Author: Taylor Warfield, Former Bain Manager and interviewer

Last Updated: May 17, 2026

 

The EY-Parthenon Restructuring case interview tests whether you can stabilize a distressed business and design a sequenced turnaround plan. Cases focus on cash flow, cost takeout, operational fixes, and recovery sequencing rather than growth.

 

EY-Parthenon's Turnaround and Restructuring Strategy practice (TRS) is the firm's specialty group for companies in financial or operational distress. Interviews are more technical, more cash focused, and more grounded in real operations than a typical strategy case.

 

By the end of this article, you will know the EY-Parthenon Restructuring interview format, the 4-phase framework to crack any turnaround case, the 6 case types you will see most often, a worked example with numbers, and the 12 tips that move you from rejection to offer.

 

But first, a quick heads up:

 

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What Is the EY-Parthenon Restructuring Case Interview?

 

The EY-Parthenon Restructuring case interview is the case portion of recruiting for the firm's Turnaround and Restructuring Strategy practice. Cases focus on diagnosing distressed companies, stabilizing cash flow, executing cost takeout, and sequencing operational and financial fixes.

 

This practice is different from EY-Parthenon's Strategy or Transaction Strategy and Execution arms. Strategy candidates get growth, market entry, and commercial cases. TRS candidates get profitability cases, cost reduction cases, operational improvement cases, and full turnaround scenarios.

 

In my experience coaching candidates at Bain and reviewing real EY-Parthenon Restructuring interview debriefs, the cases lean technical. Expect harder math, more cost and balance sheet detail, and questions that test whether you understand how a business actually operates.

 

What does EY-Parthenon's Turnaround and Restructuring practice do?

 

EY-Parthenon's TRS practice helps distressed companies preserve and recover value. The team works on operational turnarounds, financial restructurings, liquidity crises, cost transformations, divestitures, and large-scale performance improvement programs.

 

Recent TRS work includes one of the largest corporate restructurings in China (HNA Group), the rescue of the first UK airline to be saved from insolvency (Flybe), and Puerto Rico's bankruptcy exit. According to EY-Parthenon, the practice operates across 120+ countries with thousands of professionals globally.

 

TRS work is high stakes and fast moving. A typical engagement might involve a 13-week cash flow forecast, daily liquidity calls with the CFO, weekly steering committee meetings with the board, and tense negotiations with lenders. The case interview reflects that pace and intensity.

 

How is it different from EY-Parthenon Strategy cases?

 

Strategy cases assume the business is fundamentally healthy and the question is how to grow. TRS cases assume the business is unhealthy and the question is how to survive.

 

That difference changes everything. The income statement matters most in a strategy case. The cash flow statement and balance sheet matter most in a TRS case. Strategy candidates can hand-wave on costs. TRS candidates cannot.

 

Expect more numbers, more balance sheet vocabulary, and more questions that probe whether you understand the operational reality behind the financials.

 

How Does the EY-Parthenon Restructuring Interview Process Work?

 

The EY-Parthenon Restructuring interview process usually takes 2 to 12 weeks and runs over 2 to 3 rounds. The exact structure varies by office and role, but the format is consistent.

 

Like the broader EY-Parthenon case interview process, TRS recruiting mixes case interviews, group case interviews, and behavioral or fit interview questions. What sets TRS apart is the heavier emphasis on technical depth, operational fluency, and cash-flow judgment in every round.

 

Round	Format	Length	Focus
Round 1	Phone screen with recruiter	30 minutes	Fit, motivation, resume walkthrough
Round 2	2 interviews with consultants or managers	60 minutes total	1 fit interview and 1 case interview
Round 3	3 interviews with managers and partners	90 to 135 minutes	1 fit, 1 individual case, 1 group case

 

Round 1: HR phone screen

 

A recruiter calls you for a 30-minute screen focused on your resume and motivation. Expect questions like "Why consulting?", "Why EY-Parthenon?", "Why Turnaround and Restructuring?", and a few resume walkthrough questions.

 

Almost no one fails this round on case skills. Many fail by sounding generic about TRS specifically. A candidate who says "I want to do strategy consulting" without explaining why distressed work appeals to them will not make it past the recruiter.

 

Round 2: First round case and fit interviews

 

You meet with consultants or managers for 2 back-to-back 30-minute interviews. One is a fit interview, one is a case interview.

 

The case is candidate-led, meaning you drive the analysis with the interviewer providing data as you ask for it. First-round cases tend to be profitability, cost reduction, or a focused turnaround scenario rather than a full restructuring. Math is heavier than at most strategy firms.

