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Transaction Services insights
Technicals, interview tips, and on-the-job reality from experts.
Julien N.· 9mo ago
Landed the job at EY Transaction Services
The case studies are clear, realistic, and built real confidence. I genuinely feel the training played a key role in helping me land the job.
VAT and Indirect Tax Due Diligence: What to Check
VAT is meant to net to zero, so it gets skipped in FDD. Here is why indirect tax becomes real cash exposure, and the checks a TS analyst can run early.
vatindirect-taxdue-diligencetax-risksfddMinority and Growth Equity Investments: A Different Kind of Due Diligence
How FDD scope shifts when a fund buys a minority stake instead of control - less leverage, less financial engineering, far more scrutiny on growth sustainability and burn.
growth-equityminority-investmentdue-diligenceprivate-equityrevenue-qualityDiscontinued Operations and Held-for-Sale in FDD
Discontinued operations and held-for-sale assets force you to restate the perimeter, not just add back noise. Here is how FDD analysts handle disposals cleanly.
discontinued-operationsheld-for-salefddebitda-normalisationFinancial Due Diligence in Retail and Consumer: Sector-Specific Issues
The FDD issues that recur specifically in retail and consumer deals - same-store sales, inventory shrinkage and markdown, and lease obligations across a whole store estate.
retailconsumersector-fddsame-store-salesSensitivity Analysis in an FDD Model
Why FDD deliverables increasingly present EBITDA as a sensitivity range rather than a single number, and how to build one that genuinely helps a buyer price the deal.
sensitivity-analysisfinancial-modelsfddebitdaTransfer Pricing Considerations in Financial Due Diligence
Why intercompany pricing between group entities creates real FDD risk in multinational targets, what a TS analyst must flag, and how it moves price and the SPA.
transfer-pricingtaxfdddue-diligencecontingent-liabilitiesThe Management Presentation: What TS Analysts Take From It
How to read a management presentation as a TS analyst: why the numbers rarely match FDD, what to listen for, and how to turn a sales pitch into a scope map.
management-presentationdue-diligencedeal-processrevenue-qualityinterview-prepOff-Balance Sheet Financing: What FDD Analysts Must Spot
A systematic FDD checklist for hidden leverage: recourse factoring, guarantees, sale-and-leaseback, supplier financing and related-party debt - and how to surface it.
off-balance-sheetnet-debtfdddebt-like-itemsleverageFinancial Due Diligence in Manufacturing: Sector-Specific Issues
Inventory valuation, capacity utilisation and gross margin bridges are where manufacturing FDD gets hard. Here is how practitioners pull them apart on a live deal.
manufacturingsector-fddinventorygross-margincapexTop Transaction Services Firms in the Nordics (2026 Guide)
A practitioner's guide to Transaction Services firms across the Nordics - the firm categories, who each suits, and how to break into a PE-dense deal market.
nordicstransaction-servicestop-firmscareersprivate-equityIntellectual Property Due Diligence in M&A
How IP due diligence works in M&A, why ownership gaps sink technology and brand deals, and exactly where a legal IP finding becomes a hard financial due diligence number.
ip-due-diligenceintellectual-propertytechnology-fddm-and-aRed Flag Report vs Full Scope FDD Report
Red flag report vs full scope FDD report: when clients commission each, how the analyst's job changes, and why speed beats completeness in a red flag review.
red-flag-reportfdd-reportdue-diligencescopingFactoring and Securitisation: Impact on Net Debt
How invoice factoring and receivables securitisation hide leverage off the balance sheet - and the practical checks TS analysts run to drag it back into net debt.
factoringsecuritisationnet-debtdebt-like-itemsfddFinancial Due Diligence in Real Estate: Sector-Specific Issues
Why financial due diligence on real estate differs: valuation over cost accounting, lease income quality, NOI, capex normalisation and asset-level debt.
real-estatesector-fddnet-operating-incomelease-incomeloan-to-valueDebt Covenants: What FDD Analysts Need to Know
What debt covenants are, why a near-breach matters more than the debt balance itself, and how covenant headroom analysis connects to the numbers TS analysts already produce.
debt-covenantsnet-debtfddfinancingHR Due Diligence: People Risk in M&A
How HR due diligence sizes people risk in M&A - pensions, key-person exposure, change-of-control triggers and hidden comp - and exactly where it feeds your FDD.
hr-due-diligencepeople-riskkey-person-riskm-and-aExclusivity and the Process Letter in an M&A Auction
How the process letter and exclusivity agreement govern an M&A auction, why they dictate every FDD deadline you'll ever work to, and how to work smart inside them.
process-letterexclusivitym-and-adeal-processauctionRelated-Party Loans and Their Net Debt Treatment
Loans between a target and its owners, directors or sister companies quietly distort the net debt bridge. Here's how to classify related-party balances like a seasoned FDD analyst.
related-partynet-debtfddowner-managedFinancial Due Diligence in Healthcare: Sector-Specific Issues
Healthcare FDD demands reimbursement analysis, claims data, staffing normalisation and regulatory exposure. A practitioner's guide to the angles that generic playbooks miss.
