RSM has shared their global revenue numbers for 2023 and like all firms their size, it’s broken a record. $9.4 billion for the year ended December 31, 2023 puts them a mere $26,600,000,000 behind fourth-place Big 4 KPMG ($36 billion) and exactly $40 billion behind actual Big 4 EY ($49.4 billion). As with all accounting firm revenue reports, we encourage the reader to exercise any and all skepticism as these numbers are unaudited.
RSM, the leading provider of assurance, tax and consulting services to middle-market businesses, has today announced worldwide revenues of US$9.4* billion for the 12 months to December 2023, a year-on-year growth of 16%.
It seems they forgot to define the asterisk as there is no corresponding footnote explaining why it’s there. Whoopsie.
Their press release bullet points as follows:
- Double-digit growth in five RSM regions for third successive year
- RSM headcount worldwide increases by 13% to 64,000
- RSM’s global brand re-energised to better support RSM’s strategic direction
- Global tech and digital investment increased four-fold.
Last year, the headcount was up 10% to 57,000 professionals and they were thrilled to report global revenues were up over 41% in three years.
Fee income in USD and increase from last year by service line:
- Audit: $3.6 billion (+13%)
- Tax: $2.6 billion (+17%)
- Consulting: $3.1 billion (+17%)
RSM had single-digit growth in tax and audit in 2022 (8% and 6% respectively) so that’s a healthy jump. 2022 global fees from consulting grew by 37% so the growth has slowed but still strong.
All regions showed impressive growth. Europe grew by 36% compared to 2022 as a result of sustained development across 33 Member Firms and the addition of RSM Ebner Stolz in Germany. North America, RSM’s largest region by revenue, saw an impressive 13% rise in fee income for the latest financial year, powered by significant growth in both tax and consulting services, particularly in relation to IT and ESG consulting. A strategic merger in South Africa in July 2023 coupled with overall progress across the region contributed to a 29% leap in revenue from Africa over the period. Exceptional growth was also recorded for both the MENA region, with a 30% increase on 2022, and Latin America, with an increase of 18%. Representing more than US$1bn in fee income, the Asia Pacific region grew by a strong 8%.
RSM US reported $3.7 billion in 2023 revenue back in August.
The rest of the press release is the usual self-fellating trash. Choice quotes include:
RSM has established the critical building blocks for ongoing growth, transformation and change, focusing on four Strategic Drivers – People, Clients, Technology and Solutions
RSM is dedicated to developing an unrivalled, inclusive culture and talent experience, believing investment in both people and technology to be critical to sustained growth and delivering rich, personalised client experiences.
Jean Stephens, CEO of RSM International, said: “With an emphasis on the generation and sharing of insight, streamlining the efficiencies and effectiveness of service provision and building connectivity through an enhanced global digital infrastructure, RSM is focused on providing innovative and valuable human insights powered by technology.”
Yeah whatever. Congrats to them on a fabulous year.
