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PJT Partners — Investment Banking Mock Interview

Restructuring-heavy technicals with Chapter 11 mechanics, DIP financing, creditor recovery, and deal math

1
Session
24
Minutes

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PJT Partners logoPJT Partners - Technical Interview24 min

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How to Prepare for PJT Partners Interviews

1

Deep-Dive on Restructuring Mechanics

PJT is known for its restructuring practice, and the interview reflects that. Be prepared to explain Chapter 11 filing motivations, the automatic stay, DIP financing mechanics and super-priority status, cramdown provisions, and the differences between in-court and out-of-court processes.

2

Practice Restructuring Math and Recovery Analysis

The interview tests your ability to calculate debt trading levels from enterprise value, analyze how cash infusions affect creditor recoveries, and explain why a company with zero theoretical equity can still have a positive stock price. Work through these scenarios quantitatively.

3

Know the Full Spectrum of Creditor Remedies

Expect questions about amendment mechanics for extending maturities (rate increases, covenant tightening, collateral adjustments), DIP funding sources, and the forms of consideration unsecured creditors receive in reorganizations (cash, new debt, equity, warrants).

4

Connect LBO Concepts to Restructuring Outcomes

PJT bridges traditional LBO analysis with restructuring scenarios. Understand how capital-intensive businesses create tension between short-term cash generation and exit multiples, and be ready to discuss how CapEx deferral affects buyer willingness to pay.

What Makes PJT Partners Interviews Unique

Restructuring as a Core Interview Module

Unlike most IB interviews that focus primarily on M&A and valuation, PJT dedicates a substantial portion to restructuring-specific questions. This includes Chapter 11 mechanics, the automatic stay, DIP financing, and creditor recovery analysis, reflecting the firm's leadership in restructuring advisory.

Distressed Debt Trading Level Calculations

The interview requires calculating at what price debt tranches should trade given an enterprise value and capital structure, then analyzing how events like cash infusions change those recovery levels. This is a distinctive quantitative skill tested at PJT.

Strategic Bankruptcy and Out-of-Court Workout Analysis

PJT tests whether candidates understand that bankruptcy is a legal tool, not just a sign of failure. Questions explore why healthy companies might file Chapter 11, when out-of-court workouts are preferable, and the mechanics of creditor consent thresholds.

Enterprise Value Algebra From Leverage and Multiple Ratios

The interview features multi-step EV calculation problems where you derive EBITDA from the relationship between Net Debt/EBITDA, EV/EBITDA, and market cap. These require setting up and solving algebraic equations rather than plugging into simple formulas.

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About This PJT Partners Mock Interview

This session simulates a PJT Partners technical interview covering EV-to-equity bridges, valuation multiple interpretation, CAPM and beta concepts (including lottery ticket beta), an extensive restructuring module (causes of distress, Chapter 11 mechanics, automatic stay, DIP financing, out-of-court versus in-court workouts, creditor amendments, unsecured creditor recovery), restructuring math (debt trading levels, cash infusion scenarios, positive market cap with negative equity), three-statement walkthroughs (equipment purchase, debt-funded dividend, bond repurchase at a discount), enterprise value algebra problems, M&A accretion/dilution with synergies, and LBO return drivers including capital-intensive business trade-offs.

This topic is part of the Firms section of our investment banking mock interview library. Each session includes multi-speaker audio with realistic interviewer questions and candidate responses, plus a full interactive transcript you can follow along with or study independently.

Audio Recording

24 minutes of multi-speaker audio

Full Transcript

Interactive transcript with timestamps

1 Technical Session

PJT Partners - Technical Interview

200K+ students have used IB Vine to help land offers at top firms.

Moelis & Co. logo

Moelis & Co.

