Houlihan Lokey Internship 2027–2028: Programs, Deadlines & How to Apply

Last updated: July 2026

Houlihan Lokey ranked #1 globally for M&A advisory by deal count in 2025 with 458 transactions, ahead of Goldman Sachs and Rothschild, and has been the #1 global restructuring advisor for 20+ consecutive years. The firm takes roughly 30–50 summer analysts per year across US offices, and community estimates put the acceptance rate at 3–6%. For the 2027–2028 cycle (you apply during 2027, you intern in summer 2028), applications are expected to open in late 2026 to spring 2027, with offers wrapped by fall 2027. That means the recruiting timeline starts nearly 18 months before the internship, and once interview waves begin rolling, seats fill progressively.

Quick Facts

The two numbers that matter: applications expected to open late 2026 through spring 2027 for summer 2028, and a de facto rolling process where interview waves run through fall with offers by year-end. Community-estimated acceptance rate: 3–6%.

Externships are short, remote professional experience programs where you finish a real project with a real company. The Yinan Zhao Investing & Financial Modeling Externship and the Attronica FP&A & Private Company Valuation Externship build exactly the modeling and valuation evidence a Houlihan Lokey application needs. Explore all Externships.

What Is a Houlihan Lokey Internship?

A Houlihan Lokey internship is a paid, 10-week summer analyst placement across one of three business segments, Corporate Finance, Financial Restructuring, or Financial & Valuation Advisory, at the firm that holds the #1 global M&A advisory ranking by deal count and has dominated restructuring league tables for over two decades. All interns complete a one-week training program covering financial modeling, valuation methodologies, and restructuring fundamentals before joining their team. The credibility signals back the experience up: Houlihan Lokey earns 4.1 out of 5 on Glassdoor with 75% recommending it, generated $2.39 billion in revenue in FY 2025, and the firm uses the summer program as its primary pipeline for full-time analyst hiring.

When Do Houlihan Lokey Internship Applications Open for 2027–2028?

Houlihan Lokey's recruiting calendar starts early and runs long. Based on the documented 2027 cycle, the firm posted its first summer analyst application in November 2024, roughly 19 months before the program start. The main wave ran March through June of sophomore year, with interview rounds stretching through November and offers landing by December. For the summer 2028 cycle, expect applications to surface as early as late 2026 for event-specific deadlines, with the main window opening around spring 2027. The process is de facto rolling: seats fill progressively across staggered interview waves, so applying early gives you the best shot before the class is full.

Why You Must Apply the Week Applications Open

Houlihan Lokey doesn't explicitly call its process "rolling," but the pattern speaks for itself: applications open across a wide March-to-June window, interview waves run from June through November, and offers go out September through December. That means seats fill progressively while the window is still open, and the earliest applicants face the least competition. Community advice is unanimous: apply as soon as postings go live, because the process runs 2–3 weeks per candidate once initiated. By the time late applicants submit, the class may already be taking shape.

Which Houlihan Lokey Internship Programs Should You Target?

Houlihan Lokey places summer analysts across three core business segments, each with its own deal focus and technical bar. The honest answer on which one to target: pick the segment whose skills you can already show, because each interviews against its own technical profile.

See all early-career programs on the official early careers page. Corporate Finance is the largest segment by headcount, FRG recruits the most selective and technically rigorous classes, and FVA offers a unique litigation-adjacent path. Total class size runs roughly 30–50 interns across US offices.

What Are the Eligibility Requirements?

Houlihan Lokey publishes broad eligibility criteria on its internship postings and early careers page:

• Enrollment: currently pursuing a Bachelor's and/or Master's degree with a graduation date between December 2028 and June 2029 (for the 2028 cycle). College juniors and first-year MBAs are the primary targets.

• GPA: no minimum is published anywhere. The firm says it values a "strong academic track record" but emphasizes, "Our primary concern isn't where our people went to school or university, or even which subject they studied." Community consensus: 3.5+ is competitive for IB; networking and referrals can offset a borderline GPA.

• Work authorization: Houlihan Lokey has historically sponsored H-1B visas (217 applications covering 1,329 positions), though policy varies by office. LA (especially restructuring) is more likely to sponsor; NY reportedly less so.

• Availability: the full 10-week program, June to August, at one of the firm's US offices.

Does Houlihan Lokey Recruit From Non-Target Schools?

More than most elite boutiques, yes. Houlihan Lokey's own careers page says it cares more about talent and drive than pedigree. Community consensus confirms HL is more accessible from semi-target and non-target schools than firms like Centerview or Evercore, though networking and referrals weigh heavily. The firm recruits from traditional targets (Wharton, Stern, Columbia, Michigan) but doesn't publish a formal target-school list. FRG (restructuring) recruits the smallest and most selective classes; CF and FVA are somewhat more accessible. The best strategy for non-target candidates: network aggressively, attend HL campus events, and apply early with demonstrable technical skills.

What Skills Does Houlihan Lokey Look For, and How Do You Build Them?

Across Houlihan Lokey's official internship postings and early careers pages, the same requirements surface repeatedly. Every segment asks for strong quantitative and analytical skills. Financial modeling and valuation fundamentals appear in all three. But the technical depth varies: CF wants DCF, comps, and precedent-transaction fluency; FRG demands capital structure analysis, distressed valuation, and recovery waterfall mechanics; FVA needs ASC 820 fair-value standards and solvency analysis. The common thread? Houlihan Lokey hires people who combine rigorous analytical ability with genuine interest in middle-market advisory and collaborative, collegial personality.

How Is Demand for IB Interns Moving Right Now?

