Question 1

Is €119.99 worth it?

Accepted Answer

One TS role typically pays €50,000–70,000 in year one. The training costs less than two hours of a Big 4 consultant's time. Candidates who use it consistently report passing interviews they would otherwise have failed.

Question 2

What if it does not work for me?

Accepted Answer

If the programme does not meet your expectations, contact us and we will find a solution. We stand behind the quality of the content — your satisfaction matters more than the sale.

Question 3

Who is this training for?

Accepted Answer

Graduates and audit or advisory professionals preparing for a Transaction Services / Financial Due Diligence role at a Big 4, a boutique M&A firm, or an advisory practice — either for a first job or an internal transfer.

Question 4

How long does it take to complete?

Accepted Answer

Most candidates finish the program in 3 to 5 weeks of focused evening study. The training is fully self-paced, so you can move faster or slower depending on your schedule.

Question 5

How quickly will I see results?

Accepted Answer

Most candidates feel noticeably more confident after the first module (3–5 hours). After 2 weeks, the QoE and Net Debt mechanics start to feel natural. By the end of week 3, most are ready to tackle a real case study under timed conditions.

Question 6

Do I need finance or accounting experience?

Accepted Answer

Basic financial statement literacy helps. The training covers everything TS-specific from the ground up — Quality of Earnings, Net Debt, Net Working Capital, EBITDA adjustments — without assuming a deal background.

Question 7

Is the content updated?

Accepted Answer

Yes. New case studies and interview-style content are added every month. Once you have access, you receive every update at no extra cost.

Question 8

Is there a community?

Accepted Answer

Yes. You get access to a peer learning community of other candidates and alumni working through the same cases — useful for accountability and for mock-interview partners.

Question 9

What exactly do I get?

Accepted Answer

8+ full case studies with corrections, 150+ EBITDA and Net Debt adjustments explained, 4+ Excel workbooks (EBITDA, Net Debt, Working Capital), quizzes, guided exercises, datapacks, and monthly content updates.

Question 10

What format does the training use — videos, PDFs, Excel?

Accepted Answer

The programme combines video walkthroughs, annotated PDF materials, and real Excel workbooks you work through yourself. Each topic is covered in at least two formats so you can switch between watching, reading, and practising hands-on.

Question 11

Can I access the training on mobile?

Accepted Answer

Yes. Videos and PDFs are fully accessible on smartphone or tablet. The Excel workbooks require a desktop or laptop, so plan the modelling exercises for when you have a computer available.

Question 12

Can I start while I am already working or on placement?

Accepted Answer

Absolutely. The programme is built for evenings and weekends. Most working candidates complete one module per session (60–90 minutes) and finish within 4 to 5 weeks without disrupting their current role.

Question 13

Is there a test or quiz at the end?

Accepted Answer

Each module includes short knowledge-check quizzes. There is also a final timed case study that simulates real interview conditions, giving you a benchmark before you enter a live recruitment process.

Question 14

Does the training cover M&A boutiques as well as Big 4?

Accepted Answer

Yes. The core QoE, Net Debt, and NWC methodology is identical across Big 4 and boutique TS teams. Interview-specific sections flag where boutique processes differ — notably in the depth of financial modelling expected.

Question 15

Is there human mentoring or coaching?

Accepted Answer

The programme is self-study by design. However, the community forum lets you post questions and get answers from alumni who have gone through real TS interview processes at major firms.

Question 16

How does the satisfaction guarantee work?

Accepted Answer

If you complete the first module and feel the content does not match what was described, contact us within 14 days of purchase. We review each request individually and either resolve the issue or refund you.

Question 17

Does completing the training lead to a certificate?

Accepted Answer

You receive a completion certificate on finishing the programme. It is a training certificate, not a regulated professional qualification — but it documents your preparation and can appear on your CV or LinkedIn profile.

Question 18

Can I start with no M&A or deal experience?

Accepted Answer

Yes. The programme starts from financial statement basics and builds up to TS-specific techniques. No deal experience is required — the content is structured so that motivated graduates can follow it without prior transaction exposure.

Question 19

Is the training useful for a complete career changer?