University of Michigan - Stephen M. Ross School of Business logoumich.edu
Diamond Tier

I loved IB Vine. I’m going into Private Capital Advisory (PCA); you have the lessons on there for PCA and that was actually a game changer. I went into those interviews and knew about the core PCA concepts like net asset value, primary fundraising vs. secondary advisory, etc. I swear I was on IB Vine like a few hours a day. The opportunity to have that learning section and go through the questions people submit and everything — there’s no better tool out there. I loved the guides/lessons. The user interface is amazing. The way you’ve simplified it is so spectacular — it’s just so much easier to digest. It’s fun to use too; I’d rather use IB Vine than scroll through a guide. To be honest, I think the product is perfect. I genuinely owe you a big thanks.

Moelis & Co. logo

Moelis & Co.

Southern Methodist University - Cox School of Business logosmu.edu
Diamond Tier

IB Vine is a tool we really love to use in the club I’m a part of, and there’s really no other resource like it. You guys do a phenomenal job with the question bank. I recruited specifically for Energy banking, and IB Vine was my most used resource for generalist questions (which were about 50% of my interview questions; the rest being Energy-specific); the majority of such questions I saw in interviews were at least similar (if not the same) to the ones on IB Vine.

Perella Weinberg logo

Perella Weinberg

University of Michigan logoumich.edu
Diamond Tier

Once I read through the BIWS learning guides, I really didn’t refer to them again. I didn’t even really run through the 400 question guide once I found IB Vine, which I heard about through one of my classmates. We even get a free subscription (like most business schools) to Wall Street Prep, and if I’m being completely honest, I never even logged in to WSP. IB Vine is pretty much the only tool I used (along with our club question bank & mock interviews with peers) and it was invaluable for recruiting.

Cantor Fitzgerald logo

Cantor Fitzgerald

Babson College logobabson.edu
Diamond Tier

What a platform, made such a huge difference. I did superdays at Evercore, PJT, M. Klein and Barclays among others from a non-target school and did not miss a single technical in any interview process through prepping with IB Vine.

Barclays logo

Barclays

University of Florida logoufl.edu
Pro Tier

Very accurate questions and all of the solutions are easy to follow. At least 10 of the questions I studied through this platform appeared in my Round 1 or Superday interviews.

TD Securities logo

TD Securities

University of Michigan logoumich.edu
Diamond Tier

THANK YOU SO MUCH IB VINE, I COULD NOT HAVE DONE THIS WITHOUT YOU, SERIOUSLY!!! IB Vine was the best website ever. I spent at least two hours on this daily (seriously) from October through I get my offer in February.

Citadel logo

Citadel

University of Chicago logouchicago.edu
Pro Tier

I’m doing public equities this summer and next. I know the name is “IB Vine” but at the undergrad level a lot of the technicals across public equities are the same as investment banking. I recommend your software to all my friends!

Piper Sandler logo

Piper Sandler

Claremont McKenna College logocmc.edu
Pro Tier

I loved this site! 1000% this is the best resource I used in the process.

Lazard logo

Lazard

Amherst College logoamherst.edu
Diamond Tier

This was the greatest tool ever. I genuinely enjoyed running through the technicals/behaviorals and it was very helpful!

Houlihan Lokey logo

Houlihan Lokey

Washington University in St. Louis - Olin Business School logowustl.edu
Diamond Tier

IB Vine was the most helpful resource I had during recruiting. I will continue to promote it to other students at WashU and elsewhere.

Jefferies logo

Jefferies

Georgetown University - McDonough School of Business logogeorgetown.edu
Diamond Tier

Awesome product, helped me crush my technicals in my interviews and land a great role. Thank you, seriously was a huge help.

Morgan Stanley logo

Morgan Stanley

University of Pennsylvania - The Wharton School logowharton.upenn.edu
Diamond Tier

Very helpful to get real-life questions unlike the 400 guide, especially for merger math. Built deeper understanding of key concepts.

Houlihan Lokey logo

Houlihan Lokey

Princeton University logoprinceton.edu
Diamond Tier

Extremely helpful study tool that carried me through the recruitment process from start to end.