healthcaresector-fddrevenue-qualitydue-diligenceLBO Basics Every TS Analyst Should Understand
Why every euro of EBITDA and net debt you touch moves a sponsor's return: LBO leverage, cash sweep, exit multiple explained for Transaction Services analysts.
lboprivate-equityleverageebitda-adjustmentstransaction-servicesIT and Technology Due Diligence: Scope and Overlap with FDD
Where IT due diligence stops and FDD begins: capitalised software, tech debt as post-close CapEx, and cyber as a contingent liability - a map for TS analysts.
it-due-diligencetechnologycapitalised-softwarefddmaintenance-capexTop Transaction Services Firms in the Benelux (2026 Guide)
A practitioner's 2026 guide to Transaction Services firms across the Netherlands, Belgium and Luxembourg - firm types, who they suit, and how to break in.
beneluxnetherlandsbelgiumtransaction-servicestop-firmsPurchase Price Allocation (PPA) After Signing: What TS Analysts Should Know
Purchase Price Allocation after signing, explained for TS analysts: how IFRS 3 fair-values intangibles and goodwill, and how your FDD databook feeds it.
ppagoodwillbusiness-combinationifrs-3intangiblesYour First 90 Days as a Transaction Services Analyst
A practitioner's roadmap for your first 90 days in Transaction Services - the learning curve, the mistakes everyone makes, and how to go from liability to trusted fast.
onboardingcareertransaction-servicesfirst-jobanalystWarranty & Indemnity Insurance and the Role of Due Diligence
What W&I insurance is, why it's now routine in M&A, and how it raises the bar for FDD - insurers read your diligence and price cover on the strength of it.
w-and-i-insurancefddspadue-diligencem-and-aWorking with Private Equity Clients in Transaction Services
How PE buyers use FDD differently from corporates - speed, cash, downside and the SPA mechanics private equity clients care about most in Transaction Services.
private-equitytransaction-servicesfddqoespaMid-Tier Transaction Services Firms: BDO, RSM, Grant Thornton and Why They Matter
Why mid-tier Transaction Services firms like BDO, RSM and Grant Thornton are a serious FDD career: the deals, the responsibility, pay and how to choose.
mid-tiertransaction-servicescareerfddbdoTop Transaction Services Firms in France (2026 Guide)
A 2026 guide to Transaction Services in France: the Paris deal market, the Big Four, France's strong independent advisory houses, bilingual expectations and how to break in.
franceparistransaction-servicestop-firmscareersTop Transaction Services Firms in Germany (2026 Guide)
A 2026 guide to Transaction Services in Germany: the DACH M&A market, Big Four, independent advisory houses and boutiques, Mittelstand deal flow and language.
germanydachtransaction-servicestop-firmscareersMoving from Consulting to Transaction Services
A practitioner's guide for consultants moving into Transaction Services: what transfers, the accounting and Excel gaps to close, and how to reposition your story.
consulting-to-tscareer-switchtransaction-servicesfddinterview-prepAn International Career in Transaction Services
How Transaction Services skills travel across the UK, US, Europe, Middle East and Asia - IFRS vs US GAAP, secondments, visas and how to engineer a move abroad.
international-careertransaction-servicesifrs-us-gaapsecondmentcareer-mobilityThe Modelling Test in Transaction Services Interviews: What to Expect
What to expect in a Transaction Services modelling test: the formats, what graders reward, the traps that sink candidates, modelling hygiene, and a worked walk-through.
ts-interviewmodelling-testhard-skillsexcelfddBuilding a Deal Sheet for Your Transaction Services Interview
Build a deal sheet that wins TS interviews: what to include, how to talk about confidential work, and how to turn thin audit or internship experience into credible stories.
ts-interviewdeal-sheetcv-for-tsbehaviouralcareer-transitionACA, ACCA or CFA: Which Qualification for Transaction Services?
ACA, ACCA or CFA for Transaction Services? What each signals, which firms value which, whether you need one at all, and a decision framework you can actually apply.
acaaccacfatransaction-servicesqualificationsConverting a Transaction Services Internship into a Full-Time Offer
A practical, week-by-week game plan for turning a Transaction Services internship or placement into a full-time graduate offer - what's assessed and how to convert.
ts-internshipgraduate-recruitmenttransaction-servicesreturn-offerearly-careersThe Transaction Services Career Ladder: From Analyst to Partner
A practitioner's map of the Transaction Services career ladder - every rung from analyst to partner, what changes at each, the manager pivot and what to optimise early.
ts-careercareer-progressiontransaction-servicespromotionpartner-trackTransaction Services Exit Opportunities: PE, Corporate Development and Beyond
Where Transaction Services careers lead - private equity, corporate development, FP&A, IB and beyond - which skills transfer, when to move and how TS compares to IB.
exit-opportunitiesprivate-equitycorporate-developmenttransaction-servicescareerBreaking into Transaction Services Without an Accounting Background
A practical route into Transaction Services for econ, engineering, law and consulting graduates: the real gaps, what transfers, and how to position your CV.
career-switchnon-accountanttransaction-servicescvinterviewBuilding the FDD Databook: The Transaction Services Analyst's Core Deliverable
What the FDD databook is, how it's structured, the modelling discipline behind it, and how it feeds the EBITDA, net debt and working capital bridges.
