Millstein and Co Interview Questions

21 total interview insight submissions
Interview Experience (85%)

The Interview Experience is a score from 1 star (very negative) to 5 stars (very positive) generated based on the Interview Insights at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. If you hover over the various sections of the donut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire dataset.

3.6
  • Very Negative
  • Negative
  • Neutral
  • Positive
  • Very Positive
Interview Difficulty (99%)

The Interview Difficulty is a score ranging from very difficult (red) to very easy (green) generated based on the Interview Insights at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. The higher the number, the more difficult the interviews on average. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). Simply put, as a company gets more insights, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire data set.

3.6
  • Very Easy
  • Easy
  • Average
  • Difficult
  • Very Difficult
% Interns - FT Offers (73%)

The % of Interns Getting a Full Time Offer chart is meant to provide a realistic estimate of the hiring practices of the company based on the reviews at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few reviews). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to the simple company average and away from the average of the entire data set.

80%
  • 0%
  • 10%
  • 20%
  • 30%
  • 40%
  • 50%
  • 60%
  • 70%
  • 80%
  • 90%
  • 100%

Interviews at Millstein and Co

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Year
Job Title
Group/Division
Location
Experience
Difficulty
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Positive
Difficulty
Difficult
Intern
Year 2017
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Positive
Difficulty
Average
Intern
Year 2018
Job Title Intern
Group/Division Investment Banking
Location New York
Experience
Very Positive
Difficulty
Very Difficult
Intern
Year 2018
Job Title Intern
Group/Division Generalist
Location New York
Experience
Neutral
Difficulty
Average
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Positive
Difficulty
Difficult
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location Notre Dame
Experience
Neutral
Difficulty
Average
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location Los Angeles
Experience
Neutral
Difficulty
Difficult
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Neutral
Difficulty
Average
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location New York
Experience
Neutral
Difficulty
Difficult
Intern
Year 2018
Job Title Intern
Group/Division Restructuring
Location Charlottesville
Experience
Positive
Difficulty
Difficult

Interview Questions & Answers - Millstein and Co Examples

Restructuring Summer Analyst Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: April 2018
Date Submitted: Jul 23, 2018
Outcome
Declined Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Interview
First round phone interview, then superday with 3 interviews (1 analyst, 2 associates, 2 VPs). Very resume based interviews, some behaviorals, general Rx technicals, and finance/accounting questions.
Interview Questions
1. Walk us through the stock pitch on your resume? Even though you didn't do a full pitch, let's work our way through a valuation of the company.

2. What is something that you have an opinion on that differs from other people?

3. Who have you talked to at Millstein?

4. What is an interesting restructuring deal you've read about? Why did the company/what caused the company to go bankrupt? What were its options coming out of bankruptcy/chapter 11?

5. Given PIK Debt, walk through the 3 statements?
Sample Answer

Investment Banking Summer Analyst Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: March 2017
Date Submitted: Jun 14, 2018
Outcome
No Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Interview
Applied online and then received a phone screening about 2 weeks later. The phone screen was around 30 minutes.
Interview Questions
Why Restructuring? What is Debtor/Creditor Side? DIP financing? Various way to assist a distressed company (like 5 or more). Questions were not that hard, the interviewer just wanted to know that I knew the material. Basically was primarily technical, but at the beginning around 5-7 minutes was a behavioral introduction. Overall, the best way to study for this interview is looking up restructuring interviews and study guides. The Houlihan Lokey case that is all over WSO really helped as well. Seems similar for other restructuring interviews as well.
Sample Answer

Intern Interview - Investment Banking

Anonymous interview candidate in New York
Interviewed: April 2018
Date Submitted: Jun 08, 2018
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
Phone Interview
Group Interview
Interview
Applied via my school. Got an email from an analyst for a first round interview. The phone call lasted 30 minutes. Was invited in for superday within a week.
Interview Questions
What are your weaknesses?
Why the low GPA?
Why restructuring?
What deal do you want to work on?
Tell me a funny joke
Walk me through the pros and cons of a chapter 11 filing?
Why did you choose your school?
Walk me through a discounted cash flow model?
What is the impact of a $10 decline in depreciation?
Where do you see yourself in 10 years?
Where do you see yourself in 40 years?
Tell me about a bankruptcy you’ve read about online?
What is a bond?
What is a 363 sale in a chapter 11 process?
Sample Answer

Intern Interview - Generalist

Anonymous interview candidate in New York
Interviewed: April 2018
Date Submitted: May 17, 2018
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Interview
So basically I had a first round phone call with a current analyst, went through my background and some basic restructuring questions. Then I had a superday which consisted of light technicals and strange behaviorals (ex: would you rather be liked or respects?)
Interview Questions
Would you rather be respected or liked? Otherwise most questions were about the basic restructuring process such as "why would a company go into financial distress? What are their options?" I also had a strange lengthy discussion with a VP about recurring and non-recurring aspects included in non-GAAP and adjusted EBITDA's presented in companies earnings press releases. All in all, the interview was slightly bizarre and focused a lot on my resume. I'm part of an investing club so I was asked about specific reasons companies in my industry group could get distressed.
Sample Answer

Restructuring Summer Analyst at Millstein Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: April 2018
Date Submitted: May 17, 2018
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
Phone Interview
Interview
I applied on my schools job page and was then contacted about a first round interview. It was only 2 weeks from applying to the interview.
Interview Questions
-He asked me to walk him through the different changes to a companies financial statements after a restructuring.

