Lazard Behavioural Q's

Lazard Behavioural Interview Questions

A comprehensive guide to the most frequently asked behavioural questions in Lazard investment banking interviews.

Q1 What skills would make you succeed as an analyst?

HOW TO ANSWER

• Analytical & Quantitative Skills: Ability to build models, perform valuation, and synthesize complex data.
• Attention to Detail: Crucial for accuracy in all deliverables (models, presentations).
• Work Ethic & Resilience: Capacity to work long hours, meet tight deadlines, and handle pressure effectively.
• Communication Skills: Clear and concise verbal and written communication for internal and external interactions.
• Proactivity & Coachability: Eagerness to learn, take initiative, and incorporate feedback quickly.

Q2 What feedback did you receive at your last job?

HOW TO ANSWER

• Start with 1−2 positive pieces of feedback, with brief examples of how you demonstrated those strengths.
• Mention 1 area for constructive feedback or development, framing it as an ongoing learning process.
• Explain specific steps you have taken to address that feedback and improve.
• Demonstrate self-awareness and a commitment to continuous growth.

Q3 How did you get your job?

HOW TO ANSWER

• Provide a brief, chronological narrative of how you secured your previous role.
• Mention key steps like networking, application process, and interviews.
• Highlight any specific initiatives you took or unique aspects of your journey.
• Conclude with how that experience prepared you for this role.

Q4 Give me an example of a time you acted with integrity.

HOW TO ANSWER

• Situation: Describe a scenario where an ethical dilemma or choice arose.
• Action: Detail the steps you took to uphold integrity, even if it was difficult or inconvenient.
• Result: Explain the positive outcome of your actions or the lesson learned about maintaining ethical standards.
• Emphasize your commitment to honesty and transparency.

Q5 Give me an example of a time you failed.

HOW TO ANSWER

• Situation: Describe a genuine instance where you did not achieve your desired outcome or made a mistake.
• Action: Explain your role in the failure and how you took responsibility for it.
• Result/Learning: Articulate the key lessons you learned from the experience.
• Demonstrate how you applied those lessons to improve performance or approach in subsequent situations.

Q6 Are there any aspects of this job you would struggle with?

HOW TO ANSWER

• Reframe 'struggle' as anticipated challenges that you are prepared to proactively manage.
• Example challenges: managing multiple urgent deliverables, the initial steep learning curve for proprietary systems, or maintaining perfection under extreme pressure.
• Explain how you would approach these challenges (e.g., hyper-organization, seeking guidance, asking clarifying questions, prioritization).
• Avoid expressing doubts about your fundamental capabilities or willingness to do the work.

Q7 CEOs who are embarking on a strategic review could be described as 'vulnerable'. To what extent is it an investment banker's duty to hold their hand throughout this process?

HOW TO ANSWER

• Acknowledge the CEO's vulnerability and the critical nature of strategic reviews.
• Emphasize the banker's duty to act as a trusted, objective advisor.
• Discuss the importance of clear communication, consistent guidance, and anticipating client needs throughout the complex process.
• Highlight Lazard's independent advisory model as inherently better positioned to avoid conflicts of interest compared to Bulge Brackets with lending/trading arms.
• Stress that the relationship is built on trust and ensuring the best outcome for the client, free from internal pressures.

Q8 Can you demonstrate a more numerate side?

HOW TO ANSWER

• Provide a specific example of a time you applied quantitative skills (e.g., financial modeling, data analysis, statistical project).
• Detail the challenge, the numerical analysis you performed, and the insights or outcomes derived.
• Quantify results where possible (e.g., 'improved efficiency by X%', 'identified Y% discrepancy').
• Connect the example directly to the analytical demands of investment banking.

Q9 Describe a role model who displays integrity.

HOW TO ANSWER

• Choose a role model, whether personal or professional.
• Describe specific actions or decisions they made that exemplify integrity.
• Explain why these actions demonstrated integrity and how they influenced you.
• Link their integrity to the values you seek in a professional environment.

Q10 What strengths and weaknesses would your friends say you had?

HOW TO ANSWER

• Strengths: Mention 1−2 genuine strengths your friends would cite (e.g., reliability, problem-solving, active listening, supportive).
• Connect these to how they translate into professional value (e.g., reliability means meeting deadlines).
• Weakness: State 1 genuine weakness (e.g., being overly self-critical, difficulty delegating initially).
• Crucially, explain steps you are taking to mitigate or improve upon this weakness.

