Vault’s Verdict

One of the most prestigious financial advisory and asset management firms on Wall Street, Lazard is looking for intellectually curious, hardworking, personable, well-rounded candidates with a diverse set of experiences (you don’t need to be a business or finance major), and a genuine interest in the firm’s business. For students, Lazard runs a rewarding internship program, offering excellent formal training, informal mentoring, and the ability to work on live transactions alongside senior bankers. Meanwhile, the firm’s full-time junior bankers have access to extensive formal training, a deeply embedded apprenticeship mentality, formal mentorship programs, internal mobility options across groups and offices, and early promotions.

Lazard goes to great lengths to support work/life balance in the construct of investment banking. The firm’s hybrid work schedule (Mondays and Fridays are optional WFH days) as well its monthlong work-from-anywhere policy get rave reviews from insiders. In addition, while the ability to take vacation can depend on which group you work in and on live client work, in general Lazard has a culture that respects and honors PTO and protected weekends policies. As for compensation, Lazard insiders say that salaries are well above the Street average while bonuses and perks are merely at the Street average. Wellness benefits, though, get very good reviews, as insiders greatly appreciate the wellness stipends, health and fitness discounts, and general encouragement of a healthy lifestyle.

With respect to D&I, Lazard has been working on creating a more diverse class of bankers—and has succeeded to hire more women and individuals of color at the junior levels; however, the firm could still increase diversity at the more senior level. As for Lazard’s business outlook, it is very bright. The firm’s employees are extremely supportive of new CEO Peter Orszag, who they say has been challenging the status quo, driving growth opportunities, creating meaningful work for bankers, encouraging collegiality, and instilling a sense of pride, purpose, and urgency in their work. Indeed, Lazard is in growth mode, and it is focused on having the right team and capabilities in place to double revenues by 2030.

EMPLOYEE REVIEWS

Hiring Process

“Interview process is typically a phone screen, then a first round, then a Super Day. Ideally, we’re looking for highly intellectual, naturally curious, pragmatic, strong communicators who’ve demonstrated a desire to work hard. Summer programs are very important pathways to full-time and analyst hires.”

“We only go to market with intellectual capital so we seek bankers who are exceptionally intellectually curious. That also means we look for candidates with more diverse experiences than the typical bank—we’re not all undergraduate business/finance majors or MBAs. Our recruiting process is very well-coordinated and moves quickly to respect candidates’ time.”

“Focused on exceptional and well-rounded candidates who are genuinely interested in the advisory business and helping our clients with their objectives. Many of our candidates are from top liberal arts schools and have varied interests and talents outside of work. Many are interested in working with international colleagues and clients.”

“Ideal candidate is intellectually curious and willing to put in the time and effort to learn and grow, and wants to be at Lazard given the differentiated fit. They should be smart with a good personality and ideally unique in how they think and approach problems.”

Interview Questions

“Technical interview portion at the analyst/associate level is conducted in a way to be intentionally challenging. Corporate finance questions range from actual math questions to the theory behind concepts.”

“Walk me through the three statements and how they’re connected. Discuss the valuation methodologies and where they would rank in comparison to each other. If you noticed a big mistake in your work as your MD is flying to the meeting, what would you do? A strong mix of technical and cultural fit questions.”

“Very dependent on sector, but we ask a candidate to model out a sector-specific LBO model and talk through the model live after completing. Additionally, we ask typical sector-specific technicals as well as broader M&A technicals (accretion/dilution, meaning of valuation multiples and cost of capital, etc.). For general internship interviews, the questions are more tailored towards the average college student’s knowledge and topics that are expected to be studied in a typical banking interview.

“How would you value an apple tree?”

Intern Experience

“The caliber of the team was by far the highlight of my internship. While I was in a regional office for the summer (SF), the team I was placed on made sure I had opportunities to travel back to New York for client meetings and for the team global group strategy meetings to stay connected to my class of summer associates and meet with the global team.”

“Excellent training environment with immediate access to all members of deal teams along with working on multiple live transactions was the highlight of my internship experience. The only downside was only being able to work in one group, but this facilitated more relationships and security long term.”

“Great collegiality and genuine enthusiasm from the team to welcome us into the group. Team members spent a ton of us time with us on formal training, informal mentorship, and social interactions. I felt like the staffer was focused on optimizing our interest, and it was nice to be involved in live deal work immediately. Nothing negative that was notable; I had a fantastic internship. My two fellow interns and I signed on the spot our final day. One thing: given the typical length of restructuring assignments, I was not able to see a full deal through to completion across the 10 weeks.”

“Live deal experience, small deal teams. I traveled for an onsite meeting and led calls with a client. It was an extremely rewarding internship. Out of the 10 weeks, I had a solid eight weeks of real experience.”

Career Development

“Lazard is the perfect size. We are big enough that we have extensive formal generalist training as well as group-specific trainings. This is paired with a deeply embedded apprenticeship mentality and formal mentorship programs. At the same time, Lazard is small enough that your experience, promotional timelines, and workflow is tailored to you as an individual. Peter Orszag [the firm’s CEO] says we should push every banker to ‘practice at the top of their license’ and we embrace that mentality.”

