Restructuring & Turnaround Advisory Interview Preparation
Common questions, top firms, salary comparison, career paths, and free AI-scored practice for restructuring & turnaround advisory interviews.
~£58,000 base
Avg salary
40+ firms
Firms covered
~8-15% offer rate
Competitiveness
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Overview
What restructuring advisory interviews look like
Restructuring interviews combine elements of both consulting and investment banking. You will face case interviews testing your ability to analyse distressed companies, identify sources of value, and develop turnaround strategies. Unlike strategy consulting cases which test business problem-solving, restructuring cases are grounded in financial analysis, debt structures, and valuation under stress scenarios.
Restructuring advisors work with companies in financial distress—those with excessive leverage, declining cash flows, or operational challenges. Interview cases typically involve analysing a company's financial position, assessing debt sustainability, identifying cost reduction opportunities, negotiating with creditors, or structuring refinancing. You must understand covenant breaches, the path to insolvency, and when situations require formal insolvency procedures (administrations, schemes of arrangement).
Interviewers assess your financial rigour, commercial judgment, and ability to navigate complex negotiations. Unlike banking where you advise acquirers, in restructuring you advise companies in distress and must understand the interests of multiple stakeholders (management, shareholders, debt holders, employees). Smaller independent restructuring firms may be more accessible than Big 4 restructuring divisions, and the sector offers excellent learning in corporate finance, negotiation, and risk management.
Questions
Common restructuring & turnaround advisory interview questions
- 1Why restructuring?
- 2Why this firm?
- 3Walk me through a restructuring case.
- 4What is a covenant breach?
- 5When would a company need a restructuring advisor?
- 6Tell me about a distressed company.
- 7What is the difference between administration and CVA?
- 8Walk me through a debt refinancing.
- 9How would you analyse this distressed company?
- 10What is a scheme of arrangement?
- 11Tell me about the waterfall in an insolvency.
- 12How would you identify cost reduction opportunities?
- 13What is working capital and why is it critical?
- 14Tell me about a time you communicated bad news.
- 15How would you engage with creditors?
- 16Tell me about a successful turnaround you've observed.
Free practice
Practise a restructuring & turnaround advisory interview question
Practise a real restructuring case interview. You receive financials for a distressed company and must diagnose the problem, develop solutions, and recommend a course of action.
Deloitte — HireVue Practice
Your question
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That was one restructuring scenario. Big 4 restructuring works on large complex cases; boutiques handle mid-market turnarounds; law firms handle insolvency procedures. Intervyo has firm-specific restructuring frameworks. Start free trial →
Technicals
Key technical knowledge
Distress Diagnosis
Analyse liquidity position, debt maturity profile, covenant headroom, EBITDA trends, working capital efficiency. Identify whether a company faces liquidity stress or solvency issues.
Cash Flow Forecasting
Project cash flows under stress scenarios. Identify cash burn rate, runway to insolvency, and when intervention is required. Understand impact of restructuring actions.
Debt Structure & Covenants
Senior secured, subordinated, convertible debt. Financial covenants (leverage ratios, interest coverage), operational covenants. Understand covenant calculations and breach consequences.
Restructuring Options
Out-of-court restructuring (bilateral negotiations, amendments), refinancing, asset sales, operational improvements. In-court restructuring (administration, CVA, scheme of arrangement).
Valuation Under Distress
Enterprise value, equity value in insolvency scenarios. Recovery rates for different stakeholder classes. Understanding stakeholder waterfall.
Stakeholder Analysis
Creditor classes, their interests, leverage in negotiations. Understanding senior lenders vs subordinated creditors vs equity holders.
Turnaround Execution
Cost reduction (COGS, SG&A), revenue initiatives, working capital optimisation, capex discipline, leadership changes. Implementing changes whilst operating under stress.
Insolvency Procedures
Chapter 11 / Administration processes, voting on plans / proposals, DIP financing, 363 sales. UK CVA (Company Voluntary Arrangements) vs Administration.
Firms
Top restructuring & turnaround advisory firms
Largest restructuring practice. Broad insolvency work.
Large practice. Strong in operational restructuring.
Major practice. IP and insolvency procedures.
Solid practice. Growing operational focus.
Elite boutique. High-stakes negotiations.
Top-tier boutique. European leader.
M&A and restructuring advisory.
Global restructuring firm. Strong practice.
Compensation
Restructuring & Turnaround Advisory salary comparison
| Firm | Graduate | Intern | Bonus |
|---|---|---|---|
| Lazard Restructuring | ~£65,000 | ~£53,000 pro-rata | ~£20K-30K |
| Rothschild Restructuring | ~£62,000 | ~£50,000 pro-rata | ~£18K-28K |
| Deloitte Restructuring | ~£58,000 | ~£48,000 pro-rata | ~£12K-18K |
| EY Restructuring | ~£56,000 | ~£46,000 pro-rata | ~£10K-16K |
| PwC Restructuring | ~£56,000 | ~£46,000 pro-rata | ~£10K-16K |
| Houlihan Lokey | ~£60,000 | ~£50,000 pro-rata | ~£15K-25K |
Career path
Restructuring & Turnaround Advisory career progression
Financial analysis, case development, client support, learning restructuring fundamentals.
Leading analysis, managing junior staff, client interaction, developing restructuring strategies.
Case leadership, creditor negotiations, turnaround execution, client relationships.
Large engagement leadership, practice development, significant client relationships.
Practice leadership, major client relationships, firm strategy.
Getting in
How to break into restructuring & turnaround advisory
Develop strong financial analysis skills. Restructuring is numbers-heavy. Practise reading financial statements, building cash flow forecasts, and analysing debt structures.
Understand insolvency procedures relevant to your jurisdiction. In the UK, understand administrations, CVAs, and schemes of arrangement. In the US, understand Chapter 11 processes.
Build awareness of distressed situations. Follow the news for companies in distress, understand their problems, and think through solutions. This demonstrates genuine interest in restructuring.
Network with restructuring professionals. Attend restructuring seminars, reach out to alumni working in restructuring, and have genuine conversations about the field. Referrals improve chances significantly.
Target boutiques and Lazard/Rothschild first. These firms may be more accessible than Big 4 for graduates, and they offer higher pay and more intense engagement.
Prepare strong examples of analytical thinking and communication. Restructuring requires navigating complex negotiations and conveying difficult messages clearly. Share stories demonstrating these skills.
Consider Big 4 audit or consulting as a pipeline. Many Big 4 restructuring hires come from audit (financial analysis experience) or consulting (client skills). Starting in audit/consulting then moving to restructuring is a common path.
FAQ
Restructuring & Turnaround Advisory FAQs
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