Transaction Services Training

Practice

Build the Excel models used by TS teams on real engagements

Transaction Services analysts spend most of their time in Excel — and modelling cases are the most feared component of interviews. This module teaches you to build real working files — EBITDA bridge, working capital analysis, net debt bridge — exactly as TS teams do, so you can reproduce them confidently in real TS interviews.

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Verified

Julien N.· 5mo 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.

Our candidates are hired at

EYDeloitteKPMGPwCEight AdvisoryForvis MazarsBDOAccuracyGrant ThorntonAlvarez & MarsalRoland BergerSquarenessEYDeloitteKPMGPwCEight AdvisoryForvis MazarsBDOAccuracyGrant ThorntonAlvarez & MarsalRoland BergerSquarenessEYDeloitteKPMGPwCEight AdvisoryForvis MazarsBDOAccuracyGrant ThorntonAlvarez & MarsalRoland BergerSquareness
The expected deliverable format

TS Excel deliverables follow a precise format that candidates have never seen

A junior Transaction Services analyst must master the worksheets tested in interviews: EBITDA bridge, EV-to-equity bridge, NWC normalisation table, net debt analysis. These formats cannot be improvised. Big 4 recruiters who have hired dozens of analysts immediately spot those who have never seen them.

Key figure

0

out of 10 candidates arrive able to build a normalised EBITDA bridge in Excel in the interview-ready format — without having practised it beforehand.

What you learn

Build the Excel models used by TS teams on real engagements

modules 1

Professional templates structured as in a firm

You start from blank Excel files with separate tabs (raw data, adjustments, EBITDA bridge, NWC, net debt), named source cells and fully auditable formulas — no hard-coded links, everything readable and defensible to a Big 4 manager. An unreadable file is eliminating in an Excel interview test: this module teaches the professional standard expected.

01Étape 1
02Étape 2
modules 2

Guided build with parallel financial explanations

Each model — normalised EBITDA bridge, 12-month rolling NWC, EV-to-equity bridge, net debt reconciliation — is built from scratch on video with real-time financial explanations. You understand why every line is there and what it measures. By the end of the module, you build a complete EBITDA bridge with add-backs and IFRS 16 effect in under 20 minutes.

modules 3

Frequent candidate errors identified and corrected

The most penalising errors in TS Excel interview tests are reviewed: hard-coding, EBITDA computed from net income without restatement, NWC on a single date, earn-out omitted from net debt, IFRS 16 effect not isolated. Each error is corrected with the expected logic and its impact on valuation — so you never commit them in a real interview.

03Étape 3

Measurable outcomes

500+ candidates prepared, 100% in internship or full-time role. Transaction Services Training is a proven method.

0+Candidates preparedsince the programme launched
0%Students in internship or full-time roleafter completing the programme
0h+Hours of contenton the Transaction Services Training platform
0+Partner companiesthat trust us for recruiting
Who we are

Our team

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.

The honest comparison

Why Transaction Services Training and not another programme?

TS Training✦ Recommended
Success TS
Trainy
Training You
100% specialised in Transaction ServicesOnly one
Full case studies with detailed corrections8+1–21–2
EBITDA / Net Debt / NWC adjustments documented150+A fewRare
Reusable TS Excel models4+Limited
Mock interview with Big 4 recruiterIncluded
Team responsive within the hourIncludedLimited
Updated monthlyYesOccasional
Private student community500+ members
One-time price, no subscriptionYesSubscriptionSubscriptionSubscription

Comparison based on publicly available offers as of 2025. Data subject to change.

Frequently asked questions

  • Which Excel models are used in Big 4 Transaction Services interviews?
    The main Excel deliverables tested in TS interviews are: the normalised EBITDA bridge, net debt reconciliation, NWC normalisation table and EV-to-equity bridge. Transaction Services Training provides 4+ ready-to-use Excel files in the exact format expected in interviews.
  • Do you need advanced Excel formulas to work in Transaction Services?
    No. TS modelling relies on basic formulas — SUMIF, VLOOKUP, pivot tables — but requires rigorous structure and professional presentation logic. Transaction Services Training teaches the expected format, not complex macros.
  • Are Transaction Services Training Excel files compatible with templates used at Big 4 firms?
    Transaction Services Training files replicate the logic and structure of templates used at Big 4 firms and M&A boutiques. The presentation format, comment granularity and tab hierarchy correspond to expected professional standards.
  • Can Transaction Services Training Excel models be used as a reference after joining Transaction Services?
    Yes. Lifetime access includes the Excel files. Several Transaction Services Training alumni use them as a starting reference on their first engagements — to check the structure of an EBITDA bridge or net debt table before presenting it to a manager.
  • What Excel level do you need to get value from Transaction Services Training modelling files?
    An intermediate level is sufficient — knowing how to use SUMIF, pivot tables and basic conditional formulas. Transaction Services Training files are designed to be understandable without advanced expertise. The training explains the logic behind each calculation, not just the result.
  • How long does it take to master the Transaction Services Training Excel modelling files?
    Allow 2 to 4 hours to work through each Excel model — EBITDA bridge, net debt, NWC — independently and understand the construction logic. With lifetime access, you can return to the files before each interview or first day in a new role.
  • Why are Transaction Services Training Excel models more useful than free templates available online?
    Online templates are generic and not calibrated for TS interviews. Transaction Services Training models replicate the exact structure expected by a Big 4 recruiter — comment detail level, tab logic, presentation format. They are preparation tools, not theoretical models.

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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