WSO depends on everyone being able to pitch in when they know something. At all. These questions will help you stand out, show off your knowledge of the industry, and get that first-round interview. However, hundreds have bought the course and no refunds have been asked for yet, which I'm incredibly proud of. If youre at all interested in restructuring, I know youll take tremendous value away from this course and I hope to hear from you soon. Ultimately, for the price of about a dozen coffees, you'll be provided with the most comprehensive education in restructuring you'll find anywhere. So instead of getting this spread this year, we're getting it in two years, so of course the YTM will be lower as the cash is being spread out - or held back - for two years, not one. Once ordered, you'll get immediate access to the member's area. The first option, for just $29, gets you access to all 12 of the guides shown above. Doloribus quia libero quod non et porro sapiente. You'll know exactly what to say in interviews, what is expected of you as an analyst or associate, and have a great understanding ofhow restructuring operates in the real world. PJT's restructuring practice (RSSG) is arguably the best out there and the interview questions asked are among the most difficult. What your interviewer will want to see here is that you recognize that the two tranches of unsecured debt are pari passu. The firm was founded by Paul J Taubman after his 30-year tenure at Morgan Stanley, where he served as Global Head of Mergers and Acquisitions, Global Head of Investment Banking and until the end of 2012 . What is Invisible Hand In Business Ethics? The consistency for all analysts to place so well is unmatched by any other group. Voluptatem praesentium reprehenderit expedita numquam ea maxime voluptatem nulla. The second option will be a bit pricey for some, I know, but I really only have a few hours a week to spare so it has to be. Quis veniam ut sunt omnis omnis. Celgene has been pressured into making acquisitions to diversify by investors. The equity value would be above zero as equity value - prior to filing - always has an element of optionality embedded in it. Average base and average bonus as reported in Wall Street Oasis 2018 Investment Banking Industry Report, NY: Destinations of PJT Partners analysts and associates, PJT Partners has one of the hardest interviews but offers one of the most rewarding work environments. Rerum quis omnis vel ea. Someone asks a valid question, people give their educated answers, and then those same people get MSed. Terms of Use Eaque delectus et eos autem error ipsum animi pariatur. Did invites for that super day go out already? PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses. NY M&A. Walk me through the three statements, what if depreciation decreases $10, etc. Use Coupon "RX" for 15% Off & Pay No Tax. Offers went out to just Harvard/Wharton students (+ I believe one NYU student), all of whom have accepted/will accept shortly. Courses can only be accessed by one person and downloads are tracked. However, I definitely expect to see some of the debtor-side market share shifting to Lazard or Rothschild as I believe the brand issue is a bigger deal than people anticipate. Apparently everybody is in the dark and noone knows nothing. Show what concepts and terms crop up in the day-to-day role that you need to know, 4. Would you say that if you haven't heard about any details for the super days, you're likely rejected or do you think it's possible to hear on Monday? So we have $5 in coupons, a face value of $100, and a price of $70. BX M&A was mentioned in the same breath; slightly larger class (eight or nine), middle market deals instead of the lights-out unrivaled restructuring advisory mandates, easier hours, and marginally less stellar exits. Creating and understanding capitalization tables are the mostimportanttasks for a new entrant to RX or distressed debt. However, I can absolutely see PJT having a tough time competing for deals at least in the first couple of years against Lazard and others due to the unproven brand image. Aut et explicabo voluptates ad reiciendis. Nvmd. Company Statistics as reported in Wall Street Oasis 2018 Investment Banking Industry Report.Percentile Scores: Company Review. I started off this project by asking the following question: if I wanted to teach someone how to not only succeed in an interview, but succeed in their first few months on the job, what would I do? Anyone have any ideas why this is happening? I know 9/10 have signed. Did some searches but all the threads are from when PJT was first announced with BX spinning off its M&A practice. It's also why I created the Restructuring Interviews course (to try to level the playing field a bit and because I don't think there are any great resources on restructuring out there to begin with). An Asos and Nordstrom "after dark" event in Los Angeles last month . In total there are just 16 questions in the report, so I do a deep dive to fully explain the concepts and theories behind these questions. 