Have a Case Interview in KPMG Integration & Separations team. Any idea what type of case it will be and what to expect? How to go for it? Any tips?

likehelpful
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Work in the practice and interviewing as well.

I usually go with this

Planning:
Understand it's a integration or separation case
Integration - you care about how the buyer is going to integration the target into the current business. Whether it's a bolt-on, full integration (front + back), or partial (front or back only, sometime insurance companies do so for data security purposes). Synergies as a result of partial or full integration have to be considered on a qualitative basis, such as synergies could be achieved by having the system shut down, optimization of back office, leverage of buyers current support, COGS or manufacturing cost reduction as a result of scale, R&D, etc.
 
Separation - you care about how the seller is going to carve the business out of the entity, and how to maintain the business continuity of the remaining business.
 
Both cases need to assess the interdependency between target and the seller and the one time integration and separation cost for both sides, both parties need to understand the regular and reverse TSA and SLA scope, cost implication and duration as a result of the transaction (Google these two terms and understand the purposes and the difference between them)
 
Execution:
Interviewer usually will assess your business acumen regarding integration and separation by asking you what are the things you would assess to implement the integration / separation for one specific function.
 
For example, the buyer is integrating or establishing a new finance team, you usually need to assess:
 
People - who's the CFO, controller, treasury, team, etc. Any vacancies or redundancy?
Process - What are the new reporting, accounting, treasury, AR/AP, etc. processes? Is it different from the processes of the buyers?
Asset - Bank account transfer, fiscal data transfer and storage, etc.
Data - How to transfer the financial data? Do we need 3-statement only, or we need all the trial balance and stuff?
System - What's the financial system in place? Who owns / procures the system? Are we keeping it or we need to get a new one? How does the system interact with the system of the buyer? How integrated does it have to be?
Contract - How many vendors we are using for finance team, such as service outsourcing, audit, consultancy, etc.? Are we keeping them or the buyer can pay?
 
You do want to prepare some industry specific synergies / integration / separation key points, such as retail and industrial will be distribution / manufacturing / front end heavy in terms of interdependency, while TMT and FS will be back end heavy.
 
Other risks, such as market competitiveness and reputation, can be found in the traditional M&A framework. This is still high level and do talk to a person in the field if you get the chance.

likehelpfulsmart

Excellent!

Think about a high level framework you’d use to build out an integration or divestiture plan. Shouldn’t be quant focused, more qualitative

likehelpful

+ Use case(s), technical/business/functional requirements, ROI, application catalog, technical debt.. etc.

Happy to talk to you about it, working an integration right now

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Good luck. Plenty of people at EY you can talk to for tips as well. SaT group

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This thread was so helpful with my case study.

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