Lazard Investment Banking Interview Prep
A first round reported as DCF-dominant, especially in healthcare coverage, before an online superday.
Lazard's process is commonly reported as a video interview first round, followed by an online superday. Based on aggregated candidate accounts, the first round is described as technical-heavy, and DCF valuation specifically has been called out as making up the bulk of the conversation in some groups.
Why healthcare coverage leans on it even more
Healthcare groups have been specifically named in candidate reports as especially DCF-focused, plausibly because healthcare valuation work leans heavily on cash-flow-based methods relative to some other sectors. If you're interviewing for a healthcare seat at Lazard, treat a flawless DCF walkthrough as closer to a baseline requirement than a nice-to-have.
How to actually prepare
- Be able to walk through a full DCF cold: unlevered free cash flow, the case for WACC over the cost of equity, both terminal value methods, and the bridge to a per-share price.
- Practice explaining why each step exists, not just reciting the sequence. A DCF-heavy interviewer is more likely to probe reasoning than to accept a memorized script.
- Don't neglect the rest of the technical rotation entirely; a DCF-dominant first round is still reported as just that, dominant, not exclusive.
Try a real question
The same question engine and clock a real duel uses, filtered to the topics Lazard's interviews are actually reported to lean on. No account, no signup, nothing saved.
Common questions
How much of the Lazard first round is really just DCF?
Based on aggregated candidate reports, a lot, in some groups the majority of the technical conversation. Healthcare coverage specifically has been called out as especially DCF-focused, though the exact weighting varies by group and interviewer.
What does a cold DCF walkthrough actually require?
Every step, in order, with no notes: unlevered free cash flow, why the discount rate is WACC and not the cost of equity, both terminal value methods, and the bridge from enterprise value down to a per-share price. Not memorized narration, the ability to explain why each step exists.