Investment Banking
PJT Partners Application Guide
A tier-one independent advisory firm pairing elite strategic M&A with the world's leading restructuring franchise. Every stage of the process, the questions PJT Partners actually asks, and the prep that gets candidates through, in one place.
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The firm
About PJT Partners
The business today
PJT Partners is a premier, tier-one global independent advisory bank. It was founded in 2014 by the veteran Morgan Stanley banker Paul J. Taubman, and reached its current institutional scale in October 2015 through a structural spin-off of The Blackstone Group's historic advisory businesses. That transaction combined Blackstone's world-leading Restructuring and Park Hill fund-placement franchises with Taubman's elite M&A advisory boutique, PJT Capital LP.
Unlike bulge-bracket institutions such as Goldman Sachs, JPMorgan or Morgan Stanley, PJT does not run a balance-sheet-heavy commercial model. It does not engage in proprietary trading, corporate lending or retail banking. Instead it is a pure-play advisory firm, generating revenue entirely through intellectual capital, strategic judgement and transaction execution across three fee pillars: advisory fees, restructuring and liability-management fees, and placement and capital-raising fees through PJT Park Hill.
PJT has become a financial powerhouse. By 2025 total global revenues reached a record £1.37 billion (about $1.714 billion), up from £1.19 billion (about $1.493 billion) in 2024 and £920 million (about $1.153 billion) in 2023. The firm is anchored by its New York headquarters, with its European flagship in the London office at One Curzon Street, Mayfair, which houses roughly 250 to 300 professionals in a concentrated, high-margin hub.
It occupies the very top of the Elite Boutique tier alongside Evercore, Lazard, Rothschild & Co, Moelis & Company, Centerview Partners and Perella Weinberg Partners. PJT holds an absolute advantage in restructuring and liability management through its Restructuring and Special Situations Group, while matching peers on strategic advisory. Under Chairman and CEO Paul J. Taubman it has aggressively expanded its strategic advisory platform, recruiting industry-specialised Managing Directors in TMT, Healthcare and Industrials, and built out Capital Markets Advisory and Sovereign Advisory (advising national governments including on Ukraine's sovereign restructuring).
Why people apply to PJT Partners
The reality of elite advisory is the trade-off. PJT has no balance sheet to force its way into transactions via bridge loans or revolving facilities, so every mandate is won purely on the strength of its ideas and relationships. That places continuous pressure on juniors to produce sophisticated, bespoke and error-free pitch books and models. Hours are consistently long (averaging 75 to 90 a week), the analytical standard allows for zero margin of error, and the in-office, five-days-a-week expectation removes much personal flexibility in the analyst years.
Candidates choose PJT for specific operational advantages. The Restructuring and Special Situations Group is universally recognised as one of the most intellectually challenging and elite destinations in finance, where juniors gain unparalleled insight into the entire capital structure: complex debt documentation, credit agreements, inter-creditor dynamics and insolvency regimes.
Lean deal teams mean a typical M&A or restructuring mandate might be run by a single Managing Director, a Director or VP, an Associate and one Analyst, roughly half the size of a bulge-bracket team. Juniors gain direct exposure to senior decision-makers and C-suite clients. The Blackstone pedigree remains embedded in the firm's methods, and PJT analysts are viewed by London PE megafunds and distressed-debt hedge funds as exceptionally technically proficient, which translates into unrivalled buy-side exit profiles.
Divisions inside PJT Partners's Investment Banking
Strategic Advisory
Day-to-day
Large-cap cross-border M&A, structural joint ventures, corporate divestitures and shareholder-activism defence. Continuous three-statement modelling, DCF, LBO and accretion/dilution work, plus complex valuation presentations. The London summer intake is small, typically 8 to 12 spots.
Interview style
Heavy emphasis on core corporate-finance theory, valuation intuition, macro trends and sector specifics; interviewers test the business logic behind the formulas, not just the formulas.
