Houlihan Lokey and Lincoln International are both middle-market advisory firms with PE sponsor coverage, but HL operates at a clearly higher tier. HL scores 4 out of 5 for prestige, compensation, and exits, with a 5 out of 5 for training, versus Lincoln's 3 out of 5 for prestige and exits and 4 out of 5 for compensation and training. HL's acceptance rate of 3-4% is more selective than Lincoln's 7-9%, and HL has a larger class of 100-120 versus 50-70. HL is the world's number one restructuring advisor and has strong financial advisory and valuation practices. Lincoln focuses on middle-market M&A, debt advisory, and valuations. HL's brand carries significantly more weight in buyside recruiting. Both have 2-3 out of 5 for work-life balance.
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Head-to-Head Comparison
Houlihan Lokey vs Lincoln International (2026)
Houlihan Lokey
Middle Market
Lincoln International
Middle MarketSide-by-Side Comparison
HLMetricLincoln
Middle MarketTierMiddle Market
4/5Prestige3/5
4/5Compensation4/5
5/5Training Program4/5
4/5Exit Opportunities3/5
2/5Work-Life Balance3/5
$$194K-$232KAN1 Total Comp$$171K-$205K
challengingInterview Difficultymoderate
2 roundsInterview Rounds3 rounds
~3-4%Acceptance Rate~7-9%
100-120Analyst Class Size50-70
Restructuring, Corporate Finance, Financial Advisory ServicesTop GroupsBusiness Services, Healthcare, Industrials
Culture Comparison
HLLincoln
Prestige
Compensation
Training Program
Exit Opportunities
Work-Life Balance
The Verdict
Choose Houlihan Lokey for its significantly higher prestige, better training (especially in restructuring), stronger exit opportunities, and more recognized brand. HL's restructuring expertise and deal volume are unmatched. Choose Lincoln International if you specifically want middle-market M&A and debt advisory focus, prefer Lincoln's specific sector coverage, or value its international offices. If you have offers from both, HL is the stronger choice for career outcomes.
Frequently Asked Questions
How significant is the prestige gap?
Meaningful. HL at 4 out of 5 versus Lincoln at 3 out of 5 translates to better brand recognition, stronger PE recruiting outcomes, and more deal flow on complex transactions. HL is widely considered the top middle-market firm.
Which has better training?
HL at 5 out of 5 versus Lincoln at 4 out of 5. HL's restructuring and valuation training is considered among the best in the industry regardless of tier. Both provide good middle-market training.
Which has better exit opportunities?
HL at 4 out of 5 versus Lincoln at 3 out of 5. HL analysts place into better PE firms and have more diverse exit paths. Lincoln places well into middle-market PE but HL's brand opens more doors.