databookfddexcel-modellingtransaction-serviceshard-skillsGross Margin Bridge Analysis in Financial Due Diligence
How to decompose a gross-margin movement into price, volume, mix, input cost and FX, why the margin walk beats the headline percentage, and how it feeds the QoE.
gross-marginmargin-bridgefddrevenue-qualityquality-of-earningsMinority Interests and Associates in the Equity Bridge
Why non-controlling interests and equity-accounted associates sit in the EV-to-equity bridge, how consolidation overstates your share of EBITDA, and how to adjust.
minority-interestsassociatesequity-bridgeebitdafddContingent Liabilities and Litigation in Financial Due Diligence
How FDD hunts, sizes and prices contingent liabilities and litigation: routing off-balance-sheet exposure into net debt, provisions or SPA indemnities and escrow.
contingent-liabilitieslitigationfdddebt-like-itemsspaDeferred Tax in Net Debt and Due Diligence
How deferred tax is treated in FDD - DTAs vs DTLs, when deferred tax is debt-like, DTA recoverability, tax losses as deal value and the net debt bridge and SPA.
deferred-taxnet-debtev-equity-bridgespafddFX and Multi-Currency Issues in Financial Due Diligence
How foreign exchange distorts growth and margin in FDD - translation vs transaction exposure, constant-currency analysis, hedging P&L effects and what to normalise.
fxmulti-currencyebitda-adjustmentsquality-of-earningsfddUnit Economics and Cohort Analysis in Due Diligence
How unit economics and cohort analysis expose what topline revenue hides in FDD - contribution per customer, retention curves, payback, LTV/CAC and cohort decay.
unit-economicscohort-analysisrevenue-qualityfddtransaction-servicesSaaS Metrics in Financial Due Diligence: ARR, Churn and the MRR Bridge
How FDD reads a SaaS target: ARR and MRR, gross and net revenue retention, logo vs revenue churn, the MRR bridge, CAC payback, the rule of 40 and deferred revenue.
saas-metricsrecurring-revenuerevenue-qualityfddchurnRun-Rate EBITDA: Annualising for a Forward View
What run-rate EBITDA means, why buyers want a forward number, the legitimate annualising adjustments, and the line that separates run-rate from aggressive add-backs.
run-rate-ebitdaebitda-adjustmentsquality-of-earningsfddvaluationAccounts Receivable and Bad Debt in Financial Due Diligence
How FDD analysts read accounts receivable in a deal: ageing, DSO, customer concentration, bad-debt provisioning, credit notes, cut-off and the working-capital peg.
accounts-receivablebad-debtworking-capitalfddrevenue-qualityInventory Analysis and Provisioning in Financial Due Diligence
Inventory in FDD: ageing, obsolescence, provisioning adequacy, valuation methods and pre-sale manipulation risks, and how each one hits the NWC peg and EBITDA.
inventory-analysisworking-capitalfddprovisioningred-flagsDeferred Revenue in Financial Due Diligence: EBITDA and Net Debt Effects
Deferred revenue in FDD: why contract liabilities are both a revenue-quality and a net-debt question, and how they move the EBITDA bridge and the equity bridge to the seller.
deferred-revenuefddnet-debtrevenue-qualitysaasQuality of Net Assets (QoNA): The Balance Sheet Cousin of QoE
Quality of Net Assets (QoNA) in FDD: test the balance sheet for under-provisioning, overstated assets and off-balance-sheet items that feed net debt and working capital.
quality-of-net-assetsbalance-sheetfddnet-debtworking-capitalESG Due Diligence in M&A: A Practical Guide
A practitioner's guide to ESG due diligence in M&A: the three pillars, what gets reviewed, materiality, and how findings become provisions, capex and contingent liabilities.
esg-due-diligencedue-diligencefddmaterialitytransaction-servicesOperational Due Diligence: What It Is and How It Complements FDD
What operational due diligence covers - supply chain, IT, headcount, procurement - and how ODD findings land on the EBITDA bridge, capex split and synergy case alongside FDD.
operational-due-diligencefddsynergiesebitda-bridgetransaction-servicesCommercial Due Diligence vs Financial Due Diligence: How They Work Together
How commercial and financial due diligence differ, where they overlap, and why a buyer's revenue forecast only holds when CDD's market view and FDD's numbers reconcile.
commercial-due-diligencefdddue-diligencedeal-processtransaction-servicesCarve-Out Financial Due Diligence: Standalone Costs, TSAs and Stranded Costs
How carve-out FDD differs from a standard deal: building standalone financials, sizing stranded costs, TSAs and the EBITDA adjustments that move the price.
carve-outfddstandalone-coststsatransaction-servicesWorking Capital Target in the SPA: Negotiation
How the working capital target is set, negotiated and embedded in the SPA: methodology, key disputes and what TS analysts need to know.
working-capital-targetspanwcdeal-negotiationWorking Capital Requirement (WCR): Definition, Formula and M&A Use
WCR meaning, formula, and how FDD analysts use working capital requirement in M&A: SPA mechanism, benchmarks, worked example and common pitfalls.
