PJT M&A vs RX — Interview Differences

How questions diverge across capital structure, liquidity paths, and valuation trade‑offs.

Where the interviews diverge

PJT M&A and PJT RX share core accounting, but the follow‑ups split quickly. RX pushes you to reason about liquidity and capital structure, while M&A stresses valuation trade‑offs and integration risks.

RX emphasis

Liquidity paths (13‑week views), cash management, DIP financing basics
Creditor priorities, intercreditor/covenant considerations, maturity walls

M&A emphasis

DCF/comps triangulation; synergy buckets and purchase accounting
What has to be true for accretion/dilution to hold post‑close

How to practice

Build a 1‑page RX case: quick liquidity math and a plausible path
Build a 1‑page M&A case: comps/DCF snippets and an explicit decision