Financial Due Diligence Career Advice
Hey guys,
I'm interested in the Financial Due Diligence (FDD) field at PwC. Anyone familiar with the work? What do you they do?
Apr 08, 2017
Trending Content - Management Consulting Forum
Career Resources
Career Advancement Opportunities
June 2026 Consulting
-
Boston Consulting Group 99.5%
-
Bain & Company 98.9%
-
McKinsey and Co 98.4%
-
Oliver Wyman 97.9%
-
LEK Consulting 97.4%
Overall Employee Satisfaction
June 2026 Consulting
-
Cornerstone Research 99.5%
-
Bain & Company 98.9%
-
Boston Consulting Group 98.4%
-
McKinsey and Co 97.9%
-
Oliver Wyman 97.4%
Professional Growth Opportunities
June 2026 Consulting
-
Bain & Company 99.5%
-
Boston Consulting Group 98.9%
-
McKinsey and Co 98.4%
-
Oliver Wyman 97.9%
-
LEK Consulting 97.4%
Total Avg Compensation
June 2026 Consulting
-
Partner (4) $361
-
Principal (30) $294
-
Director/MD (58) $274
-
Vice President (53) $247
-
Engagement Manager (113) $232
-
Manager (170) $173
-
2nd Year Associate (185) $142
-
3rd+ Year Associate (116) $135
-
Senior Consultant (354) $132
-
Consultant (642) $122
-
1st Year Associate (577) $121
-
3rd+ Year Analyst (164) $121
-
NA (16) $114
-
Engineer (6) $114
-
2nd Year Analyst (390) $104
-
Associate Consultant (176) $101
-
1st Year Analyst (1163) $90
-
Intern/Summer Associate (208) $83
-
Intern/Summer Analyst (632) $68
16 IB Interviews Notes
“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”
Leaderboard
| 1 | |
99.2 |
| 2 | |
99.0 |
| 3 | |
99.0 |
| 4 | |
99.0 |
| 5 |  |
98.9 |
| 6 | |
98.9 |
| 7 | |
98.9 |
| 8 | |
98.9 |
| 9 |  |
98.9 |
| 10 | |
98.8 |
From 10 rejections to 1 dream investment banking internship
“... I believe it was the single biggest reason why I ended up with an offer...”
The work is basically audit/public accounting, but for transactions and with a little more "what-if" analysis. If consulting is your jam, just apply for that; FDD is a bit more IBD-like (but also completely not IBD).
I'll sum it up having worked for a short period in a big 4 FDD group and having worked with them once on the other side (working for a portfolio company in a sales process). Large PE / strategic buyers hire them basically to tie out the financials and the financial model that is being used and make sure everything that flows through the actual model is also showing up on the accounting side (i.e. the assumptions are real and are matching with accounting somewhat) - they also throw a presentation together that suggests NWC changes and they attempt to 'normalize' EBITDA.
In reality, they spend so little time on each deal, they don't have a good grasp on what exactly is going on and the buy-side guys hire them so they can throw a report in front of their investment committee that has a PwC / Deloitte stamp on it and say all the accounting is good.
If you're at Big 4 trying to break into banking, its a good place to be. I wouldn't have to be a 30+ year old non-partner in that group just dragging along trying to make partner. The work is very much the same for each deal and at the end of the day it's a bunch of BS b/c you're recommending purchase price adjustments and trying to get involved in the deal when in reality the target company doesn't want to deal with you b/c it's an annoyance to have to teach a bunch of accountants a financial model and help them tie a bunch of stuff out and the buy-side doesn't value your input that much b/c by the time you're brought in they have already decided what they are going to do and you're just there to provide 'audit' services with a little more ba-zang.
Financial Due Diligence (Originally Posted: 07/18/2013)
Hey, I've just finished a grad role at PwC in audit and am looking to move on to something. I interviewed and got a job at a consulting firm in FDD dealing primarily with PE firms which is just starting out this division (although is pretty established in the USA) but am conflicted.
I think I can get into a BB IB but not sure whether the work would be much different and I am sure the hours would be worst. Pay wise, this is pretty competitive to IB.
End goal is potentially PE so FDD from what I have gathered is a pretty good area to be in.
My other question is - does anyone know where to find (or can suggest) a rankings list of the top FDD firms. I am trying to get an idea of benefits, pay and competition (atleast within the UK/EU).
Thanks for the help in advance.
Also Interested in this
First off, what makes you think you can get a job at BB IBD, particularly in Europe? Auditors are a dime a dozen and 1/2 of them want out after a year or two.
Secondly, I can't say with certainty for Europe, but in the U.S. there is no way in hell you are going to make the same amount doing due diligence work as you would at a BB in the IBD, ceteris paribus. The hours are worse because you get paid more.
Third, the work is much different. Due diligence for PE is about ensuring quality of earnings, reviewing adjustments and building pro forma. You aren't learning assumptions, projections, sources & uses, leverage or modelling. PE firms use their own analysts and associates for that. IB groups perform those analyses to create valuation expectations for their clients and negotiate offer values/terms.
Vero veritatis et rerum ut iure aliquid. Qui ex cumque dicta suscipit. Ea et explicabo iste maxime.
Distinctio mollitia porro enim vero. Doloribus consectetur ipsum ex iure et. Eaque consequatur consequatur a et quo. Sit nemo quasi a. Sed qui earum nihil ut nihil. Amet pariatur nemo laborum iusto rerum placeat.
Odit deleniti consequuntur voluptate cupiditate ex quis possimus dolor. Natus molestiae ut eius ad aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...