Evercore logo

Evercore

University of Chicago logouchicago.edu
Diamond Tier

You guys are doing great work over there with IB Vine. Absolute staple for interview prep.

Rothschild logo

Rothschild

University of Colorado Boulder logocolorado.edu
Diamond Tier

IB Vine was incredibly helpful and I am forever thankful for all the help.

RBC logo

RBC

Oberlin College logooberlin.edu
Diamond Tier

IB Mock was amazing - I used it for multiple hours. Also the flashcards and the lessons features on IB Vine were fantastic. Thank you!

Dragoneer logo

Dragoneer

Queen's University (Canada) logoqueensu.ca
Diamond Tier

IB Vine is such a great platform, really impressive. There is so much value in this. The audio podcasts / mock interview library are pretty incredible.

Moelis & Co. logo

Moelis & Co.

University of Michigan - Stephen M. Ross School of Business logoumich.edu
Diamond Tier

I loved IB Vine. I’m going into Private Capital Advisory (PCA); you have the lessons on there for PCA and that was actually a game changer. I went into those interviews and knew about the core PCA concepts like net asset value, primary fundraising vs. secondary advisory, etc. I swear I was on IB Vine like a few hours a day. The opportunity to have that learning section and go through the questions people submit and everything — there’s no better tool out there. I loved the guides/lessons. The user interface is amazing. The way you’ve simplified it is so spectacular — it’s just so much easier to digest. It’s fun to use too; I’d rather use IB Vine than scroll through a guide. To be honest, I think the product is perfect. I genuinely owe you a big thanks.

Moelis & Co. logo

Moelis & Co.

Southern Methodist University - Cox School of Business logosmu.edu
Diamond Tier

IB Vine is a tool we really love to use in the club I’m a part of, and there’s really no other resource like it. You guys do a phenomenal job with the question bank. I recruited specifically for Energy banking, and IB Vine was my most used resource for generalist questions (which were about 50% of my interview questions; the rest being Energy-specific); the majority of such questions I saw in interviews were at least similar (if not the same) to the ones on IB Vine.

Perella Weinberg logo

Perella Weinberg

University of Michigan logoumich.edu
Diamond Tier

Once I read through the BIWS learning guides, I really didn’t refer to them again. I didn’t even really run through the 400 question guide once I found IB Vine, which I heard about through one of my classmates. We even get a free subscription (like most business schools) to Wall Street Prep, and if I’m being completely honest, I never even logged in to WSP. IB Vine is pretty much the only tool I used (along with our club question bank & mock interviews with peers) and it was invaluable for recruiting.

Cantor Fitzgerald logo

Cantor Fitzgerald

Babson College logobabson.edu
Diamond Tier

What a platform, made such a huge difference. I did superdays at Evercore, PJT, M. Klein and Barclays among others from a non-target school and did not miss a single technical in any interview process through prepping with IB Vine.

Barclays logo

Barclays

University of Florida logoufl.edu
Pro Tier

Very accurate questions and all of the solutions are easy to follow. At least 10 of the questions I studied through this platform appeared in my Round 1 or Superday interviews.

TD Securities logo

TD Securities

University of Michigan logoumich.edu
Diamond Tier

THANK YOU SO MUCH IB VINE, I COULD NOT HAVE DONE THIS WITHOUT YOU, SERIOUSLY!!! IB Vine was the best website ever. I spent at least two hours on this daily (seriously) from October through I get my offer in February.

Citadel logo

Citadel

University of Chicago logouchicago.edu
Pro Tier

I’m doing public equities this summer and next. I know the name is “IB Vine” but at the undergrad level a lot of the technicals across public equities are the same as investment banking. I recommend your software to all my friends!

Piper Sandler logo

Piper Sandler

Claremont McKenna College logocmc.edu
Pro Tier

I loved this site! 1000% this is the best resource I used in the process.

