Preparation for interviews in Transaction Services Internship/Apprenticeship ?

Hi Lucas,

Landing a Transaction Services (TS) apprenticeship without prior finance experience is definitely possible if you prepare smartly. Here’s how to use August effectively:

1. Understand What TS Is

TS supports M&A deals, mainly through financial due diligence (FDD). Learn what that means and how it fits into the deal process.

• Watch YouTube explainers on TS/FDD
• Read job descriptions to spot recurring keywords (e.g., EBITDA, working capital)

2. Learn Financial Statements

You need to understand how to read an Income Statement, Balance Sheet, and Cash Flow Statement.

• Use free resources like Investopedia or AccountingCoach
• Focus on profitability, financial health, and cash generation

3. Know the Deal Process

Familiarize yourself with how deals work—due diligence, signing, closing—and key terms like QoE, NWC, synergies.

• Read about recent deals on Les Echos or Challenges
• Understand what TS teams actually deliver to clients

4. Practice Interview Questions

Expect:

• Fit questions (“Why TS?”, “Why our firm?”)
• Basic technicals (“Walk me through a cash flow statement”, “What’s EBITDA?”)
• Motivation for a 2-year apprenticeship

Practice using the STAR method and prepare a strong “Why TS” answer that shows curiosity and analytical thinking.

5. Tailor Your CV and Cover Letter

Highlight:

• Analytical coursework and teamwork
• Interest in M&A and learning
• Initiative—like how you’re using the summer to prep

Happy to help you prep on the above – feel free to reach out.

Best,
Evelina

Hello Lucas!! I know people who did this program in a Big4 right after college, so it’s definitely possible. You should expect a case interview and some fit / behavioral questions, with practice and preparation you will be really really good! There’s a ton of material out there, what helps is to find someone who has cased before and can practice with you (otherwise it’s overwhelming!!). Best!! 

Lucas, 

It's great that you have a clear target. You're asking a big question though - 'how best to prepare,' since this entire platform and industry is about that. 

The first step you should take is to understand what is the recruitment process like for your target role. How many interviews? What is the format of the interview (case study, fit interview, written case, etc.)? What is being tested for? What are the differences between the firms and what they test? 

Once you create an overview for yourself of all these things, then you can be more targeted with the prep (rather than trying to do a bit of everything). 

In terms of the application process more generally, you're likely to find this useful:

• Expert Guide: Build A Winning Application Strategy

Best,
Cristian