PJT Partners is one of the leading independent advisory firms on Wall Street, known especially for its dominant restructuring practice and growing strategic advisory business. The firm was founded in 2015 when it was spun off from Blackstone, and it has quickly established itself as a major player in the elite boutique landscape. If you are interested in restructuring, complex advisory situations, or working at a firm with a differentiated business model, PJT Partners should be on your radar.
In this guide, we will walk through PJT Partners’ business areas, culture, recruiting process, and how it compares to other elite boutiques like Evercore, Centerview Partners, and Moelis & Company.
PJT Partners: Firm Overview
PJT Partners was created in 2015 when Blackstone spun off its advisory businesses into an independent, publicly traded company. The firm is led by Paul J. Taubman, a highly respected dealmaker who previously ran Morgan Stanley’s investment banking division. Under Taubman’s leadership, PJT has grown rapidly and built a reputation for excellence in complex advisory situations.
PJT Partners operates three main business segments: Strategic Advisory, Restructuring and Special Situations, and Park Hill (the firm’s private capital advisory business). This three-pronged model gives PJT a differentiated offering compared to most other advisory firms, which tend to focus primarily on M&A.
PJT’s Three Business Segments
Strategic Advisory
PJT’s strategic advisory team provides M&A advisory services, including buy-side and sell-side mandates, mergers, divestitures, and other strategic transactions. The firm covers a range of industries and has been building out its advisory capabilities since the spin-off from Blackstone. While the strategic advisory business is smaller than Evercore’s, PJT has been steadily growing its market share and winning larger mandates.
Analysts in strategic advisory work on traditional M&A transactions — building financial models, conducting comparable company analysis and precedent transactions analysis, preparing pitch books, and supporting deal execution. The team structure is lean, so analysts get meaningful exposure to deals early on.
Restructuring and Special Situations
PJT’s restructuring practice is the crown jewel of the firm and one of the most respected restructuring teams in the world. The team advises companies, creditors, and other stakeholders on complex financial restructurings, bankruptcies, distressed situations, and liability management exercises.
PJT’s restructuring team has been involved in many of the most significant restructuring mandates in recent history. The team is consistently ranked at or near the top of restructuring league tables, competing with other top restructuring practices. For students who are specifically interested in restructuring, PJT is arguably the single best platform in the industry.
Analysts in restructuring work on highly analytical engagements that involve complex capital structure analysis, DCF valuations, waterfall analysis, and negotiations among multiple stakeholder groups. The work is intellectually demanding and requires a strong understanding of credit, debt covenants, and capital structure dynamics.
Park Hill (Private Capital Advisory)
Park Hill is PJT’s private capital advisory business, which helps private equity firms, hedge funds, and other alternative asset managers raise capital from institutional investors. This is a unique business that most other advisory firms do not have, and it gives PJT a diversified revenue stream that is less dependent on M&A deal volume.
While most aspiring investment bankers focus on the strategic advisory and restructuring roles, Park Hill offers a distinctive career path for those interested in the intersection of capital raising and alternative investments.
Why Students Want to Work at PJT Partners
Restructuring Dominance
If you are interested in restructuring, there are very few better places to be than PJT. The firm’s restructuring team is widely considered to be the best or among the best in the industry, and the deal flow is consistently strong. Restructuring is a particularly attractive area because deal activity tends to be countercyclical — when the economy slows down and M&A activity decreases, restructuring activity picks up, providing a natural hedge.
Compensation
PJT Partners pays competitively with other elite boutiques. Total compensation for first-year analysts is typically at or near the top of the market, especially in the restructuring group. The firm’s independent model and lean headcount allow it to pay its bankers well relative to the fees generated.
Exit Opportunities
PJT analysts — particularly those in restructuring — have excellent exit opportunities. Restructuring analysts are heavily recruited by distressed debt funds, distressed-focused PE firms, and special situations hedge funds. Strategic advisory analysts at PJT also have strong exit options into private equity, hedge funds, and corporate development.
