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-servicesWelcome 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-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-servicesTransaction 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-comparisonPwC 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-servicesfddCommon 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-guideEY 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-4Top 10 Transaction Services firms in the UK (2026 guide)
Ranking of the top 10 Transaction Services firms in the UK in 2026: Big 4, accountancy challengers and M&A boutiques. Headcounts, deal flow, junior salaries and profiles recruited.
transaction-servicesfirmsukcareerbig-4boutiquesTop 10 Transaction Services firms in the USA (2026 guide)
Ranking of the top 10 Transaction Services firms in the USA in 2026: Big 4, mid-tier challengers and M&A boutiques. Headcounts, deal flow, junior compensation and target schools.
transaction-servicesfirmsusacareerbig-4boutiquesThe 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-4The 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-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-servicesinterviewTransaction 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-servicespreparationinterviewfddSoft 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-servicesinterviewcareerRevenue 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-servicesQuality 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-servicesQoE 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-diligenceNetworking 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-searchNet 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-servicesAssessment 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-advisoryaccuracySwitching Careers to Transaction Services
A practical guide for switching careers into Transaction Services from audit, controlling, corporate finance or other backgrounds.
career-switchtransaction-servicescareer-changefddCost 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-servicesOptimising 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-servicesDeal 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-servicesEBITDA 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-earningsFrom 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-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 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-servicesHard 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 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-servicesApplying 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-servicesfddebitdaManagement 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-services
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.