wcrworking-capital-requirementworking-capitalnwcm-and-afdd-benchmarksWorking Capital Seasonality in Transaction Services
How to handle working capital seasonality in Financial Due Diligence: methodology, NWC peg implications and what it means for the closing date price adjustment.
working-capitalseasonalitynwc-pegfddtransaction-servicesWelcome to the Transaction Services Training blog
What we'll cover here - the real technicals, interview traps and deliverables you'll be judged on as a TS analyst.
welcometransaction-servicesWorking Capital Analysis in Financial Due Diligence
How to analyse working capital in Financial Due Diligence: normalisation methodology, seasonality, NWC peg and impact on the transaction price.
working-capitalnwcfddnormalisationtransaction-servicesVendor Due Diligence: A Practical Guide
Everything you need to know about Vendor Due Diligence (VDD): what it is, when it's used, advantages for the seller and differences from buy-side FDD.
vendor-due-diligencevddsell-sidefddtransaction-servicesVendor Due Diligence: Specifics and Process
What is vendor due diligence (VDD) in M&A? How does it differ from buy-side FDD and what should TS analysts know about the VDD process?
vendor-due-diligencevddfinancial-due-diligencesell-sideTransaction Services vs. Audit: What Is the Difference?
A clear comparison of Transaction Services and external audit: objectives, workstyle, technical skills and career trajectories.
ts-vs-audittransaction-servicesauditcareer-comparisonTypes of Provisions and Their FDD Treatment
Provisions on the balance sheet can be debt-like items or working capital adjustments. Learn how FDD teams classify and challenge different provision types.
provisionsfddnet-debtworking-capitalbalance-sheetPwC TS Interview: Preparation and Tips
How to prepare for the PwC Transaction Services interview: process overview, technical questions, and tips from candidates who got offers.
pwctransaction-servicesinterviewbig-4Transaction Services Vocabulary for Interviews
The essential TS vocabulary for interviews: definitions and usage of the most important terms in Financial Due Diligence and M&A.
ts-vocabularyinterviewtransaction-servicesfddCommon Mistakes in TS Interviews and How to Avoid Them
The most common mistakes candidates make in Transaction Services interviews and how to avoid them. Practical advice for Big 4 and boutique TS applications.
ts-interviewinterview-mistakestransaction-servicespreparationTransaction Services Interview Preparation Plan: 3 Weeks
A structured 3-week preparation plan for a Transaction Services interview at a Big 4 or boutique advisory firm: week by week, with priorities and practical exercises.
interview-preparationtransaction-servicesbig4planstudy-guideEY Transaction Services Interview: Technical Questions
Prepare for the EY Transaction Advisory Services interview with this guide to technical questions, deal mechanics and what EY interviewers look for.
eytransaction-servicesinterviewbig-4KPMG Transaction Services Interview: How to Prepare
A preparation guide for the KPMG Transaction Services interview: process, technical questions, and what KPMG deal professionals look for in candidates.
kpmgtransaction-servicesinterviewbig-4Top 10 Transaction Services firms in the UK (2026 guide)
Ranking of the top 10 Transaction Services firms in the UK in 2026: Big 4, accountancy challengers and M&A boutiques. Headcounts, deal flow, junior salaries and profiles recruited.
transaction-servicesfirmsukcareerbig-4boutiquesTop 10 Transaction Services firms in the USA (2026 guide)
Ranking of the top 10 Transaction Services firms in the USA in 2026: Big 4, mid-tier challengers and M&A boutiques. Headcounts, deal flow, junior compensation and target schools.
transaction-servicesfirmsusacareerbig-4boutiquesThe Day-to-Day of a Transaction Services Analyst
What does a Transaction Services analyst actually do? A realistic look at the daily work in FDD, from data packs to report writing.
ts-analystday-to-daytransaction-servicescareerDeloitte TS Interview: Common Questions and Answers
Prepare for the Deloitte Transaction Services interview with common technical questions, model answers and preparation strategies.
deloittetransaction-servicesinterviewbig-4The Sell-Side M&A Process: Timeline, Phases and Key Milestones
Step-by-step sell-side M&A process: from preparation and CIM through to NBOs, buyer due diligence, SPA negotiation and closing. Timeline, milestones and what FDD analysts do at each stage.
m-and-asell-sidedeal-processfddadvisorytransaction-servicesTransaction Services vs Investment Banking: Key Differences
Transaction Services vs Investment Banking: a clear comparison of roles, skills, career paths and daily work to help you choose the right direction.
transaction-servicesinvestment-bankingcareercomparisonfddTransaction Services After an MBA: What Really Counts
Thinking about moving into Transaction Services after your MBA? Here is what firms actually look for and how to position yourself effectively.
mbacareertransaction-servicesinterviewWhat is the Gap Clause in an M&A Transaction?
The gap clause in M&A locked-box deals: how it protects the buyer between locked-box date and completion, how value leakage is defined, and how FDD analysts measure it.
gap-clauselocked-boxleakagespam-and-afdddeal-mechanicsTransaction Services Salary Guide: What to Expect
Salary ranges for Transaction Services professionals in Europe: junior analysts, consultants and managers at Big 4 and boutique firms.
salarycompensationtransaction-servicescareerbig4How to Choose the Right Transaction Services Training
What to look for when choosing a Transaction Services training programme: content quality, case study depth, practical exercises and interview relevance.
trainingtransaction-servicespreparationinterviewfddSynergies in M&A: What Role Does FDD Play?
