Invited to a PJT Partners superday? Here is how the day runs in New York, what the behavioral, markets, technical and case rounds ask, how Restructuring differs and how fast you hear back.
Key facts
- Before it: One first round of 20 to 30 minutes with one interviewer or two on one. An M&A first round in February 2026 (summer 2027) was very technical.7,3,6
- Interviews: Strategic Advisory in New York: four interviews, two behavioral, one markets and one case study (Feb 2026, summer 2027) or technical (Feb 2025, summer 2026). Restructuring: five rounds of 20 to 30 minutes, one of them technical (Jan 2025, summer 2026).2,3,5
- Length: About two hours in all in New York (Feb 2025, summer 2026), with rounds of 20 to 30 minutes.3,5
- Who you meet: Senior bankers: one January 2026 (summer 2027) superday was four interviews with MDs and partners in person at the office, and the February 2025 (summer 2026) behavioral rounds were with seniors.4,3
- What it tests: PJT runs a structured process that tests broad industry understanding and interest, corporate finance fundamentals and behavioral competencies, to judge aptitude, potential and cultural fit.1
- Timing: Superday invites have come within hours of the first round: the same afternoon in January 2026 (summer 2027), and in Restructuring within a few hours, with the superday two days later (January 2025, summer 2026).4,5
Strategic Advisory, Restructuring and Special Situations, Park Hill and Camberview interview on their own clocks, and the summer program itself is generalist, with no placement process within a business.10,11,1
What the PJT Partners superday looks like
The first round first
One first round of 20 to 30 minutes comes before the superday, with an associate or two interviewers at once. PCA (Financial Sponsors) ran it two on one in January 2026; an M&A first round in February 2026 was very technical, with a very difficult merger model question. Both were in the summer 2027 cycle.7,3,6
The invite
PJT moves fast. In January 2026 (summer 2027) a superday invite came the same afternoon as the first round; in Restructuring in January 2025 (summer 2026) the invite came within a few hours and the superday two days later.4,5
On the day
Strategic Advisory superdays are in New York: four interviews over about two hours, two behavioral with senior bankers, one markets and one case study or technical round (2025 and 2026, summer 2026 and 2027). One January 2026 superday was four interviews with MDs and partners in person at the office.2,3,4
The case and technical rounds
The case can be open: value a growth-stage B2B tech company and advise it on financing. Technical questions go deeper than definitions, from exchange ratios to applied accounting and M&A.4,2,6
Restructuring is different
Restructuring and Special Situations ran five rounds of 20 to 30 minutes in January 2025 (summer 2026): one technical, the rest resume walkthroughs, recent transactions you follow with many follow-ups, and waterfall questions.5
What PJT is judging
PJT says its structured process assesses aptitude, potential and cultural fit, testing broad industry understanding and interest, corporate finance fundamentals and behavioral competencies. Successful candidates show strong potential across the range of attributes that predict success in the role.1
The rounds, process by process
- Strategic Advisory, New York (Feb 2026) First round, 4 interviews
- Two behavioral, one markets, one case study.
- New York (Jan 2026) Online first round, 4 interviews
- In person with four MDs and partners; a valuation and financing case.
- Strategic Advisory, New York (Feb 2025) 30 min, then about 2 hours
- One technical, one markets and two behavioral rounds with seniors.
- Restructuring, New York (Jan 2025) First round, 5 x 20-30 min
- Superday two days after the first round; one technical round.
- PCA, Financial Sponsors, New York (Jan 2026) 20 min, two on one
- First round: why PJT, why PCA, conceptual and basic IB technicals.
Each row is one process, with the month it ran. PJT describes a structured interview process testing industry understanding, corporate finance and behavioral competencies.1,2,3,4,5,7
Before your superday
- Every line of your resume, told without looking at it.
- Exchange ratios and accretion and dilution, worked out loud.
- How you would value a young, fast-growing company with no profits, and how it should raise money.
- Two or three recent deals you have followed, with the follow-up questions you would expect.
- One view on the markets: rates, the M&A pipeline, a sector you know.
