your group's sector. San Francisco Technology asked about SaaS metrics, revenue quality and what OpenAI's income statement probably looks like.6,11
- Screen to first round: In San Francisco in January 2026 (summer 2027), the first round came about a week after the HR screen.6
- Next step: The superday can follow within days: in San Francisco in January 2025 (summer 2026), superdays ran on a Friday and the following Monday, a few days after first rounds.13
This page covers the screening call and the first round. Before them, every US summer 2028 posting links Lazard's notice on its tests and AI video tool, and the online assessment runs about 40 minutes with 3 recorded questions.4,5,16
What the Lazard interview looks like
Before the calls
For summer 2028 you apply to one of 13 US postings, then sit an online assessment of about 40 minutes with 3 recorded questions. Each posting ends: "Apply! We'll get in touch on the next steps."4,1,16
The screening call
A short call before the first round. In San Francisco in January 2026 (summer 2027) it was an HR phone screen: a walk through your resume, then why Lazard, why investment banking and why the group. Capital Solutions in New York mixed technical and behavioral questions into its screen, so have the basics ready even for an HR call.6,7
The first round
Usually two analysts, by phone or Zoom, for 20 to 45 minutes. In San Francisco it came about a week after the screen and was very technical. In New York in February 2026 (summer 2027), a first round with two analysts was all technicals. Capital Solutions ran a two-on-one Zoom that mixed technical and behavioral questions.6,8,15,7
What they test
Core valuation (a full DCF, WACC, unlevering and relevering beta), LBO basics, and the three statements with transaction adjustments. Interviewers push back even on correct answers, so expect a follow-up on reasoning you have already explained.6,15
Your group's sector
San Francisco Technology tested SaaS metrics such as ARR, net dollar retention and the Rule of 40, revenue quality and how growth against profitability moves multiples. Credit groups lean on debt: Capital Solutions works on capital raising and debt financing, and Lazard's restructuring bankers combine restructuring with M&A, credit analysis and capital markets knowledge.6,3,2,7
After the first round
Next is the superday, across coverage groups and more behavioral. Waits have been short: superdays a few days after first rounds in San Francisco in January 2025 (summer 2026), and a four-round Capital Solutions superday inside a process of under a month in February 2026 (summer 2027).8,13,7
The screen and first round, by group
- Investment banking, San Francisco (Jan 2026) 2 calls
- HR screen on resume and fit; a first round with two analysts a week later, very technical, with SaaS and sector questions.
- Capital Solutions, New York (Feb 2026) 2 calls
- A phone screen mixing technical and behavioral; then a two-on-one Zoom, also a mix.
- New York, group not given (Feb 2026) 1 round
- Two analysts, all technicals.
- Private Capital Advisory, New York (Mar 2025) 1 call
- A phone interview on technicals and your interest in the group.
- M&A, New York, summer associate (Jan 2026) 30 minutes
- After four screening coffee chats: DCF, multiples and valuation.
Each row is one process, with the month it ran: the 2026 rows are the summer 2027 cycle and March 2025 is summer 2026. The summer associate row is an MBA process.6,7,8,10,9
Before your screening call and first round
- A 90-second walk through your resume, ending on why Lazard and why this group.
- A full DCF out loud, WACC, and unlevering and relevering beta, with the formula for each.
- The three statements, and how one transaction flows through all of them.
- LBO basics: what drives returns, and how much debt a company can carry.
- Your group's sector: two recent deals and the metrics you would look at, such as ARR and net dollar retention for software.
- A quiet room, phone charged and on do-not-disturb, or a tested Zoom link with your camera at eye level.
- Paper and a pen for numbers, and two questions for the analysts about their work.
The questions
Expect fit questions on the screening call, core technicals in the first round, and questions on your group's sector in both. The first round is where most of Lazard's technicals sit; the superday leans behavioral.6,7,8,15
- Fit: Walk me through your resume, why Lazard, why banking and why the group.
- Valuation: A full DCF, WACC, and unlevering and relevering beta.
- Accounting: The three statements, and how a transaction adjustment flows through them.
- LBO and credit: LBO basics, and debt questions in Capital Solutions and Restructuring.
- Sector: SaaS metrics, revenue quality and recent deals for Technology; your group's own subject elsewhere.
