KPMG Transaction Services Interview: How to Prepare

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:

1. Application and CV screen
2. HR telephone or video interview — motivation and fit
3. Technical interview with a manager — accounting, deal mechanics, FDD concepts
4. Case study — either written (30–60 minute exercise) or verbal (on-the-spot analysis)
5. 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.