Houlihan Lokey and PJT Partners both have powerhouse restructuring practices but come from different tiers and cultures. PJT is classified as an elite boutique scoring 5 out of 5 across prestige, compensation, training, and exit opportunities, while Houlihan Lokey is classified as middle-market scoring 4 out of 5 in prestige, compensation, and exit opportunities, though it scores an impressive 5 out of 5 for training. PJT's acceptance rate of 2-3% is more selective than HL's 3-4%. HL has a much larger analyst class of 100-120 versus PJT's 50-70. The restructuring comparison is particularly interesting: Houlihan Lokey has been the number one global restructuring advisor by number of transactions for many consecutive years, while PJT competes on the largest and most complex restructuring mandates. HL's broader platform includes financial advisory, corporate finance, and valuation services alongside restructuring, giving it a diversified revenue base. PJT's Park Hill fund placement business adds a unique dimension. Work-life balance is 2 out of 5 at both firms. Culturally, HL has a more collaborative, training-focused environment, while PJT carries a more elite, Blackstone-heritage culture.
Prep for both firms
Practice interview questions for any bank on this list.
Houlihan Lokey vs PJT Partners (2026)
Houlihan Lokey
Middle Market
PJT Partners
Elite BoutiqueSide-by-Side Comparison
Culture Comparison
Prestige
Compensation
Training Program
Exit Opportunities
Work-Life Balance
The Verdict
Choose PJT Partners if you want the most prestigious advisory brand, higher compensation, and the strongest possible exit opportunities into mega-fund PE. PJT's elite boutique positioning and Blackstone heritage open the most selective doors. Choose Houlihan Lokey if you want the best restructuring training in the industry by volume, prefer a more collaborative culture, or value HL's broader platform spanning valuation and corporate finance. HL's larger class and industry-leading deal count in RX mean more hands-on restructuring experience. For restructuring-specific careers, both are excellent, but PJT carries more brand weight in PE recruiting while HL provides deeper transactional breadth.
Frequently Asked Questions
Which is better for restructuring?
Both are among the top restructuring advisors globally. Houlihan Lokey leads by number of restructuring transactions completed, providing more hands-on deal experience. PJT competes on the largest, most complex mandates with higher average deal sizes. Both offer exceptional RX training.
Which has better exit opportunities?
PJT Partners has stronger exit opportunities overall with a 5 out of 5 rating versus HL's 4 out of 5. PJT analysts place into more mega-fund PE seats. However, HL analysts place very well into distressed-focused funds and middle-market PE, and HL's exit outcomes are strong for its tier.
Which pays more?
PJT Partners pays more with a 5 out of 5 compensation rating versus HL's 4 out of 5. PJT's elite boutique positioning supports top-of-market compensation. HL pays well for its tier but does not match elite boutique pay levels.
