From Big 4 to Elite Boutique - Lazard Associate

[Canary Wharfian]

Alex and David discuss breaking in from PwC in Dublin to Lazard in London, the grim realities of life on the desk, and his thoughts on AI's impact on the industry.

Off The Beaten Path
David's journey began at Trinity College Dublin, where he studied economics and geography without a clear career destination in mind. "I speak to a lot of grads at the moment who are a lot more clued in than I was," he admits, "but I knew it was in finance somewhere." This led him to PWC's deals department, where he spent three and a half years working in M&A, rotating through various teams while completing his accounting exams.The transition to investment banking was far from straightforward. David emphasizes that the moment his accounting exams concluded, he shifted immediately into recruiting mode while others celebrated. His approach was methodical: he created a script for networking calls, constantly refining it based on what resonated with contacts. "I would constantly add to that script and take away from it depending on what I felt was landing within those meetings," he explains.The crucial breakthrough came through warm introductions. After connecting with people at Lazard who could refer him internally, his CV stood out from the pile. "So long as you get into the first round, from there it's really up to you," David notes. His key takeaways for aspiring bankers: be exceptionally prepared, develop your personal narrative, and invest heavily in building relationships that can open doors.

Life on the Desk: M&A vs. Restructuring​

David's unique experience spanning both M&A and restructuring at Lazard provides valuable perspective on how these disciplines differ. In M&A, approximately 70 percent of work involves PowerPoint, crafting marketing materials and pitch decks, with Excel comprising perhaps 20 percent. At its core, M&A bankers serve as financial advisors helping clients buy and sell companies—David likens it to hiring a broker when purchasing a house, someone who handles everything from finding properties to negotiating terms and closing transactions.Restructuring, however, represents a fundamentally different beast. The work is far more Excel-intensive, with models needing constant updates as situations evolve rapidly. "Restructurings are so unpredictable," David explains. "Things can change so much quicker than in an M&A transaction because you're dealing with companies who are struggling financially." A friend offered him a memorable framework: M&A covers everything from revenue down to EBITDA, while restructuring handles EBITDA and below—the debt-focused portion of the capital structure.

The Brutal Truth About Work-Life Balance​

The podcast doesn't shy away from addressing investment banking's infamous hours. David recalls his first week at Lazard, taking taxis home each night feeling "completely shell-shocked" and out of his depth. The intensity is such that he never struggled with falling asleep until entering the profession. Like many bankers, he found himself dreaming about work—specifically, PowerPoint slide designs that would jolt him awake in the middle of the night.To decompress, David developed personal rituals: walking to the tube instead of taking taxis when possible, reading fiction on his Kindle rather than business books before bed. The host shared similar experiences from his KPMG days, describing periods of working until four or six in the morning, existing in a perpetual half-asleep state where dreams merged with spreadsheets.Yet both agree this intensity serves a purpose. "That three years is the equivalent of like six years of condensed learning if not more," David reflects. The skills become second nature, beaten into your DNA through sheer repetition. He draws a parallel to physical training: meaningful achievement requires genuine difficulty. When asked whether he regrets entering investment banking, his answer is unequivocal: the protected downside, the front-page transactions, and the character-building nature of the work make it worthwhile.

Exit Opportunities and the PE Question​

For those eyeing private equity exits, David offers clear guidance: M&A experience is essential. Restructuring naturally leads to private credit and distressed debt hedge funds rather than PE, given its debt focus. However, having worked in both disciplines makes bankers significantly more well-rounded, understanding both the equity story and what happens when things go wrong.

AI: Evolution, Not Extinction​

On artificial intelligence's impact, David remains bullish on investment banking's future. He draws a historical parallel to trading, where automation transformed the profession from phone-based transactions to over 90 percent automated trades. Investment banking, he argues, faces a different trajectory.Lazard developed their own in-house AI system, described as functioning like "another intern—you ask them to do a task, they're going to give it to you and it's not going to be right all the time." The strategic advisory component of M&A and restructuring cannot be replicated by machines. An MD with 30 years of experience who can recall relevant precedent transactions from decades past provides value no algorithm can match.David's perspective offers both realism and hope for the next generation: investment banking remains a "forever industry," and while the nature of work will evolve, the fundamental need for human judgment in high-stakes corporate transactions isn't disappearing anytime soon.