Everything you need to walk into a TS interview ready

One TS role typically pays €50,000–70,000 in year one. The training costs less than two hours of a Big 4 consultant's time. Candidates who use it consistently report passing interviews they would otherwise have failed.

If the programme does not meet your expectations, contact us and we will find a solution. We stand behind the quality of the content — your satisfaction matters more than the sale.

Graduates and audit or advisory professionals preparing for a Transaction Services / Financial Due Diligence role at a Big 4, a boutique M&A firm, or an advisory practice — either for a first job or an internal transfer.

Most candidates finish the program in 3 to 5 weeks of focused evening study. The training is fully self-paced, so you can move faster or slower depending on your schedule.

Most candidates feel noticeably more confident after the first module (3–5 hours). After 2 weeks, the QoE and Net Debt mechanics start to feel natural. By the end of week 3, most are ready to tackle a real case study under timed conditions.

Basic financial statement literacy helps. The training covers everything TS-specific from the ground up — Quality of Earnings, Net Debt, Net Working Capital, EBITDA adjustments — without assuming a deal background.

Yes. New case studies and interview-style content are added every month. Once you have access, you receive every update at no extra cost.

Yes. You get access to a peer learning community of other candidates and alumni working through the same cases — useful for accountability and for mock-interview partners.

8+ full case studies with corrections, 150+ EBITDA and Net Debt adjustments explained, 4+ Excel workbooks (EBITDA, Net Debt, Working Capital), quizzes, guided exercises, datapacks, and monthly content updates.

The programme combines video walkthroughs, annotated PDF materials, and real Excel workbooks you work through yourself. Each topic is covered in at least two formats so you can switch between watching, reading, and practising hands-on.

Yes. Videos and PDFs are fully accessible on smartphone or tablet. The Excel workbooks require a desktop or laptop, so plan the modelling exercises for when you have a computer available.

Absolutely. The programme is built for evenings and weekends. Most working candidates complete one module per session (60–90 minutes) and finish within 4 to 5 weeks without disrupting their current role.

Each module includes short knowledge-check quizzes. There is also a final timed case study that simulates real interview conditions, giving you a benchmark before you enter a live recruitment process.

Yes. The core QoE, Net Debt, and NWC methodology is identical across Big 4 and boutique TS teams. Interview-specific sections flag where boutique processes differ — notably in the depth of financial modelling expected.

The programme is self-study by design. However, the community forum lets you post questions and get answers from alumni who have gone through real TS interview processes at major firms.

If you complete the first module and feel the content does not match what was described, contact us within 14 days of purchase. We review each request individually and either resolve the issue or refund you.

You receive a completion certificate on finishing the programme. It is a training certificate, not a regulated professional qualification — but it documents your preparation and can appear on your CV or LinkedIn profile.

Yes. The programme starts from financial statement basics and builds up to TS-specific techniques. No deal experience is required — the content is structured so that motivated graduates can follow it without prior transaction exposure.

It can be, provided you have some accounting or corporate finance foundations. If you can read a P&L and balance sheet, the training gives you the TS-specific layer — QoE, adjustments, Net Debt — that career changers most often lack.

Intermediate Excel is enough. You should be comfortable with SUM, IF, and basic pivot tables. The workbooks teach TS-specific structuring — normalised EBITDA bridges, Net Debt schedules — not Excel fundamentals.

Very much so. Audit experience gives you financial statement fluency; this training fills the TS-specific gaps — QoE methodology, deal-adjusted EBITDA, Net Debt scope, NWC normalisation — that audit does not cover.

Yes. TS internship interviews use the same QoE and Net Debt questions as full-time processes. The case study format may be shorter, but the underlying concepts tested are identical.

The English version of the programme is fully self-contained. All case studies, Excel files, and quizzes are available in English, so non-French speakers can complete the entire programme without needing the French materials.

TS interviews focus on Quality of Earnings analysis, EBITDA normalisation, Net Debt scoping, and NWC trends — not financial modelling or valuation. Expect technical questions on specific adjustments, not broad market-sizing exercises.

