PJT Partners interview questions, and what its interviews test

1. Step 1

   Explore

   Research PJT and the industry, go to campus or virtual events, have coffee chats with its people, and read its expertise pages and investor presentation.

2. Step 2

   Application selection

   Apply through its careers page with documents in PDF. The Suited Assessment linked in the job description is required. Recruiters and professionals then pick who to interview.

3. Step 3

   Interview

   A structured process that assesses aptitude, potential and cultural fit. The questions test industry understanding and interest, corporate finance fundamentals and behavioral competencies.

4. Step 4

   Offer decisions

   Offers go to candidates who showed strong potential across the attributes that predict success in the role.

Our own wording, drawn from PJT's stated values and its three businesses.

1. 1

   PJT's Strategic Advisory work includes Activism Defense and Board Advisory. Which interests you more, and why?

   What a strong answer does

   Board Advisory, in PJT's words, serves boards and special committees on strategic, governance and shareholder matters. Know what a special committee is and when a board forms one, since that is the natural next question. Try this one out loud

   • “What would an activist look at first?”
   • “Which other Strategic Advisory capability would you add?”
2. 2

   PJT names collaboration as a core value. Tell me about a time you worked across teams to solve a problem.

   What a strong answer does

   PJT ties collaboration to finding the best solution for clients, so a story that ends with a customer or user better off matches its wording. Keep the background short and spend your time on what you did. Try this one out loud

   • “What did the other team want that you didn't?”
   • “What would you do differently next time?”
3. 3

   PJT Park Hill raises capital for private equity and real estate funds. Why does that work interest you?

   What a strong answer does

   Park Hill lists five teams, from private equity and real estate to alternative credit and co-investment placement. Mention the one closest to anything you have studied. Summer programs at PJT are generalist, so present this as an interest you would explore. Try this one out loud

   • “What makes investors back a new fund?”
   • “How is this different from M&A work?”
4. 4

   What does PJT Park Hill do, and how does it differ from PJT's work for companies and boards?

   What a strong answer does

   PJT files Park Hill under Fund Advisory, beside Strategic Advisory and Restructuring & Special Situations, and says it has over 20 years of experience. This is a research check, so two or three sentences and an offer to go deeper are enough. Try this one out loud

   • “Who pays Park Hill's fee?”
   • “What is a GP-led secondary?”
5. 5

   What draws you to restructuring and special situations over traditional M&A?

   What a strong answer does

   PJT lists five things the group does, including tort liability resolutions, which few candidates read about. Learn one of the five well enough to handle two follow-ups on it. Try this one out loud

   • “Who holds the power when a company misses a payment?”
   • “What is a fulcrum security?”
6. 6

   PJT's values include Character and Content. Tell me about a time you needed both integrity and expertise.

   What a strong answer does

   PJT words Character as each person protecting the firm's reputation. A story where your own name was on the work, so an error would have traced back to you, fits that phrasing. Leave out the names of people and clients. Try this one out loud

   • “What if your manager had disagreed?”
   • “How did you check you were right?”

Not PJT's own questions. PJT says its interviews test corporate finance fundamentals, and these cover the basics.

1. 7

   How do the three financial statements link?

   What a strong answer does

   Trace one change, like $10 more depreciation, through all three. The tax effect is where most answers slip, so say the tax rate you are using. Try this one out loud

   • “Which statement would you pick if you had only one?”
   • “Where does capex show up?”
2. 8

   Why is cash subtracted when you go from equity value to enterprise value?

   What a strong answer does

   A buyer of the whole business gets the cash too, and could use it to pay down debt. Have a view on cash a company needs to operate, which some bankers leave in. Try this one out loud

   • “Where does preferred stock go?”
   • “Does raising debt change enterprise value?”
3. 9

   Which assumption in a DCF matters most?

   What a strong answer does

   Usually the terminal value, since it often carries most of the value. Show how a half-point change in the growth rate or the discount rate moves the answer. Try this one out loud

   • “Would you trust a growth rate or an exit multiple more?”
   • “Why unlevered free cash flow?”
4. 10

   If a buyer pays in stock, how do you know whether its EPS goes up?

   What a strong answer does

   In an all-stock deal it comes down to P/E. If the buyer's P/E is higher than the P/E it pays for the target, the deal adds to EPS before synergies. Try this one out loud

   • “Why is cash usually the cheapest currency?”
   • “Would a board care if it's dilutive?”
5. 11

   How do you decide how much debt a company can support?

   What a strong answer does

   Leverage and interest coverage tell you most of it, but only after a downside case. Restructuring work begins where that test fails. Try this one out loud

   • “What leverage is too much for a cyclical business?”
   • “What does a lender look at first?”
6. 12

   Walk me through a sell-side M&A process.

   What a strong answer does

   Prepare the materials, reach out to buyers, run bid rounds, then negotiate and close. Say what the analyst owns at each stage. Try this one out loud

   • “Why run an auction instead of a one-on-one sale?”
   • “What goes in a teaser?”