How synergies are identified, validated and presented in M&A transactions, and what role the FDD team plays in assessing synergy claims.
synergiesm-and-afddebitda-adjustmentsTax Risks in Financial Due Diligence
How FDD analysts identify and present tax risks in due diligence: common areas of exposure, interaction with tax DD, and the impact on deal structure.
tax-risksfinancial-due-diligencefddm-and-a-taxSoft Skills in Transaction Services: What Recruiters Look For
Technical knowledge gets you through the first round. Soft skills determine whether you are hired and how fast you progress. Here is what TS recruiters prioritise.
soft-skillstransaction-servicesinterviewcareerStub Period Adjustment in the QoE Report
Stub period adjustments bring partial-year financials onto a full-year basis. Learn what they are, why they arise, and how FDD teams handle them.
stub-periodquality-of-earningsebitda-adjustmentsfddSalary Adjustments as EBITDA Normalisation
Owner and management salary adjustments are among the most common EBITDA normalisations. Learn when they apply, how to calculate them, and how to defend the position.
ebitda-adjustmentssalarynormalisationquality-of-earningsSegment Analysis in Financial Due Diligence
How FDD analysts perform segment analysis: breaking down P&L by business line, geography or product to identify profitability drivers and risks.
segment-analysisfddrevenue-analysisfinancial-due-diligenceRevenue Quality Analysis in Financial Due Diligence
How FDD analysts assess revenue quality: sustainability, customer concentration, contract analysis and the key metrics that signal risk or resilience.
revenue-qualityfinancial-due-diligencefddquality-of-earningsRevenue Quality in Financial Due Diligence
How to assess revenue quality in FDD: recurring vs non-recurring revenues, customer concentration, contract analysis and red flags for Transaction Services interviews.
revenue-qualityfddrecurring-revenuecustomer-concentrationtransaction-servicesRed Flags in Financial Due Diligence
The key red flags to identify in a Financial Due Diligence: revenue risks, margin deterioration, working capital issues, balance sheet risks and governance concerns.
red-flagsfdddue-diligenceriskstransaction-servicesRestructuring Costs: When Are They Adjusted in EBITDA?
Restructuring charges are among the most contested EBITDA adjustments in FDD. Learn the criteria for inclusion, common pushback, and how to present the analysis.
ebitda-adjustmentsrestructuringfddquality-of-earningsRecurring Revenue Analysis in Financial Due Diligence
How FDD analysts assess recurring revenue quality, contract terms and revenue sustainability. Key metrics and red flags to know for TS interviews.
recurring-revenuerevenue-qualityfinancial-due-diligencesoftware-fddRed Flags in Financial Due Diligence
The key red flags FDD analysts look for in financial due diligence: revenue manipulation, accounting irregularities, working capital risks and more.
red-flagsfinancial-due-diligencefddrisk-analysisQuality of Earnings: What It Is and Why It Matters
A practical explanation of Quality of Earnings (QoE) in M&A due diligence: what it covers, how it works and how to explain it in a Transaction Services interview.
quality-of-earningsqoefddebitdatransaction-servicesR&D Costs in EBITDA: Treatment and Adjustment
Research and development costs can be expensed or capitalised. Their treatment significantly affects EBITDA and requires careful analysis in FDD.
rd-costsebitda-adjustmentsfddcapitalisationquality-of-earningsQoE Report Structure: What Goes in an FDD Report
The structure of a Quality of Earnings / Financial Due Diligence report: sections, content and what each part tells the buyer in an M&A transaction.
qoe-reportfddreport-structuretransaction-servicesdue-diligenceQuality of Earnings: Introduction for the FDD Analyst
Understand what Quality of Earnings means in financial due diligence, how a QoE report is structured, and what analysts look for.
quality-of-earningsfinancial-due-diligencefdd-analystProvisions in the Net Debt Bridge
How provisions are treated in the net debt bridge in M&A transactions: which provisions are debt-like, how to argue their inclusion, and common disputes.
provisionsnet-debtdebt-like-itemsfinancial-due-diligenceQuality of Earnings 101: what interviewers actually want to hear
Most candidates answer QoE with a textbook definition. TS interviewers want you to describe a bridge. Here's how to frame it.
quality-of-earningsinterviewfddPro-Forma EBITDA Adjustments Explained
What are pro-forma EBITDA adjustments in Transaction Services, when are they valid, and how should you evaluate them in a Financial Due Diligence?
pro-formaebitdaadjustmentsqoefddPro Forma EBITDA Adjustments: A Guide
What are pro forma EBITDA adjustments in FDD? How to calculate them, when they are appropriate and how to defend them in deal negotiations.
pro-formaebitda-adjustmentsquality-of-earningsfddOne-Off Items in the EBITDA Bridge: What Counts and What Doesn't
How to identify, validate and present one-off EBITDA adjustments in Transaction Services: criteria for a valid add-back, examples and interview approach.
