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.