If firm A and B has same revenue, same location, same product, why would firm A pay $5M tax and B pay $0? . Technical were LBO, EV to Equity value, and accounting flow through. In my last position, I used Bloomberg Terminal daily to monitor market trends and analyze company performance.. The process took 4 weeks. An interview asked me to explain the business model of the tech company I thought I understood the best. Contribute to the database and get 1 month free* Full online access! Use your answer to highlight your knowledge of Houlihan Lokeys services and how they differ from those of banks, insurance companies and other financial institutions. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Sign In. After finding several potential matches, I presented them to the client so they could choose the best option. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions, Free 1 month access by adding just 1 salary datapoint, REAL salary bonus data across 1,000+ companies, Plus free 1 month access to 10,000+ interview insights. I interviewed at Houlihan Lokey (Los Angeles, CA) in May 2019. Houlihan Lokey. Example: I am passionate about helping businesses grow and thrive. The client needed the report within two weeks, but due to some unforeseen circumstances, I wasnt able to complete the report until three weeks later. Houlihan Lokey is the No. Create Comparison. Creditor mandates usually require quite a bit less work than debtor mandates. Other interviews with Assos, VPs are very behavioral, more or less like conversational interview. Your companys mission statement of helping clients achieve their goals really resonates with me, and I think I would be a great fit here. MCOL. 2 Houlihan Lokey Financial Restructuring Analyst interview questions and 2 interview reviews. Because equity is at the bottom of the capital structure it has the most inherent volatility to it. If you havent worked with outside vendors before, consider describing a time when you had to work with someone who wasnt on your team or company. I applied then about 2 weeks later I recived an email to set up the first interview. They agreed, and it helped us grow our client base.. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Our experience in M&A has earned us consistent recognition throughout the industry. Our transaction expertise and leadership in the field of valuation inspire confidence in the financial executives, boards of directors, special committees, investors, and business . Rotational Program: -Financial Restructuring and M&A (Business Services) Had a follow-on interview where I had to give a presentation on a recent M&A deal. Status: Intern. I didn't think there was anything too far out of norm. If you'd like a nearly 100-page guide detailing exactly what restructuring investment banking is in practice with separate guides containing over 500 additional Q&A, be sure to check out the Restructuring Interviews course. Anonymous Interview Candidate in New York, NY, I applied online. Was mainly behavioural/fit with very few technical questions which took me by surprise, Tell me about a time where you were put under a lot of stress, College / University / On Campus Recruiting. I interviewed at Houlihan Lokey in Jan 2022. Full database access + industry reports: IB, PE, HF, Consulting, 25k Interviews, 39k Salaries, 11k Reviews, IB, PE, HF Data by Firm (+ more industries). Do you have experience with mergers & acquisitions? I interviewed at Houlihan Lokey. Companies. Please describe the interview / hiring process. Contribute to the database and get 1 month free* Full online access! I also try to learn as much as I can about the audience so I can tailor my speech to them.. Tell me about a time when you didnt meet a deadline for a project. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. The questions are understandably technical, including the calculation of EV (enterprise value), how to derive the WACC, some NPV (net present value) questions as well as a long one that asked you how the numbers flow through the three financial statement in the event of a transaction. Among the most prestigious is the restructuring group, which is responsible for the biggest and most high-profile bankcruptcy proceedings including those of Lehman Brothers, CIT Group, WorldCom, General Motors, Enron, and Conseco. The first interview was 25 min and was small talk and 3 technical. I interviewed at Houlihan Lokey. Overall great and smooth interviewing process. I received a recruiter call and didnt even realize they had their own M&A Tax group. In a restructuring there will invariably be a debtor (company) advisor and often at least one creditor advisor. Financial Restructuring Summer Analyst. Quantitative Strategist (Vice President). Many who interview for restructuring jobs can recite the formulaic accounting answers perfectly, but then have trouble describing how exactly restructuring works (this is why the equity value question above is so common) or what a distressed company really is. Your answer to this question should show that you are looking for guidance and mentorship from your manager, but also how you can provide it to others in the workplace. