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Transaction Services insights
Technicals, interview tips, and on-the-job reality from experts.
Arguing 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
Understanding locked box and completion accounts mechanisms in M&A deals: how they work, their pros and cons, and their impact on the TS analyst's work.
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-earningsfddManagement 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-servicesNet 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-searchNon-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-aNormalised 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-diligencefddBuilding 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-pricefddOne-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-itemsPro-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-earningsfddProvisions 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-diligenceQoE 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-analystQuality 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-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-analysisRed 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-earningsRevenue 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-servicesSalary 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-diligenceSoft 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-adjustmentsfddSynergies 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-taxTransaction 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-servicespreparationinterviewfddTransaction 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-servicesinterviewThe 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-4EY 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-4Common 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-guidePwC 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-servicesfddTransaction 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-sheetVendor 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-sideWorking 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-servicesWorking Capital in M&A: Definition and Benchmarks
What working capital means in an M&A context, how it is defined in practice, and what benchmarks FDD analysts use to assess it.
working-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-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-negotiationWelcome 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-servicesQuality 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-earningsinterviewfdd