Lazard interview questions: practice built on Lazard's own pages
Lazard publishes its student process only for Financial Advisory in London: online tests with a short video interview, a virtual assessment center, then two final interviews of about 30 minutes with senior bankers. Below is that process step by step, with 13 practice questions, 8 of which start from Lazard's own pages.
Updated
- Tests and a video first. In London, about 35 to 40 minutes in one sitting, including 5 recorded questions.
- Two final interviews. About 30 minutes each, on Lazard, markets, world affairs and some technicals.
- No US stages published. Candidates report mostly behavioral rounds, usually with one technical interview.
What Lazard says it looks for
From its UK careers pages and its guiding principles:
Drive and curiosity
Its London analyst program asks for people who are analytical, intellectually curious, enthusiastic, driven, hardworking and eager to learn.
Communication and teamwork
Lazard London says it places high importance on interpersonal, communication and team working skills, because its work is advice delivered by small teams.
Proactivity and attention to detail
Asked what it takes to succeed, a Lazard London banker names proactivity first, then enthusiasm and attention to detail.
Your natural self on video
The most common mistake in the recorded interview, it says, is reading from a script. It wants your personality and motivations to come through.
Clients first
Its Excellence principle: put clients' interests first, act with conviction and uphold the highest standards of integrity.
From Lazard's UK careers page, its London Q&A page, its guiding principles, its London early careers page, its London recruitment FAQs, its students page, its history, Financial Advisory, M&A and Strategic Advisory, Capital Markets Advisory and Specialized Advisory.
How Lazard's London process runs
From Lazard's London early careers page. It covers Financial Advisory in London only.
Apply, online tests, assessment center, final interviews
Stage 1
Application form
An online profile and your CV, with grades and all work experience. No cover letter. One London application a year.
Stage 2
Online assessments
A 15-minute aptitude test with no calculator, an untimed trait assessment of about 10 minutes and a video assessment on motivation and fit. About 35 to 40 minutes in one sitting.
Stage 3
Virtual assessment center
Exercises with a small number of other candidates. Lazard says you are not competing with each other and briefs you beforehand.
Stage 4
Final interviews
In person with senior bankers, usually within a week. Two interviews of about 30 minutes on Lazard, financial markets, world affairs and some technical questions.
Lazard does not publish its US interview stages. As candidates describe it, the first round runs 20 to 45 minutes and is mostly behavioral. The superday that follows has 3 to 6 interviews, usually with one technical among them.
13 questions to practice for Lazard
The first eight come from Lazard's own site, so each fact can be checked at the source. The last five are general technicals for the final interviews.
Practice questions built on Lazard's own pages8 questions
Soreno's wording. Every fact in them comes from a Lazard page listed above.
Why start your career at Lazard, and what about its independent advisory model appeals to you?
What a strong answer does
Lazard says it acts solely as an advisor, not as a lender. Its UK page adds smaller deal teams and direct contact with senior bankers and clients from the start, so say what you would do with that exposure in your first months. Try this one out loud
Lazard's M&A and Strategic Advisory practice works with public and private companies. Would you rather advise a large public company or a private business?
What a strong answer does
Lazard's M&A page lists Financial Sponsors among the industries it covers, so a private client could be a founder, a family or a sponsor. Its deal types run from buy-side acquisitions to separations, and naming the kind of deal you want first makes the preference concrete. Try this one out loud
Lazard's guiding principles encourage intellectual curiosity. Tell me about a time curiosity helped you solve a hard problem.
What a strong answer does
Lazard's careers page puts curiosity next to candor, constructive challenge and the free exchange of ideas. Expect a follow-up on what you are curious about right now, and have a current, specific answer. Try this one out loud
New European Analysts at Lazard start with six weeks of training in London. Which skills do you most want to build there?
What a strong answer does
Lazard says the six weeks cover technical training, banker masterclasses, power skills training and networking. Tie your goal to one part of that list, ideally something you could show on your first live deal. Try this one out loud
Lazard hires across Asset Management, Financial Advisory and Corporate. How does M&A work with a group like Capital Markets Advisory, and where would you fit?
