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If part of strategy, it's CDD; if part of integration, it's ODD; if part of financial, it's FDD (most likely). Financial carve-out/divestiture projects are usually accounting heavy, so I personally look to avoid them when possible.

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Not exactly. FDD requires strong accounting knowledge, but the work is quite different. Meaning, there are strategic buy side PE projects (75%), and company sell side projects - selling/performing a carve-out/divestiture (25%). On the sell side, you're called in to deal with messy audits, and create new financial statements. As it sounds, there's lots of number organizing and accounting work (3+ month deal-support projects). On the buy side, our job is to flag potential deal breakers/issues (6 week actual deal projects), so the work requires analysis, meetings with management, and slide decks.

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Speaking for EY, comp is similar. Travel was more in Divestiture pre-Covid but not as much now. People can do both at the lower levels but tend to specialize more once they make manager.

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