EY Director quit on spotting new & bigger opportunities outside Big 4

• Hey, I’m Ganapathy! I joined EY in 2010 in the Transaction Advisory practice (Financial Due Diligence).
• At EY, I was part of a well-oiled machine—huge deals, big clients, a great team and a clear promotion path.
• But in 2024, (14 years at EY) I made the toughest decision of my career—walking away as a Director…And joined Protiviti, a mid-sized but fast-growing consulting firm.
• Why not wait to make a Partner? Why not move to another Big 4? Because the consulting landscape is shifting—and fast.

Back story 

I trained as an article assistant at Deloitte in Mumbai’s audit division, but soon realized that audit wasn’t exactly my thing.

What caught my interest? Transaction advisory – guiding businesses through high-stakes financial decisions—mergers, acquisitions, divestitures, and more. It involves financial due diligence, valuation, deal structuring, tax advisory, and post-deal integration.

At the time, Deloitte didn’t have a transaction advisory practice in India.

Luckily, EY did, and in 2010, as a young chartered accountant and company secretary I jumped at the opportunity to join their TAS team.

Back then, we were just 40-45 people across the country. I was hire #45.

Compared to today’s massive team today (almost 500+), we had unmatched exposure and responsibility.

The learning curve was steep, but that’s what made it exciting!

My career in Transaction Advisory at the Big 4

Within transaction advisory, I specialized in Financial Due Diligence, with a particular focus on the TMT (Technology, Media, and Telecom) sector.

• Worked with marquee clients, including major private equity firms (KKR,
  Everstone, Warburg Pincus, TA Associates, Apax etc) and strategic clients Group (Tech M, Infosys, Tata etc.).
• Involved in 150-200+ due diligence processes throughout my career.

Here is what my role typically entailed,

• Preliminary Discussions: Investor and target company align on business synergies.
• Non-Binding Offer (NBO): A term sheet is signed once there’s mutual interest.
• Due Diligence (Here is where I stepped in): Conducting deep dives into financials, uncovering risks, and validating numbers.
• Valuation: Findings from due diligence shape the final valuation.
• Sale and Purchase Agreement (SPA): The deal is sealed, often after multiple rounds of negotiation.

While this process might sound straightforward, in reality, it’s anything but.

Every deal involves investment bankers, tax advisors, legal experts, and multiple rounds of high-pressure decision-making.

14 years flew by, and I climbed the ranks, eventually becoming a Director at EY.

It was a front-row seat to some of the biggest deals in the industry—a high-pressure, high-reward environment that kept me hooked.

Also read: KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

EY to Protiviti: Why the leap

But let me be honest…

From time to time, while working in financial due diligence consulting, I thought, “I have had enough consulting. It is time to move out!”

But client appreciation—especially from large private equity firms made it hard to walk away.

However, by late 2023 I decided it was time for a change.

What drove my decision:

Involvement in the entire transaction lifecycle

At EY, I worked on large, complex deals for top-tier private equity clients.

While the scale was impressive, my role was limited to due diligence alone!

Part of a fast-growing practice

Protiviti, headquartered in the US has a solid reputation in India. Their core strength lies in internal audit and risk consulting, giving them a strong client base.

However, Vishal, Senior Managing Director at Protiviti set up the Transaction Advisory Services (TAS) practice a couple of years ago, focusing mainly on deals and diligence.

Now we are in a growth phase, expanding, just like EY was in 2010.

More growth = more opportunities.

Exposure to business development

• At EY, with its 50+ years of legacy, most business flowed through senior partners with well-established relationships.
• As a Director, my focus was on execution rather than client acquisition.
• I wanted to be more actively involved in building a practice—something that mid-sized firms like Protiviti prioritize. At Protiviti, I actively pitch, negotiate, and close deals.

Visible shift in the consulting/advisory market

Deals are happening faster & leaner

• Private equity firms, startups, and corporates don’t always want a massive firm.
• They want agile, senior-led teams.

AI & automation are levelling the playing field

• 15 years ago, when we conducted DD, all the reports were simple and plain, created in Microsoft Word, and data was stored in Excel. There were no clouds, no AI, no ChatGPT.
• We spent days writing reports. Now? AI-driven financial modelling and cloud storage have cut our prep time by 45%.

So what does that mean? The focus has shifted to client service—the part that can’t be automated!

Business development is no longer optional: The new consulting landscape rewards professionals who can “build relationships”, not just execute deals.

Career acceleration is real: I have started seeing young professionals growing quickly. Of course, they are exceptional but age no longer matters for career growth!

Also read: Big 4 firms scramble to win the consulting race. Investing over $4B in AI.

Real talk

Salary

Let’s be honest—compensation matters.

Protiviti offered a highly competitive package, on par with EY.

Mid-sized firms know they need top talent to compete, and they’re willing to invest in the right people.

Market competition

The consulting market is highly competitive, but there are ample opportunities.

• Competitive Bidding: In about 50% of cases, we compete against firms of a similar size or even the Big 4.
• Organic Leads: The other 50% comes through organic leads, where clients seek niche, specialized solutions over off-the-shelf services.
• Expertise Matters: Clients are willing to pay for expertise—what truly matters is how well you position yourself in the market.

Big 4 vs. Mid-Sized Firms in Transaction Advisory: Key Differences

• EY scale and clients were impressive, but my role was limited to due diligence.
• At Protiviti, I manage 7-8 live assignments across FDD, valuation, investment banking, and even helping sellers with NBO negotiations.
• No two assignments are the same, providing exposure to the entire transaction lifecycle—exactly what I wanted.
• While the scale of due diligence may differ, the variety and comprehensive exposure to the process are invaluable.

Developing business development skills?

Not every pitch wins, but relationship-building is key.

Some days are great, others not so much—it’s all part of the process.

It’s a learning curve, but it’s a rewarding challenge and I’m optimistic that this year will bring significant growth.

Wrapping up…

All in all, moving on from a Big 4 to a mid-sized firm is anything but “easy”.

Leaving a firm like EY, a market leader in transaction advisory, required serious thought.

I went through multiple iterations, had long discussions with mentors, and weighed my options carefully.

But…

• If you’re hungry for growth
• Want a broader role
• Are willing to build something from the ground up
• Want work-life balance

It’s a win!

FAQ

How long does the due diligence process typically take?

The duration of the due diligence process can vary widely depending on the complexity and size of the transaction. Generally, it can take anywhere from 30 days to several months.

Factors influencing the timeline include the availability of information, the responsiveness of parties involved, and the specific areas under review.

What are the key components evaluated during financial due diligence?

Financial due diligence typically involves examining several critical areas, including:

• Financial Statements: Reviewing historical income statements, balance sheets, and cash flow statements.
• Quality of Earnings: Assessing the sustainability and accuracy of earnings.
• Working Capital Analysis: Evaluating current assets and liabilities to determine operational efficiency.
• Debt and Financing: Identifying existing debt obligations and financing structures.
• Tax Compliance: Ensuring all tax filings are accurate and identifying potential tax liabilities.

What qualifications are required for a career in financial due diligence?

Degrees in finance, accounting, or certifications such as Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) are preferred.

Essential skills include:

• strong analytical abilities
• attention to detail
• proficiency in financial modelling
• effective communication skills to convey complex financial information