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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

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Lazard

Analyst

The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Qatalyst Partners

Analyst

I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Greenhill & Co.

Analyst

Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
Anon

User Story

I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
J.P. Morgan

Analyst

I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Monkey

Seen on WallStreetOasis

Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
RBC

Analyst

I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Monkey

Seen on WallStreetOasis

Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Monkey

Seen on WallStreetOasis

IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
Anon

User Story

As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Monkey

Seen on WallStreetOasis

From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Anon

Seen on Twitter

heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
Anon

User Story

Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
Lazard

Analyst

The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Qatalyst Partners

Analyst

I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Greenhill & Co.

Analyst

Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
Anon

User Story

I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
J.P. Morgan

Analyst

I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Monkey

Seen on WallStreetOasis

Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
RBC

Analyst

I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Monkey

Seen on WallStreetOasis

Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Monkey

Seen on WallStreetOasis

IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
Anon

User Story

As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Monkey

Seen on WallStreetOasis

From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Anon

Seen on Twitter

heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
Anon

User Story

Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
Lazard

Analyst

The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Qatalyst Partners

Analyst

I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Greenhill & Co.

Analyst

Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
Anon

User Story

I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
J.P. Morgan

Analyst

I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Monkey

Seen on WallStreetOasis

Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
RBC

Analyst

I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Monkey

Seen on WallStreetOasis

Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Monkey

Seen on WallStreetOasis

IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
Anon

User Story

As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Monkey

Seen on WallStreetOasis

From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Anon

Seen on Twitter

heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
Anon

User Story

Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.

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    PJT Partners Investment Banking Mock Interview | IB Vine