Lazard logo

Lazard

Amherst College logoamherst.edu
Diamond Tier

This was the greatest tool ever. I genuinely enjoyed running through the technicals/behaviorals and it was very helpful!

Houlihan Lokey logo

Houlihan Lokey

Washington University in St. Louis - Olin Business School logowustl.edu
Diamond Tier

IB Vine was the most helpful resource I had during recruiting. I will continue to promote it to other students at WashU and elsewhere.

Jefferies logo

Jefferies

Georgetown University - McDonough School of Business logogeorgetown.edu
Diamond Tier

Awesome product, helped me crush my technicals in my interviews and land a great role. Thank you, seriously was a huge help.

Morgan Stanley logo

Morgan Stanley

University of Pennsylvania - The Wharton School logowharton.upenn.edu
Diamond Tier

Very helpful to get real-life questions unlike the 400 guide, especially for merger math. Built deeper understanding of key concepts.

Houlihan Lokey logo

Houlihan Lokey

Princeton University logoprinceton.edu
Diamond Tier

Extremely helpful study tool that carried me through the recruitment process from start to end.

Evercore logo

Evercore

University of Chicago logouchicago.edu
Diamond Tier

You guys are doing great work over there with IB Vine. Absolute staple for interview prep.

Rothschild logo

Rothschild

University of Colorado Boulder logocolorado.edu
Diamond Tier

IB Vine was incredibly helpful and I am forever thankful for all the help.

RBC logo

RBC

Oberlin College logooberlin.edu
Diamond Tier

IB Mock was amazing - I used it for multiple hours. Also the flashcards and the lessons features on IB Vine were fantastic. Thank you!

Dragoneer logo

Dragoneer

Queen's University (Canada) logoqueensu.ca
Diamond Tier

IB Vine is such a great platform, really impressive. There is so much value in this. The audio podcasts / mock interview library are pretty incredible.

Moelis & Co. logo

Moelis & Co.

University of Michigan - Stephen M. Ross School of Business logoumich.edu
Diamond Tier

I loved IB Vine. I’m going into Private Capital Advisory (PCA); you have the lessons on there for PCA and that was actually a game changer. I went into those interviews and knew about the core PCA concepts like net asset value, primary fundraising vs. secondary advisory, etc. I swear I was on IB Vine like a few hours a day. The opportunity to have that learning section and go through the questions people submit and everything — there’s no better tool out there. I loved the guides/lessons. The user interface is amazing. The way you’ve simplified it is so spectacular — it’s just so much easier to digest. It’s fun to use too; I’d rather use IB Vine than scroll through a guide. To be honest, I think the product is perfect. I genuinely owe you a big thanks.

Moelis & Co. logo

Moelis & Co.

Southern Methodist University - Cox School of Business logosmu.edu
Diamond Tier

IB Vine is a tool we really love to use in the club I’m a part of, and there’s really no other resource like it. You guys do a phenomenal job with the question bank. I recruited specifically for Energy banking, and IB Vine was my most used resource for generalist questions (which were about 50% of my interview questions; the rest being Energy-specific); the majority of such questions I saw in interviews were at least similar (if not the same) to the ones on IB Vine.

Perella Weinberg logo

Perella Weinberg

University of Michigan logoumich.edu
Diamond Tier

Once I read through the BIWS learning guides, I really didn’t refer to them again. I didn’t even really run through the 400 question guide once I found IB Vine, which I heard about through one of my classmates. We even get a free subscription (like most business schools) to Wall Street Prep, and if I’m being completely honest, I never even logged in to WSP. IB Vine is pretty much the only tool I used (along with our club question bank & mock interviews with peers) and it was invaluable for recruiting.

Cantor Fitzgerald logo

Cantor Fitzgerald

Babson College logobabson.edu
Diamond Tier

What a platform, made such a huge difference. I did superdays at Evercore, PJT, M. Klein and Barclays among others from a non-target school and did not miss a single technical in any interview process through prepping with IB Vine.

