PJT Partners Assessment Centre Prep

Behavioural / competency interview

Typical scenarios. Defending the CV line by line, with consistency probes such as 'if I called your previous intern captain now, what is the single biggest developmental flaw they would name?'

Common failure modes. Generic rehearsed responses that sound like bulge-bracket scripts, using 'we' instead of clarifying your actions, or failing to show high-stakes resilience.

Tactical advice. Use a structured STAR framework, devoting about 60% of your time to your specific actions and the technical judgement you displayed.

Technical interview

Typical scenarios. Advanced valuation walk-throughs (unlevering and relevering betas with complex structures), accounting changes (how a write-down hits the three statements) and capital-allocation dilemmas.

Common failure modes. Memorising formulas without the economics, freezing on a non-standard variation, or failing to talk through your logic out loud.

Tactical advice. State your framework before solving, for example 'I will look at the EBITDA impact, then trace it through cash taxes to free cash flow', which buys thinking time and shows structure.

Modelling exercise (Strategic Advisory track)

Typical scenarios. Walking an M&A combination from purchase price to pro-forma balance-sheet adjustments, calculating goodwill, or explaining how a deferred tax liability arises in an asset write-up.

Common failure modes. Arithmetic errors under panic, failing to articulate how EV changes when debt is added or removed, or missing how a synergy shortfall breaks an accretion thesis.

Tactical advice. Have the link between capital structure and WACC flawless, and understand how debt tax shields alter the valuation equations.

Restructuring / distressed case (RSSG track)

Typical scenarios. A stressed capital-structure table (bank debt, senior secured notes, unsecured high-yield, mezzanine) with an implied restructuring EV, asked to find the exact breaking point where value is exhausted.

Common failure modes. Applying M&A growth logic to a distressed asset, misunderstanding absolute priority, or confusing out-of-court exchanges with a formal court process.

Tactical advice. Focus on downside preservation and liquidity, and understand how the breaking point dictates who owns the equity after a restructuring.

Partner / senior MD panel

Typical scenarios. High-level debates on market consolidation or geopolitics in UK and European cross-border M&A, including 'why choose PJT's pure advisory platform over a bank with a multi-billion balance sheet?'

Common failure modes. Sounding like a textbook, an arrogant posture, or failing to hold a well-reasoned independent view on markets.

Tactical advice. Speak slowly, hold steady eye contact and frame answers as an independent board adviser protecting client interests, not a transaction executioner.

Lunch / coffee chat with analysts

Typical scenarios. Discussions about daily life, hours, deal-flow reality and individual backgrounds.

Common failure modes. Dropping your guard entirely, acting overly casual, complaining about other banks, or asking inappropriate questions about pay or hours.

Tactical advice. Treat it as a continuation of the day with a collaborative, curious tone, asking smart questions about onboarding and how lean teams coordinate deal workflows.

Strategic Advisory, London (summer analyst offer)

Prep. Talked through logic out loud and prepared anchor stories.

Experience. Four back-to-back 45-minute rounds at the London office. The technical round went far beyond standard guides, asking to walk through a cross-border asset carve-out and its exact accounting adjustments; when an unfamiliar deferred-tax loop came up, explaining the conceptual approach rather than guessing a number worked. The MD round spent 20 minutes debating defensive tactics against UK activist investors.

Outcome. A phone call offering the position at 19:30 the same evening.

Restructuring and Special Situations, London (off-cycle offer)

Prep. Prepared with advanced credit materials, knowing out-of-court versus formal court processes.

Experience. Two separate technical panels before the Partners. Handed a paper capital-structure sheet for a stressed European satellite provider, asked to identify where value broke and which creditor class would drive the restructuring. The lunch session focused on asking about workflow allocation across lean teams.

Outcome. A fast decision, with the formal offer letter arriving the next afternoon.