Transaction 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.
Three weeks is the minimum serious preparation time for a Transaction Services interview. Here's how to use those weeks efficiently — with the right focus at each stage.
Week 1: Master the core concepts
Days 1-2: Quality of Earnings and the EBITDA bridge
This is the single most important technical topic. By the end of day 2, you should be able to:
- Draw the EBITDA bridge from memory (reported → one-offs → run-rate → pro-forma → normalised).
- Name and explain 5 examples at each adjustment level.
- Explain the hierarchy of credibility (one-offs are strongest, pro-formas are weakest).
- Challenge a hypothetical management add-back with specific counter-arguments.
Practice: write out a mini EBITDA bridge with invented numbers. Time yourself explaining it verbally.
Days 3-4: Net debt and the EV/Equity bridge
By the end of day 4:
- Know all components of financial debt (bank debt, bonds, IFRS 16 leases, shareholder loans).
- Know the 5 most common debt-like items (pension deficits, tax liabilities, earn-outs, financial guarantees, undeclared dividends).
- Understand the IFRS 16 consistency rule (post-IFRS 16 EBITDA requires lease liabilities in net debt).
- Be able to build a simple EV/Equity bridge from scratch.
Days 5-7: Working capital normalisation
By the end of day 7:
- Calculate DSO, DPO, DIO from a data set.
- Explain the NWC peg concept and how it's used in completion accounts.
- Handle the seasonality question: "What's the right peg for a business that closes in December but peaks in May?"
Week 2: Apply the concepts to real data
Days 8-11: Case study practice
Take a historical P&L and balance sheet (real or constructed) and work through:
- Revenue and margin trend analysis.
- EBITDA bridge with at least 6 adjustments.
- NWC normalisation.
- Full EV/Equity bridge.
This is the most important preparation activity. Reading about FDD is not the same as doing it under time pressure.
Days 12-14: Deal mechanics
Locked box vs completion accounts, VDD vs buy-side FDD, earn-out structures, change of control clauses. You don't need deep expertise, but you need to be able to speak fluently.
Week 3: Interview preparation
Days 15-17: Technical question practice
Take the 20 most common TS interview questions and prepare answers out loud. Don't just think them — say them. Verbal fluency is different from written understanding.
Days 18-19: Behavioural questions
Prepare STAR-format answers for:
- Most complex analytical challenge you've faced.
- Working under time pressure.
- Disagreement with a colleague or manager.
- Why TS, why this firm.
Days 20-21: Firm research and final review
Research the specific team: sectors covered, recent deals, team size. Prepare 2-3 intelligent questions to ask in the interview. Final review of weak spots.
What to avoid
- Spending all three weeks on theory — application is what matters.
- Memorising definitions without understanding the economic logic.
- Neglecting the behavioural questions — they represent 30-40% of most interview rounds.
The programme's case studies, model solutions and adjustment libraries are designed to support exactly this kind of structured preparation.