Lazard technical vs. strategy mix

Question

Hi all,

I just advanced to final rounds with Lazard for their Paris office and I’m a bit confused about what the interviews will actually look like.

My background is in economics with some internship experience in strategy consulting, but no full IB experience yet. I’m confident with valuation basics, but I’ve heard Lazard interviews can be a mix of technical finance and also strategic, market-driven discussions because of their reputation for advisory and restructuring.

For example, I’ve been told they might ask you to walk through a DCF, but then immediately pivot into a discussion about how current macro conditions (interest rates, M&A volume, geopolitical risk) could affect your assumptions and valuation ranges.

For people who went through Lazard interviews, how much weight did they put on pure technical accuracy versus your ability to take a view on markets and strategy? And did you get grilled on restructuring topics even if you were interviewing for M&A?

Answer 1

Hi There!

At Lazard, especially in Paris, you should expect a hybrid approach where the technical foundation is a baseline test, but the real differentiation comes from how you apply that knowledge to broader strategic and market contexts. They’ll definitely want you to be sharp on core valuation methods like DCF, trading comps, and precedent transactions, but they often pivot into discussions about macro trends or industry dynamics to see if you can connect the numbers to a bigger picture and advise like a banker rather than just calculate.

Even if you’re interviewing for M&A, it’s not unusual for them to test your awareness of restructuring concepts, since Lazard’s brand is so tied to that side of the business, but they usually won’t expect deep technical restructuring knowledge unless you’re applying directly to that team. To prepare, make sure you’re fluent in the mechanics of valuation while also practicing explaining how interest rates, capital markets activity, or regulatory changes would shift your assumptions and client advice.

Answer 2

Hi there,

Lazard interviews usually combine solid technicals with market-driven discussions. Be ready to walk through a DCF, but also explain so what — how today’s rates, M&A activity, or geopolitical risks impact your assumptions. Even in M&A interviews, a few restructuring questions can pop up. Showing you can link numbers to strategy is often what sets candidates apart.

Good luck in the final!
Rita

Answer 3

Hi,

Lazard usually mixes technical and strategic questions. You should be comfortable with the usual valuation basics, but they also want to see how you think about a situation rather than just how you calculate something. It is common that you get a technical prompt and then a follow-up that tests your judgement or how you would advise a client.

Even in pure M&A interviews you might get a light restructuring question, mostly to see how you handle unfamiliar territory. As long as you show clear thinking and can connect your assumptions to what is happening in the market, you will be fine.

Good Luck!