Transaction Services Careers in the Netherlands

Introduction

What is transaction services?

Transaction services, also known as financial due diligence, is the practice of analysing a target company's financial statements, quality of earnings, working capital and net debt position ahead of an M&A transaction. Teams at Big Four firms and international banks carry out this work on behalf of a buyer, buy-side due diligence, or a seller, sell-side or vendor due diligence, to confirm the numbers underlying the deal and surface risks before it closes.

Quality of earnings work typically starts from EBITDA as reported and adjusts it for items that would not recur under new ownership: a one-off insurance payout, restructuring costs, related-party transactions priced above or below market, or revenue recognised too early. The result is a normalised, or adjusted, EBITDA that a buyer uses as the basis for a valuation multiple, so even a modest shift in adjusted EBITDA can move the price by several times that amount once a multiple is applied. Net working capital analysis works differently: it looks at the normalised, average level of working capital the business needs to keep running, and the purchase price is typically adjusted up or down depending on how much working capital is actually delivered at completion relative to that target. Net debt analysis captures debt-like items that reduce the equity value a buyer is prepared to pay, deferred consideration, pension deficits, unpaid tax liabilities, so that the enterprise value agreed for the business converts into the correct price for the equity.

What it isIndependent financial analysis of a target company, carried out during an active M&A process to check the figures a deal is based on.

Who it is done forA buyer wanting comfort before paying for a business, or a seller wanting to present a clean, well-supported set of numbers to potential buyers.

Why it mattersReported profit is not always a reliable guide to what a business actually earns. Due diligence normalises the numbers so a deal is priced on a realistic picture.

Why students find it attractiveIt offers close exposure to live M&A deals, a fast route to strong accounting and analytical skills, and a well-trodden path into corporate finance and M&A roles.

What they do

What transaction services teams do

Quality of earnings Analysing historical financial statements to assess whether reported earnings are sustainable and normalising for one-off items.

Working capital and net debt Analysing trends in working capital and the target's net debt position, which directly affect the final purchase price.

Data room review Working through the financial records and supporting documents made available in the deal data room.

Management interviews Interviewing the target's management team to understand the numbers, the business and any risk areas.

Due diligence reporting Writing a report of findings that feeds into the buyer's valuation and the negotiation of deal terms.

Risk identification Flagging accounting, commercial or operational risks that could affect the value or terms of the deal.

Vendor preparation Helping a seller organise its financial story and supporting information before buyers begin their own review.

Working with deal advisory Coordinating findings with corporate finance and M&A colleagues running the wider transaction process.

Step by step

How a due diligence engagement works

1 Scoping the engagementThe team agrees the scope with the client, buyer or seller, and the timeline set by the wider deal process.

2 Reviewing the data roomFinancial records, contracts and other documents made available by the target are worked through in detail.

3 Analysing quality of earnings and working capitalNormalised earnings, working capital trends and net debt are analysed to build a clear financial picture.

4 Interviewing managementQuestions arising from the analysis are put to the target's management team to close gaps and confirm findings.

5 Delivering the reportA due diligence report sets out the findings, which feed into the buyer's valuation and the deal terms, or help a seller prepare for buyer questions.

The exact rhythm differs between buy-side and sell-side work. On a buy-side engagement the timeline is set by the wider auction or bilateral process and can compress to a few weeks once exclusivity is granted, so scoping tends to focus tightly on the areas most likely to affect price or deal structure. On a sell-side, or vendor, engagement the team has more control over timing, since the report is commissioned before buyers are formally invited in, but the bar is different: the analysis has to hold up when several competing bidders scrutinise it in parallel, so findings are usually documented and cross-referenced to source data in more detail.

The core process

Researching, verifying, reporting

Every engagement, whether buy-side or sell-side, follows the same underlying logic. The team first builds an understanding of the business and its financial statements, then investigates the figures in depth by testing them against underlying records and management explanations, and finally reports its findings in a way that a deal team can act on.

The core of every engagement: investigate the target's numbers, verify them against the underlying records, then report the findings to the deal team.

The findings do not stay academic. Adjustments identified during quality of earnings work often become explicit line items discussed in the sale and purchase agreement, and the working capital target the team calculates typically becomes the reference point in a completion accounts mechanism, or is built into a fixed price agreed at signing under a locked box structure. This is why transaction services professionals work closely with the lawyers and corporate finance advisers drafting the agreement: a number that looks right in a spreadsheet only matters if it is defined precisely enough to survive a dispute after completion.

Types

Types of transaction services work

Buy-side due diligencePerformed for the acquirer, to check what they are about to buy and to inform how much they should pay. Findings also feed the buyer's negotiating position, structural protections such as indemnities or price adjustments, and, occasionally, a decision to walk away if a genuine deal-breaker emerges.