“What’s great about Lazard is you’re able to advance your career in any manner that you so choose. I know individuals who have moved to international and domestic offices, have switched groups, or have switched the area of the firm they work in. I personally have not done those items, as I am happy in my group and office, but if I wanted to, I would be able to adjust things as I needed. Regarding promotion policies, I was promoted to VP early and the firm will promote you when ready vs. following some strict guidelines (assuming there is a business case for your promotion).”

“Extremely talented senior bankers that are willing to share their time and insights if approached correctly. Global footprint, and lots of internal mobility across groups/offices, with a significant push for internal promotions. Typically, you’re not competing with other members in your class for promotions (i.e., there is always a spot for high performers).”

“Lazard has a cultural mindset of encouraging bankers to play at the very top of their availability. The firm is very appreciative of those who take initiative and invests heavily from a development perspective in those who show a passion for the work. In many respects, what keeps me at Lazard is the apprenticeship nature and constant learning from my colleagues.”

Quality of Life

“From the outset of the pandemic, Peter Orszag communicated a well-researched approach to remote work—the need for some coordinated time in the office with the flexibility to work remotely at times. We have been one of the few banks that has stayed consistent in that approach, and it works very well in promoting balance. We’re Tuesday to Thursday in the office, and Monday and Friday remote, with the ability to select a month to work remotely. This has allowed me exceptional balance and flexibility, especially with a young family.”

“The hybrid work policy is fantastic—it’s in touch with today’s world, it increases quality of life, and it’s a real competitive advantage for recruiting and retaining talent. Vacation usage is largely dependent on group and live client work, but the firm overall has a culture of respecting and honoring PTO. Most groups at the firm honor the remote month and protected weekends policies.”

“Best parts: Hybrid work schedule. Annual month to work from anywhere. Firm culture of working from home after dinner. Vacation days are encouraged, with minimal work done during PTO. Analyst-to-associate sabbatical (one month sabbatical following promotion). Worst parts: Long hours and weekend work is typically the norm.”

“Lazard does a good job promoting work/life balance in the construct of investment banking. The biggest thing that is helpful for me is flexibility on how and when we work. I take advantage of the WFH policy every week, and I leave the office at 5:30/6:00 p.m. to eat dinner at home with my family. The only area that I think we need to improve on is ensuring folks take vacation/disconnect. The downside of having lean deal teams is that it is challenging to get an air pocket between live client assignments to be able to disconnect. When you are the main point of contact, it is harder to be able to step away at Lazard. Part of this is group-specific, but it is something that the firm could work on.”

Salary and Benefits

“Our compensation for top performers is very competitive, and we have much better healthcare than peers and many additional benefits.”

“Salary is on the high end for the analyst level across the Street. Bonus lies closer to the median to a bit higher than median. 

“While salary is top tier amongst competitors, all-in compensation and perks have lagged.”

“Solid and competitive salary and bonus range. Seems to be fairly high on deferred portion, but that may have been a one-time thing given lower 2023 production. Probably some room to improve on smaller perks like Seamless budget, but all in all I’m very satisfied.”

Wellness Efforts

“Lazard offers official wellness benefits (e.g., wellness reimbursement, Wellhub, etc.) and encourages a healthy lifestyle—wellness/fitness culture, whole foods/healthy snacks, etc. As an example, our CEO posts about his LinkedIn Run Club in unofficial coordination with other high-powered leaders in financial services. Also, internally, leadership appreciates and preaches a healthy lifestyle.”

“Lazard puts forth a really strong effort here. The firm could do more to try and get people to take advantage of these items.”

“Gold-plated healthcare plan with access to any NYC hospitals or doctors. Lots of wellness support like family planning, mental health, $750 (taxable) health and wellness credit, Wellhub and Gympass membership, discounted Equinox membership, etc.”

“A lot of programs exist and I push for our teams to use these as needed. The firm also pushes education/awareness of these programs. The firm is bought into wellness.”

Diversity and ESG Initiatives

“Diversity and inclusion initiatives are very strong and well organized at Lazard. Affinity groups play an important role in recruiting, retention, and check-ins with team members.”

“The firm has been working on creating a more diverse class of bankers and in particular has been responsive and positive to the push to hire more women and individuals of color. In my decade at the firm the workforce has clearly become more diverse.”

“Lazard does a great job with its DEI efforts. The challenge is increasing diversity at the more senior level, which I would expect will improve over time.”

“Lazard is an industry leader when it comes to ESG—both in terms of the research it publishes (e.g., the annual LCOE report) as well as the internal evaluation/action of its ESG practices.”

Business Outlook

“Lazard has a growth mindset and is focused on having the right team and capabilities to double revenue by 2030. We are actively hiring senior bankers and promoting internally for the right team to achieve this goal. M&A advisory is a competitive environment, and Lazard does it well.”

“Peter Orszag has been an inspiring leader. He has instilled a sense of pride, purpose, and urgency in our work and taken a consistent and disciplined approach to work/life balance, creating meaningful work for bankers and encouraging collegiality.”

“New management is challenging the status quo and driving growth opportunities. Peter Orszag has completely transformed the orientation of the firm from his predecessor. It’s refreshing to be asked to take market share, grow, and be emboldened to win. The firm is heading in the right direction.”

“Lazard is in growth mode, with super high-quality people and recruits. Business is improving and market share is too. The quality of bankers and client experiences remain at the top of the Street.”