What a strong answer does
Lazard calls Capital Markets Advisory a hub that bankers across the firm draw on, with teams from Equity Advisory to Growth Capital Advisory inside it. Its London FAQs also note that Asset Management recruits separately, worth knowing if you mention the wider firm. Try this one out loud
Lazard was founded in 1848 in New Orleans as a dry goods merchant. How do that history and its principle of Excellence show up in how it treats clients today?
What a strong answer does
Lazard's history page traces the move from dry goods into banking, and later into advice, with offices in New York, Paris and London by 1870. A follow-up on its Engagement principle, which speaks of stewardship of a great heritage, is likely, so read all three principles. Try this one out loud
You have spoken with a few Lazard analysts. What did you learn about the day-to-day that made you want to apply?
What a strong answer does
Lazard London posts current bankers' answers on culture and the day-to-day on its Q&A page. Read it before your calls so you can spend them on what it leaves out. The interviewer may know the person you mention, so repeat their words accurately. Try this one out loud
Lazard's Specialized Advisory covers geopolitical advice, sovereign advice, and shareholder advisory and activism defense. Which interests you most, and why?
What a strong answer does
Each team on Lazard's page lists its tools, like share register analysis and an Investor Study for shareholder work, or policy and financial advice for governments. A likely follow-up is what you read each week to stay current in that area. Try this one out loud
General technicals to practice5 questions
General practice, not Lazard's own questions. Lazard London says its final interviews include some technical financial questions.
Walk me through a DCF.
What a strong answer does
Project free cash flow, discount it at WACC, add a terminal value and bridge to equity value. Keep it under two minutes, then expect a follow-up on any step. Try this one out loud
- “Why discount at WACC and not the cost of equity?”
- “Which assumption moves the answer most?”
What is the difference between enterprise value and equity value?
What a strong answer does
Enterprise value is the whole business to all capital providers. Get from one to the other with net debt, and know where preferred stock and minority interest go. Try this one out loud
- “Why subtract cash?”
- “Which multiples pair with which value?”
A company buys another with stock. How do you tell if the deal is accretive?
What a strong answer does
Compare the buyer's P/E with the price it pays for the target's earnings. A premium, synergies and fees all move the answer. Try this one out loud
- “What if it paid with cash instead?”
- “Why would a board accept a dilutive deal?”
Depreciation goes up by $10. Walk me through the three statements.
What a strong answer does
At a 25% tax rate, net income falls $7.50. Add back the $10 and cash rises $2.50. PP&E falls $10, so assets fall $7.50 and equity falls the same. Try this one out loud
- “What changes if the depreciation isn't tax deductible?”
- “Does anything change in a DCF?”
Pick a story from this week's financial news. What does it mean for M&A?
What a strong answer does
Lazard says to expect questions on financial markets and world affairs. Use one story you read in full, and say which companies it pushes toward a deal. Try this one out loud
- “Which sector does it hit hardest?”
- “What would change your view?”
Say it out loud, before senior bankers hear it
Practice your answers with Soreno's AI interviewer. It asks the follow-up question, pushes for specifics and scores what you said. Free for 7 days.
Questions people ask
How does Lazard's recruiting process work?
In London, Financial Advisory candidates go from the application form to online assessments, then a virtual assessment center and two final interviews with senior bankers. Lazard does not publish US stages. As candidates describe it, a mostly behavioral first round leads to a superday of 3 to 6 interviews.
Does Lazard have a video interview?
In London, yes. The video assessment is part of the online assessments, has 5 questions and covers your motivation, fit and interest in Lazard and the industry. Lazard says not to read from a script.
What is on the Lazard aptitude test?
Lazard London describes a 15-minute timed test with no calculators and no penalty for guessing, plus an untimed trait assessment of about 10 minutes. If you took those two in the last 12 months you don't retake them, but the video is new each time.
Do I need a finance background to apply to Lazard?
No. Lazard London says it welcomes every degree discipline and does not require finance work experience. It does ask for a minimum predicted or achieved 2.1 degree.
When do Lazard London applications open?
For 2027, Lazard lists the Intern Programme as open September 8 to October 4, 2026, the Analyst Programme September 21 to October 20, 2026 and Spring Insight October 19 to November 15, 2026. It recruits on a rolling basis and may close early.