 

Round 3: Final round and the group case

 

The final round is hosted at an EY office or held over video. You face 3 interviews with managers and partners totaling 90 to 135 minutes. One interview is fit, one is an individual case, and the last is a group case.

 

The group case interview puts you in a team of 3 to 5 candidates working through a case study together. You typically have 30 to 60 minutes to review materials and discuss, then 15 minutes to present back to the panel. Interviewers watch silently during discussion and evaluate teamwork, communication, and analytical contribution.

 

Some offices also include a take-home written case where you receive a deck or dataset and have 24 to 48 hours to prepare a presentation. This is more common at the manager level and above.

 

What Types of Cases Does EY-Parthenon Restructuring Give?

 

Based on actual debriefs from candidates who interviewed at EY-Parthenon TRS, six case types come up most often. Knowing each one is the difference between a confident performance and a panicked one.

 

Case Type 1: Full turnaround cases

 

The most common TRS case type. You receive a company in distress and are asked to design a turnaround plan covering cash flow stabilization, cost reduction, operational fixes, and a path back to growth.

 

Example prompt: "A mid-sized industrial manufacturer has lost money for 3 straight years. It has 9 months of cash runway. What should it do?"

 

Case Type 2: Profitability cases with a distress twist

 

A standard profitability case interview structure but with the company facing a covenant breach, debt maturity, or liquidity wall. You must combine root cause analysis with urgent cash flow protection.

 

Example prompt: "A regional grocery chain saw EBITDA fall 40% last year. A $200M debt maturity is due in 12 months. What is going wrong, and what should the CEO do?"

 

Case Type 3: Cost reduction cases

 

You are asked to find 15% to 30% in cost takeout from a specific business. Expect questions on fixed vs variable cost analysis, supply chain savings, headcount restructuring, and SG&A optimization.

 

Example prompt: "A consumer electronics company needs to remove $150M in annual cost to hit private equity ownership targets. Walk me through your approach."

 

Case Type 4: Operational improvement cases

 

The company is profitable but underperforming. You are asked to identify operational bottlenecks, capacity issues, productivity drags, or supply chain problems and fix them.

 

Example prompt: "A specialty chemicals plant is running at 65% capacity utilization vs an industry benchmark of 85%. What is causing the gap and how would you close it?"

 

Case Type 5: Divestiture and portfolio optimization cases

 

The client owns multiple business units and one or more are dragging down overall performance. You decide which to keep, fix, divest, or shut down.

 

Example prompt: "A diversified industrial holds 5 business units. 2 generate strong returns, 2 are marginal, and 1 is loss making. The CEO wants to refocus the portfolio. What do you recommend?"

 

Case Type 6: Market sizing and quantitative cases

 

Less common than at the Strategy practice, but still used to test mental math and structured thinking. Expect questions tied to the TRS context like sizing a market the company should exit, sizing potential cost savings, or sizing the customer base affected by a store closure.

 

Example prompt: "How much working capital could the company free up by extending payment terms with its top 50 suppliers by 30 days?"

 

What Framework Should You Use for an EY-Parthenon Restructuring Case?

 

The best framework for an EY-Parthenon restructuring case interview follows four sequential phases: Diagnose, Stabilize, Restructure, and Reposition. The order matters. You must stabilize the business before restructuring it, and restructure it before repositioning for growth.

 

This framework mirrors how real turnaround consultants approach distressed companies. Skipping ahead to growth strategy before securing cash is the single most common mistake candidates make in TRS cases.

 

Phase 1: Diagnose

 

Before fixing anything, you need to know what is broken. Diagnosis answers three questions across financial, operational, and external dimensions.

 

The 3 areas to diagnose are:

 

• Financial: What is the cash position, monthly burn rate, debt schedule, and covenant status?

 

• Operational: Where are the loss-making units, capacity issues, and cost structure problems?

 

• External: Is the decline cyclical (industry downturn, temporary shock) or structural (business model disruption)?

 

A company with 18 months of runway needs a fundamentally different plan than a company with 4 months of cash. Always ask about cash before you ask about anything else.

 

Phase 2: Stabilize

 

Stabilization is about buying time. The standard tool is a 13-week cash flow forecast that maps weekly cash inflows and outflows. Your goal is to keep the business alive long enough for restructuring actions to take effect.

