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PJT Partners
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Vault’s Verdict

A very prestigious independent investment banking firm, PJT Partners is looking for well-rounded, technically-sound, intellectually curious, personable, humble, hardworking candidates who can think under pressure. The firm runs a very rewarding internship program for students. Interns have access to hands-on training, significant live-deal experience, valuable mentoring, plenty of networking opportunities, and senior bankers who are willing to help. PJT Partners’ full-time junior bankers also have access to extensive career development opportunities, including a lot of responsibility on interesting deals, amazing mentorship, and significant exposure to senior professionals and clients.

PJT Partners’ culture is supportive and collaborative, and senior bankers are very understanding, accommodating, and flexible when it comes to juniors’ commitments outside of work. In addition, vacation days are encouraged (and even required) to use, and a generous remote work policy goes a long way to help juniors’ work/life balance. While hours can still be long at times and weekend work required, juniors only work late because they’re working on live deals (never a pitch). Meanwhile, compensation is incredibly generous and at the top of the Street. Benefits also get good reviews, with insiders particularly appreciating the hybrid work model and ability to work remotely in August and during the holiday season.

Diversity hiring and creating an inclusive culture are focuses at PJT Partners. Insiders say the firm is rather diverse at the junior level but could improve in this area at the senior level. With respect to the firm’s business outlook, PJT Partners is well positioned to continue to thrive. It has a best-in-class restructuring group, its deal pipeline is strong, and it has a very adept leadership team in place to continue to navigate the firm through any economic climate.

EMPLOYEE REVIEWS

Hiring Process

“Out of undergrad and grad programs, we do a typical coffee chat, then a first-round interview, then a Superday. For lateral junior hires, we focus on a modeling test and several interviews (a mix of behavioral and technical questions).”

“MBA process: come to info session, follow up with folks and have one or two coffee chats, get invited to invite-only event, submit resume, first-round interview, Superday with about four interviews, receive offer. Ideal candidate is intellectually curious, capable of thinking under pressure and outside the box, personable and humble, interested in what we do, and hardworking.”

“The ideal candidate is someone who wants to build a career in investment banking, genuinely cares about the work product, is willing to put in the hard work, and is intellectually curious. The candidate needs to be a well-rounded person and have high integrity.”

“We look for only the best and brightest. We don't care if you go to elite schools. If you're a rock star in the interview, and you stand out, we will strongly consider you.”

Interview Questions

“Questions are often conversational to get a feel for cultural fit and ability to talk about one’s experience and interests. Case study example could be reading a mini pitchbook and writing a business memo on your recommendation to invest or not to invest/create a one-pager in PowerPoint.”

“Technicals are expansive, relevant to the job, and tend to start with simple examples that build upon each other in a decision tree format. Questions continue until you find a failure point or run out of time. The goal is to best understand the bandwidth of a candidate.”

“Walk me through an LBO (I had PE internship on my resume), how line items flow through the three financial statements, behavior questions, and stock pitch.”

“Range of technical and behavioral questions which seem to suggest that the firm means what it says in terms of recruiting people who add to the culture.”

Intern Experience

“Great mentorship program and networking opportunities, hands-on training, and the intern project was a practical way to learn and develop core technical skills.”

“The internship is a hands-on experience. I was staffed on two deals during my summer. On one of the deals, I was serving as the full-time associate on the deal, working with the full-time analyst and MD. On the other deal, I was serving as a summer associate on a deal, working alongside a full-time associate. The internship provided me with great insight into what to expect during the day to day if I were to join as a full-time associate.”

“I had immediate access to some of the most senior partners in the firm who are all very approachable. The generalist program enabled me to work on a wide range of industries as well as various groups across the firm.”

“The individual attention and focus of full-time employees during my internship was surprising. PJT's Restructuring Group ways prides itself on selective hiring, and that showed during the internship process. Various bankers and senior group professionals were acutely aware of my staffings and performance and proactively engaged with me.”

Career Development

“Informal mentorship is amazing. Partners on down make an investment in your career development. And when you are good at the job and work hard, people will go out of their way to make you better and give you opportunities to grow. Reputation is extremely important, and working hard the first six to 12 months pays dividends throughout your career here.”

“The firm is highly supportive of moves (as long as the business case is there) across teams, offices, and countries. I have made all three types of moves and gained enormous breadth of experience in doing so. Senior bankers adopt a genuine apprenticeship approach, with a focus on developing talent internally (to complement high-profile external hires that have been made to grow the platform).”

“Good exposure to senior level professionals, lots of autonomy, lots of interacting with smart and capable clients. Promotion cycles are extremely rigid, though.”

“Unbeatable work experience leads our employees to be the most valuable restructuring and special situations employees across Wall Street. Our talent is routinely picked up by the best private equity and hedge fund firms in the world. If you decide you want to recruit for one, the firm will help place you using its network. Our mentality is that we should help everyone succeed in the life they want—we do not try to aggressively keep people like other firms do. The good news is that most people want to stay because the culture is fantastic.”

