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RSM US Took Its Revenue to a New Level in 2022

Posted on by Going Concern News Desk

That level being $3 billion—a first in the firm’s 96-year, multinamed history.

In its 2022 annual report, which was released earlier this week, RSM US noted that its revenue for the year ending April 30 was $3.3 billion ($3,310,265,000 according to INSIDE Public Accounting), a 15% increase over its 2021 revenue of nearly $2.9 billion.

It’s also the last revenue announcement with Joe Adams sitting in the big chair. Joe A. is retiring at the end of this month after a 42-year career with the firm, the last 11 as managing partner and CEO. In a letter in the report, Adams wrote:

RSM has been on an incredible journey—particularly over the last 11 years as we have greatly increased the number of clients we serve; significantly expanded our talent; built outstanding business relationships; launched a philanthropic foundation; implemented a culture, diversity and inclusion program; and grown our business to $3 billion as we executed our strategy. We have carved out a unique position as the first-choice advisor to middle market leaders globally. I am honored and humbled to have been a part of it.

Adams will be succeeded by Brian Becker, RSM’s national consulting leader since April 2017. Adams said this about Becker:

I also am extremely confident in our next managing partner and CEO, Brian Becker. Transformation amid this rapid pace of change will be one of the biggest challenges facing all businesses in the coming years—we see it all around us with technology and digital; new work paradigms; environmental, social and governance issues; diversity; and more. Brian is a leader who sees the opportunities created by change, and he has been leading digital transformations for our clients for the majority of his career. He is absolutely the right person to lead RSM on the next phase of our journey.

OK, back to the revenue stuff. Not surprisingly, RSM’s consulting business had the biggest year-over-year revenue increase at 37%, followed by tax at 34% and audit at 29%.

RSM will remain the fifth largest accounting firm in the U.S. based on revenue, only behind the Big 4. Sixth place BDO USA reported $2.49 billion in revenue during its fiscal 2022.

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According to the interview, RSM just welcomed 400 newbies this fall and is always on the look out for experienced servants of the capital markets.
She did, however, manage to dodge the layoff question:

[FINS Reporter Kyle] Stock: Did RSM downsize during the crisis?
Moss: We really match our client service work force to the demand in the marketplace, but we don’t really comment in specifics on the changes in our work force from year to year

Layoffs are simply none of your beeswax, thankyouverymuch. Accordingly, we invite the members of the RSM/M&P fam to expand on Ms. Moss’ particular account of the layoff situation. Don’t make us prod.
We also found the following exchange especially interesting (our emphasis):

Stock: Did RSM see the global financial crisis as an opportunity to grab market share?
Moss: We track closely with our clients, so as they feel the impact, we feel the impact. But it does open up the question: ‘Are there more sectors we should be focusing on?’ And on the talent side, due to circumstances at other firms, there are a lot of people who we were able to approach. We’ve definitely done a lot of experienced hiring in the past year.

Now maybe we’re taking the above statement wildly out of context but what could Ms. Moss possibly be suggesting? Circumstances like, the banishment of Google Talk, the shameful denial of live streaming music, or bonuses in the form of tighty-whities? If we’re way off base here, feel free to comment with your own interpretation.
Annnnd speaking of undies, we’re more than a little disappointed that FINS passed up on the opportunity to inquire about the potential marketing rivalry that RSM that has on its hands. For now we’ll assume that RSM is counting on PwC’s continued dismissal of advertising genius and the RSM will enjoy it’s success of effective advertising (despite not mentioning it at all).
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