one-offebitdaadd-backquality-of-earningsfddPension Liabilities in Net Debt Analysis
Defined benefit pension deficits are a common debt-like item in FDD. Learn how pension liabilities are identified, valued, and treated in the net debt bridge.
net-debtpensionfdddebt-like-itemsBuilding an NWC Bridge in Transaction Services
How to construct an NWC bridge in Financial Due Diligence: methodology, components, peg calculation and integration into the EV/Equity bridge.
nwc-bridgeworking-capitalfddnwc-pegev-equity-bridgeNWC Seasonality and Its Impact on Deal Price
How seasonality in net working capital affects M&A deal price, NWC target negotiations and what FDD analysts must do to account for it.
nwc-seasonalitynet-working-capitaldeal-pricefddNormalised EBITDA: A Concrete Calculation Example
A step-by-step worked example of normalised EBITDA calculation in an FDD context, with a full EBITDA bridge and commentary on each adjustment.
normalised-ebitdaebitda-bridgeworked-examplequality-of-earningsNet Working Capital Analysis in Financial Due Diligence
How FDD analysts perform NWC analysis: defining normalised working capital, assessing seasonality, and setting the target for SPA negotiations.
net-working-capitalnwcfinancial-due-diligencefddNon-Recurring Items and Their Treatment in QoE Reports
How to identify, classify and adjust for non-recurring items in EBITDA. A practical guide for FDD analysts and TS interview candidates.
non-recurring-itemsebitda-adjustmentsquality-of-earningsfddNormalised EBITDA: Calculation and Importance
What is normalised EBITDA, how is it calculated, and why does it matter in M&A transactions? A clear guide for FDD analysts and interview candidates.
normalised-ebitdaebitda-adjustmentsquality-of-earningsm-and-aNet Debt: Definition and Calculation in M&A
Net debt definition in M&A transactions: components, calculation methodology, and its role in the enterprise value to equity bridge.
net-debtm-and-aenterprise-valueequity-bridgeNetworking for a TS Job: Strategies and Tips
Most TS roles are filled through referrals and relationships. Here is how to build a relevant network and use it to accelerate your path into Transaction Services.
networkingcareertransaction-servicesjob-searchManagement Remuneration Normalisation in FDD
How FDD analysts normalise management remuneration in EBITDA: the rationale, benchmarking methodology and common disputes in deal negotiations.
management-remunerationebitda-normalisationfddquality-of-earningsNet Debt in Financial Due Diligence: A Complete Definition
A complete guide to net debt in Financial Due Diligence: components, calculation, debt-like items, cash-like items and the EV/Equity bridge.
net-debtfddev-equity-bridgeinterviewtransaction-servicesArguing EBITDA Adjustments: The Language of FDD
How to argue EBITDA adjustments in due diligence and in TS interviews: the language, structure and evidence-based reasoning used by senior FDD professionals.
ebitda-adjustmentsargumentationfddquality-of-earningsAssessment Centre for TS Roles: How to Prepare
TS assessment centres combine technical tests, group exercises and interviews. Learn what to expect and how to perform at each stage.
assessment-centreinterviewtransaction-servicespreparationMoving from Audit to Transaction Services: Complete Guide
How to make the move from external audit to Transaction Services at a Big 4 or boutique firm: skills gap, timing, and how to pitch the transition.
audit-to-tscareer-transitiontransaction-servicesbig-4Behavioural Questions in a Transaction Services Interview
The most common behavioural questions in a Transaction Services interview and how to answer them using the STAR method - with examples.
behavioural-questionsinterviewtransaction-servicessoft-skillsstarFrom Big 4 Audit to Transaction Services: The Complete Guide
How to transition from Big 4 audit to Transaction Services: transferable skills, gaps to fill, how to position your experience and interview preparation.
audittransaction-servicescareer-transitionbig4fddBig 4 Transaction Services Interview Tips
Practical tips for passing a Transaction Services interview at EY, PwC, KPMG or Deloitte: technical preparation, common mistakes and what makes a strong candidate.
interviewbig4transaction-servicestipspreparationBig Four vs. Boutique Firms in Transaction Services
Comparing Big Four (EY, PwC, KPMG, Deloitte) and boutique (Accuracy, Eight Advisory, Mazars, BDO) Transaction Services roles: culture, deals and career paths.
big-4boutiquetransaction-servicescareerfddBoutique Advisory vs Big 4 in Transaction Services
Big 4 vs boutique advisory firm in Transaction Services: a practical comparison of mission content, culture, career progression and compensation.
boutiquebig4transaction-servicescareercomparisonCareer at M&A Boutiques: Entry and Opportunities
What a career at an M&A boutique looks like: entry requirements, day-to-day work, compensation and how boutique TS differs from the Big Four.
boutique-macareertransaction-serviceseight-advisoryaccuracyBuilding an EBITDA Bridge: Step by Step
How to build an EBITDA bridge in Excel for a QoE analysis: step-by-step methodology, common pitfalls and how to present it in an FDD report.
ebitda-bridgeebitda-adjustmentsexcelquality-of-earningsCapitalised Costs and Their QoE Adjustment
How capitalised costs are treated in Quality of Earnings analysis: identifying over-capitalisation, making QoE adjustments, and the impact on EBITDA.