Sell-side or vendor due diligencePerformed for the seller, preparing the business and its numbers for buyer scrutiny ahead of a sale process. A well-executed vendor due diligence report can be shared with multiple bidders, which reduces duplicated buyer requests and limits the scope for a buyer to use a late-stage finding to chip away at the agreed price.

Net debt and working capital adviceRelated, more focused work on the net debt and working capital mechanisms that determine the final purchase price adjustment, often run as a standalone workstream once the headline due diligence is complete and the deal structure, locked box or completion accounts, is being finalised.

Roles

Roles in transaction services

Intern

A student supporting the team with data analysis and preparation of engagement materials.

Key tasks: Building Excel analyses, organising data room documents, checking figures.
Core skills: Excel, basic accounting knowledge, attention to detail.
Typical level: Student, often in a later study year.

Transaction Services Analyst

A starter who builds much of the quality of earnings and working capital analysis.

Key tasks: Financial analysis, data room review, drafting sections of the report.
Core skills: Excel modelling, accounting knowledge, clear writing.
Typical level: Starter, often straight from university or via audit.

Senior Analyst / Consultant

Takes ownership of larger parts of the analysis and starts to lead sections of an engagement.

Key tasks: Leading analysis workstreams, supporting management interviews, drafting reports.
Core skills: Strong financial analysis, judgement, working under deadlines.
Typical level: A few years of experience.

Manager

Runs the day-to-day engagement and is the main contact for the client on smaller deals.

Key tasks: Managing engagement teams, quality control of the report, client communication.
Core skills: Project management, technical accounting judgement, client handling.
Typical level: Mid-level.

Senior Manager / Director

Leads client relationships and oversees multiple engagements at once.

Key tasks: Business development, overseeing engagement quality, senior client relationships.
Core skills: Commercial judgement, relationship management, leadership.
Typical level: Senior.

Career timeline

How long each step tends to take

Transaction services does not follow one fixed ladder, and timing depends on the firm and on individual performance. As a rough, qualitative guide, most people move through the levels below before either progressing further within transaction services or moving into a related deal advisory role.

Level	Typical time in role
Analyst	a few years
Senior Analyst / Consultant	a few years
Manager	several years
Senior Manager / Director	senior level

Timings are indicative only and vary by firm, deal flow and individual progression.

How it fits the business model

How transaction services fits a firm's business model

Transaction services is a fee-based advisory service. It is typically organised as part of a Big Four firm's or bank's broader deal advisory practice, sitting alongside corporate finance and M&A teams and valuation specialists who work on the same live transactions.

Work is billed on a project basis tied to a specific transaction, rather than through a retainer or ongoing fee arrangement. This means workload closely follows overall deal activity: busy when M&A volumes are high, quieter when they slow down.

Because the work sits close to the deal, transaction services teams build relationships with the corporate finance and M&A advisers who bring in the engagement, and with the private equity funds, corporates and banks that are the ultimate clients.

Within a Big Four firm, independence rules also shape how work is allocated: a firm acting as the statutory auditor of a target company is often restricted or barred from providing due diligence services on a deal involving that same company, to avoid a conflict between the audit relationship and the deal advisory role. This is one reason why a company's incumbent auditor and its transaction services adviser on a given deal are frequently not the same firm.

Compensation

Compensation in transaction services

Compensation in transaction services is broadly structured in the same way as other deal advisory roles at Big Four firms and banks: a base salary plus a bonus tied to firm and individual performance. It generally sits in line with other advisory practices at the same firm, rather than materially above or below them.

Bonus levels tend to move with overall deal activity, since the practice is fee-based and project-driven. We do not publish specific salary figures, since these vary by firm, level and year, and change over time.

Financiële documenten en cijfers worden aan een bureau doorgenomen tijdens een due diligence-onderzoek — Transaction services work is detail-heavy: checking financial records line by line against what a deal is based on.

Juniors

What interns and analysts do

Junior team members build and check much of the analysis a due diligence report is based on.

Building and checking Excel analyses
Organising and reviewing data room documents
Drafting sections of due diligence reports
Supporting senior team members during management interviews
Normalising earnings for one-off items
Tracking working capital and net debt movements

Skills

Skills you need

Beyond the general list below, the technical core of the role is comfort with how accrual accounting can diverge from cash reality: spotting revenue recognised ahead of cash collection, costs capitalised rather than expensed, or provisions that understate a future liability. Familiarity with both IFRS and Dutch GAAP is useful, since target companies in the Netherlands report under either depending on their size and listing status.

Accounting Financial analysis Excel Attention to detail Working under deadlines Clear written communication Interviewing management Commercial awareness

Routes in

Best routes into transaction services

InternshipsInternships directly into transaction services teams at Big Four firms or banks, often the most direct route in.

Graduate programmesDeal advisory or transaction services graduate programmes at Big Four firms, hiring straight from university.

A move from auditSometimes an internal move from audit within the same firm, building on existing accounting knowledge.

