PWC Transaction services

#1

Essentially, I was wondering if anyone could provide some detailed information on what TS involves. Some reading I’ve done makes it sounds quite interesting (helping prepare M&A transactions and strategic alliances etc ), but information on the internet is rather scarce. The descriptions are rather vague, and don’t really help me understand what I, as a junior/recent graduate, would actually be doing on a day to day basis. I want to make sure I have a thorough understanding of what the job involves before I apply, both so I know what I’m getting into and so I can talk with confidence on my application form and at an interview.

#2

TS professionals are called in after the Heads of Agreements have been signed (basically, a contract to merge or acquire that is binding on the basis of what both parties have initially stated, with regards to the commerical/financial situation of their companies). There will be about a 1-2 month period for TS pros to conduct (typically, financial) due dilligence. This essentially involves investigative analysis on the target’s historical and forecasted (financial) performance. At the end of this period, a report is written to the client giving your opinion of the target’s (financial) disclosures. Issues identified can then be used to negotiate a lower offer price, walk away from the deal, etc.

I intern’d at a Top 10 accountancy practice in the summer. Hours were not too bad (9-6pm, sometimes to 8pm), although I have heard the hours to be significantly longer at the big4. Obviously, this comes at a trade-off; the big4 offer the better brand name, pay package and travel etc.

Plus points (re: PwC TS): get to do the ACA qualification; advisory divisions have inverted hierarchies (fewer grads than senior management) - given more responsibility earlier in career/progess faster - manager in approx 3.5-4yrs; decent exit options

Negatives: often viewed upon as ‘glorified’ audit; bonus culture is almost non-existent as the nature of the work (independent opinions) could lead to conflicts of interest; technical accounting skills probably won’t be as great as an auditor; hours are tough

Hope that helps!