Which division question you get
- Investment banking (Technology), San Francisco
- January 2026 (summer 2027): an HR screen on your resume and fit, then two analysts a week later: a full DCF, WACC, beta, LBO basics, the three statements with transaction adjustments, ARR, net dollar retention, the Rule of 40, and OpenAI's income statement.6,11
- Capital Solutions, New York
- February 2026 (summer 2027): a phone screen mixing technical and behavioral questions, then a two-on-one Zoom, also a mix. Study credit-related questions hard.7
- Strategic Capital Solutions
- Early 2026 (summer 2027): a screener invite, then a first round, both on Zoom.14
- New York, group not given
- February 2026 (summer 2027): a first round with two analysts, all technicals, then a superday across coverage groups.8
- Restructuring, New York
- January 2025 (summer 2026): first rounds went out in mid-January, with superday news promised by the end of Jan 17. Lazard's restructuring bankers combine restructuring with M&A, credit analysis and capital markets knowledge.13,2
- Private Capital Advisory, New York
- March 2025 (summer 2026): a first-round phone interview on technicals and your interest in private capital advisory, with a superday after it.10
- M&A, New York (summer associate)
- January 2026, an MBA process: four screening coffee chats on your background and the news, then a 30-minute technical first round on DCF, multiples and valuation.9
- Power, Energy & Infrastructure, HoustonBest guess
- Expect the core technicals, plus how commodity prices move valuations and a recent energy or infrastructure deal you can explain.
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, shown for the shape of its first round.
Example questions and how to answer them
Screening call"Walk me through your resume. Why Lazard, why investment banking, and why this group?"6,1
- 1One line on where you are: school, major, year.
- 2Two or three steps that led you to banking, one sentence each, with the link between them.
- 3Why banking: the work you want to do, not the pay or the exit.
- 4Why Lazard: the world's largest advisory-focused firm, and something specific about the group.
- 5Why the group: one deal or trend in its sector you can talk about for two minutes.
Tip: This was the whole of a San Francisco HR screen in January 2026 (summer 2027). Keep the resume part to about 90 seconds and leave time for the three whys.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I'm a junior at Michigan studying economics and computer science. I started in a student-run software startup, where I built our pricing model and saw how much a business is worth depends on a few assumptions. That led me to our investment club, where I now lead the technology team, and to a summer in corporate development at a payments company, where I worked on two small acquisitions. I want investment banking because I want to be the one doing that analysis across many deals, not one company's. Lazard appeals because it is built around advice, so the work is the advice itself. And I want the Technology group in San Francisco because software is the sector I know best: I have been following how buyers now value growth against profitability, which changes which companies can sell and at what price.
Technical"Walk me through a DCF. How do you calculate WACC, and how do you unlever and relever beta?"6
- 1DCF: project unlevered free cash flow for 5 to 10 years, find a terminal value, and discount both at WACC to get enterprise value.
- 2WACC: cost of equity times the equity weight, plus after-tax cost of debt times the debt weight.
- 3Cost of equity: the risk-free rate plus beta times the equity risk premium.
- 4Unlever each peer's beta: levered beta divided by (1 + (1 - tax rate) x debt/equity). Take the median.
- 5Relever at your company's target debt/equity, then use it in the cost of equity.
Tip: In San Francisco in January 2026 this came with LBO basics and a three-statement question. Say the formula, then run one set of numbers.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example, with round numbers. A peer has a levered beta of 1.2, debt/equity of 0.5 and a 25% tax rate, so its unlevered beta is 1.2 / (1 + 0.75 x 0.5) = 1.2 / 1.375, about 0.87. Our company targets debt/equity of 0.25, so relevered beta is 0.87 x (1 + 0.75 x 0.25) = 0.87 x 1.1875, about 1.04. With a 4% risk-free rate and a 5.5% equity risk premium, cost of equity is 4% + 1.04 x 5.5%, about 9.7%. Debt/equity of 0.25 means 20% debt and 80% equity. Pre-tax debt costs 6%, or 4.5% after tax. WACC is 0.8 x 9.7% + 0.2 x 4.5%, about 8.7%. I would discount the unlevered free cash flows and the terminal value at that rate to get enterprise value.
Accounting"A company borrows $100 and uses it to buy equipment. Walk me through the three statements at the end of year 1."6
- 1Day one: cash in and out, PP&E up $100, debt up $100. Nothing on the income statement.
- 2Year 1 income statement: depreciation and interest both cut pre-tax income; then tax.
- 3Cash flow: net income, add back depreciation, the purchase in investing, the debt in financing.
- 4Balance sheet: cash, PP&E net of depreciation, debt, and equity down by net income. Check it balances.
Tip: San Francisco tested "transaction adjustments" across the three statements. State your assumptions (life, rate, tax) before the numbers.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Assume a 10-year life, 5% interest and a 25% tax rate. On the income statement, depreciation is $10 and interest $5, so pre-tax income falls $15 and net income falls $11.25 after tax. On the cash flow statement, net income is down $11.25, add back the $10 of depreciation, so operating cash flow is down $1.25; investing is minus $100 for the equipment and financing is plus $100 for the debt, so cash is down $1.25 overall. On the balance sheet, cash is down $1.25 and PP&E is up $90, so assets are up $88.75. Debt is up $100 and equity is down $11.25, so liabilities and equity are up $88.75 too, and it balances.
