Blog
Transaction Services insights
Technicals, interview tips, and on-the-job reality from experts.
Julien N.· 6mo 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.
Working 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 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-servicesTypes 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-sheetTransaction 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-servicesfddThe 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-bankingcareercomparisonfddWhat 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-mechanicsHow 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-taxStub 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-adjustmentsfddSegment 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-earningsRed 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 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-pricefddNet 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-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-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-earningsFrom 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 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-servicescareerfddCapitalised 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-analysisThe 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-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-bridgefddEBITDA 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 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-servicesExcel 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 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-servicestechnicalfddpreparationIntercompany 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-qualityA 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-servicesfddebitdaMaintenance 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.