Financial & Deal Advisory
Discover what financial & deal advisory involves: how advisers guide companies and investors through acquisitions, valuations and restructurings, what they do day to day, the career ladder, and how students prepare for an application.
Introduction
What is financial & deal advisory?
Financial & deal advisory is about the financial side of transactions and special situations: acquisitions, valuations, financial due diligence and restructurings. Advisers guide companies and investors through decisions where a lot of money and risk is at stake.
The work is analytical and numerical: the adviser assesses the figures behind a deal, maps the risks, and substantiates what a company is worth. Precision and speed under time pressure are crucial.
This field sits close to the world of corporate finance and investment banking, but from the advisory role. It appeals to students with a strong financial interest who want to work on transactions.
The practice
Three settings where you practise this field
The breakdown below mainly says something about the type of employer and the clients you serve, not about the quality of the work.
At the Big Four you work in large teams on a broad flow of deals and valuations. Independent advisory and turnaround firms are often strong in complex or distressed situations. Strategy and corporate-finance firms approach deals from the commercial or financial advisory role. On this site you will find the broader corporate-finance world under finance.
What they do
What financial & deal advisers do
The work differs by deal, but the building blocks below come up in almost every deal project.
Types of project
The main types of project
Financial & deal advisory has a number of recurring project types, even though the sector and situation differ greatly.
Sub-areas
The main sub-areas
Financial & deal advisory is broad, and many advisers specialise over time in a type of deal or situation.
Step by step
How deal advisory unfolds in a transaction
Most deals follow a similar path, from preparation to closing and sometimes integration. The adviser is involved at different steps, depending on their role.
Who does which step depends on seniority. Junior advisers do much of the analysis and modelling, while senior advisers interpret the findings and support the client at the negotiating table.
Not every deal reaches a closing: due diligence can surface risks that make a buyer walk away or adjust the price.
Roles
Roles in the deal advisory practice
Each step up the ladder shifts the emphasis further from analysis toward leading teams and managing the client relationship. Most advisers climb this ladder at the same firm, though moving to corporate finance, private equity or the business is common at any level.
Analyst / Associate
The entry role straight after a bachelor's or master's.
Consultant / Senior Associate
Independently handles part of a deal.
Manager
Leads a team and the day-to-day running of a deal project.
Senior Manager / Director
Carries responsibility for several deals and client relationships.
Partner
Holds ultimate responsibility for clients and the practice.
Career timeline
How long each step takes
Financial & deal advisory has a relatively fast career path, comparable to other parts of the advisory world. The pace differs by firm and individual.
Many advisers stay a few years and then move into corporate finance, private equity or a financial role in the business. Those who stay progress toward Manager and eventually partner.
An additional qualification such as RA, RC or CFA is common in this field and can support progression.
| Level | Typical time in role |
|---|---|
| Analyst / Associate | 2 to 3 years |
| Consultant | 2 to 4 years |
| Manager | 2 to 4 years |
| Partner | top level, 10+ years in total |
Compensation
Compensation in financial & deal advisory
Compensation usually consists of a fixed salary that rises with seniority, and at many firms a bonus tied to individual and firm performance. Deal advisory pays well and sits, in level, between consulting and the corporate-finance world.
The ranges below are general indications for larger advisory and accountancy firms, and do not apply specifically to any particular firm. Actual pay varies by firm, background and year, and is listed where known in the individual vacancies on this site.
From partner level, the nature of compensation changes, tied more closely to your own client portfolio and the results of the firm as a whole.
| Level | Indicative range |
|---|---|
| Analyst / Associate | €48.000 – €68.000 |
| Consultant | €65.000 – €100.000 |
| Manager | €110.000 – €160.000 |
| Partner | €200.000 – €500.000+ |
Ranges are general indications for larger advisory and accountancy firms, not specific to any particular firm. See the vacancy pages for concrete salary figures where a firm publishes them.
A day in the life
A typical day for a junior adviser
The day often starts with going through the figures and documents of an acquisition target. After that, much of the time goes into analysing the financial data, building models and drafting findings for the report.