Growing Platform
One of the exciting aspects of PJT is that it is still in growth mode. Since the 2015 spin-off, the firm has been steadily hiring senior bankers, expanding into new industries, and winning larger advisory mandates. Joining a firm during a growth phase can be advantageous because there is often more room for career advancement and the opportunity to be part of building something.
PJT Partners Recruiting Process
PJT recruits from a select group of target schools and is highly competitive. The process shares many similarities with other elite boutique firms.
Application and Resume Review
PJT looks for candidates with strong academic records, relevant finance experience, and demonstrated interest in advisory or restructuring. Your investment banking resume should highlight any prior finance internships, quantitative coursework, and leadership experiences. If you are targeting the restructuring group specifically, any exposure to credit analysis, distressed situations, or corporate finance coursework is particularly valuable.
Interview Process
PJT’s interview process typically involves first-round interviews followed by a Superday. For strategic advisory roles, expect standard M&A technical questions — DCF walkthroughs, enterprise value vs. equity value, accretion/dilution analysis, and LBO concepts.
For restructuring roles, the technical bar is even higher. You should be prepared to discuss concepts like fulcrum security analysis, debt waterfalls, liquidation analysis, and the differences between Chapter 7 and Chapter 11 bankruptcy. Understanding WACC, cost of equity, and how capital structures work is essential.
Behavioral questions are important as well. Be ready to answer “Walk me through your resume”, “Why PJT Partners?”, and “Why restructuring?” (if targeting that group). For “Why PJT?”, focus on the firm’s restructuring excellence, the opportunity to be part of a growing advisory platform, and the firm’s culture of senior banker involvement.
Networking Tips
As with any elite boutique, networking is critical for PJT recruiting. The firm is small, so having a personal connection or referral can make a meaningful difference. Reach out to PJT analysts and associates via LinkedIn, attend firm information sessions, and be persistent but respectful in your outreach. Our networking guide provides more detailed strategies for building these relationships.
Life as an Analyst at PJT Partners
PJT analysts work in a demanding but rewarding environment. Deal teams are lean, so analysts take on significant responsibility from day one. In strategic advisory, you will work on traditional M&A deal execution. In restructuring, you will work on some of the most analytically complex situations in finance.
Hours are long — comparable to other elite boutiques — but the quality of the work and the exposure to senior bankers make it a strong development experience. PJT also invests in analyst training, and the firm’s relatively small size fosters a collaborative culture where junior bankers can build strong relationships with mentors. For a broader look at the day-to-day experience, see our guide on a day in the life of an investment banking analyst.
PJT Partners vs. Other Elite Boutiques
Here is how PJT stacks up against other top advisory firms:
- PJT vs. Evercore: Evercore is larger, has a broader industry coverage platform, and is more established in M&A advisory. PJT’s key differentiator is its restructuring practice, which is arguably the best in the industry. If you want pure M&A, Evercore may be the better fit; if you want restructuring or a diversified advisory platform, PJT stands out.
- PJT vs. Centerview: Centerview is even more selective and focused on the largest M&A transactions. PJT offers a wider range of advisory services (including restructuring and Park Hill). Centerview is smaller, while PJT is growing more rapidly.
- PJT vs. Moelis: Moelis has a broader global presence and more industry coverage teams. PJT’s restructuring franchise is stronger, while Moelis has a more established M&A platform across a wider range of deal sizes.
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If you are serious about breaking into investment banking, the best thing you can do is work with someone who has been through the recruiting process and knows exactly what top banks are looking for. At Wall Street Mastermind, we have helped over 2,100 students land offers at every bulge bracket and elite boutique bank on Wall Street. Book a free strategy call to learn how we can help you prepare for your interviews and maximize your chances of landing the offer.
Related Articles
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- Restructuring Investment Banking: Complete Guide
- Leveraged Finance: Complete Guide
- How to Prepare for Investment Banking Interviews
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