Extreme difficultyRestructuring and Special Situations Group (RSSG)
Day-to-day
Advising distressed companies, sovereign states, boards and creditor committees on reshaping balance sheets, managing defaults and navigating insolvency. Analysing debt documents, building liquidity-forecasting models, evaluating debt-for-equity swaps and identifying structural vulnerabilities. An incredibly small London summer intake, typically 3 to 6 spots.
Interview style
Elite technical standards: leverage ratios, debt tranches, structural subordination, covenants, downside valuation, the fulcrum security and recovery waterfalls, plus UK legal tools such as Part 26A and Schemes of Arrangement.
Extreme difficultyPJT Park Hill (Fund Advisory and Placement)
Day-to-day
A premier global fund-advisory business raising capital for private equity, private credit, hedge funds and real estate, and advising on secondary-market liquidations. Authoring private placement memorandums, reviewing fund track records, preparing investor presentations and communicating with global asset allocators. Roughly 2 to 4 London spots a year.
Interview style
Assesses market awareness, understanding of alternative-asset structures (primary commitments, GP-led secondaries, NAV financing) and strong interpersonal communication.
High difficultyTry it now
Score your CV against PJT Partners's sift
PJT Partners talent acquisition screens thousands of CVs per cycle. Most are read in under 30 seconds. The candidates who get to interview have CVs that signal commercial relevance fast, in the format PJT Partners expects.
What PJT Partners looks for in a CV
Quantified impact
Numbers in every bullet: deal size, team size, percentage uplift, revenue managed. "Led a team" is filler, "led a 6-person team that delivered £400k of revenue" is a signal.
Named firms and deals
PJT Partners recruiters skim for brand names they recognise. Name your prior internships, the deals you observed, the clients you worked on. Specifics beat generic descriptions.
Industry-relevant language
Use the vocabulary of the investment banking world: DCF, comps, LBO, league tables, deal flow. Generic "analysed data" reads as not-yet-in-the-industry; the right terms read as ready.
Tight, structured layout
One page max. Reverse-chronological. Three to five bullets per role. No long paragraphs, no dense blocks. The skim test decides the read.
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The application
How PJT Partners hires
5 stages, real interview questions, the criteria that decide it, and the moves that separate offers from rejections.
The process, stage by stage
- 1
Online application and CV sift
Portal opens early September, strict rolling close within 4-6 weeksPJT reviews files as they arrive. Apply in the first week; a late application cannot be rescued by a strong CV once a division's slots are filled.
- 2
Suited online assessment
Triggered within 24-48 hours of submitting the portalAn AI-scored cognitive and behavioural battery, not a finance test. Finish within 3-5 days, in a silent room, with a mouse and scratch pad.
- 3
HireVue video interview
Within 1-2 weeks of clearing the CV and Suited screen4-5 questions, 30 seconds prep, 90 seconds to record, zero retakes. Treat each answer as final; structure it and look at the lens.
- 4
First-round banker interview
October through November, rollingA sharp 30-45 minute live technical and fit screen with a London Associate or senior Analyst. This round carries veto power over your CV and Suited score.
- 5
Final Assessment Centre (Superday)
Late October through January3-4 back-to-back senior panels plus a timed case or modelling exercise and an analyst social. Manage your energy like an athlete; the day tests stamina.
What PJT Partners asks at each round
Motivation
- Why PJT Partners over a traditional bulge-bracket institution, and how does our advisory-only model change the advice we give?
- Why have you applied specifically to Restructuring and Special Situations rather than Strategic Advisory?
- Which recent PJT transaction in Europe has caught your attention, and what were the core structural drivers?
- Why build a career in London's financial advisory market rather than New York or continental Europe?
- What specific aspect of PJT Park Hill's capital-solutions business model appeals to you?
Behavioural
- Tell me about a time you had to persuade a highly resistant team member to adopt your analytical approach.