capitalised-costsquality-of-earningsebitda-adjustmentsfddSwitching Careers to Transaction Services
A practical guide for switching careers into Transaction Services from audit, controlling, corporate finance or other backgrounds.
career-switchtransaction-servicescareer-changefddCash and Equivalents in the Net Debt Bridge
How cash and cash equivalents are treated in the M&A net debt bridge: what qualifies as free cash, restricted cash, and cash-like items.
cash-equivalentsnet-debtequity-bridgefddCash Flow Analysis in Financial Due Diligence
How FDD analysts perform cash flow analysis: the link between EBITDA and cash generation, cash conversion, and what low cash conversion signals.
cash-flowfinancial-due-diligenceebitdafddCompany Sale: FDD from the Seller's Perspective
What does Financial Due Diligence look like when you are selling a company? How sellers and their advisers use FDD to control the process and protect value.
sell-sidecompany-salevendor-due-diligencefddCost Base Analysis in Financial Due Diligence
How to analyse the cost base in FDD: identifying normal vs abnormal costs, structural vs transient cost movements and normalisation adjustments.
cost-basefddebitdasgatransaction-servicesCustomer Concentration and Revenue Quality in FDD
How FDD analysts assess customer concentration risk: methodology, benchmarks, contract review, and how concentration affects valuation in M&A.
customer-concentrationrevenue-qualityfddrisk-analysisOptimising Your CV for Transaction Services
A TS CV needs to signal technical credibility, deal awareness, and structured thinking. Here is how to position every section for maximum impact.
cvcareertransaction-servicesjob-searchThe Data Room in Due Diligence: Working Efficiently
How to navigate a virtual data room in M&A due diligence: organisation, prioritisation and best practices for FDD analysts working under time pressure.
data-roomdue-diligencefddtransaction-servicesHow to Analyse an FDD Datapack
A practical guide to analysing an FDD datapack: how to navigate the information, prioritise analysis, and extract key insights efficiently.
fdd-datapackfinancial-due-diligencedata-roomanalysisDeal Structure and the Sale and Purchase Agreement in M&A
An overview of deal structure and the Sale and Purchase Agreement (SPA) in M&A transactions, and what TS analysts need to understand about both.
deal-structurespam-and-atransaction-servicesDebt-Like Items in the Net Debt Bridge
What are debt-like items in M&A? A complete guide to identifying, classifying and arguing debt-like items in the net debt bridge.
debt-like-itemsnet-debtequity-bridgefddDisputed Net Debt Items: How to Argue Your Position
How to argue disputed net debt items in M&A deal negotiations: the methodology, evidence required and how to present your position to lawyers and clients.
disputed-net-debtdeal-negotiationequity-bridgefddEarn-out and Price Adjustment Mechanisms in M&A
How earn-outs and price adjustment mechanisms work in M&A deals, and what FDD analysts need to understand about their structure and risks.
earn-outprice-adjustmentm-and-aspadeal-mechanicsEBITDA Adjustments in Financial Due Diligence: Overview
A structured overview of EBITDA adjustments in FDD: what they are, why they matter, and how analysts categorise them in QoE reports.
ebitda-adjustmentsfinancial-due-diligencequality-of-earningsEBITDA Adjustments at Sports Companies and Clubs
Sports businesses present unusual EBITDA adjustment challenges. From player amortisation to seasonal revenues, here is how FDD teams approach them.
ebitda-adjustmentssportsfddquality-of-earningsEBITDA Adjustments in a Transaction Services Interview
How to handle EBITDA adjustments in a Transaction Services interview: types, hierarchy, examples and what Big 4 recruiters really want to hear.
ebitdaadjustmentsinterviewtransaction-servicesquality-of-earningsEBITDA Margin: Analysis and Benchmarking in FDD
How FDD analysts use EBITDA margin to assess profitability, benchmark against peers and identify risks. Sector benchmarks and analytical methodology.
ebitda-marginbenchmarkingfddprofitability-analysisFrom EV to Equity Value: The Bridge Explained
The EV to equity bridge is fundamental to transaction pricing. Learn the mechanics, what belongs in it, and how FDD findings feed directly into the bridge.
equity-bridgeenterprise-valuenet-debtfddtransaction-servicesThe EV to Equity Bridge Explained
A complete guide to the Enterprise Value to Equity Value bridge in M&A: components, mechanics, debt-like items and NWC adjustment - with examples.
ev-equity-bridgeenterprise-valueequity-valuenet-debttransaction-servicesEV-to-Equity Bridge: A Complete Guide for TS Interviews
Master the EV-to-equity bridge for Transaction Services interviews: components, sequencing, and how to argue each item under pressure.
equity-bridgeenterprise-valuenet-debtts-interviewExcel Models Used in Transaction Services
The key Excel models and tools used by Transaction Services analysts in live FDD engagements: P&L analysis, EBITDA bridges, NWC models and EV/Equity bridge.
excelmodelstransaction-servicestoolsfddThe Phases of a Financial Due Diligence
A step-by-step walkthrough of the phases of a Financial Due Diligence engagement, from scoping to final report delivery.
