KPMG's Deal Advisory practice houses one of Europe's largest Transaction Services (TS) teams. Known for its strong private equity client base and rigorous analytical culture, KPMG TS is a competitive target for audit professionals looking to move into deals, and for finance graduates entering the field directly.
KPMG Deal Advisory: The Structure
Within KPMG Deal Advisory, the main sub-practices are:
- Transaction Services (Financial Due Diligence)
- M&A Tax
- Corporate Finance / Valuations
- Restructuring
For TS specifically, the practice is split between buy-side FDD for PE and corporate acquirers, and vendor due diligence (VDD) mandates on sell-side processes.
The Interview Process at KPMG
The KPMG TS interview process typically involves:
- Application and CV screen
- HR telephone or video interview — motivation and fit
- Technical interview with a manager — accounting, deal mechanics, FDD concepts
- Case study — either written (30–60 minute exercise) or verbal (on-the-spot analysis)
- Senior Manager or Partner interview — commercial awareness, leadership, longer-term career narrative
Core Technical Questions
Quality of Earnings
- "What does Quality of Earnings mean and why does it matter in an acquisition?"
- "How would you treat a one-off restructuring charge in a QoE report?"
- "A company shows strong revenue growth in the last year — what would you investigate?"
Net Debt
- "List the main components of net debt in a typical M&A transaction."
- "What is the difference between net debt and net financial debt?"
- "Where do pension liabilities sit in the equity bridge?"
NWC
- "Walk me through how you would calculate a working capital target."
- "What is the impact on deal price if NWC at closing is below the target?"
- "How do you normalise NWC for a seasonal business?"
What KPMG Looks For
KPMG TS interviewers have consistently highlighted several traits:
- Analytical rigour: KPMG deals teams handle complex, multi-jurisdictional FDD. They want people who think carefully and catch subtle issues.
- Communication clarity: You will write reports for PE partners. Clear, concise writing and oral communication are tested at every stage.
- Team orientation: KPMG values collaborative working styles; solo heroes are not the preferred profile.
Practical Preparation Tips
- Study three to five recent KPMG Deal Advisory reports or press releases
- Be ready to discuss a real-life M&A transaction and what due diligence questions you would ask
- Know the key accounting differences between IFRS and UK GAAP — useful for KPMG UK
- Practice a short "EBITDA bridge" verbally: can you narrate one in two minutes?
Conclusion
KPMG TS rewards analytical candidates who can communicate clearly, think commercially and work hard in deal environments. Preparation on the fundamentals — QoE, net debt, NWC — is the foundation for success.
The Transaction Services Interview Programme (€119.99, one-time) gives you the technical framework and practice cases to pass the KPMG Deal Advisory interview. Enrol today.