Sector"How does growth against profitability affect the multiple a software company trades at?"6
- 1Start from what investors pay for: future cash flow, so both growth and margins matter.
- 2The Rule of 40: revenue growth plus profit margin. Above 40 is healthy.
- 3Retention: net dollar retention above 100% means growth that costs less to buy.
- 4Today's market: say which of growth or profit buyers are rewarding more, with one example.
Tip: Asked in a San Francisco Technology first round in January 2026, beside ARR, net dollar retention and the Rule of 40. Expect it in any of Lazard's Technology groups.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example, with made-up companies. Company A grows 40% a year with a minus 10% margin, a Rule of 40 score of 30. Company B grows 15% with a 30% margin, a score of 45. When money was cheap, A often traded at the higher revenue multiple, because investors paid for growth and assumed margins would come. With higher rates, cash flow years away is worth less today, so buyers reward B's mix more, and A has to show a path to profit to hold its multiple. I would also check net dollar retention: if A's existing customers spend 130% of last year, its growth is cheaper and more durable than the headline suggests, which supports a premium.
Credit"How do you tell how much debt a company can take on?"7,3,2
- 1Leverage: total debt over EBITDA. Compare it with peers and with what lenders allow in the sector.
- 2Coverage: EBITDA over interest. Below about 2x starts to look tight.
- 3Cash flow: can free cash flow pay the interest and some principal in a bad year?
- 4Stress it: what happens to both ratios if EBITDA falls by a quarter?
Tip: Study credit-related questions hard for Capital Solutions, and know the basics for Restructuring, where the work combines credit analysis with M&A. Expect a follow-up on what you would do if the ratios break.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I would start with leverage and coverage. Say the company makes $200 million of EBITDA and has $600 million of debt: that is 3x leverage. At 7% interest it pays $42 million a year, so coverage is nearly 5x, which is comfortable. Then I would check free cash flow after capital spending and tax, because that is what pays the debt down. Finally I would stress it: if EBITDA fell 25% to $150 million, leverage rises to 4x and coverage falls to about 3.6x. That still holds, so I would say it could take on a bit more, perhaps to 4x, depending on how steady its sector is and what lenders allow.
More Lazard interview questions
Screening call
“Walk me through your resume. Why Lazard, why investment banking, why this group?”6
San Francisco, Jan 2026, HR phone screen
“Questions on your background and whether you follow industry news.”9
Screening coffee chats, New York, Jan 2026; an MBA process
“A mix of technical and behavioral questions.”7
Capital Solutions phone screen, Feb 2026; a topic, not exact wording
Technical
“Walk me through a full DCF. How do you calculate WACC, and unlever and relever beta?”6
San Francisco, Jan 2026
“Walk me through the three statements, and how a transaction adjustment flows through them.”6
San Francisco, Jan 2026
“LBO basics.”6
San Francisco, Jan 2026; a topic, not exact wording
“DCF, multiples and valuation questions.”9
New York, Jan 2026; an MBA process
“How do you treat stock-based compensation in a DCF?”11
A lateral associate interview, New York, Apr 2026; expect it as a harder follow-up
Sector and markets
“Walk me through what OpenAI's income statement probably looks like.”11
San Francisco, Jan 2026
“How do ARR, net dollar retention and the Rule of 40 change how you value a software company?”6
San Francisco, Jan 2026; wording ours
“How do you judge the quality of a company's revenue?”6
San Francisco, Jan 2026; wording ours
“Talk about current trends and recent deals in technology.”6
San Francisco, Jan 2026; a topic, not exact wording
“What is a recent deal Lazard advised on in your sector, and why did it happen?”
Best guessOur wording, for any group
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How long to hear back after the interview
Lazard moves fast once calls start. In the last two cycles, screening calls and first rounds came within weeks of the postings, and superdays within days of a first round.12,13
Jan 2025 (summer 2026)
Restructuring, New York
First rounds went out in mid-January, with superday news promised by the end of Jan 17. Offers were out once the superdays finished.13
Jan 2025 (summer 2026)
Investment banking, San Francisco
Superdays on a Friday and the following Monday, a few days after first rounds.13
Mar 2025 (summer 2026)
Private Capital Advisory, New York
A first-round phone interview, with a superday next for those who passed. Under a month in all.10
Dec 2025 to Jan 2026 (summer 2027)
Financial Advisory, US
The cycle thread opened on Dec 22, 2025, screening calls were under way within about two weeks, and New York Restructuring first rounds followed.12
Jan 2026 (summer 2027)
Investment banking, San Francisco
HR phone screen, then a first round with two analysts about a week later. Under a month in all.6
Jan to Mar 2026 (summer 2027)
Strategic Capital Solutions
A screener invite in a thread opened on Jan 26, 2026, then a first round, both on Zoom. One applicant was still waiting for superday news 48 hours after the first round.14
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.7
Best guessFor summer 2028, with the postings up from Oct 23, 2026, expect screening calls and first rounds from December 2026 into January 2027. If a week passes after your first round, one short email to your recruiting contact is reasonable.
