PJT Partners interview process

1. Step 1

   First round

   Two interviews for strategic advisory, mixing technical and behavioral content.

   • RSSG candidates get a distinct technical track with more precise restructuring terminology and mechanics.
   • Expect exact vocabulary, not loose paraphrasing, on RSSG-specific questions.
   • “What's a pre-pack?”
   • “How can you block a plan of reorganization?”

2. Step 2

   Final round

   Several back-to-back interviews spanning technical and behavioral content, often with senior bankers involved.

   • RSSG candidates build a capital structure waterfall by hand, often without a calculator.
   • Bond yield-to-maturity math and directional reasoning come up for restructuring seats.
   • Fit content covers resume-deal walkthroughs and standard why-PJT and why-this-group questions.
   • “Walk through a capital structure waterfall and say where value breaks.”
   • “Why might two similar companies have different EV/EBITDA multiples?”

Share of the 9 PJT Partners questions in our bank by topic. Each topic links to a worked example.

1. Mental math and markets44%
2. Behavioral questions33%
3. DCF questions11%
4. Accretion and dilution11%

• RSSG: precise restructuring vocabulary, cram-downs, and plan of reorganization mechanics.
• RSSG: building a capital structure waterfall by hand under time pressure.
• RSSG: bond yield-to-maturity math and how it moves with maturity or price.
• Strategic advisory: DCF, accretion/dilution, and full LBO construction from scratch.
• Why PJT, tied specifically to restructuring or advisory focus, not a generic pitch.

Real questions from the set. Open one to answer it with grading.

• Capital structure waterfall: where does the unsecured debt recover?Mental math and markets|Advanced
• Tell me about a time you had a tough deadline and managed expectationsBehavioral questions|Basic
• How would you value a convertible bond?DCF questions|Advanced
• Accretion or dilution: lower P/E acquirer buys a higher P/E targetAccretion and dilution|Basic
• Bond YTM: price $70, 5% coupon, matures next yearMental math and markets|Advanced
• Walk me through a deal on your resumeBehavioral questions|Basic
• How can you block a plan of reorganization?Mental math and markets|Advanced
• What's a pre-pack, and who wouldn't want one?Mental math and markets|Basic

• For RSSG, show contextual understanding of why a company restructures, not just a memorized formula.
• Walk a capital structure waterfall cleanly under time pressure; it is the signature RSSG test.
• Use precise restructuring terminology like cram-downs and plan of reorganization, not loose M&A language.
• Know a recent PJT transaction, matched to the group you're interviewing for, well enough to discuss mechanics.