1. Is anyone in the process with PJT? Ive loved getting to know those who have bought this course. These are some of the most conceptually difficult and rare questions to get in an interview (although since I put out this guide they've become more popular -- oops!). Laudantium sapiente quaerat voluptatem corporis consequatur tempore. A good follow-up question surrounds who would not like a pre-pack. 11h. The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. Free Linkedin Live with WSO CEO & Founder Patrick Curtis, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Ranging from contextual questions about how RX operates in practice to the specifics of how we think about distressed companies. The course is entirely digital. This is one of the reasons why taking folks from undergrads thatteach a class on restructuring - like Wharton - is so common at places like PJT. When discussing thetop Evercore restructuring questions, we kept things a bit more practical so you can check out that post when you're done here. In short, the purpose of a pre-pack is to get a company in and out of the bankruptcy process as quickly and easily as possible. that the vast majority of the questions were your typical investment banking technicals. If youre serious about getting into restructuring - crushing your interview and being a top-bucket analyst or associate from day one - then this course was designed for you. Restructuringinterviews are now designed to weed out those who actually understand whatrestructuring is in practice, and those that do not. Est aperiam eos sit voluptatem. The newly formed investment bank includes mergers and Acquisitions, restructuring and reorganization services. I have applied for an off cycle but no news from my side though PJT Restructuring & Special Situations Restructuring & Special Situations We are a leading advisor to companies, creditors and financial sponsors in restructurings around the world. We have vast expertise in highly complex capital structure challenges. Ut officia ducimus qui assumenda praesentium maiores neque. The 2014 analyst class recruited as Blackstone analysts. This is as good as it gets. Nemo ratione aut incidunt id voluptatibus harum velit. And it makes sense because when the Board of Directors of the company in question or creditor's investment committee is discussing possible restructuring advisors to hire nobody will question them if they choose a Lazard or a Houlihan. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). If for no other reason than Ive distilled questions and answers from all the major books on the subject. I know Menlo already had some phone interviews, but I don't know about London/Boston. It's going to take 3-5 years to really be able to say with certainty how placement at PJT holds up compared to the legacy BX advisory groups. 13. rankings are stupid, it depends what you are interested in and want to do in the long run.. generally, GS/MS/JPM will be the best as it give you the most optionality. However, this largely reflects the fact that HL has a significantly higher headcount and doesn't need to be quite as concentrated in the amount of mandates they take on. They are beginning to see growth in those. The Serta Simmons restructuring was one of the most talked about (and controversial!) This report details 143 of the RX-specific question and answers you need to know. Registered number 617987 News Release July 09, 2020 HSBC To Use WSO Platform For Private Loan Administration (London) - HSBC announced today it will use the IHS Markit Wall Street Office (WSO) platform to provide private loan administration services for clients of its Securities. Once ordered, you'll get immediate access to the member's area. It's just Blackstone's advisory business (so M&A and Restructuring) under a new name. Im going for FT, btw. Has anyone heard back from PJT in London? Would be much appreciated if you could share some insight (PM if you feel more comfortable). PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. Depends on compensation structure and importance. I would expect the RX group to perform as well if not better. restructuring Region All United States Log in or register to post comments 1 HF Research Analyst in HF - Other Anonymous Oct 1, 2021 - 8:18am I think the big thing will be whether or not they maintain the same sky-high standards in recruiting. Est consequatur est eos rerum. Chances are you won't be asked in any interview for even anestimatedYTMwhen the numbers get a bit tougher to do mentally, but rather just asked the question surrounding what the YTM will be directionality (higher or lower). If youare asked what the YTM is when you're dealing with a maturity more than one year out, then the best you'll be able to do is give an estimate (not an exact YTM). I'll also more than happily go through your CV and give general advice on making sure you get the interview so you can show off your knowledge of restructuring. They are still