- For Restructuring: the ways a company can raise liquidity and a simple waterfall.
- A specific reason for PJT and for the group you applied to.
- An honest answer to "what would you do differently today?"
The questions
PJT's questions test broad industry understanding and interest, corporate finance fundamentals and behavioral competencies. In New York those map onto the superday rooms: behavioral, markets, technical and case.1,2,3
- Behavioral: Your resume, your choices and how you reflect on them, with senior bankers.
- Markets: The current M&A market, deals you have followed and what drives them.
- Technical: Exchange ratios, merger models, accounting, debt vs equity and EV vs equity value.
- Case: Value a company and advise it, such as on how to finance growth.
- Restructuring: Liquidity options, waterfalls and recent transactions you have followed.
Which division question you get
- Strategic Advisory, New York (Feb 2026)
- Summer 2027: a first round of basic behaviorals and technicals, then a four-interview superday: two behavioral, one markets and one case study. Exchange ratio came up.2
- New York (Jan 2026)
- Summer 2027: a technical online first round, then a superday with four MDs and partners in person. Value a growth-stage B2B tech company and advise it on financing.4
- Strategic Advisory, New York (Feb 2025)
- Summer 2026: a 30-minute online first round, then a two-hour superday: one technical, one markets and two behavioral rounds with seniors.3
- Restructuring, New York (Jan 2025)
- Summer 2026: five 20 to 30 minute rounds, one technical; resume walkthroughs, recent transactions and many waterfall questions. List ways a company can generate liquidity.5
- PCA, Financial Sponsors, New York (Jan 2026)
- Summer 2027: an online personality test, then a 20-minute two-on-one first round: why PJT and why PCA, high-level conceptual technicals and basic DCF, LBO and cash flow questions.7
- PJT Camberview, New York (Oct 2026)
- Summer 2027: a very behavioral first round: why Camberview, why activism over investment banking, and a hostile takeover Camberview helped defend.9
- Capital MarketsBest guess
- Expect the Strategic Advisory shape with a markets tilt: recent IPOs or bond deals, how they priced and why, on top of the core technicals.
The Capital Markets line is our best guess: its superday was still running after M&A offers were out in early 2026 (summer 2027), but no account of its rooms was readable.
Example questions and how to answer them
Case study"How would you value a growth-stage B2B tech company, and how would you advise it on financing?"4
- 1Value it on what it has: revenue growth and retention, so forward EV/Revenue against peers, with a DCF as a cross-check.
- 2Name the drivers that move the multiple: growth rate, gross margin, net revenue retention, burn.
- 3Financing: match the source to the stage. Equity for growth with no profits; venture debt or a revolver only against recurring revenue.
- 4Give a recommendation and the trade-off: dilution vs leverage risk.
Tip: Asked in a New York process in January 2026 (summer 2027) whose superday was four MDs and partners. Bring it to a recommendation; MDs want advice, not a list.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. With no profits yet, I would value it mainly on forward revenue: EV/Revenue against public and recently acquired B2B software peers, adjusted for its growth and gross margin, with a DCF on a path to margins as a sanity check. The key drivers are growth, net revenue retention and burn. On financing, I would advise a growth equity round sized for about two years of runway, because debt service on a loss-making company adds risk when growth can slow. If it has strong recurring revenue, a small venture debt line alongside the equity could reduce dilution. The trade-off I would put to the board is dilution now against the risk of a debt covenant if growth disappoints.
Technical"Walk me through how an exchange ratio works."2
- 1Define it: the number of acquirer shares each target share receives in a stock deal.
- 2Build it: offer price per target share divided by the acquirer's share price.
- 3Explain fixed vs floating: who bears the risk if the acquirer's stock moves.
- 4Link it to ownership and accretion and dilution.
