Global professional services network RSM has hit a major milestone, surpassing the $10 billion revenue barrier for the first time since its founding over six decades ago.
In its latest financial year, spanning the 12 months of 2024, RSM booked 6% revenue growth, making it only the sixth global accounting and advisory network to hit the $10 billion mark following just the Big Four and BDO.
“This year’s results demonstrate both our clients’ and member firms’ resilience amidst challenging market conditions,” said Ernest Nedder, CEO of RSM International. “Our growth is testament to the value our member firms bring, and underpin the vision of RSM’s 2030 global strategy.”
From a service line perspective, the Assurance business grew 15% to $3.2 billion, while the Tax business saw its fee income rise by 11% to $2.9 billion. Notably, in a year when most of its peers faced headwinds in their advisory divisions, RSM’s global consulting revenue remained stable at $3.9 billion.
Source: RSM annual statements, Consultancy.org analysis
North America witnessed 5% growth to reach revenues of $6.6 billion, cementing its status as RSM’s largest region. The European business grew by 8%, but mergers & acquisitions were a major driver of that growth, with seven acquisitions closed across the continent, including in France, Spain, Austria, and Denmark.
The firm’s largest deal however was closed within its own network – in October, the US and UK arms of RSM unveiled their plans for a ground-breaking merger, which is set to create a $5 billion business with more than 23,000 employees.
The Latin America regional business recorded 13% growth, in Africa growth of 17% was achieved, while Asia Pacific continued its strong growth trajectory, achieving $1.1 billion in revenue on the back of 7% growth. The company’s star performer was the Middle East and North Africa business, which enjoyed a 38% jump in fee income compared to the year previous.
“Taking our local, regional and global developments in 2024, RSM is reinforcing our position as the leading global provider of professional services to the middle market,” stated Nedder. “As we look ahead to 2025, our organisation is committed to building on this solid foundation through evolving the global RSM experience to truly enable our clients and our people to unlock value and take charge of change.”
RSM currently has more than 65,000 people across 900 offices in 120 countries.