Global revenues of RSM jump by 16% to $7.3 billion

18 January 2022 Consultancy.com.au 2 min. read
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For the first time in its history, RSM has broken through the revenue barrier of US$7 billion, firmly cementing its position behind BDO as the second largest mid-tier accounting and consulting network in the world.

Professional services firm RSM has reconfirmed its standing as the sixth largest accounting and consulting network in the world with its combined revenues jumping by 15.8 percent to US$7.26 billion for its 2021 financial year. The firm has also boosted its headcount to above 50,000 over the course of the past twelve months, driven in part by the opening of 40 new offices across its network spanning more than 120 countries.

After briefly slipping behind Grant Thornton just a couple of years ago, the results firmly place RSM in the sixth slot on the global accounting and consulting table in terms of revenue, with the former recently posting 2021 takings of US$6.6 billion, up from US$5.8 billion.

Global revenue of RSM

The mid-tier market however continues to stretch out, with BDO now pulling in close to US$12 billion. Nexia, Crowe and Baker Tilly are yet to report.

Like elsewhere among the major accounting and advisory players, consulting was the major driver of growth for RSM in the past year, up by 38 percent, and a whopping 128 percent in general business consulting terms, spurred by demand for support on business process improvement, AI-driven solutions, and supply-chain resilience. RSM’s accounting line also grew by nearly 19 percent ahead of tax and audit.

“Over the past year, global companies of all sizes have had to confront uncertainty and the accelerated change sparked by the pandemic,” said Jean Stephens, RSM International’s global CEO. “For middle market businesses this has been a chance to turn challenge into an opportunity to embrace flexible and agile working, digital-first and data-led technology solutions, with purpose-driven, ethical practices.”

Growth of RSM's divisions

In terms of geography, RSM’s Asia-Pacific division grew by 20 percent last year, including a roughly US$200 million contribution from its Australian members, where the firm sits a bit lower on the overall table behind Grant Thornton and Crowe and Baker Tilly affiliates Findex and Pitcher Partners. The Middle East was RSM’s largest growth region, up by 23 percent, followed by Europe and North America.

“RSM professionals from around the world have worked exceptionally hard to empower our client base of highly dynamic and ambitious businesses to thrive during this challenging time,” concluded Stephens. “This has required new perspectives and a forward-looking gaze to ensure company owners, boards and leaders are primed for growth in the new business age. Our outstanding financial results reflect this pace of change.”