-If a company has $X EBITDA at a X.0x EBITDA multiple, and $X of Senior Notes and $X of Subordinated Notes, and $X of Equity, how is everything valued? (He gave values for each of these but I could not remember off the top of my head)

-What are some different industries that are currently going through periods of restructuring? What are some of the reasons that this is happening to them?
Sample Answer

Summer Analyst Interview - Restructuring

Anonymous interview candidate in Notre Dame
Interviewed: April 2018
Date Submitted: May 15, 2018
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Group Interview
Interview
Applied through university's Wall Street Club. Was contacted for a phone interview about a week later and flown out to New York for a superday the week after that.
Interview Questions
Difficult behavioral questions:
Imagine this scenario: You are a senior in high school applying for college and you don't get into your dream school. Your best friend tells you that it probably wasn't meant to be. How do you react?

Technicals:
Heavily based around a restructuring case study I did at school.
Relatively basic restructuring technicals. What might cause financial distress? If a company has EBITDA of X and a multiple of X with this amount of debt outstanding, what does each tranche trade at?
Sample Answer

Summer Analyst Interview - Restructuring

Anonymous interview candidate in Los Angeles
Interviewed: April 2018
Date Submitted: May 09, 2018
Outcome
No Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Interview
I received two 1-on-1 calls before being invited to the Superday at the office. These were each about 50/50 fit and technical questions. The technical questions ranged from simple accounting to mental math and LBO stuff.
Interview Questions
What does it mean, operationally, when the change in net working capital is negative over multiple periods?

Can you walk me through an accretion or dilution model?

If I offered you X dollars at the end of your firm's holding period for an LBO target, either in Free Cash or EBITDA, which would you choose in order to maximize returns?

Can you talk about a time when you noticed [that weakness you mentioned] applied in a case where you disagreed with a supervisor or boss of yours? Please include how you were able to remedy this.
Sample Answer

2019 Summer Analyst Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: March 2018
Date Submitted: May 07, 2018
Outcome
No Offer
Interview Source
Employee Referral
Length of Process
Less than 1 month
Application
Phone Interview
Group Interview
Interview
Sent my resume to the one of the recruiters, heard back for the phone interview within a few days, and the superday the next week.
Interview Questions
Standard tell me about yourself, why rx, and why millstein questions. Those were the only behavorials for the most part.

Technicals included an interest expense question - Term Loans at an L + 200 basis points rate and bonds at some percentage. Asked for yearly interest expense, and followed it up with amortization.

Typical waterfall question: x mil in EBITDA and some multiple, with some amounts in term loans, what are the recoveries?

Some credit risk questions.

Some random behaviorals like "what do you think is true that no one else does"
Sample Answer

Restructuring Summer Analyst Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: April 2018
Date Submitted: Apr 30, 2018
Outcome
No Offer
Interview Source
Employee Referral
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Group Interview
Interview
Pretty simple. Had spoken to an analyst at the firm who connected me to the person leading the process who eventually ended up getting me the first-round interview. Superday invite 2 days after the first-round.
Interview Questions
A lot of questions regarding cram-downs. Also, was given a laptop with a sources and uses table for a LBO of a distressed company and was asked to model it out using their assumptions. This was part wasn't really hard but the time given was only 20 mins so you have to be really quick. Other than that, pretty cookie-cutter restructuring interview: why restructuring? why our firm? why not other groups? suggest a company we should pitch for? what is PIK interest? what is DIP financing? walk us through the debt waterfall.
Sample Answer

Millstein Summer Analyst Interview - Restructuring

Anonymous interview candidate in Charlottesville
Interviewed: April 2018
Date Submitted: Apr 28, 2018
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
Less than 1 month
Application
1 on 1 Interview
Interview
Millstein did a resume drop for specific organizations at my school. Within a few weeks, they were having first rounds on campus. Interview was pretty challenging with the interviewers really trying to test you on technicals and understanding of the restructuring space. Only about <25% of interviewers moved on to the superday, which was about a week later. I heard that was extraordinarily difficult.
Interview Questions
1. There was a value-break analysis type question that asked how much the secured loans would be trading at and how much the equity would be trading at. The given data was 50 EBITDA, 10x EV/EBITDA multiple. The capital structure was 400 bank debt, 400 secured loans, and the rest was equity.

2. Another question they asked was to go in-depth about an example of a restructuring transaction that you were familiar with. They would ask how the company got into its distressed situation and what was the result of the restructuring plan.

3. Also, if you have prior internships, they will certainly ask you how you can explain concisely how those internships will better you for a restructuring analyst position.
Sample Answer