Accepted Answer

It can be, provided you have some accounting or corporate finance foundations. If you can read a P&L and balance sheet, the training gives you the TS-specific layer — QoE, adjustments, Net Debt — that career changers most often lack.

Question 20

Do I need to be proficient in Excel before starting?

Accepted Answer

Intermediate Excel is enough. You should be comfortable with SUM, IF, and basic pivot tables. The workbooks teach TS-specific structuring — normalised EBITDA bridges, Net Debt schedules — not Excel fundamentals.

Question 21

Is this useful if I already have 2–3 years in Big 4 audit?

Accepted Answer

Very much so. Audit experience gives you financial statement fluency; this training fills the TS-specific gaps — QoE methodology, deal-adjusted EBITDA, Net Debt scope, NWC normalisation — that audit does not cover.

Question 22

Is the training helpful when preparing for an internship rather than a full-time role?

Accepted Answer

Yes. TS internship interviews use the same QoE and Net Debt questions as full-time processes. The case study format may be shorter, but the underlying concepts tested are identical.

Question 23

Is the training suitable for non-native French speakers?

Accepted Answer

The English version of the programme is fully self-contained. All case studies, Excel files, and quizzes are available in English, so non-French speakers can complete the entire programme without needing the French materials.

Question 24

What makes a TS interview different from a standard M&A interview?

Accepted Answer

TS interviews focus on Quality of Earnings analysis, EBITDA normalisation, Net Debt scoping, and NWC trends — not financial modelling or valuation. Expect technical questions on specific adjustments, not broad market-sizing exercises.

Question 25

How many rounds are typically in a TS recruitment process?

Accepted Answer

Most Big 4 TS processes have 2 to 3 rounds: an HR screen, a technical interview with a manager or director, and a case study or partner interview. Boutique processes often compress to 2 rounds with a heavier technical focus.

Question 26

Is there an Excel test during TS interviews?

Accepted Answer

Some firms include a timed Excel exercise — typically building a normalised EBITDA bridge or a Net Debt schedule from raw data. The programme includes four Excel workbooks that replicate this format exactly.

Question 27

How do I prepare for a TS case study in an interview?

Accepted Answer

Structure your answer around three pillars: identify the key adjustments, quantify them with clear logic, and state the impact on price or deal terms. Practice under time pressure — 30 to 45 minutes is a common limit.

Question 28

How do I structure a QoE response in 30 seconds?

Accepted Answer

State the reported EBITDA, list the two or three most material adjustments with their direction and magnitude, give the normalised EBITDA, and flag any remaining uncertainties. This four-step structure works under any time constraint.

Question 29

How do I explain my motivation for TS over M&A?

Accepted Answer

Emphasise the analytical rigour of FDD work — deep-diving into operating performance, understanding what drives earnings quality, and advising on price. Avoid framing TS as a stepping stone; show genuine interest in the due diligence discipline.

Question 30

Are boutique TS firms harder to get into than Big 4?

Accepted Answer

Boutique TS teams are smaller and hire less frequently, making competition intense. Technical expectations are often higher and assessed earlier. The same QoE and Net Debt knowledge applies, but you need to demonstrate it faster.

Question 31

What salary can a junior expect in Transaction Services?

Accepted Answer

At Big 4 TS, junior analysts typically start between €40,000 and €55,000 depending on the firm and location. Boutique TS roles can pay higher but vary widely. Bonus structures differ significantly across firms.

Question 32

What is the difference between accounting EBITDA and normalised EBITDA?

Accepted Answer

Accounting EBITDA is derived directly from the P&L. Normalised EBITDA removes non-recurring items, owner-specific costs, and accounting policy effects to reflect the sustainable run-rate earnings a new owner would actually achieve.

Question 33

What makes an add-back defensible in a QoE?

Accepted Answer

A defensible add-back is non-recurring, clearly evidenced (board minutes, one-off invoices, restructuring plan), and would not arise under a new owner's normal operations. Recurring items dressed as one-offs are the most common challenge from buyers.

Question 34

How are restructuring costs treated in a QoE?

Accepted Answer

If restructuring is genuinely one-off and supported by documentation, it is typically added back to normalised EBITDA. Serial restructurers — where charges appear every year — are challenged: recurring restructuring is an operating cost, not an add-back.