Build These Skills Before You Apply

And every skill in the chart maps to a remote Externship where you finish a real company project before the window opens.

How close is the overlap? The Attronica deliverable is private-company valuation in the exact vocabulary Houlihan Lokey's CF and FVA postings use, and both modeling Externships end with a client-ready analysis presentation, the "excellent verbal and written communication" that all three segments require.

What Is the Houlihan Lokey Application and Interview Process Like?

Houlihan Lokey's funnel is longer and more structured than most, with a formal assessment gate before interviews begin:

1. Apply at hl.wd1.myworkdayjobs.com/Campus with a resume, transcript, and cover letter. Apply to a specific segment and office, HL weighs office-specific interest heavily.

2. Suited cognitive and personality assessment. A 30–60 minute online test: 15 minutes of cognitive aptitude (clerical checking, logical reasoning, numerical reasoning) plus a personality and behavioral questionnaire. This is the primary initial screening gate. Some positions include additional finance-specific technical questions.

3. Phone screen. A 30-minute call with a recruiter or business team member covering basic fit and motivation: why Houlihan Lokey, why this segment, why this office.

4. Virtual first-round interview. 30–45 minutes with 1–2 interviewers. Standard DCF mechanics, accretion-dilution, EV/equity bridge, basic LBO intuition. FRG interviews are more rigorous even at this stage.

5. Superday (in-person). 4–6 interviews over a half-day at the relevant office, with senior banker participation. Deeper technicals plus behavioral. Glassdoor rates the IB summer analyst process at 3.3/5 difficulty with 70% positive experiences.

6. Offer. Typically within one week of Superday, with a 3–7 day decision window.

The Suited assessment is the biggest early filter, it isn't finance-specific, so practice cognitive aptitude tests before you sit it. For the technical rounds: our HireVue question guide with a free AI mock tool runs the same time pressure, and practicing DCF walk-throughs and accretion-dilution mechanics will cover the most-asked technical questions.

What Students on Reddit Say

Three threads show the process from the inside.

How Do You Stand Out When 30–50 Seats Fill Over 6 Months?

Three moves, all executable before the window opens. First, apply early, the process is de facto rolling, and seats fill progressively across interview waves, so a spring application meets the most open spots. Second, pick your segment and office deliberately. Houlihan Lokey weighs personality fit and office-specific interest heavily; "I want to do IB" isn't enough, you need a reason for CF versus FRG versus FVA, and for LA versus NY versus Chicago. Third, show up with proof in the JD's exact language. A finished financial modeling or valuation project answers "walk me through a DCF" with an artifact instead of a textbook answer. And remember: the firm uses this program as its primary full-time pipeline, with an estimated 70–82% conversion rate. Interview like someone auditioning for the analyst seat, because you're.

What Other Companies Should You Consider?

Houlihan Lokey's peer set depends on which dimension matters to you: restructuring dominance, middle-market M&A focus, or elite-boutique prestige.

Our finance internships summer 2027 guide maps the full market, timeline by timeline.

FAQ

Can I still apply for a summer 2027 Houlihan Lokey internship?

No. The summer 2027 cycle (applications during 2025–2026) is fully closed, and the Workday campus portal shows no open US positions for 2027. The next opportunity is the summer 2028 cycle, expected to open in late 2026 through spring 2027.

When do Houlihan Lokey internship applications open for summer 2028?

Based on the documented 2027 cycle, expect event-specific postings as early as late 2026 and the main application window around spring 2027. HL has not published 2028 dates yet. Monitor the Workday campus portal and attend HL campus events starting fall 2026.

Does Houlihan Lokey review applications on a rolling basis?

HL doesn't explicitly say "rolling" on its website. However, the wide application window combined with staggered interview waves through November means seats fill progressively. Applying early, ideally within the first weeks of a posting going live, gives you the best chance before the class fills.

What GPA do you need for a Houlihan Lokey internship?

Houlihan Lokey doesn't publish a minimum GPA requirement. The firm asks for a "strong academic track record" and says it cares more about talent and passion than pedigree. Community consensus suggests 3.5+ is competitive for IB roles, while networking and referrals can offset a borderline GPA.

What is the Houlihan Lokey interview process like?

After applying online, you complete a Suited cognitive and personality assessment (about 30–60 minutes). If you pass, expect a phone screen, then a virtual first-round interview with standard valuation technicals. Finalists attend a Superday at the relevant office with four to six back-to-back interviews with senior bankers.

Do Houlihan Lokey interns get return offers?

Community sources estimate a return-offer rate of 70–82%. The firm uses its summer program as the primary pipeline for full-time analyst hires. Offer decisions come in the final week of the internship. Strong performers can choose their full-time group placement based on interest and performance.

What skills does Houlihan Lokey look for in interns?

Strong quantitative and analytical ability, financial modeling, and valuation fundamentals (DCF, comps, LBO basics). Restructuring candidates need capital structure analysis and distressed-debt knowledge. Across all groups, HL values excellent communication, intellectual curiosity, collaborative personality, and genuine interest in middle-market advisory.

How much does a Houlihan Lokey internship pay?

Investment banking summer analysts earn about $2,020 per week, annualizing to roughly $105,000. Interns also receive a $6,000 housing stipend, up to $1,500 for domestic relocation, dinner expense coverage when working late, and car service after 9pm. Total compensation is competitive with bulge-bracket banks.

The window stretches from late 2026 through spring 2027, and inside it the review is de facto rolling. Spend the runway building proof: a remote Externship turns "interested in investment banking" into a finished valuation project a Houlihan Lokey application can point at.