How to quickly prepare for restructuring interviews

Hey {{first_name}}

Rx here from Pari Passu and the Restructuring Program.

Over the last few weeks, banks have indicated that restructuring recruiting might start soon. Potentially before the Christmas break of sophomore year.

This is not confirmed, and as far as I know, no one has scheduled interviews yet. That said, I have received from many of you a question along the lines of:

"I'm starting my sophomore year. Restructuring interviews are only weeks away, and I've recently become interested in restructuring. Should I wait to recruit after my summer internship or try to cram in prep and interview for summer roles?”

While we could spend a lot of words discussing how unhelpful these timelines are, that is not productive. This is how the game is evolving, and today I will share my thoughts on how to play our cards as well as possible.

I will divide this article into two pieces. The first is designed to make sure you enjoy restructuring enough that you should pursue it. The second one is for those of you who already know this is what you want to do.

I am obviously a biased party, so I will not spend time telling you how awesome restructuring is. As always, there are pros and cons to everything. What I will do is give you plenty of completely free resources that you can consume to get a sense if this is what you want to do.

1) Restructuring Deep Dives: We have now published over 200 Pari Passu editions. These editions break down the most important restructuring transactions and topics in detail.

I'd be glad if you upgraded to unlock our full research. But save your money if you're just starting out. You can find four unlocked deep dives here to get started. Read these and ask yourself how interesting this was. Did you enjoy the multiple stakeholders that affect a transaction and the prisoner's dilemma behind it? Do you like seeing companies in tough spots? If the answer is yes, this is a good start!

2) The Houlihan Lokey Case Study 101: a key tool for restructuring recruiting for many years. This case study from a top restructuring bank offers clear insights into restructuring. It's a great resource to help confirm your interest in this field.

3) Real Restructuring Presentations: The beauty of restructuring is that each process is unique. As a result, it is hard to get a good sense of what the key work outputs are. Here are 4 real presentations from top restructuring banks: Evercore, Houlihan Lokey, Moelis, and Lazard. This will help you see what a restructuring analyst actually does.

4) Training Program Lessons: This year, we launched our training program. While the full program is not free, you can find here a lesson on cap tables, and here a lesson on bonds vs loans. This will help you start learning the fundamental restructuring topics you must know for interviews.

Extra: Social Media Short Lessons: While this is not the most efficient way to learn, I have been posting about restructuring topics on Instagram since early 2022. If you want to keep learning while you take a break on your phone, check out our page.

If you have done all of these steps and realized this is what you want to do to start your career, keep reading!

Awesome, let’s get to it. You know you want to work in restructuring, but need to prepare quickly. These are the exact steps I would encourage you to take. Two things before we get started.

Note 1: The entire plan I will share will take you ~100/120 hours (excluding networking). Over 8 weeks, that is ~12/15 hours per week. This is not the minimum, but rather what I consider excellent preparation. It is a lot of work, which many students do not get to complete in full. I can’t guarantee an offer, but I’m quite confident. If you follow the steps below, you’ll be in a strong position for a great restructuring offer.

Note 2: I recruited myself nearly 10 years ago. Since then, I've helped hundreds of students break into the field. Still, I feel frustrated by the lack of a complete resource for preparing for restructuring interviews. Finally, after over a year of work, 1,000+ slides, 30+ hours of lessons, and much more, I have published our Restructuring Program. This is a paid resource.

While the reviews we have been receiving are really positive (see here), this is by no means something you have to purchase to get an offer. Many students have received great offers before, and many will in the future. But I want to show you the unmatched value of this resource. It offers speed, depth, and efficiency in preparation.

Let’s get to it.

Step 1 – Start Technical Preparation (35 hours): Everyone knows how inefficient restructuring prep has been historically. Read Moyer, try to get questions from upperclassmen, go through filings to learn a deal. This is what we solved. With the Restructuring Program, you’ll find all you need to learn the skills for a restructuring offer. Plus, you’ll get a head start on the job. This program is unlike any other. It includes tens of hours of lessons where I break down topics conceptually. After that, I provide Q&A to help you prepare for interviews.