Question 35

What is the IFRS 16 effect on EBITDA?

Accepted Answer

IFRS 16 capitalises operating leases, replacing lease expense in the P&L with depreciation and interest. This mechanically increases reported EBITDA. In QoE work, you must clearly flag whether EBITDA is pre- or post-IFRS 16 to avoid comparison errors.

Question 36

How do you distinguish recurring from non-recurring items?

Accepted Answer

Test three criteria: frequency (has it appeared in prior years?), nature (is it tied to normal operations?), and management intent (is it expected to recur?). Items that fail all three may be added back; items that pass even one require scrutiny.

Question 37

What is a non-arm's-length management fee and how is it treated?

Accepted Answer

A management fee charged by a related party above market rate is non-normative. In QoE, it is partially added back — the add-back equals the excess over the market-rate cost a third-party buyer would actually incur for the same service.

Question 38

How do you defend an adjustment when a recruiter challenges it?

Accepted Answer

Cite the evidence: the document, amount, and period. Explain why it fails the recurrence test. Acknowledge uncertainty if the support is weak. Showing structured reasoning under challenge is itself a key TS interview skill.

Question 39

How is net debt defined in a Financial Due Diligence?

Accepted Answer

Net debt in FDD equals financial debt (bank loans, bonds, leases under IFRS 16) minus cash, adjusted for debt-like and cash-like items identified during due diligence. It bridges enterprise value to equity value in the final price mechanism.

Question 40

What items are typically included in net debt?

Accepted Answer

Core items: bank debt, drawn revolving credit facilities, finance leases, shareholder loans, pension deficits. Cash-like items (excess cash, receivable tax credits) are deducted. Each deal requires a bespoke scope agreed between buyer and seller advisers.

Question 41

How is an earn-out treated in net debt?

Accepted Answer

An earn-out is a contingent liability that may or may not be included in net debt depending on the purchase agreement. In FDD, you flag it as a potential debt-like item with a range of outcomes, leaving the final treatment to legal and commercial negotiation.

Question 42

What is a shareholder current account and how is it treated?

Accepted Answer

A shareholder current account (compte-courant associé) is a loan from a shareholder to the company. It is almost always classified as debt in net debt analysis because it must be repaid at or around closing, reducing the equity value received by the seller.

Question 43

Why does normalised NWC differ from book NWC?

Accepted Answer

Book NWC reflects a single balance sheet date, which may be seasonal or distorted. Normalised NWC is the level needed to sustain normal operations — typically derived from 12 months of monthly data — and serves as the peg in the price adjustment mechanism.

Question 44

How do you calculate NWC on a rolling 12-month basis?

Accepted Answer

Collect the end-of-month NWC for each of the past 12 months, average the 12 figures, and adjust for any non-recurring or seasonal distortions. The result is the normalised NWC peg used in the locked-box or completion accounts mechanism.

Question 45

How does NWC feed into the EV-to-equity bridge?

Accepted Answer

The EV-to-equity bridge deducts net debt and adds or subtracts the NWC adjustment — the difference between actual closing NWC and the agreed peg. A shortfall in NWC reduces equity value; a surplus increases it, directly affecting the final cash consideration.

	✦ Recommended
100% specialised in Transaction Services	Only one
Full case studies with detailed corrections	8+	1–2	1–2
EBITDA / Net Debt / NWC adjustments documented	150+	A few		Rare
Reusable TS Excel models	4+	Limited
Mock interview with Big 4 recruiter	Included
Team responsive within the hour	Included	Limited
Updated monthly	Yes	Occasional
One-time price, no subscription	Yes	Subscription	Subscription	Subscription

Land your first Transaction Services role.

Measurable outcomes

Your training covered generic finance. Not the real deliverables of a TS interview.

From zero to interview-ready in 3 to 5 weeks

You understand the job before you practise it

You learn to reason, not to recite

Case studies in real interview conditions

1 mock interview with a Big 4 recruiter

Our team

Why Transaction Services Training and not another programme?

One profile, one path

Less than two hours of Big 4 consulting. For your entire career.

Frequently asked questions

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