financial-due-diligencefdd-processtransaction-servicesm-and-aFDD Report Structure: What Analysts Need to Know
The structure of a Financial Due Diligence report: key sections, what goes in each, and how to write clearly and concisely for a deal audience.
fdd-reportfinancial-due-diligencereport-writingtransaction-servicesFDD Timeline: What to Expect
A realistic timeline for a Financial Due Diligence engagement, from kick-off to final report, with milestones and what analysts do at each stage.
fdd-timelinefinancial-due-diligencedeal-processtransaction-servicesMaking a Strong Final Impression in the TS Interview
The closing minutes of a TS interview matter more than most candidates realise. Here is how to finish strongly and leave the right impression.
interviewtransaction-servicespreparationsoft-skillsStarting in Transaction Services with a Finance Degree
How finance graduates can break into Transaction Services at Big 4 or boutique firms: what they look for, how to prepare, and what to expect.
finance-graduatetransaction-servicescareer-entrybig-4The Financial Due Diligence Process: From Kickoff to Report
A complete walkthrough of the Financial Due Diligence process: phases, deliverables, key activities and what happens at each stage of an M&A deal.
fddprocessdue-diligencetransaction-servicesm&aFinancial Models in Transaction Services
The types of financial models used in Transaction Services, how they are built, and the Excel skills FDD analysts need to develop.
financial-modelsexceltransaction-servicesfddFinancing Costs and the Net Debt Bridge
Financing costs - accrued interest, arrangement fees, and prepayment penalties - are debt-like items that belong in the net debt bridge. Here is how they work.
net-debtfinancing-costsfdddebt-like-itemstransaction-servicesGoodwill and Intangible Assets in Financial Due Diligence
Goodwill and intangibles on the balance sheet reveal a company's acquisition history and asset quality. Learn how FDD teams analyse and challenge them.
goodwillintangiblesfddbalance-sheetfinancial-due-diligenceHard Skills for Transaction Services: The Technical Foundation
What technical skills do you actually need for a TS role? Here is a clear-eyed breakdown of the hard skills that matter and how to build them.
hard-skillstransaction-servicestechnicalfddpreparationIFRS 16 Lease Adjustments in Quality of Earnings
How IFRS 16 affects EBITDA, net debt and QoE analysis in M&A transactions. What FDD analysts need to know and how interviewers test it.
ifrs16lease-adjustmentsquality-of-earningsebitdaIFRS 16 Leases and Net Debt in Transaction Services
How IFRS 16 affects net debt and EBITDA in Transaction Services: the mechanics, the consistency rule and how to handle it in a deal context.
ifrs16leasesnet-debtebitdatransaction-servicesIntercompany Transactions and Their QoE Treatment
Intercompany transactions distort standalone earnings. Learn how FDD teams identify, challenge, and adjust for related-party activity in a QoE analysis.
intercompanyquality-of-earningsebitda-adjustmentsfddInternal Controls in Financial Due Diligence
The role of internal controls review in FDD: what analysts assess, why it matters for data reliability, and how control weaknesses affect the deal.
internal-controlsfinancial-due-diligencefddaccounting-qualityApplying for an Internal TS Position: Insider Tips
Moving into Transaction Services from within your firm? Here is how to position yourself, who to speak to, and what the internal process actually looks like.
careertransaction-servicesinternal-transferbig4Transaction Services Interview Case Study: A Worked Example
A complete worked example of a Transaction Services interview case study: EBITDA bridge, net debt and EV/Equity bridge with sample data and commentary.
case-studyinterviewebitdaev-equity-bridgetransaction-servicesA Day in the Life of a Junior Transaction Services Analyst
What does a junior Transaction Services analyst actually do day to day? A realistic account of hours, tasks, deliverables and what you learn in the first year.
junior-analystday-in-the-lifetransaction-servicescareerfddKey Financial Metrics in Transaction Services
The essential financial metrics every Transaction Services analyst uses: EBITDA, NWC ratios, DSO, DPO, inventory days, and how to interpret them.
financial-metricstransaction-servicesfddebitdaLocked Box vs. Completion Accounts in M&A: Mechanics, Trade-offs and TS Work
Locked box vs completion accounts in M&A: how each mechanism works, the SPA leakage clause, equity bridge impact, worked example and which structure to choose.
locked-boxcompletion-accountsspam-and-adeal-mechanicsMaintenance CapEx vs. Growth CapEx in FDD
Splitting capital expenditure into maintenance and growth components is a key FDD task. Learn the methodology and why it matters for buyers.
capexfddfinancial-due-diligenceebitdaManagement Accounts vs Statutory Accounts in FDD
The key differences between management accounts and statutory accounts in Financial Due Diligence: what each contains, how they diverge and how to use both.
management-accountsstatutory-accountsfddaccountingtransaction-servicesManagement Add-backs: Review and Argumentation
How FDD analysts review and challenge management add-backs to EBITDA: the review process, common rejections and how to argue your position.
management-add-backsebitda-adjustmentsquality-of-earningsfdd
The next TS offer is yours.
Hundreds of candidates prepared their interviews with this programme. Those who landed the role have one thing in common: they worked the cases before walking into the room.