 

Stabilization actions break into three time horizons:

 

• Immediate (weeks 1 to 4): Freeze discretionary spending. Accelerate receivables. Halt non-essential capex.

 

• Short-term (months 1 to 3): Renegotiate supplier payment terms. Close underperforming locations. Cut non-revenue headcount.

 

• Cash injection options: Draw down committed credit lines. Secure DIP financing in formal restructuring. Sell non-core assets quickly.

 

These actions typically deliver 10% to 20% of SG&A savings within 90 days and add 3 to 6 months of cash runway. That breathing room is what makes the rest of the turnaround possible.

 

Phase 3: Restructure

 

Once cash flow is stable, you can apply structural fixes. Restructuring has two sides and most distressed companies need both.

 

Operational restructuring fixes the business itself. This includes redesigning the cost structure, renegotiating major contracts, consolidating manufacturing footprint, exiting unprofitable product lines, and rebuilding the organization.

 

Financial restructuring fixes the balance sheet. This includes refinancing debt, extending maturities, converting debt to equity, recapitalizing the business, or filing a formal restructuring like Chapter 11 in the United States.

 

In a case interview, always lead with operational restructuring. It demonstrates stronger business judgment and shows you understand that financial restructuring buys time but does not solve the underlying problem.

 

Phase 4: Reposition

 

Once the business is stable and structurally fixed, you can think about long-term competitive positioning. Repositioning answers three questions:

 

• What is the company's right to win going forward?

 

• Which markets, products, or customer segments should it double down on?

 

• What investments will fund sustainable growth?

 

This phase often involves targeted M&A, product portfolio refresh, geographic expansion, or digital transformation. The repositioning phase is where TRS work overlaps with EY-Parthenon's broader Strategy practice.

 

What Does a Sample EY-Parthenon Restructuring Case Look Like?

 

Let's walk through a realistic TRS case to see how the 4-phase framework comes together.

 

Case prompt: "Your client is MidWestern Steel, a US-based steel manufacturer with $1.2 billion in revenue. EBIT has dropped from $120 million 3 years ago to a $40 million loss this year. The company has $480 million in debt with a major maturity in 9 months and only $35 million in cash. The CEO has asked for a turnaround plan. What do you do?"

 

Diagnose: What is causing the decline?

 

First, you need the cash math. With $35 million in cash and a $40 million annual loss, the company has roughly 7 months of runway before it runs out of cash. The debt maturity in 9 months is a hard deadline.

 

Next, why has EBIT dropped? Possible drivers fall into 3 buckets:

 

• Revenue: Lower steel prices due to industry oversupply, lost market share to imports, customer mix shift to lower-margin segments

 

• Costs: Higher input costs (iron ore, energy), older mills with lower productivity, fixed cost overhang from a recent capacity expansion

 

• External: Cyclical (steel prices will rebound) vs structural (permanent shift in demand to lighter materials)

 

For this case, the diagnosis reveals 60% of the EBIT decline comes from lower steel prices (cyclical), 30% from higher input costs and one underperforming mill (mix of structural and operational), and 10% from SG&A bloat.

 

Stabilize: How do you buy 6 months of cash runway?

 

Cash actions in the first 90 days:

 

• Freeze discretionary spending: Save $8 million over 12 months

 

• Accelerate AR collections from 60 to 45 days: Free up $20 million in working capital

 

• Cut SG&A headcount 15%: Save $18 million annually, $4.5 million in the first quarter

 

• Defer non-essential capex: Preserve $15 million in cash

 

• Negotiate a 60-day extension of supplier payment terms: Free up $25 million in working capital

 

Total cash impact in the first 90 days: roughly $60 million in working capital and $7 million in run-rate savings. This adds 5 to 6 months of runway and gets the company past the debt maturity.

 

Restructure: What structural fixes does the business need?

 

Operational moves:

 

• Close the underperforming mill (the worst quartile by cost per ton). This removes $35 million in annual fixed cost and reduces capacity by 15%, matching current demand.

 

• Renegotiate iron ore and energy contracts using shorter terms with index-based pricing.

 

• Consolidate 3 regional sales offices into 1. Saves $6 million per year.

 

Financial moves:

 

• Refinance the $480 million debt maturity by extending 3 years and accepting a higher coupon.

 

• Sell a non-core specialty steel division for an estimated $80 million. Use proceeds to pay down debt.

 

• Negotiate a covenant waiver with lenders contingent on the cost actions above.

 

Combined, these moves take EBIT from a $40 million loss to roughly $55 million positive within 18 months.