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. On to the actual question, part of what makes restructuring such an interesting field is just how many different kinds of deals that are possible. Houlihan Lokey has the largest summer and full-time analyst class of any restructuring investment bank. Asked me a lot of questions abt if I had gotten other offers and when I had to respond to them if I had them. Maturity walls refer to points of time when various pieces of the capital structure come due. Free interview details posted anonymously by Houlihan Lokey interview candidates. What do you know about the firm's restructuring practice? Houlihan Lokey is a large company with many opportunities for growth. I am all of these things, which is why Im confident I would excel in this role. Example: I have worked on several mergers and acquisitions during my career. Opens the Fishbowl by Glassdoor site in a new window, short accounting answer + excel Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. For instance a debt exchange may involve the new debt instrument - that folks are exchanging into - having 5% cash interest and 4% PIK, for example. The process took 6 weeks. The process was fairly simple. . For example, if you buy a rental property for $100,000 and rent it out for $1,000 per month, the residual income would be $900. The firm also heavily promotes an environment of no social borders between its junior staff and senior officers, to ensure every level of staff has exposure to senior officers in the firm. Again, if you are in the restructuring group, you shouldnt have problem switching to other restructuring shops (although Ill have a hard time understanding why). CV and cover letter practice as well as interview practice. Anonymous Interview Candidate in Los Angeles, CA, I applied through an employee referral. On campus interview for first round, then invite to office. Final round was a super day with various members of the team. 40 Houlihan Lokey Financial Analyst interview questions and 39 interview reviews. Both were 30 minutes and . From a simple recovery perspective, you have an EV of $150 (30*5). Basic zoom interview with technical and behavioral questions. Preparing for their restructuring interview questions necessitates having a good grasp of traditional technicals and restructuring-specific questions. Meeting with recruiter followed by a 30 minute meeting with a director. It was mostly standard stuff. Currently work in Big 4 as a director in TAS. Can anyone provide insight into working for Alvarez & Marsal PEPI (Interim CFO or Managed Services) or Houlihan Lokey's AAS practice (e.g. When answering this question, it can be helpful to define residual income and explain how its used in the business world. Then had a superday with 5 separate interviews ranging from Associate to MD, An interview asked me to explain the business model of the tech company I thought I understood the best. Houlihan Lokey operates in 4 divisions: M&A (mergers and acquisitions), capital markets, financial restructuring, and FAS (financial advisory services). Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Use examples from your previous work to highlight your expertise in this area. I applied online. There are 130 jobs at Houlihan Lokey. Additionally, the culture is one where you never feel like another number; all the senior officers in my group know me by name, which is very different than my previous employer. ~ Vault Report. I applied through a recruiter. We assist financial sponsors, including private equity funds, hedge funds, and credit funds, through a range of affiliate transactions. One phone interview with Associate before Super Day. In my last role, I was tasked with hiring new analysts to work on our team. or Want to Sign up with your social account? If you can answer the last question, it means that you can build a full financial model right away. The process took 2 weeks. This question is a great way to test your knowledge of financial terms and concepts. ), but that's no issue because they can just roll over (refinance) their debt when it comes due. This question can help interviewers learn more about your interests and how you spend your free time. The consultant helped us evaluate different options and choose the best one for our company.. What multiple would you use to evaluate these two companies and why? The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). You can also use this as a chance to demonstrate that you have done some research about the organization. The process was fairly straightforward and quick. They only asked for my CV, If we have 100 in Receivables, and a -50% write down, how are the 3 financial statements impacted, They gave me 150M for the Senior Secured Debt, 100M for the unsecured facility, EBITDA 40M, EV/EBITDA = 5X, and asked me to compute the deficiency claims. Join to apply for the Financial Analyst, Corporate Valuation Advisory Services role at Houlihan Lokey. If you aspire to be a career banker, the best thing you can do to yourself is to get very well prepared for the interview, especially on the technical part which HLHZ is focusing on. If you ask me, I would think the safest answer should be something around their renowned restructuring practice. Contribute to the database and get 1 month free* Full online access! I applied through college or university. Was rotated between multiple senior bankers. While there are some common interview questions that you should be prepared to answer, such as Tell me about yourself