What happens after the interview
Online application
One of 13 US postings on LazardStudentCareers, open from Oct 23, 2026 to Jan 15, 2027.1,4
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.16,5
Screening call
Covered on this page. A phone screen on your resume and fit: why Lazard, why banking, why the group. Capital Solutions has mixed in technical questions.6,7
First roundYou are here
This page. Usually two analysts by phone or Zoom, technical, with questions on your group's sector.6,8,7
Superday
Interviews across coverage groups, more behavioral than the first round. Capital Solutions runs four rounds, one of them a 45-minute LBO case.8,7,11
Screening call vs first round
The screening call checks your story and your interest; the first round checks your technicals. Prepare the first before you apply and the second before the call is booked.
Who
An HR recruiter in San Francisco (Jan 2026).6
Format
Content
FAQ
What is the Lazard screening call?
A short call before the first round. In San Francisco it was an HR phone screen on your resume and fit: why Lazard, why investment banking and why the group. Capital Solutions mixed technical and behavioral questions into its screen.6,7
Is the Lazard first round technical?
Yes. It is Lazard's most technical stage: all technicals in a New York first round in February 2026 (summer 2027), and a full DCF, WACC, beta, LBO basics and three-statement questions in San Francisco. The superday that follows leans behavioral.8,6,15
Who interviews you in the Lazard first round?
Usually two analysts, as in New York and San Francisco in early 2026 (summer 2027). Expect 1 to 3 junior bankers; Capital Solutions ran a two-on-one.8,6,15,7
How long is the Lazard first round?
One conversation of 20 to 45 minutes. An MBA summer associate first round in New York in January 2026 (an MBA cycle) ran 30 minutes.15,9
Is the Lazard first round on the phone or Zoom?
Either. Private Capital Advisory ran a phone first round in March 2025 (summer 2026), Capital Solutions a two-on-one Zoom in February 2026 (summer 2027), and Strategic Capital Solutions ran both its screen and its first round on Zoom.10,7,14
What comes before the Lazard first round for summer 2028?
An online assessment of about 40 minutes, with an aptitude section and 3 recorded questions, then the screening call. Every US summer 2028 posting links Lazard's notice on these tools.16,5,4
When do you hear back after the Lazard first round?
Often within days. In January 2025 (summer 2026), San Francisco superdays ran a few days after first rounds and New York Restructuring promised superday news by the end of Jan 17. Strategic Capital Solutions applicants were still waiting 48 hours after a first round in early 2026 (summer 2027).13,14
Interview at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.
- 1Lazard (LazardStudentCareers): 2028 Summer Analyst, New York M&A / Restructuring Generalist
- 2Lazard (LazardStudentCareers): 2028 Summer Analyst, New York Restructuring & Liability Management
- 3Lazard (LazardStudentCareers): 2028 Summer Analyst, New York Capital Solutions
- 4Lazard (LazardStudentCareers): Lazard Student Careers, job listings
- 5Lazard: Global Notice on the Use of AI-Enabled Interview Tools in Recruitment
- 6Candidate report on a public forum: 2027 Summer Analyst interview, Investment Banking, San Francisco (Jan 2026)
- 7Candidate report on a public forum: Summer Analyst interview, Structured Capital Solutions, New York (Feb 2026)
- 8Candidate report on a public forum: Intern interview, New York (Feb 2026)
- 9Candidate report on a public forum: Summer Associate interview, M&A, New York (Jan 2026)
- 10Candidate report on a public forum: Private Capital Advisory Summer Analyst interview, New York (Mar 2025)
- 11Candidate reports on a public forum: Lazard, Inc. Interview Questions (2026)
- 12Candidate discussion on a public forum: Lazard 2027 Summer Analyst Program (Dec 2025 to Feb 2026)
- 13Candidate discussion on a public forum: Lazard SA 2026 Megathread (Jan 2025)
- 14Candidate discussion on a public forum: Lazard Strategic Capital Solutions SA 2027 (Jan to Mar 2026)
- 15Aced: Lazard Investment Banking Summer Analyst Interview Guide · prep site
- 16Candidate report on a public forum: Lazard hirevue (Oct 2026)
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