Applying to a Big Four firm: what are the differences between audit, TS and valuation?

When people think of the “Big Four” — Deloitte, EY, KPMG and PwC — audit usually comes to mind. But these consulting giants offer a wide range of roles, especially in transaction services (TS) and valuation. These divisions attract thousands of graduates each year, from business schools, engineering schools or universities. However, audit, TS and valuation differ significantly in their missions, required skills, and career paths. So, how do you choose the right one? Let’s break it down.

Audit: the classic but demanding route

What is it?

Financial audit involves reviewing the accuracy and compliance of a company’s financial statements, typically for reporting purposes. Auditors work with clients across all sectors, often during busy financial closing periods (year-end, half-year, quarter).

Daily work

An audit junior spends most of their time at the client’s site, analysing accounting documents, testing controls, asking questions to the finance department, and documenting their findings. Rigor, curiosity and communication skills are key.

Why apply?

• A great school of discipline and methodology, highly respected by recruiters.
• A broad network of clients and colleagues, especially in large companies.
• Bridges to other departments such as TS, consolidation or corporate finance.

However, audit is also known for its intense workload during “busy seasons” and sometimes repetitive tasks. You need to enjoy numbers—but more than that, you need to enjoy processes.

Transaction services (TS): deal-side action

What is it?

TS teams are involved in M&A transactions, usually performing financial due diligence. Their role is to assess the historical performance and quality of a target’s earnings before a deal. They also conduct vendor due diligence during sell-side processes.

Daily work

The work revolves around building a due diligence report for an investment fund or a company. A TS junior will:

• analyse financial statements over multiple years,
• identify revenue or EBITDA adjustments,
• interact with clients and sometimes with the target’s management.

The pace is fast and deadlines are tight. TS teams often “live by the deal.”

Why apply?

• To work closely on M&A deals, adding real analytical value.
• To open doors to top-tier roles: private equity, investment banking, corporate finance…
• To learn how to tell a story through numbers, not just verify them.

Caution: TS is often more selective. Openings are limited and candidates usually have prior M&A, audit or financial consulting experience.

Valuation: the art of valuing businesses

What is it?

Valuation involves determining the value of a company, asset or financial instrument. It can be part of litigation, M&A, restructuring or for accounting purposes (impairment tests, PPA, etc.).

Daily work

A valuation analyst uses several methods:

• discounted cash flows (DCF),
• market comparables and transaction multiples,
• sensitivity analysis, etc.

The work is highly technical and model-based, but also requires strong communication skills to convince a client, auditor or judge.

Why apply?

• To develop deep expertise in financial modelling.
• To understand how valuation works across various contexts.
• To move toward M&A, litigation consulting, or structured finance.

Valuation teams are often small and highly skilled, which makes learning fast—but the pressure can be high.

How to choose between audit, TS and valuation?

Your academic profile

• If you’re a generalist or hold a bachelor’s/L3: audit is often a great first experience.
• If you already lean toward corporate finance: TS or valuation may be a better fit.

Your interest in technical work

• Do you enjoy modelling and building analyses from scratch? Go for valuation.
• Do you prefer analysing the company as a whole and delivering strategic insights? TS might suit you best.
• Want to understand how businesses work while also developing soft skills? Audit is a solid springboard.

Your mid-term goals

• Audit is a good stepping stone to corporate finance, consolidation or accounting certifications (like DSCG).
• TS is a strong path to private equity, M&A or investment funds.
• Valuation leads to highly technical roles (restructuring, litigation, transaction tax, etc.).

Audit, TS and valuation: three distinct roles, three different mindsets… but all of them offer strong and challenging career opportunities. There’s no one-size-fits-all path—it depends on your skills, interests, and willingness to learn. A stint at a Big Four firm is a prestigious mark on your CV, no matter the department.