and Why are you interested in this position?, youll also want to be ready for some company-specific questions. Find a Great First Job to Jumpstart Your Career, Stand Out From the Crowd With the Perfect Cover Letter, How to Prepare for Your Interview and Land the Job. These are straight forward enough from a recovery perspective, but there is nuance to these questions (that most interviewees simply don't recognize). If we assume a 40% tax rate, then $100 of PIK interest on the income statement will result in net income falling by $60. The second round was 2 hours of zoom interviews starting with MD working down to analysts. For healthy companies, these don't matter too much. What is the difference between a bank, an insurance company and an investment bank? The number you see in the middle of the doughnut pie chart is the simple average of these scores. how do you reflect $50 PIK interest and $50 cash interest through the three statements?). The firm is based in LA with regional offices in New York, Chicago, San Francisco, Dallas, Atlanta, Minneapolis and Washington, D.C. Houlihan Lokey has a 1-year low of $74.18 and a 1-year high of $115.21. 2005-2023 Wall Street Oasis. Almost no company has enough cash on hand to just pay off the principal balance of their debt when it comes due (it likely wouldn't be prudent to do so! Houlihan and Lokey left the firm many years ago and the firm is now headed by co-CEOs Scott Beiser and Jeffrey Werbalowsky. Press the space key then arrow keys to make a selection. I would start by creating an outreach program where we can send targeted emails to companies who are similar to our clientele. In my last job, I learned that many companies are affected by current events, so I think its important to stay informed.. Are you familiar with Bloomberg Terminal? . Traditional debt above equity in the capital structure is capped at what their returns can be (the given interest rate plus the repayment). Houlihan Lokey; Interviews; Financial Analyst; Houlihan Lokey. Find out more. Houlihan Lokey has extensive expertise in mergers, acquisitions, divestitures, activist shareholder and takeover defense, and other related advisory services for a broad range of U.S. and international clients. Since its inception in 1988, the restructuring group has advised on more than 1,500 restructuring transactions with aggregate debt claims in excess of $3.0 trillion. However, if you explain what the impetus for restructuring investment bankers getting involved in a particular situation is, that makes your answer really stand out because it shows your practical understanding of restructuring. Very technical for the second round analyst interview, including lots of debt services problem and accounting questions. Anyone have insight on Houlihan Lokey Dallas? Hiring managers ask this question to learn more about your problem-solving skills and how you overcame a challenge in the past. Be the first to find this interview helpful. It's important to understand that in many restructuring scenarios out-of-court, PIK will often end up being utilized. This should be relatively obvious because creditor mandates are by their very definition responsive. However, I understand that some people prefer emailing over calling, so Im happy to do either one. 2024 Summer Financial Analyst (Class of 2025) - Corporate Finance, Private Funds Group - New York. It's not as hard as expected. Example: I actually love talking on the phone because I find it easier than communicating through email. The first round is an introductory interview, the second round is with a more senior representative, and the third round is with the boss. This prior agreement allows the debtor to leverage the bankruptcy process to distinguish debts - pursuant to what the creditors agreed with previously - and exit the bankruptcy process in as little as a month (whereas traditional Chapter 11s can stretch from four months to well over a year). The interview process at Houlihan Lokey can vary depending on the position you are applying for. Culture, benefits, comp? Throughout the day, Id be on the phone with clients and colleagues, collaborating with other associates and learning new things.. However, most positions will require at least one behavioral interview and one technical interview. Their website lists out the many awards they won over the years. The stock has a market capitalization of $6.83 billion, a P/E ratio of 26.40 and a beta of 0.78. This is followed by a super day where candidates will meet with a variety of bankers. I did not get an offer. Compensation info for 1st Year Analyst in Houlihan Lokey (London). I believe that if I have questions or concerns about my work, I should feel comfortable enough to ask my manager for help.. Anyone have insight on Houlihan Lokey Dallas? If you look at the Vault report, all the verified reviews (i.e. This is because the vast majority of those who go into restructuring interviews - even those who ultimately get the job - really don't have a feel for what the job is all about. I met with several VPs and MDs. 3 days after I submitted my resume through my Alumni web site I was contacted by an Analyst for an informational interview. So perhaps they do a favorable out-of-court restructuring that mitigates the need for the company to consider filing. 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