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David, M&A Investment Banking Associate at Houlihan Lokey: Advize Career Interview
A Yale economics graduate's journey to a Houlihan Lokey M&A Investment Banking Associate position reveals a dynamic career path built on diverse internships and analytically rigorous coursework.
The role demands extensive Excel modeling, presentation creation, client management, and constant communication, creating a fast-paced, demanding, yet incredibly rewarding experience.
Success hinges on interpreting data, effective communication, intellectual humility, and a resilient approach to setbacks. A key takeaway: team culture and a supportive boss outweigh industry specialization.
Early career success stems from prioritizing respect for all colleagues, leading to unexpected opportunities.
Entry-level analysts can anticipate a demanding but accelerated learning curve, with potential for rapid promotion or transition to private equity.
The interview highlights the importance of diverse experiences, mentorship, and a proactive approach to securing a fulfilling and impactful career in investment banking.
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
David Crosson
M&A Investment Banking Associate
Houlihan Lokey
Yale University
MBA from Kellogg School of Management at Northwestern University
Majors
Industries
Job Functions
Traits
Economics
Finance (Banking, Fintech, Investing)
Finance
None Applicable
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Career Path Of A M&A Investment Banking Associate At Houlihan Lokey
David's career path showcases a proactive approach to gaining relevant experience, starting with diverse internships in various fields—from life insurance sales to economic consulting—before securing an investment banking role after graduating from Yale with an economics degree. While the "content" of David's coursework was less impactful than the "analytically rigorous work" that developed problem-solving skills, the cumulative experience made them a strong candidate for their current role at Houlihan Lokey.
Main Responsibilities of an M&A Investment Banking Associate at Houlihan Lokey
David's main responsibilities as an M&A Investment Banking Associate at Houlihan Lokey center on "modeling, using a lot of Excel," creating presentations and pitch decks, and meticulous project management to ensure timely communication with various stakeholders. A significant aspect of the role also involves "client management," requiring David to confidently navigate communication with experienced individuals, guiding them toward shared objectives.
A Day In The Life Of An M&A Investment Banking Associate At Houlihan Lokey
A day for an investment banking analyst at Houlihan Lokey is described as having "no two days the same," filled with constant client interaction, internal collaboration, and long hours. The interviewee details a sample day juggling client calls, pitch deck revisions, due diligence reviews, and countless emails, illustrating the fast-paced and demanding nature of the role.
Key Skills for an M&A Investment Banking Associate at Houlihan Lokey
David, a Houlihan Lokey M&A Investment Banking Associate, emphasizes the importance of "interpreting large amounts of numbers," "asking nicely" despite limited authority, and cultivating "intellectual humility" to thrive. Success also requires a "Buddhist" approach—balancing immense pride in one's work with detachment from outcomes, as the ability to swiftly move on from setbacks is crucial in this high-pressure environment.
Favorite Parts of Being a M&A Investment Banking Associate at Houlihan Lokey
David, a Houlihan Lokey M&A Investment Banking Associate, finds the accelerated learning most rewarding, stating "one year of banking will teach you more than most people learn...three or four years in, in normal company." This accelerated learning, coupled with significant early responsibility, builds confidence and provides valuable skills applicable throughout a career.
Biggest Challenges Faced by an M&A Investment Banking Associate at Houlihan Lokey
David, a Houlihan Lokey M&A Investment Banking Associate, revealed that the biggest challenge is not the long hours—although they frequently exceeded 80 hours per week—but rather the constant "being constantly online" and the inability to disconnect, even on weekends, due to the unpredictable nature of the work and the need to be immediately responsive to client demands. This "being able to decide when you work," is a persistent issue for high performers in the industry.
Favorite Parts Of Working In The Investment Banking Industry As A Mergers And Acquisitions Associate
David, a M&A Investment Banking Associate at Houlihan Lokey, appreciates the "incredibly interesting and brilliant" colleagues and clients, describing the work environment as "a continuation of college" and clients as "some of the coolest people" involved in "a once in a lifetime moment" for their businesses. The clear career progression, from analyst to MD, within the industry provides a rewarding sense of structure and certainty.
What Type Of Person Thrives In M&A Banking According To An M&A Investment Banking Associate At Houlihan Lokey
Success in M&A investment banking requires a unique blend of traits: intellectual curiosity, comfort with ambiguity and a high-paced environment, and, surprisingly, trustworthiness, as "the people who more consistently seem to thrive...were usually people who were well trusted." While aggressiveness is not a key to success, a "thick skin" is essential to navigate the demanding and sometimes abrasive culture.
What A M&A Investment Banking Associate At Houlihan Lokey Wishes They Had Known Before Entering Investment Banking
David, a Houlihan Lokey M&A Investment Banking Associate, emphasizes that early career success hinges less on industry specialization ("your industry specialty matters") and more on team culture and a supportive boss. The stark contrast between David's low-burnout team and a neighboring team with over 100% turnover underscores the critical importance of prioritizing "a better culture than a better industry" when choosing a role.
Entry-level positions for aspiring M&A Investment Banking Financial Analysts at Houlihan Lokey
The most common entry-level position in investment banking is a financial analyst role, a position which typically lasts three years before promotion; however, many analysts are quickly recruited to buy-side roles at private equity firms "within six months of starting the job". Despite the different career paths, the day-to-day work can be surprisingly similar, as noted by David's experience comparing notes with a friend who took the buy-side route.
Significant Career Lesson From An M&A Investment Banking Associate At Houlihan Lokey
David, a Houlihan Lokey M&A Investment Banking Associate, learned early that "treating everybody with respect" significantly impacts career advancement. This approach, prioritizing even junior staff, fosters collaboration and unexpectedly leads to higher-level access, as seen in David's success in securing responses from busy CEOs due to positive relationships with their administrative assistants.
College Experiences That Helped An M&A Investment Banker At Houlihan Lokey Succeed
David's undergraduate success stemmed from numerous internships, even "oddball jobs," which provided valuable experience and mentorship, far outweighing academic pursuits; a mentor's insightful suggestion to pursue middle-market M&A investment banking, based on observations from their economic consulting internship, ultimately shaped their career path.
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