 

Reposition: How does the company win long term?

 

Long-term moves:

 

• Focus on higher-margin specialty steel for energy and automotive customers, not commodity construction steel.

 

• Invest in one modern mill upgrade to lower the cost-curve position.

 

• Build a hedging program to manage steel price volatility.

 

Recommendation: How do you synthesize?

 

"My recommendation is to execute a 3-phase turnaround. In the first 90 days, generate $60 million in cash through working capital actions and SG&A cuts. Over months 3 to 18, close the underperforming mill, refinance the debt maturity, and divest the specialty steel division for $80 million. Long-term, reposition the company around specialty steel for higher-margin customers.

 

The biggest risk is the debt refinancing failing, which is why we lead with cash actions. The biggest upside is the cyclical recovery in steel prices, which could lift EBIT another $40 million if it lands during execution."

 

What Skills Does EY-Parthenon Look for in Restructuring Candidates?

 

EY-Parthenon assesses 5 skills during the Restructuring case interview, and each one matters more in TRS than at most other consulting firms.

 

Skill 1: Cash and balance sheet fluency

 

You need to think in terms of working capital, debt covenants, liquidity runway, and cash conversion cycles. Strategy candidates can sometimes ignore the balance sheet. TRS candidates cannot.

 

Skill 2: Sequencing judgment

 

The wrong sequence kills companies in real life and kills candidates in cases. Interviewers test whether you stabilize before you restructure and restructure before you reposition.

 

Skill 3: Quantitative speed

 

TRS cases involve more math than typical strategy cases. Expect P&L analysis, simple cash flow modeling, breakeven calculations, and cost-per-unit comparisons. You need to be fast and accurate, often without a calculator.

 

Skill 4: Operational intuition

 

TRS work happens inside the operations of distressed businesses. Interviewers want to see that you understand how a factory, supply chain, or sales organization actually runs. Vague answers about "reducing costs" without operational specificity will not pass.

 

Skill 5: Communication under pressure

 

The group case is the firm's "airport test". Can the team trust you to present in front of a board, debate with a CFO, and stay calm when a creditor pushes back? Communication matters as much as analysis.

 

How Is an EY-Parthenon Restructuring Case Different From a Standard Case?

 

Six differences set TRS cases apart from a typical strategy case. Understanding these differences is what separates rejected candidates from offers.

 

Standard strategy case	EY-Parthenon Restructuring case
Focus on growth and revenue	Focus on survival and cash
Income statement matters most	Cash flow and balance sheet matter most
Time horizon: 2 to 5 years	Time horizon: 13 weeks, 12 months, 3 years
Operational restructuring is one option	Operational restructuring is the default
Recommendations optimize value	Recommendations sequence for survival first
Interviewers test creativity	Interviewers test judgment and discipline

 

The key takeaway: a confident strategy answer can fail a TRS case. Interviewers want to see operational discipline and cash-first thinking, not big-picture growth ideas.

 

How Should You Prepare for an EY-Parthenon Restructuring Case Interview?

 

Here are 12 tips to follow as you prepare.

 

Tip #1: Master the 4-phase turnaround framework

 

The Diagnose, Stabilize, Restructure, Reposition framework is the single most useful tool you can bring into the interview. Practice applying it to 10 different distressed company scenarios until it feels natural.

 

Tip #2: Always ask about cash first

 

Before any revenue or cost analysis, ask: "How much cash does the company have, and what is the monthly burn rate?" This single question demonstrates more TRS judgment than any other.

 

Tip #3: Distinguish cyclical from structural decline

 

A cyclical decline (commodity downturn, temporary demand drop) needs cost flexing and a financial bridge. A structural decline (business model disruption, permanent demand loss) needs a business model overhaul. The recommendation changes based on which one you are facing.

 

Tip #4: Sequence by speed-to-impact

 

Order your recommendations by how fast they generate cash. Immediate (spending freeze) before quick wins (headcount) before medium-term (supplier renegotiation) before long-term (transformation).

 

Tip #5: Use a 13-week cash flow as your default time horizon for stabilization

 

The 13-week cash flow forecast is the industry-standard stabilization tool. Referencing it in your answer shows the interviewer you understand how real TRS work happens.

 

Tip #6: Quantify everything you can

 

Vague answers fail TRS cases. Whenever possible, attach a number: "Closing this mill removes $35 million in annual fixed cost." Specificity wins.