Barclays logo

Barclays

University of Florida logoufl.edu
Pro Tier

Very accurate questions and all of the solutions are easy to follow. At least 10 of the questions I studied through this platform appeared in my Round 1 or Superday interviews.

TD Securities logo

TD Securities

University of Michigan logoumich.edu
Diamond Tier

THANK YOU SO MUCH IB VINE, I COULD NOT HAVE DONE THIS WITHOUT YOU, SERIOUSLY!!! IB Vine was the best website ever. I spent at least two hours on this daily (seriously) from October through I get my offer in February.

Citadel logo

Citadel

University of Chicago logouchicago.edu
Pro Tier

I’m doing public equities this summer and next. I know the name is “IB Vine” but at the undergrad level a lot of the technicals across public equities are the same as investment banking. I recommend your software to all my friends!

Piper Sandler logo

Piper Sandler

Claremont McKenna College logocmc.edu
Pro Tier

I loved this site! 1000% this is the best resource I used in the process.

Lazard logo

Lazard

Amherst College logoamherst.edu
Diamond Tier

This was the greatest tool ever. I genuinely enjoyed running through the technicals/behaviorals and it was very helpful!

Houlihan Lokey logo

Houlihan Lokey

Washington University in St. Louis - Olin Business School logowustl.edu
Diamond Tier

IB Vine was the most helpful resource I had during recruiting. I will continue to promote it to other students at WashU and elsewhere.

Jefferies logo

Jefferies

Georgetown University - McDonough School of Business logogeorgetown.edu
Diamond Tier

Awesome product, helped me crush my technicals in my interviews and land a great role. Thank you, seriously was a huge help.

Morgan Stanley logo

Morgan Stanley

University of Pennsylvania - The Wharton School logowharton.upenn.edu
Diamond Tier

Very helpful to get real-life questions unlike the 400 guide, especially for merger math. Built deeper understanding of key concepts.

Houlihan Lokey logo

Houlihan Lokey

Princeton University logoprinceton.edu
Diamond Tier

Extremely helpful study tool that carried me through the recruitment process from start to end.

Evercore logo

Evercore

University of Chicago logouchicago.edu
Diamond Tier

You guys are doing great work over there with IB Vine. Absolute staple for interview prep.

Rothschild logo

Rothschild

University of Colorado Boulder logocolorado.edu
Diamond Tier

IB Vine was incredibly helpful and I am forever thankful for all the help.

RBC logo

RBC

Oberlin College logooberlin.edu
Diamond Tier

IB Mock was amazing - I used it for multiple hours. Also the flashcards and the lessons features on IB Vine were fantastic. Thank you!

Dragoneer logo

Dragoneer

Queen's University (Canada) logoqueensu.ca
Diamond Tier

IB Vine is such a great platform, really impressive. There is so much value in this. The audio podcasts / mock interview library are pretty incredible.

Moelis & Co. logo

Moelis & Co.

University of Michigan - Stephen M. Ross School of Business logoumich.edu
Diamond Tier

I loved IB Vine. I’m going into Private Capital Advisory (PCA); you have the lessons on there for PCA and that was actually a game changer. I went into those interviews and knew about the core PCA concepts like net asset value, primary fundraising vs. secondary advisory, etc. I swear I was on IB Vine like a few hours a day. The opportunity to have that learning section and go through the questions people submit and everything — there’s no better tool out there. I loved the guides/lessons. The user interface is amazing. The way you’ve simplified it is so spectacular — it’s just so much easier to digest. It’s fun to use too; I’d rather use IB Vine than scroll through a guide. To be honest, I think the product is perfect. I genuinely owe you a big thanks.

Moelis & Co. logo

Moelis & Co.

Southern Methodist University - Cox School of Business logosmu.edu
Diamond Tier

IB Vine is a tool we really love to use in the club I’m a part of, and there’s really no other resource like it. You guys do a phenomenal job with the question bank. I recruited specifically for Energy banking, and IB Vine was my most used resource for generalist questions (which were about 50% of my interview questions; the rest being Energy-specific); the majority of such questions I saw in interviews were at least similar (if not the same) to the ones on IB Vine.

