Lazard M&A internships: applying, preparing and interviewing

An M&A internship at Lazard attracts many applications because it combines an international brand, substantial exposure to financial advisory and teams known to be demanding. To stand out, understanding the firm’s positioning is more useful than accumulating superlatives.

What Lazard presents to students

Lazard’s Students page distinguishes Financial Advisory, Asset Management and Corporate functions. For internships, the group highlights small collaborative teams, direct exposure to real work, mentoring and training. This indicates what your application should demonstrate: willingness to contribute, technical foundations and the ability to learn quickly from experienced colleagues.

An M&A candidate should go beyond the institutional page. Read transactions published by the team and choose one on which you can express an opinion. Understand the sector, parties, strategic rationale and an execution risk. There is no need to know every multiple if the information is not public.

The expected CV

Your CV should fit on one page and make four elements immediately visible: academic level, timetable, analytical experience and genuine interest in transactions.

If you have worked in transaction services, private equity, audit or corporate finance, describe your precise contribution: buyer research, working capital analysis, preparing a teaser, valuation or data review. Respect confidentiality strictly.

Without direct experience, use a project you can defend. A valuation completed in class or a finance society may be relevant if you can explain your assumptions and the model’s limitations. Our M&A CV guide offers concrete ways to phrase experience.

The cover letter: one transaction, not a catalogue

A successful Lazard letter does not cite five transactions. It chooses one and explains what it reveals about the team: sector expertise, cross-border dimension, a complex situation or long-term strategic advice.

Then connect your experience to an intern’s task. For example, a market study can show your ability to summarise a sector; a budget model, your discipline with numbers; a presentation to management, your ability to make analysis understandable.

You can find a detailed M&A cover letter example, but keep your wording personal. Recruiters quickly recognise standard paragraphs.

Prepare for interviews

The exact format varies by office, team and campaign. Still, prepare the classic areas:

• accounting and how the three financial statements connect;
• Enterprise Value and Equity Value;
• valuation methods, DCF and comparables;
• acquisition rationale, synergies and goodwill;
• a recent transaction;
• your background and motivation for Lazard.

Do not rely on revision sheets alone. Hold at least two practice interviews aloud. When a technical question lacks data, state your assumptions. Clear reasoning matters as much as speed.

For fit questions, prepare an example where you corrected an error, asked for help at the right time or met a difficult deadline. In a small team, day-to-day reliability is central.

Useful questions to ask

Avoid questions answered on the site’s first page. Instead, ask how interns are assigned across transactions, what distinguishes an excellent intern after two months or how the team organises feedback during busy periods.

A question can also start from a public transaction: “I saw the team advised on… What made that assignment particularly educational for junior staff?”

Timetable and applications

Programmes and dates differ by European office. The official page states that student opportunities cover several activities and that internships reproduce part of the full-time employee experience. Always check eligibility and dates on the current listing.

Applications may be reviewed quickly. Prepare an English CV, transcripts if requested and a coherent two-minute story in advance. Apply when the application is solid, not when you have read a tenth guide.

Browse available Lazard listings and the official Lazard Students page for current programmes.

Frequently asked questions

Will the interview be in English?

Part may be conducted in English depending on the office and interviewers. Prepare your introduction, a transaction and key technical answers in both languages.

Is audit experience enough?

It can be a good foundation if you can explain what it taught you about accounts and why you now want to work on transaction decisions.

How much time should you spend on technical preparation?

Enough to master the fundamentals without neglecting fit. Our M&A interview preparation plan spans fourteen days.