If you are recruiting for restructuring summer analyst roles, you should not get the Special Sits Program or the Modeling Program. Get only the Restructuring Program. To kick off the recruiting cycle, you can use code “RXRECRUITING2026” to get $50 off through September 30, 2026.

My advice would be to dedicate the first few days to going through the entire program. This will show you what you already know. The program assumes you have no background knowledge. You'll see how much you need to learn. Most importantly, you'll build a strong foundation for your preparation. Watch the lesson and take notes. Use paper if you can; it helps you learn better. Treat this like a class. The only difference is that at the end of the lectures you will have a superday, not a final.

After the video lessons, there are written Q&A to help you practice. I would encourage you to go through these later, during step 3b, to make sure you can complete step 1 relatively quickly. It’s important to watch the lectures first. Don’t jump into Q&A. You need to grasp the concepts from the ground up, and that’s what the lectures are for. Memorizing questions is easy. However, understanding the concepts will help you stand out in interviews. Trust me on this one.

Step 2 – Learn a Restructuring Deal (10 hours): Now, you should grasp restructuring well. You might feel ready to make networking calls, but there's one more step to take. When talking to bankers, they might ask about a recent restructuring you've followed. This is why you should complete this step before starting to send emails. Over at Pari Passu, we have published over 200 editions, and you can pick one of three options:

Two pieces of advice on this.

First, our writeups are long and detailed. It is extremely important that you understand them and do not memorize what happened. Check the deep dives after you go over the course for the first time. This will show you where to learn more about the technical topics. This will help you understand the transaction breakdown better.

Second, when you talk about a deal in interviews, make a (reasonable) effort to create a personal link with the transaction. For example, if you are from the West Coast and used Bird scooters as a teenager, it is natural for you to have followed the Bird Global Chapter 11. While this is not always possible, this is a great way to show you did not just pick a random transaction and memorize it.

Step 3a – Networking: After completing steps 1 and 2, you are ready to get on the phone with bankers. I want you to complete steps 1 and 2 because it is not uncommon for bankers to do a soft interview during networking calls (looking at you, Houlihan Lokey). Therefore, you should have a bit of preparation under your belt before reaching out.

In general, I would encourage students to reach out within 3 months of when interviews are expected to start. No one knows when interviews will happen. However, reaching out in early October seems reasonable. Banks have informed your school that applications will close by mid-November.

Step 3b – Master Technical Preparation (35 hours): While networking, complete your technical prep. By now, you will have already gone through the entire 30+ hours of recorded lessons in step 1, and you can revisit your written notes to master concepts. I encourage you to rewatch the concepts that still feel unclear. Also, review the Q&A to strengthen your understanding and get ready for interviews.

Step 3c – Mock Interviews (20 hours): After you start to go over questions, it is important to practice, practice, and practice. Importantly, you should practice saying answers out loud. I would highly encourage you to find a recruiting friend to test each other and practice. If you are anything like me, they may become some of your closest friends for a long time.

Step 4 – Go the Extra Mile on a Topic (20+ hours optional): If you do everything in steps 1 through 3, in roughly ~100 hours of prep, you will be extremely ready. What if you have more time and want to do more? From here, there is no exact path I can recommend to you. What I would advise you is to think of a topic you find particularly interesting and try to really dig deep.

Some places to get ideas include the archive of Pari Passu and this page where you can find a compilation of restructuring papers. There’s no guarantee this extra work will lead to an offer. But if there’s even a 5% chance you can impress your interviewer by understanding how a Stapled-Exchange LME works, wouldn’t that make it worth your time?

I hope you find this article helpful. I started the social media accounts, then Pari Passu and the Restructuring Programs because I want the smartest and hardest-working kids, not the most connected, to get the best offers.

These resources make the field fairer; it is up to you to take advantage of them.

If you have any questions, do not hesitate to reach out. I am here to help.

Reach me at [email protected]

Best,
Rx

PS: I am sure you already are, but make sure to sign up for Pari Passu, our flagship research publication; you will get one deep dive per week

PS 2: If you enjoyed this article, sign up for this recruiting-focused newsletter, which will get you a lot of free recruiting resources and bi-weekly/monthly restructuring news to stay updated on the restructuring landscape