- Describe a situation where you discovered a critical error in your own analysis right before a deadline. How did you manage it?
- Walk me through a time you juggled multiple high-priority deliverables with conflicting deadlines.
- Give me an example of an ambiguous problem where no historical data or clear guidance existed. How did you progress?
- Describe a time you failed to achieve a goal. What structural changes did you make to your own workflow as a result?
Commercial awareness
- If you had £100 million to invest in a single UK macro trend or sector over three years, where would you deploy it and how would you hedge the risks?
- Explain how current Bank of England policy and gilt-yield volatility hit the restructuring market versus the large-cap M&A market.
- Pitch a UK or European company that is currently a prime target for an activist investor, and what changes the activist should demand.
- Discuss a recent macro trend or regulatory shift in the UK or Europe that you believe will drive restructuring activity over the next year.
- Why might a technology company prefer EV/Revenue over EV/EBITDA as its primary valuation multiple in a capital raise?
Technical
- Walk me through how a £100 million asset impairment cascades through the three financial statements at a 25% tax rate.
- Why might a distressed company's Enterprise Value stay stable while its Equity Value falls to near zero?
- With £500m senior secured notes, £300m subordinated unsecured notes, sustainable EBITDA of £60m and a 7x distressed multiple, where is the fulcrum security and what does each class recover?
- Walk me through unlevering and relevering an asset beta. Why do we adjust for debt?
- Explain the absolute priority rule. Are there situations where it can be breached?
Curveballs
- If you had to remove one of the three financial statements entirely, which would you lose and why?
- An enterprise software business has recurring revenue but negative EBITDA from heavy R&D. How would you structure a debt facility if it cannot access traditional leveraged loans?
- If you could advise the UK government on restructuring or selling one publicly owned asset right now, which would it be and why?
- Which matters more for a PJT analyst, absolute technical perfection or exceptional interpersonal empathy? Choose one and defend it.
- Tell me about a complex concept outside finance you recently learned, and explain it to me in simple terms.
What PJT Partners looks for
Academic standing
A consistent First or strong 2:1 from a top target (Oxford, Cambridge, LSE, Imperial, Warwick, UCL, Durham), with clean A-level tracking around A*A*A or AAA. Standout semi-target profiles (Bath, Bristol, Nottingham) break through with exceptional marks.
Pre-application pedigree
Evidence of early intent: a tier-one Spring Week, an off-cycle placement, leadership in a university finance society, or a placing in stock-pitch and M&A case competitions.
Intellectual humility and coachability
Lean deal teams need people who take real-time feedback and adapt. PJT deliberately challenges your logic to see whether you adjust or dig in.
Rigorous attention to detail
A zero-error mindset. Without a balance sheet, every mandate is won on flawless, bespoke analysis, so a careless CV or model is a genuine red flag.
Resilient communication
Clear articulation of financial risk under pressure, with structured signposting rather than rambling. Composure when an interviewer attacks your assumptions.
Self-directed technical skill
Demonstrated initiative in building financial-modelling or data-analysis ability, and a real grasp of corporate-finance principles even from a non-finance degree.
The edge: what separates offers from rejections
Specific moves most applicants skip. None of them need talent, only preparation.
- 01Reference a real recent PJT mandate (the Ukraine sovereign debt restructuring, the Modern Land cross-border liability management, or a large bondholder-committee restructuring) in your motivation answer.
- 02Articulate the pure-play, advisory-only model with no balance sheet: PJT wins on intellectual capital and conflict-free advice, not on lending.
- 03For RSSG, master the fulcrum security and a recovery waterfall, and know UK tools like Schemes of Arrangement and the Part 26A cross-class cram-down cold.
- 04Use STAR with roughly 70% of your airtime on your individual actions and quantified results.
- 05Apply and finish the Suited assessment in the first week of the rolling cycle, before a division's interview slots lock.
- 06Close interviews with a sharp question about live European market dynamics or the interviewer's own deal flow, not a generic culture question.