 

Tip #7: Lead with operational restructuring

 

Operational restructuring fixes the business. Financial restructuring buys time. Always lead with operational. Interviewers who see candidates jump to "renegotiate the debt" first usually downgrade them.

 

Tip #8: Flag risks proactively

 

TRS work happens in high-stakes environments where one wrong move can sink a company. Flag 2 to 3 risks for every major recommendation. "Closing 20 stores risks alienating loyal customers, so we should transition customers to nearby locations first."

 

Tip #9: Practice the group case dynamics

 

The final-round group case is unique and trips up most candidates. Practice with 3 to 5 friends working through a case under time pressure. Focus on synthesizing others' ideas, not dominating the room.

 

Tip #10: Prepare strong "Why TRS" stories

 

"Why TRS" is a make-or-break fit question. Have a 90-second answer ready that ties your background to real turnaround work. Generic "I want strategy consulting" answers fail this question.

 

Tip #11: Brush up on financial concepts

 

You don't need investment banking technical skills, but you should be comfortable with EBITDA, working capital, debt covenants, Chapter 11 vs Chapter 7, DIP financing, and 13-week cash flow forecasts.

 

Tip #12: Practice with TRS-style cases

 

Standard MBB casebooks have few true turnaround cases. Seek out cases involving liquidity stress, cost reduction targets, divestitures, and operational improvement. If you want to compress your prep timeline, my case interview course includes profitability, cost reduction, and operational improvement cases that map directly to the TRS case mix.

 

What Behavioral Questions Can You Expect at EY-Parthenon Restructuring?

 

Behavioral questions are weighted heavily at EY-Parthenon TRS, especially in the final round. Practicing common consulting behavioral questions ahead of time can be the difference between an offer and a reject when 2 candidates are tied on case performance.

 

The 9 most common behavioral questions to prepare:

 

• Why consulting?

 

• Why EY-Parthenon over a strategy firm?

 

• Why the Turnaround and Restructuring practice specifically?

 

• Tell me about a time you led a team through a high-pressure situation.

 

• Tell me about a time you delivered bad news to a stakeholder.

 

• Tell me about a time you had to make a decision with incomplete information.

 

• Tell me about a time you disagreed with a teammate and how you resolved it.

 

• What is your biggest weakness?

 

• What questions do you have for us?

 

Use the STAR method (Situation, Task, Action, Result) to structure each answer. Prepare 5 to 6 versatile stories that you can adapt across multiple questions. The best stories show ownership, judgment under pressure, and the kind of grit TRS work demands.

 

Frequently Asked Questions

 

Is the EY-Parthenon Restructuring case interview harder than other case interviews?

 

The EY-Parthenon Restructuring case interview is more technical than most strategy cases but less technical than restructuring-focused investment banking interviews. Expect harder math, more balance sheet detail, and more operational focus than at a typical strategy firm.

 

How long does the EY-Parthenon TRS interview process take?

 

The full process takes 2 to 12 weeks from application to offer, depending on the office and role. Most candidates move through 2 to 3 rounds of interviews including a phone screen, a first round, and a final round with a group case.

 

Do I need investment banking experience for EY-Parthenon TRS?

 

Investment banking experience is not required, but a strong understanding of financial statements, cash flow analysis, and basic corporate finance helps significantly. Engineering, operations, and ex-MBB candidates also succeed in TRS recruiting.

 

What is the EY-Parthenon TRS group case?

 

The group case is a final-round exercise where 3 to 5 candidates work through a case study together over 30 to 60 minutes, then present a recommendation for 15 minutes. You are evaluated on collaboration, communication, and analytical contribution rather than on dominating the room.

 

How many candidates pass EY-Parthenon Restructuring interviews?

 

EY-Parthenon's acceptance rate is competitive with top strategy firms, with roughly 1% to 3% of applicants receiving offers depending on the office and recruiting cycle. TRS specifically tends to be smaller and more selective than the Strategy practice.

 

Does EY-Parthenon Restructuring give written case interviews?

 

Some TRS candidates receive a take-home case where they have 24 to 48 hours to analyze a scenario and present back to a partner. This is more common at the experienced-hire and manager level. The take-home tests written communication and presentation as much as analysis.

 

What is the difference between EY-Parthenon Strategy and EY-Parthenon TRS?

 

EY-Parthenon Strategy focuses on growth, market entry, commercial strategy, and corporate strategy work. EY-Parthenon TRS focuses on distressed companies, cost takeout, operational turnaround, and financial restructuring. The interview process is similar but the case content is meaningfully different.

 

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