Learning
Master the restatements that matter in TS interviews
Adjustments are the most tested topic in Transaction Services interviews — and the one where most candidates fail for lack of methodology. This module covers the three QoE pillars: earnings normalisation (non-recurring charges, IFRS 16, management fees), Net Debt bridge construction, and normalised NWC analysis, with 150+ restatements broken down line by line from real transaction examples.
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Landed the job at EY Transaction Services
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Knowing EBITDA theory is not enough: TS recruiters test QoE methodology
EBITDA adjustments, net debt normalisation and working capital analysis are the three most frequently tested topics in Transaction Services interviews. Most candidates can define these terms — but fail as soon as they are asked to apply Quality of Earnings methodology to a real case.
Key figure
1in every 3 questions in a Big 4 TS interview involves EBITDA adjustments, QoE or net debt — the core of Financial Due Diligence.
Master the restatements that matter in TS interviews
Complete taxonomy of 150+ adjustments
The module covers every category tested in TS interviews: exceptional items and one-offs (restructuring, relocation costs, redundancy payments), non-market…
Normalisation logic and defensible argumentation
Knowing the list of adjustments is not enough — what recruiters assess is your ability to justify why an item is recurring or non-recurring, and to quantify…
QoE, Net Debt & NWC bridge construction on real cases
Three central deliverables of any Financial Due Diligence are built from scratch: a normalised earnings bridge (from accounting EBITDA to adjusted normalised…
Measurable outcomes
500+ candidates prepared, 100% in internship or full-time role. Transaction Services Training is a proven method.
Our team is made up of former Transaction Services analysts and managers, including Big 4 recruiters. They share directly what is evaluated in the interview — because they have been on the other side of the table.
Why Transaction Services Training and not another programme?
 ✦ Recommended |  |  |  | |
|---|---|---|---|---|
| 100% specialised in Transaction Services | Only one | |||
| Full case studies with detailed corrections | 8+ | 1–2 | 1–2 | |
| EBITDA / Net Debt / NWC adjustments documented | 150+ | A few | Rare | |
| Reusable TS Excel models | 4+ | Limited | ||
| Mock interview with Big 4 recruiter | Included | |||
| Team responsive within the hour | Included | Limited | ||
| Updated monthly | Yes | Occasional | ||
| One-time price, no subscription | Yes | Subscription | Subscription | Subscription |
Comparison based on publicly available offers as of 2025. Data subject to change.
Frequently asked questions
What is an EBITDA adjustment in Transaction Services?
An EBITDA adjustment is a restatement applied to historical results to reflect the normalised, recurring performance of the business. In Financial Due Diligence, this includes eliminating one-offs, normalising management compensation and restating non-recurring costs following Quality of Earnings methodology.How is QoE (Quality of Earnings) evaluated in a Transaction Services interview?
TS recruiters test the ability to identify, categorise and justify adjustments on a real dataset. They evaluate approach as much as result: does the candidate start from the right signals? Ask the right questions? Structure the analysis professionally?What is the difference between an EBITDA adjustment and EBIT normalisation in Due Diligence?
An EBITDA adjustment covers results before depreciation and interest. EBIT normalisation also incorporates depreciation and amortisation. In FDD practice, most work centres on adjusted EBITDA, but some mandates also require EBIT or EBITA analysis depending on the sector.How many typical EBITDA adjustments should you know for a Big 4 TS interview?
The Transaction Services Training programme covers 150+ real adjustments across categories: one-offs, structural normalisations, acquisition pro-formas, IFRS 16 restatements, crypto and SaaS add-backs. Mastering the 15 to 20 most frequent ones is enough to pass the majority of interviews.Do you need prior accounting experience to master EBITDA adjustments?
A basic accounting foundation helps understand restatement logic, but is not essential. The Transaction Services Training adjustments module starts from core concepts — what is a one-off? — before increasing in complexity. Candidates with no accounting background regularly pass interviews after completing this module.How many hours does it take to master the Transaction Services Training EBITDA adjustments module?
Allow 3 to 5 hours of focused study to cover the courses and associated exercises. Real mastery comes from repeated practice on guided exercises and quizzes. Most candidates reach interview level within 1 to 2 weeks.Does the Transaction Services Training adjustments module cover sector-specific cases missing from standard training?
Yes. The programme includes adjustments specific to SaaS models (ARR, churn, LTV), seasonal businesses, IFRS 16 entities and crypto add-backs. These sector cases are rarely covered in generalist training but appear regularly in TS interviews.
The next TS offer is yours.
500+ 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.
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