Tip: Asked in a New York Strategic Advisory process in February 2026 (summer 2027), which had a four-interview superday. Use a quick number so the interviewer sees you can do it live.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. In a stock deal, the exchange ratio is how many acquirer shares each target shareholder gets per share. It is the offer price per target share divided by the acquirer's share price: if we offer $60 a share and the acquirer trades at $40, the ratio is 1.5. With a fixed ratio, the target holders bear the risk of the acquirer's stock moving before close; with a floating ratio, the number of shares adjusts to deliver a fixed value, so the acquirer bears it. The ratio also sets pro forma ownership, which drives whether the deal is accretive or dilutive to the acquirer's earnings per share.
Restructuring"List the ways a company can generate liquidity."5
- 1Start inside the business: working capital, cutting costs and capex.
- 2Then the balance sheet: draw the revolver, sell non-core assets, sale-leasebacks.
- 3Then new capital: new debt, rescue financing, equity or a rights issue.
- 4Then the restructuring tools: amend and extend, exchanges, or a court process.
Tip: Asked in a New York Restructuring process in January 2025 (summer 2026) whose superday had many waterfall questions. Order your answer from least to most painful for existing holders.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I would go from least to most disruptive. Operationally, it can release working capital by collecting receivables faster, stretching payables and cutting inventory, and it can cut costs and defer capex. On the balance sheet, it can draw its revolver, sell non-core assets or do a sale-leaseback of real estate. It can raise new money, from new secured debt or rescue financing to new equity, though that gets expensive when it is distressed. And if that is not enough, it moves to liability management: amend-and-extend, debt exchanges, and ultimately a Chapter 11 with DIP financing.
Behavioral"What is one thing you wish had gone differently today?"3
- 1Pick something real and small from the day, not a fake weakness.
- 2Say what happened in one sentence.
- 3Say what you would do differently, concretely.
- 4Show you can take it in stride and keep going.
Tip: Asked in a New York Strategic Advisory process in February 2025 (summer 2026), whose superday had two behavioral rounds with senior bankers. It tests how you reflect under pressure; a polished non-answer reads badly.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. In my technical round I rushed the exchange ratio question and set it up backwards before I caught it. The math was right in the end, but I would have liked to say the formula out loud first and then plug in numbers, which is how I usually work. It is a small thing, but it is the habit I want on a live deal: slow down for ten seconds at the start so I do not have to correct course later.
Fit and motivation"Why PJT, and why this group?"7,1
- 1Name something specific about PJT: the advisory model, a group, people you met.
- 2Show you did the research: a recent deal or the investor presentation.
- 3Say why the group fits what you want to learn.
- 4Close on the role, in under a minute.
Tip: A PCA (Financial Sponsors) first round in January 2026 (summer 2027) asked why PJT and why PCA, and PJT's own advice is to research the firm and its investor presentation. Expect it again on the superday in a senior room.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. PJT is advisory-only, so the work is about the right answer for the client rather than a product to sell, and the summer program is generalist, which lets me see M&A and capital markets work before I specialize. When I read the investor presentation, the range of the business stood out, from restructuring to Park Hill's fund placement, and that breadth is part of the appeal. The two analysts I spoke with both described working directly with partners as summer analysts. That combination of independent advice, breadth and access is why PJT is where I want to start.
More PJT Partners superday questions
Technical
“Debt vs equity.”8
New York M&A interview, Feb 2026 (summer 2027); a topic, not exact wording
“Enterprise value vs equity value.”8
New York M&A interview, Feb 2026 (summer 2027); a topic
“Walk me through a company.”8
New York M&A interview, Feb 2026 (summer 2027)
“A very difficult merger model question.”6
New York M&A first round, Feb 2026 (summer 2027); a topic, not exact wording
“Waterfall questions.”5
Restructuring superday, New York, Jan 2025 (summer 2026); a topic
Behavioral and fit
“Where else are you interviewing?”8
New York M&A, Feb 2026 (summer 2027); asked about other processes, not exact wording
“Walk me through your resume.”5
Restructuring superday, New York, Jan 2025 (summer 2026)
“Why Camberview, and why activism instead of investment banking?”9
PJT Camberview first round, New York, Oct 2026 (summer 2027)
Markets and deals
“Talk me through a recent transaction you have followed.”5
Restructuring superday, New York, Jan 2025 (summer 2026), with many follow-ups
“Name a hostile takeover attempt Camberview helped defend.”9
PJT Camberview first round, New York, Oct 2026 (summer 2027)
“Where is the M&A market heading this year, and which deals show it?”