Corporate finance internshipsExposure to deal work more broadly, useful preparation before applying to transaction services.

Compare

Transaction services versus other finance paths

Transaction services vs valuation

Transaction services checks the facts behind the numbers, the quality of earnings, working capital and net debt. Valuation takes those numbers, including the normalised EBITDA a transaction services team has already adjusted, and determines what the business is worth using techniques such as discounted cash flow or trading comparables. In practice the two workstreams run in parallel on the same deal, and the valuation team relies directly on the transaction services findings.

Transaction services vs corporate finance / M&A

Transaction services is a specialist diligence workstream within a broader M&A process that corporate finance and M&A teams run end to end, from origination and marketing the deal to negotiating terms and closing. Corporate finance and M&A advisers typically lead the client relationship and deal strategy, while transaction services provides the independent financial analysis that underpins the negotiation, without taking a position on whether the deal should happen at all.

Transaction services vs audit

Audit checks whether historical financial statements are presented fairly according to accounting standards, follows a statutory annual cycle and results in an opinion addressed to shareholders. Transaction services analyses those same types of numbers for what they mean for a specific, time-pressured deal, produces a report addressed to a private client rather than the public, and, as noted above, is often performed by a different firm than the incumbent auditor because of independence rules.

Transaction services vs private equity

Transaction services is an advisory service performed for a buyer or seller. Private equity is often that buyer, deciding whether and how to invest based partly on the diligence findings, and PE funds frequently instruct several workstreams in parallel, financial, commercial and legal due diligence, run by different advisers, with the transaction services team owning the financial and accounting analysis.

Employers

Transaction services employers in the Netherlands

A selection of known transaction services employers active in the Netherlands, grouped by type. We only list employers we have verified and expand this list over time.

Big Four

Deloitte

PwC Netherlands

EY Netherlands

KPMG Netherlands

International banks

BNP Paribas

Deutsche Bank

Citi

HSBC

Société Générale

See all finance companies

Vacancies

Transaction services vacancies

We only show real, current vacancies with a link to the employer. Internships, working student roles and analyst positions appear here. In the meantime, view all current vacancies.

View all vacancies

Preparation

How to prepare as a student

1Build strong accounting skillsUnderstand the three financial statements and how they connect.

2Get comfortable in ExcelPractise building clean, well-structured financial analyses.

3Learn the basics of quality of earningsUnderstand at a basic level how normalised earnings and adjustments work.

4Learn the basics of working capital analysisUnderstand how working capital trends affect a deal's price.

5Understand the M&A process end to endKnow where due diligence fits within a wider transaction timeline.

6Make a focused one-page CVKeep it clear and focused on relevant skills and results.

7Seek out Big Four deal advisory internshipsInternships in transaction services or corporate finance are the most direct preparation.

8Network with people in the fieldAsk analysts and consultants how they got in and what the work is really like.

Resources

Recommended resources

Coming soonFinancial statement analysis fundamentalsA step-by-step introduction to reading and analysing financial statements.

Coming soonUnderstanding quality of earningsWhat quality of earnings means and why normalised earnings matter in a deal.

Coming soonPractising working capital analysisA practical introduction to analysing working capital trends for a deal.

FAQ

Frequently asked questions

What is transaction services, or financial due diligence?

Transaction services teams analyse a target company's financial statements, quality of earnings, working capital and net debt on behalf of a buyer or seller ahead of an M&A deal, to confirm the numbers behind the deal and surface risks before it closes.

What is the difference between buy-side and sell-side due diligence?

Buy-side due diligence is performed for the acquirer, to check what they are about to buy. Sell-side, or vendor, due diligence is performed for the seller, to prepare the business and its numbers before buyers start asking questions.

Do you need an accounting background?

A solid grounding in financial statements helps a lot, which is why many people join from an accounting or finance degree, or move across from audit. It is not the only route, but comfort with financial statements is essential.

How is it different from valuation?

Transaction services checks the facts behind the numbers, the quality of earnings, working capital and net debt. Valuation takes those numbers and determines what the business is worth.

What does a typical deal engagement look like?

In general terms, the team scopes the engagement, reviews the data room and financial records, analyses quality of earnings and working capital, interviews management, and delivers a report with findings that feed into the buyer's valuation and the deal terms.

Is this the same as audit?

No. Audit checks whether historical financial statements are presented fairly according to accounting standards. Transaction services analyses those numbers to understand what they mean for a specific deal, often on a much tighter timeline.

What is the work-life balance like around live deals?

In general, workload rises sharply around live deal deadlines, since due diligence has to fit the transaction timetable, and is calmer between engagements. This varies by firm and by how many deals are running at once.

Can you move from transaction services into corporate finance or M&A?

Yes, this is a common move. The deal exposure and financial analysis skills built in transaction services transfer well to corporate finance and M&A advisory roles.

Transaction Services