PJT RSSG Interview Questions 2027: Bankruptcy, Waterfall & Fulcrum
PJT's Restructuring and Special Situations Group is the firm's crown jewel — and PJT RSSG interview questions are the most technically demanding in PJT's process. If you're interviewing for RSSG, expect bankruptcy mechanics, the creditor waterfall, and fulcrum security analysis. This isn't generalist banking trivia; it's the specialist knowledge the group hires for.
What PJT RSSG Interview Questions Cover
Typical PJT RSSG interview questions start with motivation ("why restructuring?") then go deep: walk me through a Chapter 11 process; explain the absolute priority rule and the creditor waterfall; what is fulcrum security and why does it matter; how do you value a distressed company; what happens to equity in a restructuring. You may also get a mini-case: "a company has $500m of debt trading at 40 cents — walk me through the restructuring options." Vague answers get shredded.
The Three Concepts PJT RSSG Interview Questions Demand You Own
For PJT RSSG interview questions, three ideas are non-negotiable. Bankruptcy basics: Chapter 11 as a court-supervised reorganization where the company keeps operating while claims are restructured. The waterfall: secured creditors → unsecured → subordinated → equity, under absolute priority — know who gets paid first and who gets wiped out. Fulcrum security: the most junior impaired class, which typically becomes the new equity — the fulcrum is where the restructuring's value breaks, and RSSG bankers live there.
How to Prepare for PJT RSSG Interview Questions
- Learn the vocabulary cold. Waterfall, fulcrum, cramdown, DIP financing, 363 sale — fluency is the price of entry.
- Study one real restructuring. Know a recent case's capital structure and outcome in detail.
- Drill the exact questions. Our 2027 PJT Partners Online Assessment Exact Questions & Answers pack contains the real PJT RSSG interview questions — waterfall walkthroughs, fulcrum analysis, distressed valuation — with model answers from bankers.
- Prepare "why restructuring." Genuine intellectual interest in distressed situations, not "I like complex deals" generics.
RSSG Doesn't Hire Tourists
FOMO: PJT's restructuring franchise is legendary precisely because the bar is specialist-level. Generalist prep won't survive an RSSG interview — the interviewers will know within minutes whether you've done the work. The candidates who get offers started months ago. Start now.
FAQ
What is RSSG at PJT? The Restructuring and Special Situations Group — PJT's market-leading restructuring advisory practice.
What is fulcrum security? The most junior class of claims still receiving recovery — typically converted into the reorganized company's equity.
Do I need restructuring experience to interview? No, but you need genuine, demonstrable preparation — reading and case study.
Is RSSG harder to get into than strategic advisory? The technical bar is more specialized; fewer candidates are truly prepared, which is your edge if you are.
Preparing for PJT Partners' RSSG Technical? Our 2027 PJT Partners Online Assessment Exact Questions & Answers has the exact questions and answers — $79 one-time, instant download.