Best guessOur expectation for the markets room, from the four-interview superdays above
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How long to hear back after the superday
PJT moves quickly: superday invites have come within hours of a first round, and offers follow group by group, with M&A deciding before Capital Markets in the summer 2027 cycle.4,5,10
Jan 2025 (summer 2026)
Restructuring, New York
First round with an associate, a superday invite within a few hours and the superday two days later.5
Feb 2025 (summer 2026)
Strategic Advisory, New York
A 30-minute online first round, then a two-hour superday in New York; one to two months from applying.3
Jan 2026 (summer 2027)
Restructuring and Special Situations, US
First rounds from around New Year, before the main posting opened; offers were out within weeks.11
Jan 2026 (summer 2027)
New York
Superday invite the same afternoon as the first round, which came several days after networking with an analyst.4
Feb to Mar 2026 (summer 2027)
US
M&A offers were out while the Capital Markets superday was still running.10
Feb 2026 (summer 2027)
Strategic Advisory, New York
First round to a four-interview superday, under a month in all.2
PJT sizes the summer class for its full-time needs, and everyone is eligible for a full-time offer depending on performance in the internship.1
Best guessExpect a decision within a few days of the superday. If a week passes, one short note to your recruiter is fine; keep other processes moving.
What happens after the superday
Online application
Done. A PDF resume submitted through PJT's careers page.1
Suited assessment
Done. Required with the application; PJT says it is not weighted more than other factors.1
First round
Done. A 20 to 30 minute online interview, often technical.3,7,6
SuperdayYou are here
This page. Four or five back-to-back interviews in New York with behavioral, markets, technical and case rounds.2,3,5
Offer
Offer decisions group by group. The program is generalist and every intern is eligible for a full-time offer.1,10
FAQ
How many interviews are in a PJT Partners superday?
Four in Strategic Advisory (two behavioral, one markets, and one case study or technical, in February 2025 and February 2026, the summer 2026 and 2027 cycles), and five shorter rounds in Restructuring (January 2025, summer 2026). Expect about two hours in all.2,3,5
Is the PJT Partners superday in person?
Expect it to be. A February 2025 (summer 2026) Strategic Advisory superday was in New York, and a January 2026 (summer 2027) superday was four MDs and partners in person at the office.3,4
Is there a case study at the PJT superday?
Often. A February 2026 (summer 2027) Strategic Advisory superday had one case study room, and a January 2026 process that ended in a superday with MDs and partners asked how to value a growth-stage B2B tech company and advise it on financing.2,4
How technical is the PJT superday?
Usually one technical or case room, with the rest behavioral and markets. The first round is often the more technical step: an M&A first round in February 2026 (summer 2027) included a very difficult merger model question.2,3,6
Superday at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.
- 1PJT Partners: Students (recruiting process and FAQ)
- 2Candidate report on a public forum: Strategic Advisory interview, New York (Feb 2026)
- 3Candidate report on a public forum: Strategic Advisory Summer Analyst interview, New York (Feb 2025)
- 4Candidate report on a public forum: Summer Analyst interview, New York (Jan 2026)
- 5Candidate report on a public forum: Summer Analyst interview, Restructuring, New York (Jan 2025)
- 6Candidate report on a public forum: Summer Analyst interview, Mergers and Acquisitions, New York (Feb 2026)
- 7Candidate report on a public forum: PCA Summer Analyst interview, Financial Sponsors, New York (Jan 2026)
- 8Candidate report on a public forum: Investment banking SA interview, Mergers and Acquisitions, New York (Feb 2026)
- 9Candidate report on a public forum: Summer Analyst interview, PJT Camberview, New York (Oct 2026)
- 10Candidate discussion on a public forum: PJT Partners 2027 SA Thread (from Jan 2026)
- 11Candidate discussion on a public forum: PJT RSSG SA2027 Thread (from Jan 2026)
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