Quality of Life

“Banking is intense, so the hours are of course going to be longer. However, you really get the sense that people care about your time and quality of life. If you're having a problem, the group encourages you to raise your voice, and I've seen them accommodate people's request.”

“Supportive, highly communicative, understanding, and flexible managers and teammates who are accommodating and happy to cover when you have a personal conflict or planned vacation. Generous remote work policy, global team with several offices, deadlines are mostly reasonable, great benefits. However, high email traffic at all hours of the day makes it hard to truly unplug.”

“It's a hard-working place, but there is time for family commitments and friends, particularly as you get more experienced/better at the job. Your time is valued, and that means both that work is done as efficiently as possible to avoid weekend disruption and also that respect is given to those who have young families, take vacation, etc.”

“While we all work hard (that’s part of the job), there is a collegial atmosphere, and people are generally pretty kind to one another. And we never work late cause of pitch work. When deadlines are tight, but it’s because we’re doing live deal work. “

Salary and Benefits

“All-in compensation is probably top of Street and mostly cash. Base salary is also probably top of Street. Remote/hybrid work options are the most important aspect of compensation package. You only need to be in the office 4 days a week and get have a one-month remote work period.”

“Great compensation, medical coverage, extensive insurances offered (including disability, life insurance, liability, legal coverage, etc.), and decent 401(k) matching.”

“Friday is remote, the week of Thanksgiving is remote, the last two weeks of the year are remote, and the full month of August is remote—and everything still gets done. I cannot emphasize enough the value of August being fully remote in the eyes of the analyst and associate population from a morale and upside perspective.”

“High base salary, and I appreciate our medical care options and overall approach to in-office versus hybrid work policies. I think our retirement fund match is not on par with market. We also do not provide fertility services such as egg freezing that other comparable institutions offer.”

Wellness Efforts

“The firm does a great job ensuring that you have what you need to live well. The mentality is if you are happy and healthy, you will be a better employee. We allowed expensed meals when working from home. We currently have Fridays remote. We have all of August remote, as well as the last two weeks of the year. In addition, we have paid-for meals at the office every Thursday, cocktail hours at the firm Thursday afternoons at 5 p.m., excellent snacks, coffee, etc., all day. The firm does a great job promoting rest.”

“Fully covered counseling initiative, some wellness/exercise incentives, meditation program/room. There's clearly been an effort, but it can be hard to find the time to take advantage of many of the initiatives.”

“Counseling, meditation, and other wellness events are offered. I think we generally do a good job of promoting those programs.”

“We have a stipend for wellness which is a nice perk. They also offer a subscription to Lyra, have a once-weekly meditation session in the office, and a ClassPass discount. It would be nice if they also gave us more ergonomic chairs/desks/keyboard setups, or the ability to order some, but overall I am pretty satisfied.”

Diversity and ESG Initiatives

“Diversity and inclusion events are active, frequent, and real at PJT. The firm is very focused on inclusion efforts regarding recruiting, lateral hiring, conferences, events, awareness, and creating safe spaces for underrepresented groups of all kinds.”

“Diversity is very present at junior levels, but less so (with regards to race) at the senior level.”

“There is strong gender diversity at the senior level, and there is better racial diversity than at other firms. The Pride Network and the Black Professional network sponsor events through the year.”

“We strive to attract the best and brightest, without regard to their background, creed, etc. Despite our best efforts, it remains a challenge to have non-white males stick around through the senior ranks.

Business Outlook

“We are growing quickly and well positioned for the future. It is helpful having verticals that thrive in different macro cycles—in current environment, weakness in M&A and fundraising markets is balanced by strong performance of restructuring division.”

“I think our biggest challenge ahead is simply the competition. But for such a young firm, we have done an amazing job coming up the ranks and proving ourselves as a powerhouse, so I don't have any reservations that we will continue to do so and meet and exceed our competition. Our culture, quality of talent, and leadership together are the foundation that will help us do this.”

“With Paul Taubman at the helm of the firm, and Steve Zelin leading the global restructuring effort, I am beyond confident that the group and the firm are incredibly well positioned for success and will be able to manage the volatile market environments.”

“Pipeline looks extremely promising, with a strong leadership team set to lead us through the next 12 months.”

PJT Partners

280 Park Avenue
New York, NY 10017
Phone: (212) 364-7800

Firm Stats

Employer Type: Public
Stock Symbol: PJT
Stock Exchange: NYSE
Chairman & CEO: Paul J. Taubman

Major Office Locations

New York, NY
San Francisco, CA
Los Angeles, CA
Boston, MA
Houston, TX
Chicago, IL
Hong Kong, CN
London, UK
Madrid, ES
Frankfurt, GE
Paris, FR

Major Departments & Practices

Strategic Advisory
PJT Camberview
Restructuring & Special Situations
PJT Park Hill