Perella Weinberg logo

Perella Weinberg

University of Michigan logoumich.edu
Diamond Tier

Once I read through the BIWS learning guides, I really didn’t refer to them again. I didn’t even really run through the 400 question guide once I found IB Vine, which I heard about through one of my classmates. We even get a free subscription (like most business schools) to Wall Street Prep, and if I’m being completely honest, I never even logged in to WSP. IB Vine is pretty much the only tool I used (along with our club question bank & mock interviews with peers) and it was invaluable for recruiting.

Cantor Fitzgerald logo

Cantor Fitzgerald

Babson College logobabson.edu
Diamond Tier

What a platform, made such a huge difference. I did superdays at Evercore, PJT, M. Klein and Barclays among others from a non-target school and did not miss a single technical in any interview process through prepping with IB Vine.

Barclays logo

Barclays

University of Florida logoufl.edu
Pro Tier

Very accurate questions and all of the solutions are easy to follow. At least 10 of the questions I studied through this platform appeared in my Round 1 or Superday interviews.

TD Securities logo

TD Securities

University of Michigan logoumich.edu
Diamond Tier

THANK YOU SO MUCH IB VINE, I COULD NOT HAVE DONE THIS WITHOUT YOU, SERIOUSLY!!! IB Vine was the best website ever. I spent at least two hours on this daily (seriously) from October through I get my offer in February.

Citadel logo

Citadel

University of Chicago logouchicago.edu
Pro Tier

I’m doing public equities this summer and next. I know the name is “IB Vine” but at the undergrad level a lot of the technicals across public equities are the same as investment banking. I recommend your software to all my friends!

Piper Sandler logo

Piper Sandler

Claremont McKenna College logocmc.edu
Pro Tier

I loved this site! 1000% this is the best resource I used in the process.

Lazard logo

Lazard

Amherst College logoamherst.edu
Diamond Tier

This was the greatest tool ever. I genuinely enjoyed running through the technicals/behaviorals and it was very helpful!

Houlihan Lokey logo

Houlihan Lokey

Washington University in St. Louis - Olin Business School logowustl.edu
Diamond Tier

IB Vine was the most helpful resource I had during recruiting. I will continue to promote it to other students at WashU and elsewhere.

Jefferies logo

Jefferies

Georgetown University - McDonough School of Business logogeorgetown.edu
Diamond Tier

Awesome product, helped me crush my technicals in my interviews and land a great role. Thank you, seriously was a huge help.

Morgan Stanley logo

Morgan Stanley

University of Pennsylvania - The Wharton School logowharton.upenn.edu
Diamond Tier

Very helpful to get real-life questions unlike the 400 guide, especially for merger math. Built deeper understanding of key concepts.

Houlihan Lokey logo

Houlihan Lokey

Princeton University logoprinceton.edu
Diamond Tier

Extremely helpful study tool that carried me through the recruitment process from start to end.

Evercore logo

Evercore

University of Chicago logouchicago.edu
Diamond Tier

You guys are doing great work over there with IB Vine. Absolute staple for interview prep.

Rothschild logo

Rothschild

University of Colorado Boulder logocolorado.edu
Diamond Tier

IB Vine was incredibly helpful and I am forever thankful for all the help.

RBC logo

RBC

Oberlin College logooberlin.edu
Diamond Tier

IB Mock was amazing - I used it for multiple hours. Also the flashcards and the lessons features on IB Vine were fantastic. Thank you!

Dragoneer logo

Dragoneer

Queen's University (Canada) logoqueensu.ca
Diamond Tier

IB Vine is such a great platform, really impressive. There is so much value in this. The audio podcasts / mock interview library are pretty incredible.

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    PJT Partners Investment Banking Mock Interview | IB Vine