Houlihan Lokey doesn’t get as much press as Goldman Sachs or Evercore, but it’s one of the most consistently impressive and active investment banks in the world — and a fantastic place to start an IB career. I’ve worked with many students who’ve landed offers there, and I want to give you a thorough, honest picture of what Houlihan Lokey is, what it’s like to work there, and how to recruit for it.
What Is Houlihan Lokey?
Houlihan Lokey (often abbreviated “HL”) is a global investment bank headquartered in Los Angeles, with major offices in New York, Chicago, London, and across Asia. It was founded in 1972 and has grown into one of the largest advisory-focused banks in the world.
The firm went public on the NYSE in 2015 (ticker: HLI) and today has over 2,000 employees across 30+ offices globally. Unlike pure-play advisory boutiques, Houlihan Lokey has significant scale — but it’s still primarily an advisory firm, not a full-service bank with a large balance sheet or trading operation.
For context on where it sits in the pecking order: Houlihan Lokey is typically classified as a “strong regional boutique” or “upper middle market boutique” — a step below the elite boutiques (Evercore, Lazard, Centerview, PJT) but above most mid-market firms, and in many specific areas — particularly restructuring and fairness opinions — it competes directly with the best banks in the world.
What Houlihan Lokey Is Known For
Restructuring — #1 Globally by Deal Count
This is Houlihan Lokey’s crown jewel. HL has been the #1 global restructuring advisor by number of transactions for over 20 consecutive years. When you think about restructuring advisory — advising companies going through Chapter 11, out-of-court debt restructurings, or liability management exercises — Houlihan Lokey is in a class of its own by volume.
If you want to do restructuring banking, Houlihan Lokey’s Financial Restructuring (FRG) group is arguably the best training ground in the world for that specific specialty.
Financial Advisory (M&A) — Strong Middle Market Focus
HL’s M&A advisory business (called “Financial Advisory” or FA at the firm) is particularly strong in the middle market — companies with enterprise values roughly in the $100M to $2B range. HL advises on a very high volume of deals in this space and has deep sector expertise across:
- Healthcare
- Technology
- Business services
- Industrials and consumer
- Financial services
Financial and Valuation Advisory (FVA)
HL has one of the largest financial advisory and valuation practices in the industry — providing fairness opinions, solvency opinions, portfolio valuations, and litigation support. This is a relatively unique capability that separates HL from purely M&A-focused boutiques.
The Three Business Segments
Houlihan Lokey is organized into three main business segments:
- Corporate Finance (CF): M&A advisory, capital raises, sell-side and buy-side transactions. This is the traditional investment banking advisory role.
- Financial Restructuring (FRG): Advises distressed companies and their creditors on debt restructurings, bankruptcies, and liability management. One of the most respected groups in the industry.
- Financial and Valuation Advisory (FVA): Fairness opinions, solvency opinions, complex valuations, disputes, and tax-related advisory. More analytical and less transaction-intensive than CF or FRG.
When you recruit at HL, you’ll typically be targeting one of these specific segments rather than applying generically to “investment banking.” Think carefully about which segment aligns with your interests and goals.
Culture and What It’s Like to Work There
Houlihan Lokey has a reputation for being a relatively collegial and meritocratic place to work. A few things that stand out:
- Collaborative culture: HL is known for being less cutthroat than some bulge brackets. Analysts generally describe a supportive environment where senior bankers are accessible and willing to teach.
- Deal responsibility: Because HL operates leaner deal teams than large banks, analysts often get significant deal exposure early. You’re likely to be running models and attending client calls earlier than you would at a larger firm.
- LA roots: The Los Angeles headquarters gives the firm a slightly different cultural flavor than New York-based banks. Less formal in some ways, but still intensely deal-focused.
- Hours: Demanding, as in all of banking — but analysts generally report that the culture is more humane than the most extreme environments on the Street. FRG in particular can have very intense stretches during active restructuring situations.
Compensation at Houlihan Lokey
HL compensation has historically tracked slightly below the elite boutiques (Evercore, Centerview) at the analyst level, but it’s generally competitive with or above bulge bracket total compensation. Base salaries are in line with the Street, and bonuses are solid.
One thing worth noting: because HL is publicly traded, there’s more transparency around the firm’s financial performance than at private boutiques. Strong revenue years tend to translate into better bonuses.
Exit Opportunities
Where do Houlihan Lokey bankers go after their analyst stint? The exits depend heavily on which group you’re in:
From Corporate Finance (M&A):
- Middle market private equity (very common — HL’s deal flow puts you in front of many PE firms)
- Growth equity
- Corporate development at operating companies
- MBA programs (HL carries good brand recognition at top schools)
From Financial Restructuring:
- Distressed debt hedge funds (HL’s restructuring brand opens top doors here)
- Turnaround and operational consulting
- Direct lending and private credit
- Mega-cap PE (distressed/special situations strategies)
- Other restructuring advisory firms
From FVA:
- Valuation advisory at other firms
- Corporate development
- Litigation consulting
- M&A roles at banks or PE firms
To be direct: HL’s exits are strong but not quite at the same level as Evercore, Lazard, or Centerview for the very top megafund PE roles. That said, the restructuring group is a notable exception — HL FRG sends analysts to some of the best distressed and credit-focused funds in the world.
How to Recruit for Houlihan Lokey
Networking
Houlihan Lokey recruits heavily through networking and referrals. The firm does recruit on campus at target schools, but knowing someone in the group you’re targeting makes a significant difference. Use our networking guide to structure your outreach to HL analysts and associates.
One thing I’ve noticed: HL bankers are generally very approachable for informational interviews. Don’t be afraid to reach out cold to analysts via LinkedIn.
Resume and Application
HL looks for the standard IB profile: strong GPA, relevant finance experience (banking, PE, or consulting internships), and genuine interest in the group you’re applying to. Make sure your resume highlights transaction and modeling experience. Our IB resume template is a good starting point.
Technical Interviews
Houlihan Lokey’s technical interviews are rigorous — especially for FRG, which goes deep on restructuring-specific topics. Expect questions on:
- Accounting (three-statement modeling, balance sheet items)
- Valuation (DCF, comps, precedent transactions)
- LBO basics
- For FRG: capital structure, bankruptcy process, debt instruments, distressed investing concepts
Use our technical cheatsheet to prepare. If you’re targeting FRG specifically, make sure you also study restructuring-specific content — understanding Chapter 11, the absolute priority rule, and distressed credit concepts is essential.
Behavioral and Fit
Be ready to explain why HL specifically — and why the group you’re targeting. Saying “I want to do restructuring and HL FRG is the best in the world at it” is a compelling, credible answer. Generic “I love deal work” answers won’t differentiate you.
Is Houlihan Lokey a Good Place to Start Your Career?
Absolutely — especially if you’re interested in restructuring, middle market M&A, or valuation advisory. HL’s volume of deals gives you excellent training, the culture is generally strong, and the brand carries real weight in the exit market.
For students who don’t land at an elite boutique but are targeting PE exits, HL Corporate Finance and particularly HL FRG are among the best positions to be in. The deal reps you get, combined with the brand recognition in the specific niches where HL excels, set you up well for where you want to go next.
To see how students we’ve coached have navigated recruiting to HL and other top banks, check out our track record and student testimonials. If you want help with your recruiting strategy, apply to work with us.
Want Personalized Investment Banking Coaching?
Wall Street Mastermind has helped thousands of students land offers at Goldman Sachs, Morgan Stanley, JPMorgan, and every top bank. If you want personalized coaching to break into IB, apply here to learn more about how we can help you.