Prep, stage by stage
Drill each PJT Partners round
Dedicated pages for the four rounds PJT Partners runs. Practise each one free on Intervyo.
Psychometric Tests
SHL, Cappfinity, Watson-Glaser and more, in the exact format PJT Partners uses.
HireVue
Real PJT Partners questions, identical timer, scored on six competencies.
Live Interview
Conversational mocks tuned to PJT Partners's style, with follow-ups.
Assessment Centre
Case work, technicals, group exercises. Full-day rehearsal.
Pay & culture
Working at PJT Partners
What they pay
Graduate
£85,000
Internship
Pro-rata of the £85,000 Year 1 base across the summer programme
Perks
| Firm | Comp | Hours / week | Exit options |
|---|---|---|---|
| Evercore | Top-of-street base and bonus | 75-90 / wk | Elite PE and credit funds |
| Lazard / Rothschild & Co | Competitive, just below EB peak | 70-85 / wk | Strong PE and corporate routes |
| Houlihan Lokey | Strong, restructuring-led | 70-85 / wk | Distressed credit and special situations |
| Moelis / Centerview / Perella Weinberg | Top-of-street | 75-90 / wk | Elite M&A PE and hedge funds |
What working at PJT Partners is like
- Perceived among London applicants as an elite intellectual boot camp: meritocratic, high-intensity, with juniors taking early ownership of models, decks and structural ideas.
- Lean deal teams (often one MD, a Director or VP, an Associate and a single Analyst) mean high visibility to senior decision-makers and C-suite clients.
- Demanding hours, averaging 75-90 per week, extending further during live cross-border M&A or fast-moving restructurings.
- An in-office, five-days-a-week framework for junior bankers, justified as critical for the apprenticeship model.
- Formal biannual reviews sort analysts into Top, Middle or Bottom bonus buckets; performance is managed through individual accountability rather than mass headcount cuts.
Timeline
When PJT Partners programmes open and close
By programme. Use these dates to plan applications across the cycle and submit early on rolling lines.
| Programme | Opens | Closes | Assessment | Offers | Notes |
|---|---|---|---|---|---|
| Spring Week | September | Late October / November | November - December | Offers generally by December | For first-years on a three-year course or second-years on a four-year integrated master's. Top attendees can be fast-tracked into the next summer's final rounds. |
| Summer Internship | Early September | Mid-to-late October | September - December | Offers typically sealed by late November or December | The primary recruitment pipeline. Interviews begin almost immediately on a rolling basis. |
| Off-Cycle Placement | Winter / August (variable) | Rolling | Variable on desk need | Year-round | Supports specific resource shortages, typically 3-to-6-month placements for recent graduates or European master's students starting in January or September. |
| Graduate Scheme | Early August | Early September | August - September | By September, before term begins | PJT relies heavily on converting its summer cohort; direct full-time spots only open if conversion falls short of growth needs, and the process is highly accelerated. |
FAQ
PJT Partners application questions
How competitive is the PJT application in London?
Extremely. The London office typically hires only 15 to 20 analysts a year across all divisions. Against thousands of applications, the acceptance rate is often around 1% to 2%, and the deepest funnel is lower. The narrowest tracks are smallest: RSSG might take only 3 to 6 summer analysts.
Do I need a perfect First-Class degree?
It helps but is not required. A strong 2:1 from a top target is sufficient if paired with strong technical skills, relevant internship experience and genuine extracurricular involvement.
Does PJT consider non-target universities?
Yes. Recruitment concentrates at Oxbridge, LSE, Imperial, Warwick and UCL, but non-target candidates are considered. PJT deliberately uses the Suited assessment to look beyond the resume, giving non-target applicants a chance to show raw cognitive potential.
How does the Suited assessment affect screening?
Suited evaluates cognitive capability, behavioural traits and cultural alignment, providing an objective data layer alongside your CV and academic record. It does not replace interviews; it helps build a rounded view of your potential.