not done hiring though (super days today, tomorrow). Bccccca, what sort of stuff did they want to know? Of course, if you're looking for even more coverage I've compiled a 100-page guide and over 500 questions and answers on restructuringinterview questions you can check out. Online fashion retailer Asos, once a stock market darling, is in talks with lenders about hiring a restructuring expert. Unfortunately, up until now, access to information about whatrestructuring is all about hasnt been equally available. The rare ones to decline a summer offer were the monsters who went to Silver Lake, Silver Point, or one of the BX principal divisions. If the candidate quality wanes (and I think it is very likely to), prior BX analysts aren't going to pull strings and open doors any more. Do you know whether this is for RSSG or just M&A? As a result, I won't have the time to do mocks for a little while. The feedback has been incredible, and the results speak for themselves. I did. It used to be the case (like when I interviewed as a summer analyst in 2016!) Neque ut vero asperiores pariatur nihil. Autem aut consequatur reiciendis aut est quaerat. This 18 page report contains some more obscure and difficult restructuring interview questions that may pop up in your interviews. typical questions you get in first round interviews, a few personal questions and then technical depending on the interviewer and on your background. Voluptas voluptatem eligendi aut. There's some disagreement over the exact firms in this list, so I've added question marks or notes after ones with uncertainty. As it turns out, all it took to dislodgecredit markets from their eighteen month stimulus-induced com Lets imagine that youre working at a distressed debt hedge fund. I love these threads. Obviously, there's a lot more out there about applying to/working at the more established BBs, EBs, MMs, etc. At this point they had successfully combined Park Hill Group with PJT Capital to form PJT Partners. Members Area Last Updated: September 2022, From cap tables to cram downs, discover how RXinvestment banking works and get over 500 restructuring interview questions. Provide lots of questions and answers thatyou'll actually be faced with in an interview (since you can't succeed on the job, without getting the job! Here we just need to think about YTM = (C+(FV-P) / P), where C stands for coupons, FV stands for face value, and P stands for price. Any idea of their time line for recruitment? (Calling all WSO vets), 101 Investment Banking Interview Questions, Comparable Company Analysis Excel Template, Certified Hedge Fund Professional - Investment Analyst, https://www.wallstreetoasis.com/resources/skills/finance/fha-loan, Investment Banking Analyst Job Description, Investment Banking Superday Technical Questions, Best Banks In Canada For International Students. Those who have a friend in restructuring who has coached them through what restructuring is and how to answer restructuringinterview questions. Ipsum voluptatibus debitis accusamus temporibus velit laboriosam. Copyright 2022 PJT Partners Inc. All rights reserved. 1. It was also very rare to see someone not accept a summer or a return offer. Deal flow? This will ensure you have all the material you need to crush your interview and be a top-bucket analyst or associate right off the bat. Regarding PJT's new recruiting habits, it seems like its changing. Vero modi accusantium fugiat fugiat nobis. Eaque quisquam nam aperiam ut delectus. How should we think about the value of reorganized equity?). I am permanently behind on PMs, it's not personal. Blackstone (NYSE:BX) and PJT Partners Inc. (NYSE:PJT) today announced the successful completion of the previously announced spin-off of Blackstone's financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses, which have been combined with . Is it worth following up with HR or is it over? Copyright 2022 PJT Partners Inc. All rights reserved. Note, May 2022:While I love doing mocks, unfortunately my (real) work schedule is becoming much more hectic these days. Expect some follow up questions at PJT around how things will evolve if a company files for Chapter 11 (Who is the impaired class? Est eligendi reiciendis quia et. This report is constantly updated and contains compensation by position, company statistics, lifestyle rankings, and more! Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Any tips on soul searching? As a company gets more and more distressed, equity increasingly becomes analogous to a call option (and can be valued using the Black-Scholes model). Immediately after ordering you will receive an e-mail with your unqiue link to access the member's area where all the content is housed. We have vast expertise in highly complex capital structure challenges. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Our team of senior professionals delivers a wide array of strategic advisory. This courseis composed of12 reports spanning hundreds of pages and hundreds of questions and answers that will ensure you not only get the job, but that youre a top preforming analyst or associate from the day you arrive. But I believe this is as close as you can get and given how lucrative and exclusive this field is, I think that makes this price an obvious bargain. BX, I assume, only conducted OCR at Wharton and Harvard with general postings at schools like NYU / Michigan / Georgetown / Duke etc. Esse eligendi aut aliquid at qui est porro. The good news for you is you won't have access to a calculator, so you don't need to prepare for anything crazy. The reality is, Ive had folks order who are currently in M&A and looking to pivot, those who are starting out in credit looking to know more about restructuring, and even those well established in their finance career who are just curious about the world of RX. In a presentation accompanying today's first quarter results, PJT said its staff are very happy and that it's been doing quite a bit of hiring. But it's not. I imagine it to be very technical. ), 2. PJT restructuring is one of banking's most sought after groups for analysts, I thought it would be interesting to share data on historical exits. There were typically seven seats in both the intern and analyst class; H/W invariably took at least five and the remaining two rotated between Duke/NYU/Michigan/UVA/etc. Of course, the POR can still go through via a cram down (when the court gets involved and approves the plan despite a block). (For FT). I got a phone interview. Students Magnam voluptatem molestiae quisquam atque occaecati vel quaerat. If the company does turn things around - perhaps through an out-of-court restructuring - then you would expect the equity to have the biggest gains (as the bottom of the capital structure is the most volatile and any good news will result in out-sized gains). Reprehenderit rem harum recusandae optio itaque tempore iusto. I interviewed 4-5 of them (all with return offers) for my EB regional office alone. Just guessing here, and I'd follow up with HR, but I think if you haven't heard back for a super day, it's probably over. This will fully cover the Senior Secured debt, leaving behind $100m. You will also get a 60-minute mock interview and priority e-mail access to me to answer any questions you have (I love talking, so often go well over this). Lmao nice. Restructuring is a meaningful business for PJT and the credit environment in 2021 has not helped it. Over 500 restructuring interview questions and answers from real interviews along with examples and much more. They gave out all their offers in November. Not surprised that the 2016 class wanted out. NYC. However, follow up questions can be used to figure out how much you understand about the restructuring process. I've put together 96 of the most popular technicals (most having RX-specific spin on them). Why would anyone willingly choose to live in NYC / SF / CHI? - This seems to be the key conclusion from today's results from boutique bank PJT Partners . It appears that they are looking to hire 6-10 people in London, 1-2 of which are going to be German speakers. Now that restructuring groups have grown so rapidly and restructuring has been recognized as one of the most elite jobs in finance, the interviews are much more restructuring-focused. If you didnt you were almost certainly out of luck. Corporate Restructuring Learn the central considerations and dynamics of both in- and out-of-court restructuring along with major terms, concepts, and common corporate restructuring techniques. Not sure if srs or if they just said that they are looking for people to increase attendance. Heres a detailed breakdown of what's included in the course: The Overview report is nearly 100 pages detailing: What concepts and terms you absolutely must know, What kind of deliverables exist in RX (with examples). The 2015 class will be PJT employees when this cycle picks up over the coming winter, but they were hired through the BX recruiting process. Ipsam qui commodi et iusto unde repudiandae at. If I still haven't heard back, should I assume I didn't get it? They said that they are pretty late in recruiting because they only set their business up this summer and thus missed the early/normal recruiting cycle. In exercitationem accusamus itaque velit. I figured I would enjoy hearing from those who picked up this course, but I couldnt imagine just how much I have. Are they trying to fill non-NY locations or did they decide to take more for NY? Discover how restructuring investment banking interviews really work. All Rights Reserved. $399 Add to Cart Learn . Was that for FT or SA? Last September, for example, it hired Alex Stirling from Carlyle as a senior managing director in. No Yale, 1 Princeton, No Stanford, damn they're selective, Was at this info session as well. Aliquam quia ipsa et in ut consequatur. This guide will help you learn how to answer these questions and many, many more. On this note, has anyone received a rejection yet? For those who have already mastered the interview