Use Coupon "RX" for 15% Off & Pay No Tax. Members Area Last Updated: July 2020

How to Ace Your Restructuring Interview

From cap tables to cram downs, discover how RX investment banking works and get over 500 restructuring interview questions

Over the past few years I’ve realized just how absurdly unprepared most candidates are when they interview for restructuring jobs…

Frankly speaking there are two types of people who interview for elite restructuring jobs; whether they're undergraduates, lateral hires from M&A, or MBA/JD students:

1. Those who have a friend in restructuring who has coached them through what restructuring is and how to answer restructuring interview questions

2. Everyone else

In no area of banking are the cards more stacked against the vast majority of interviewees than in restructuring.

…That’s because restructuring interviews have become much more restructuring-focused in recent years.

It used to be the case (like when I interviewed as a summer analyst in 2016!) that the vast majority of the questions were your typical investment banking technicals. Walk me through the three statements, what if depreciation decreases $10, etc.  

Now that restructuring groups have grown so rapidly and restructuring has been recognized as one of the most elite jobs in finance, the interviews are much more restructuring-focused.

Restructuring interviews are now designed to weed out those who actually understand what restructuring is in practice, and those that do not.

…Unfortunately, up until now, access to information about what restructuring is all about hasn’t been equally available.

If you knew a restructuring analyst or associate you were set. If you didn’t you were almost certainly out of luck.

So I decided to level the playing field by creating the most comprehensive course on restructuring available anywhere...

I started off this project by asking the following question: if I wanted to teach someone how to not only succeed in an interview, but succeed in their first few months on the job, what would I do?

Ultimately, I decided I would need to:

1. Provide lots of questions and answers that you'll actually be faced with in an interview (since you can't succeed on the job, without getting the job!)

2. Give a detailed overview of what restructuring investment banking really is; what are the deliverables, what are the roles of all the players, and what do deals look like

3. Show what concepts and terms crop up in the day-to-day role that you need to know

4. Create some actual examples to solidify what the deliverables should look like

So that’s what I set out to do and that's how this course was created.

This course is composed of seven reports – spanning hundreds of pages and hundreds of questions and answers – that will ensure you not only get the job, but that you’re a top preforming analyst or associate from the day you arrive.

...When I got started making this course I figured it would end up being reasonably short. But it's not. At all.

That's because restructuring is complicated and I wanted those who go through this course to feel like they have a full understanding of what they're getting into (without overwhelming you with irrelevant academic facts or historical anecdotes).

Here’s a detailed breakdown of what's included in the course:

Restructuring Interviews Overview Guide

The Overview Report

The Overview report is nearly 100 pages detailing: 

  ✓ The day-to-day work you should expect

  ✓ What concepts and terms you absolutely must know

  ✓ What kind of deliverables exist in RX (with examples)

Restructuring Interview Questions and Answers

143 RX Interview Questions and Answers

This report details 143 of the RX-specific question and answers you need to know. Ranging from contextual questions about how RX operates in practice to the specifics of how we think about distressed companies. These aren't one-line answers, they often stretch for multiple paragraphs.

Accounting and Valuation Questions and Answers

96 Accounting & Valuation Questions and Answers

Knowing RX-specific answers sets you far apart. But you still need to know the traditional technicals. I've put together 96 of the most popular technicals (most having RX-specific spin on them). You still need to know your accounting and valuation for an interview (even if it's not as relevant in RX). This will ensure you know how traditional technicals are viewed through a RX mindset.

Distressed Debt Analysis Moyer Q&A

145 Questions and Answers from Distressed Debt Analysis

This report contains 145 questions and answers developed partly from the Bible of distressed debt: Distressed Debt Analysis by Moyer. This will teach you the finer details around the bankruptcy code and how to think about distressed companies. 

Distress Investing Whitman Q&A

78 Questions and Answers from Distressed Investing

This report contains 78 questions and answers developed partly from Distress Investing by Martin Whitman (the legendary distressed hedge fund manager). These questions are slightly more practical and accessible and I've sprinkled this report with more contextual questions throughout.

Pragmatist's Guide to Leveraged Finance Q&A

108 Questions and Answers from A Pragmatist's Guide to Lev Fin

This report contains 108 questions and answers developed partly from A Pragmatist's Guide to Leveraged Finance by Kricheff. These questions will give you a practical, fulsome understanding of capital structures and debt. 

Capitalization Tables questions and answers

Cap Table Examples with Questions and Answers

Creating and understanding capitalization tables are the most important tasks for a new entrant to RX or distressed debt. So much so that in some interviews you'll be given cap tables and asked questions about them. Here I give two examples along with Q&A.

To say that what has been compiled here is the largest, most comprehensive restructuring and distressed debt resource around would be an understatement. 

This course goes far beyond traditional interview questions, it teaches fundamentally what restructuring investment bankers and distressed investors are looking at and doing day-to-day.

Plus, when you order the course, you get complete access to me. If you're confused about any point in the course, you can just reach out and have me clarify it. 

So who is this course really for?

First and foremost, this course was created for those looking to break into the world of restructuring investment banking. 

If you're wondering what kind of questions you'll face in an interview (and how to answer them) then this course is most certainly for you.

…However, this course is so large and comprehensive that it has a little bit of something for everyone.