Q11 Tell me about your 2 favorite classes. What did you find interesting, and what did you learn from them?

HOW TO ANSWER

• Class 1 (Relevant): Choose a finance, accounting, or quantitative course. Explain a specific concept that you found intellectually stimulating and connect the skills learned directly to investment banking.
• Class 2 (Broadening): Choose a class outside of your core major that highlights another strength (e.g., communication, strategic thinking, problem-solving). Explain what you learned and how it provides you with a more well-rounded perspective.

Q12 Tell me about the evolution of your role at your previous firm in terms of managing analysts or junior colleagues.

HOW TO ANSWER

• Show a clear progression of responsibility.
• Start with informal mentorship and being a go-to person for questions.
• Describe the transition to formal responsibilities, such as delegating specific tasks, reviewing work, and managing parts of a workstream.
• Highlight your focus on developing junior talent by providing context, giving constructive feedback, and advocating for their involvement in meaningful work.

Q13 Pick a favorite analyst. What would that analyst say about your strengths and weaknesses?

HOW TO ANSWER

• Strengths: Choose qualities a good analyst would value. They might say you are approachable, provide clear instructions and context, are a patient teacher, and are fair in distributing work.
• Weaknesses: Frame it constructively. The analyst might say you were initially too hands-on but learned to delegate more effectively, or that you have very high standards which pushes them, but can be demanding. Show self-awareness and growth.

Q14 Tell me about an experience of working with a difficult analyst.

HOW TO ANSWER

• Situation: Describe the context and the specific challenges the analyst presented (e.g., responsiveness, quality of work, attitude).
• Action: Explain your approach. First, seek to understand the root cause through a private conversation. Provide specific, actionable feedback. Offer support and clarify expectations. If necessary, adjust your management style or the tasks assigned.
• Result: Detail the outcome, focusing on any improvement in the analyst's performance or behavior. Emphasize your goal of developing team members while ensuring the project's success.

Q15 What is something you didn't like about your prior job?

HOW TO ANSWER

• Frame your answer positively by focusing on what you are seeking in your next role, rather than complaining about the past.
• Choose a neutral factor, such as the desire for a steeper learning curve, more direct exposure to transactions, or a more team-oriented and fast-paced environment.
• Avoid criticizing former colleagues, managers, or the company itself.
• Example: 'While I valued my experience, I'm now looking for a role with greater analytical depth and direct involvement in strategic transactions, which is what excites me about investment banking at Lazard.'

Q16 What is something that surprised you about the school you attend(ed)?

HOW TO ANSWER

• Choose a genuine and positive surprise. This is a chance to show reflection and a positive attitude.
• Focus on an academic, cultural, or resource-related aspect.
• Examples: The unexpected level of collaboration among students, the accessibility of renowned professors, or the depth of a particular academic program.
• Briefly explain your initial expectation and how the reality exceeded it, shaping your experience for the better.

Q17 What was your least favorite class?

HOW TO ANSWER

• Choose a non-essential class, avoiding subjects core to your major or finance.
• Frame the answer constructively. Explain why it was a challenge (e.g., the subject matter was less intuitive, the teaching style wasn't a fit) rather than simply saying you disliked it.
• Crucially, focus on what you did to overcome the challenge and what you learned from the experience, such as developing a new study method or the importance of perseverance.
• This demonstrates self-awareness and a growth mindset.

Q18 A CEO thinks their company is undervalued. How would you approach this conversation?

HOW TO ANSWER

• Begin with empathy. Acknowledge and validate the CEO's perspective, as they know their business intimately.
• Transition to a data-driven approach. Offer to walk through the valuation analysis (Comps, Precedents, DCF) to bridge the gap between their view and the market's perception.
• Focus on assumptions. Discuss the key drivers in the model and where they might differ from the CEO's internal projections.
• Explore qualitative factors that may not be fully captured in the numbers (e.g., management strength, IP, strategic positioning).
• Conclude by shifting the conversation to actionable strategies to enhance and demonstrate value to the market.

Q19 What from your background will be most applicable to this role?

HOW TO ANSWER

• Identify 3−4 key transferable skills and qualities from your resume.
• Go beyond just listing them. For each skill, provide a brief, concrete example from your experience.
• Focus on skills core to banking: analytical rigor, attention to detail, communication, and work ethic.
• Explicitly connect each skill to the demands of an analyst role.