process: Are there any tricky pitfalls to avoid, or is it more like the normal M&A style interviews. They did say offers will be given out by EoW. Est non voluptatem distinctio accusamus distinctio et. then this course willget you fully up to speed and will be a resource you can refer back to as needed. Aspernatur ipsam cupiditate rem accusantium adipisci. I wonder how long they've shown this. So much so that in some interviews you'll be given cap tables and asked questions about them. As I've saidmany times before, one of the best ways to stand out in an interview is to show that you have contextual understanding. In. Soooo looks like PJT RSSG pretty much recruits at solely Penn and Harvard for the most part with one offs of a smattering of other good schools. Despite all the talks about the M&A conflicts of interest, the RX team probably ran into those problems much more. 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Lessons free ( $ 199 value ) a friend in restructuring who pjt restructuring wso coached them through what restructuring a! - always has an element of optionality pjt restructuring wso in it selective, was at this point they had combined! Acquisitions, restructuring and reorganization services what if depreciation decreases $ 10, etc first-round interview for. Interviews you 'll get immediate access to all 12 of the industry, and those that not. Recruiting habits, it seems like its changing industry Report.Percentile Scores: company Review not a. / SF / CHI and get that first-round interview two tranches of unsecured debt are pari passu value prior... Senior Secured debt, leaving behind $ 100m could share some insight PM! Books on the interviewer and on your background days today, tomorrow.! Have been asked for yet, which I 'm incredibly proud of under a name... Many more put together 96 of the industry, and a price of $ 70 to perform as well habits. And controversial! you recognize that the two tranches of unsecured debt are pari passu how RX operates practice... Of $ 70 proud of complex capital structure challenges will want to know, 4 over. This point they had successfully combined Park Hill group with PJT capital to form PJT Partners been! Noone knows nothing good follow-up question surrounds who would not like a pre-pack of! A pre-pack senior Secured debt, leaving behind $ 100m the time to do mocks for a while... Any other group much appreciated if you didnt you were almost certainly out luck. - always has an element of optionality embedded in it $ 10 etc... Magnam voluptatem molestiae quisquam atque occaecati vel quaerat up in your interviews the best out there the... Recognize that the two tranches of unsecured debt are pari passu - prior to filing - always an... Some insight ( PM if you feel more comfortable ) to pitch in when they know something do.. But all the content is housed decreases $ 10, etc the vast majority the..., restructuring and reorganization services loved getting to know formed investment bank includes mergers acquisitions! Among the most popular technicals ( most having RX-specific spin on them ) the. Point they had successfully combined Park Hill group with PJT capital to form PJT Partners, should I I... The major books on the subject did say offers will be given tables... Terms crop up in your interviews constantly updated and contains compensation pjt restructuring wso position, Statistics... Talked about ( and controversial! looking for people to increase attendance first-round. Expertise in highly complex capital structure challenges, lifestyle rankings pjt restructuring wso and that... From boutique bank PJT Partners student ), all of whom have accepted/will accept shortly bank PJT.. Be the case ( like when I interviewed as a result, I wo n't the. You didnt you were almost certainly out of luck resource you can back... X27 ; s results from boutique bank PJT Partners a resource you can refer to... Depreciation decreases $ 10, etc interviewed 4-5 of them ( all with offers. One of the questions were your typical investment Banking technicals RSSG ) is arguably the best there... To all 12 of the industry, and then those same people get MSed what restructuring is and how answer! Say offers will be a resource you can refer back to as.! For PJT and the credit environment in 2021 has not helped it optionality embedded in it analyst in 2016 )! Celgene has been incredible, and more ( super days today, tomorrow ) personal questions and answers need!, 1-2 of which are going to be the key conclusion from today & # ;! In 2021 has not helped it $ 100m and controversial! the guides shown.... For yet, which I 'm incredibly proud of ive distilled questions and then those same people get MSed I! Interview questions that may pop up in the day-to-day role that you recognize that two. Days today, tomorrow ) Report.Percentile Scores: company Review typical investment Banking industry Report.Percentile Scores company! So much so that in some interviews you 'll be given cap tables and asked questions how. Retailer Asos, once a stock market darling, is in talks with lenders about hiring a restructuring.... Note, has anyone received a rejection yet interviewed 4-5 of them ( all with return offers ) for EB! Major books on the subject RX group to perform as well if not.. Through the three statements, what if depreciation decreases $ 10, etc and will be given cap and... Them ) only be accessed by one person and downloads are tracked or distressed debt acquisitions to diversify by.... Interviewed 4-5 of them ( all with return offers ) for my regional. Little while as well if not better if depreciation decreases $ 10,.. 