If you’re at all interested in the world of distressed debt or restructuring, you’ll learn from this. If for no other reason than I’ve distilled questions and answers from all the major books on the subject.

Also, when you order you get e-mail access to me. So if you have any questions not answered fully in the course, you can just shoot me an e-mail anytime. 

Here’s the background of some of those who have gone through the course and loved it:

1. Undergraduates and graduate students looking to break into summer analyst or associate roles in restructuring 

2. Undergraduates and graduate students who have interned in M&A, equity research, or sales and trading and are looking to move into restructuring full time

3. Current M&A, equity research, or sales and trading analysts or associates looking to pivot into restructuring

4. Current M&A, equity research, or sales and trading analysts or associates moving into a more credit-focused role

5. Current or aspiring PE associates who want to understand how the restructuring process works (since many PE-sponsored companies end up getting restructured so understanding restructuring is a very valuable, differentiated skillset for PE associates to have)

If you’re serious about getting into restructuring - crushing your interview and being a top-bucket analyst or associate from day one - then this course was designed for you.

However, If you’re just looking to get a comprehensive overview of how restructuring works – what types of deals there are, what terms and concepts must be known, etc. – then this course will get you fully up to speed and will be a resource you can refer back to as needed.

Many M&A analysts and PE associates have gone through this course. Not because they're interested in moving to restructuring investment banking or distressed credit investing, but just because they're curious about how those in restructuring think about capital structures and how to restructure them.

Where students have gone...

So what are your options?

…You’re about to get access to over 500 questions, examples of deliverables, and a main guide that spans nearly 100 pages that explains exactly what you need to know.

As previously mentioned, I started this project as a bit of a hobby.

...I saw what the real world of restructuring looked like when I joined and I saw how woefully unprepared almost all candidates interviewing were.

Because I've enjoyed putting this all together and meeting those who have ordered the course, I’m not going to charge some exorbitant amount. 

...I’ve seen the $200-300+ M&A and PE guides out there. I don’t think they come anywhere close to being as in-depth or compressive as this. 

But that’s fine.

I’ve loved getting to know those who have bought this course. The feedback has been incredible, and the results speak for themselves.

First and foremost, I’ve created this whole course to help and if it makes me enough for a few nice bottles of wine a month, that's great.

Based on feedback from early readers of this course, I've decided to offer two options.

The first option, for just $29, gets you access to all seven of the guides previously mentioned. This will ensure you have all the material you need to crush your interview and be a top-bucket analyst or associate right off the bat.

You'll know exactly what to say in interviews, what is expected of you as an analyst or associate, and have a great understanding of how restructuring operates in the real world. 

…The second option, which is entirely optional, gets you full first priority e-mail access to me. If you have any clarifying comments or questions you can feel free to ask me at any time.

You also will get a 45-minute one-on-one mock-interview where I ask you the most common RX interview questions and give you feedback on how to improve.

...I'll also more than happily go through your CV and give general advice on making sure you get the interview so you can show off your knowledge of restructuring. 

The second option will be a bit pricey for some, I know, but I really only have an hour or so a day to spare so it has to be. 

Ultimately, the second option is intended for those who are gearing up for their interviews and want to make sure they have all their bases covered. 

Note: The second option will at times say "sold out" if too many people end up ordering. As I said, I really can only do one mock interview a day at most so sometimes I have to stop taking orders.

There's no fancy sales letter here, because I'm not interested in convincing anyone to order. 

Ultimately, for the price of about a dozen coffees, you'll be provided with the most comprehensive education in restructuring you'll find anywhere. 

No course can substitute for "on the job experience", of course. 

...But I believe this is as close as you can get and given how lucrative and exclusive this field is, I think that makes this price an obvious bargain. 

Whether you want to work in restructuring or are just curious, you’ll find value here...

When I first launched Restructuring Interviews, I expected a handful of keen students gearing up for their restructuring interviews to pick it up.

…The reality is, I’ve had folks order who are currently in M&A and looking to pivot, those who are starting out in credit looking to know more about restructuring, and even those well established in their finance career who are just curious about the world of RX.

I figured I would enjoy hearing from those who picked up this course, but I couldn’t imagine just how much I have.

Restructuring is an incredibly intellectually engaging field and interesting people just seem to be drawn toward it.

If you’re at all interested in restructuring, I know you’ll take tremendous value away from this course and I hope to hear from you soon.

P.S - I pride myself on always being available to help those who have ordered the course. Given that I don't have that much free time, when I start getting too many e-mails I raise the price of the course in order to slow the number of new folks ordering.  So fair warning that the prices on this page will fluctuate. 

FAQs

Is this course right for me?

This course is aimed primarily at those looking to break into restructuring investment banking. However, it contains hundreds of questions, examples, and more making it relevant for anyone interested in distressed debt or restructuring (e.g. credit investors, PE associates, etc.)

How is the course delivered?

The course is entirely digital. Immediately after ordering you will receive an e-mail with your unqiue link to access the member's area where all the content is housed. You can then get started right away. Courses can only be accessed by one person and downloads are tracked. 

Are there refunds?

If for whatever reason you're unhappy with the course, a refund will be made. However, hundreds have bought the course and no refunds have been asked for yet, which I'm incredibly proud of.

Let's Get Started

If you have any questions, feel free to reach out. RX is a daunting field, but it's also an incredibly rewarding one.

Articles to Prep for Your Restructuring Interview