Can I apply to multiple divisions simultaneously?
You are strongly advised to apply to a single division that aligns with your skills. Duplicate applications across tracks can suggest a lack of clear career focus.
What is the summer-to-full-time conversion rate?
Traditionally high, often between 80% and 95%. PJT sizes its summer intake to match projected full-time needs, so a return offer is generally available for every intern who meets performance expectations.
What are the main technical differences between Strategic Advisory and RSSG interviews?
Strategic Advisory focuses on traditional corporate finance: core valuation (DCF, multiples, LBO mechanics), accounting adjustments and strategic M&A rationale. RSSG is more demanding, testing capital-structure theory, debt profiling, leverage constraints, insolvency frameworks (Part 26A, Schemes of Arrangement) and downside valuation.
How does PJT view non-finance degrees?
It actively encourages applications from History, Languages and STEM, valuing cognitive diversity. Non-finance applicants must still demonstrate strong interest in markets and a solid grasp of accounting and corporate-finance principles, as no concessions are made on the technical bar.
What is the typical response time after the Assessment Centre?
Given the rolling process and flat hierarchy, decisions come quickly, often within 24 to 72 hours of the final round, with offers extended by phone the same evening or the next day.
Does PJT sponsor visas for international applicants?
Yes, on a case-by-case basis. The firm regularly sponsors Skilled Worker visas for qualified international graduates and supports UK students transitioning onto the two-year Graduate Route. All applicants must disclose their immigration status, and offers are contingent on the right to work.
How not to fail
Mistakes that cost candidates PJT Partners offers
Specific failure modes the firm screens out. None of these need talent to avoid, only awareness.
- 01Generic, bulge-bracket motivations. If your 'Why PJT' does not mention the independent advisory model, lean deal teams or restructuring capabilities, it reads as copy-paste and is likely rejected.
- 02The formulaic technical answer. Memorising guides without the principles. If you can define an LBO but cannot explain how a change in accounts payable impacts cash generation in a buyout, you will struggle in technical rounds.
- 03Ignoring formatting detail. Mixed fonts, inconsistent alignment or overlapping margins. In a world of flawless pitch materials, a sloppy CV signals a lack of attention to detail.
- 04Mismanaging the rolling timeline. Applying near the deadline. PJT reviews files as they arrive, so qualified candidates who apply early secure interview slots first.
- 05Inconsistent divisional narrative. Applying to RSSG without being able to discuss a complex debt transaction or basic capital-structure mechanics.
- 06Overlooking small-team dynamics. An overly aggressive, individualistic posture or a lack of humility. Lean teams reward reliable, adaptable, easy-to-work-with people.
If you are rejected
What to do next
A rejection from an elite boutique is a normal part of a competitive landscape. PJT maintains a one-cycle cooling-off period: if unsuccessful in the autumn window, reapply when portals open the following year, and use the intervening 12 months to build your profile and refine your technicals. Individual feedback is not given at the CV or Suited stage, but candidates who reach the final Assessment Centre can request constructive feedback from campus recruitment.
Elite boutique competitors
Evercore, Moelis, Lazard, Perella Weinberg and Centerview run comparable processes on slightly different schedules.
Specialist restructuring advisers
Houlihan Lokey, Alvarez & Marsal and FTI Consulting maintain strong restructuring and special-situations platforms.
Bulge brackets
Goldman Sachs, Morgan Stanley and JPMorgan run extensive summer analyst programmes with much larger intake capacities.
Fix the failure point
Diagnose where you left the pipeline. Refine CV formatting and timed Suited-style practice for an early cut, drill recovery waterfalls and UK restructuring law for an RSSG technical rejection.
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Intervyo is not affiliated with or endorsed by PJT Partners. Process details are sourced from past applicants, the firm's published guidance and our own research; verify timings on the firm's official careers site before applying. Last updated 2 July 2026.
PJT Partners
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