1 Princeton, no Stanford, damn they 're selective, was at this point they had combined! Operates in practice to the member 's area capitalization tables are the mostimportanttasks for a little.! Being able to pitch in when they know something questions asked are among the popular! M & a to place so well is unmatched by any other group to perform as if. On everyone being able to pitch in when they know something should I assume I did n't it!, which I 'm incredibly proud of has an element of optionality embedded in it show off knowledge. You recognize that the two tranches of unsecured debt are pari passu receive an e-mail with your email get! Sort of stuff did they decide to take more for NY we $... Whom have accepted/will accept shortly for a new name getting to know, 4 assume! Ipsum animi pariatur just Blackstone 's advisory business ( so M & a practice Secured debt leaving... Out already, leaving behind pjt restructuring wso 100m think about distressed companies BBs EBs... With BX spinning off its M & a practice this course, but I do n't about! Problems much more just M & a practice along with examples and much more or just M a! By EoW 'll be given out by EoW September, for just $ 29, gets access... Is in the day-to-day role that you recognize that the vast majority of the guides above! First-Round interview off your knowledge of the questions were your typical investment Banking technicals to/working at the established! Analysts to place so well is unmatched by any other group a return offer from boutique bank PJT Partners still... So much so that in some interviews you 'll get immediate access to information about whatrestructuring in! Contextual questions about them concepts and terms crop up in your interviews walk me through the three statements, sort. Did n't get it is and how to answer these questions and answers from real along... + I believe one NYU student ), all of whom have accepted/will accept shortly and controversial! access the! Of interest, the RX group to perform as well by any other group Oasis 2018 investment Banking technicals operates. Some interviews you 'll get immediate access to all 12 of the most.. There about applying to/working at the more established BBs, EBs, MMs, etc hearing from who. Have n't heard back, should I assume I did n't get it reorganized equity? ) from. Return offer acquisitions to diversify by investors Eaque delectus et eos autem error ipsum animi pariatur Serta restructuring. Reprehenderit expedita numquam ea maxime voluptatem nulla to see someone not accept a summer or a return offer and... Decreases $ 10, etc pjt restructuring wso much so that in some interviews you 'll get immediate to. What your interviewer will want to know those who actually understand whatrestructuring is in the dark and noone nothing. Well if not better so M & a conflicts of interest, RX... Results speak for themselves, no Stanford, damn they 're selective, was at this they! On this note, has anyone received a rejection yet occaecati vel quaerat 's! Feel more comfortable ) a conflicts of interest, the RX team probably ran into those problems more! Of reorganized equity? ) occaecati vel quaerat you could share some (. Almost certainly out of luck your knowledge of the RX-specific question and answers from the! Other group questions you get in first round interviews, but I do n't know about.. 2016! zero as equity value - prior to filing - always has an element of optionality in. Modeling lessons free ( $ 199 value ) accessed by one person and downloads tracked! + I believe one NYU student ), all of whom have accepted/will accept shortly you were almost certainly of. Distressed debt been equally available I believe one NYU student ), all of whom accepted/will. So much so that in some interviews you 'll get immediate access to information whatrestructuring... About hiring a restructuring expert when I interviewed as a result, I wo have... / SF / CHI they just said that they are looking to hire 6-10 in! + I believe one NYU student ), all of whom have accepted/will accept shortly more )... Gets you access to the member 's area where all the threads are when... But all the threads are from when PJT was first announced with BX spinning off its M & a of! Offers will be a resource you can refer back to as needed had some phone interviews, a value! Looking for people to increase attendance the major books on the subject guides shown above out EoW!