After talking to a few Big 4 TS/TAS groups, I have came to the conclusion that the gig consists of a vast majority of time performing FDD.
"Financial due diligence (FDD) mainly consists of identifying potential chances and risks within the portfolio company, including capital structure, working capital and capex forecasts. Additionally the portfolio company’s business plan and forecasts on financial ratios will be review. Another important part of the FDD is to normalize EBITDA, EBIT by adjusting reported numbers for unusual events (for example divesture of a subsidiary) The adjusted number will be reported to the investment bank and will most likely be used for the valuation. (Or not)" (//www.wallstreetoasis.com/blog/ma-transaction-timeline)
So is this really what FDD is all about?
I know a lot is discussed on this site about TS/TAS, but I wanted to be a bit more specific on the topic.
What's it really all about?
What are some skills you learn in the position?
Positives and negatives?
And of course WSO users want to know how relevant/transferable skills/exit opps/etc. FDD is to popular industries on this forum such as:
Investment Banking?
Private Equity?
Hedge Fund?
Corporate Development?
Other?
This post may help for anyone searching this: https://www.wallstreetoasis.com/forum/consulting/fdd-tas-interview-and-…
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