A deal adviser works in short, intensive engagements with tight deadlines, because a transaction has a fixed timetable. That requires precise work under pressure and a lot of alignment with the client and the other advisers.
On a day heading toward closing, the pace shifts: the team finishes the last findings, discusses the risks with the client, and supports the negotiation over price and terms.
Juniors
What junior advisers do
Junior advisers carry much of the analysis and modelling work a deal rests on, under the supervision of a Manager.
- Analysing financial data
- Building models
- Looking for trends and anomalies
- Working through valuations
- Documenting findings
- Going through the data room
- Preparing reports
- Aligning with other advisers
Much of this work goes back and forth within the team before a finding lands in the report. That repetition is not inefficiency, it is how a junior adviser learns which figures in a deal really matter.
Skills
Skills you will need
Numeracy gets the most attention, but the advisers who stay longest often stand out for the ability to bring a financial finding sharply and persuasively.
Getting in
How you get into financial & deal advisory
Most routes run through a financial or economics degree such as accountancy, finance, business economics or econometrics. Strong numerical skills and an interest in transactions are important pluses.
Preparation
How to prepare as a student
Preparation works best when it starts well before the application. Firms test your numerical skill and whether you can explain a financial finding clearly.
Compare
Financial & Deal Advisory versus other paths
These paths sometimes overlap, which is why students mix them up. The distinction mainly lies in the role and the part of the deal.
Financial & Deal Advisory vs Strategy Consulting
Strategy assesses the commercial attractiveness of a deal. Deal advisory assesses the financial figures and risks underneath it.
Financial & Deal Advisory vs Investment Banking
Investment banking guides the transaction and the financing. Deal advisory provides the financial analysis and due diligence around it.
Financial & Deal Advisory vs Transaction Services (finance)
Transaction services is the finance path that describes financial due diligence. This consulting path takes a broader view of the advisory and deal side.
Financial & Deal Advisory vs Restructuring & Insolvency (legal)
The legal side of restructuring belongs to the legal path. Deal advisory does the financial side of the turnaround.
Financial & Deal Advisory vs Operations Consulting
Operations improves a company's execution. Deal advisory assesses and improves the financial position, often around a transaction.
Employers
Deal advisory firms in the Netherlands
A selection of firms with a deal-advisory or turnaround practice and an office in the Netherlands. We only name firms whose practice is confirmed.
The broader corporate-finance and M&A world, including investment banks and boutiques, is on this site under finance.
Independent advisory and turnaround firms
Vacancies
Financial & deal advisory vacancies
We only show real, current openings with a link to the employer. Internships, traineeships and adviser roles appear here. In the meantime, browse all current vacancies.
View all vacanciesResources
Recommended resources
FAQ
Frequently asked questions
What is financial & deal advisory?
It is the advisory field around the financial side of transactions and special situations: acquisitions, valuations, financial due diligence and restructurings.
What degree do I need?
Most advisers come from a financial or economics degree such as accountancy, finance, business economics or econometrics. Strong numerical skills are important.
What does a deal adviser do day to day?
Advisers run financial due diligence, prepare valuations, build models, guide acquisitions and work on restructurings.
What is the difference with investment banking?
Investment banking guides the transaction and the financing, while deal advisory provides the financial analysis and due diligence around it. The worlds sit close together.
What is financial due diligence?
Financial due diligence is scrutinising the figures of an acquisition target to map risks and opportunities for a buyer or seller.
How much do you earn in deal advisory?
Deal advisory pays well and sits, in level, between consulting and the corporate-finance world. Actual pay varies by firm and is listed where known in the vacancies on this site.
What skills do you need?
Numeracy, financial knowledge, analytical thinking, financial modelling and the ability to explain a financial finding clearly.
How do I get into this field as a student?
Build strong financial and modelling skills, do a relevant internship, and apply via campus or the firm's website.
Related
Related consulting paths
Start your journey in financial & deal advisory
Browse open vacancies or discover the other consulting paths.