Most Big 4 TS processes have 2 to 3 rounds: an HR screen, a technical interview with a manager or director, and a case study or partner interview. Boutique processes often compress to 2 rounds with a heavier technical focus.

Some firms include a timed Excel exercise — typically building a normalised EBITDA bridge or a Net Debt schedule from raw data. The programme includes four Excel workbooks that replicate this format exactly.

Structure your answer around three pillars: identify the key adjustments, quantify them with clear logic, and state the impact on price or deal terms. Practice under time pressure — 30 to 45 minutes is a common limit.

State the reported EBITDA, list the two or three most material adjustments with their direction and magnitude, give the normalised EBITDA, and flag any remaining uncertainties. This four-step structure works under any time constraint.

Emphasise the analytical rigour of FDD work — deep-diving into operating performance, understanding what drives earnings quality, and advising on price. Avoid framing TS as a stepping stone; show genuine interest in the due diligence discipline.

Boutique TS teams are smaller and hire less frequently, making competition intense. Technical expectations are often higher and assessed earlier. The same QoE and Net Debt knowledge applies, but you need to demonstrate it faster.

At Big 4 TS, junior analysts typically start between €40,000 and €55,000 depending on the firm and location. Boutique TS roles can pay higher but vary widely. Bonus structures differ significantly across firms.

Accounting EBITDA is derived directly from the P&L. Normalised EBITDA removes non-recurring items, owner-specific costs, and accounting policy effects to reflect the sustainable run-rate earnings a new owner would actually achieve.

A defensible add-back is non-recurring, clearly evidenced (board minutes, one-off invoices, restructuring plan), and would not arise under a new owner's normal operations. Recurring items dressed as one-offs are the most common challenge from buyers.

If restructuring is genuinely one-off and supported by documentation, it is typically added back to normalised EBITDA. Serial restructurers — where charges appear every year — are challenged: recurring restructuring is an operating cost, not an add-back.

IFRS 16 capitalises operating leases, replacing lease expense in the P&L with depreciation and interest. This mechanically increases reported EBITDA. In QoE work, you must clearly flag whether EBITDA is pre- or post-IFRS 16 to avoid comparison errors.

Test three criteria: frequency (has it appeared in prior years?), nature (is it tied to normal operations?), and management intent (is it expected to recur?). Items that fail all three may be added back; items that pass even one require scrutiny.

A management fee charged by a related party above market rate is non-normative. In QoE, it is partially added back — the add-back equals the excess over the market-rate cost a third-party buyer would actually incur for the same service.

Cite the evidence: the document, amount, and period. Explain why it fails the recurrence test. Acknowledge uncertainty if the support is weak. Showing structured reasoning under challenge is itself a key TS interview skill.

Net debt in FDD equals financial debt (bank loans, bonds, leases under IFRS 16) minus cash, adjusted for debt-like and cash-like items identified during due diligence. It bridges enterprise value to equity value in the final price mechanism.

Core items: bank debt, drawn revolving credit facilities, finance leases, shareholder loans, pension deficits. Cash-like items (excess cash, receivable tax credits) are deducted. Each deal requires a bespoke scope agreed between buyer and seller advisers.

An earn-out is a contingent liability that may or may not be included in net debt depending on the purchase agreement. In FDD, you flag it as a potential debt-like item with a range of outcomes, leaving the final treatment to legal and commercial negotiation.

A shareholder current account (compte-courant associé) is a loan from a shareholder to the company. It is almost always classified as debt in net debt analysis because it must be repaid at or around closing, reducing the equity value received by the seller.

Book NWC reflects a single balance sheet date, which may be seasonal or distorted. Normalised NWC is the level needed to sustain normal operations — typically derived from 12 months of monthly data — and serves as the peg in the price adjustment mechanism.

Collect the end-of-month NWC for each of the past 12 months, average the 12 figures, and adjust for any non-recurring or seasonal distortions. The result is the normalised NWC peg used in the locked-box or completion accounts mechanism.

The EV-to-equity bridge deducts net debt and adds or subtracts the NWC adjustment — the difference between actual closing NWC and the agreed peg. A shortfall in NWC reduces equity value; a surplus increases it, directly affecting the final cash consideration.