RSM cracks $1 billion revenue barrier in Asia Pacific region

08 February 2023 Consultancy.asia 3 min. read
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Professional services network RSM – the world’s sixth largest of its kind – has recorded 2022 global revenues of more than $8 billion, with its Asia Pacific geography surpassing $1 billion for the first time.

The Asia Pacific wing of global accounting and advisory network RSM has been highlighted as one of the firm’s star performers over the past twelve months, recording 18.5 percent growth to crack the $1 billion revenue mark for the first time.

Globally, RSM cruised past $8 billion in revenues, up 15 percent on the previous period’s $17.3 billion take. The firm’s headcount also grew by 10 percent, including more than 1,600 professionals added across APAC.

Global revenue of RSM

RSM pointed to IT consulting and risk advisory services as the primary drivers of its rapid regional rise – each practice growing by over 25 percent – along with corporate finance support and due diligence services, which together grew by a massive 43 percent. The past twelve months also saw growth of 18 percent and above for its regional tax and audit lines, with RSM also noting the recent addition of a new member firm in Japan (RSM Shiodome Partners).

RSM Asia Pacific regional leader Jason Yau said that change had been the single common thread running across businesses in the region over the past year. “Whether implementing long-term pandemic recovery and growth plans, targeting the top talent now available in our region’s emerging innovation hubs, or planning ahead to strengthen leadership teams, our clients are laser-focused on evolution and how best to unlock opportunity because of change.”

Geographically, RSM’s Asia Pacific growth was eclipsed only by Latin America (+26 percent), while its Europe and Middle East & North Africa divisions recorded 17 percent growth as the global network surpassed the $8 billion mark in combined fee income. That figure represents a 41 percent increase over the past three years, when RSM had only just narrowly reclaimed the title of the world’s sixth largest entity of its kind. It now sits around $1 billion in the clear.

Growth of RSM by area of practice

Here, the firm’s global growth over the past year has somewhat mirrored that of its Asia Pacific geography, with its consulting business up by a whopping 37 percent – driven largely by 26 percent growth in its IT consulting and risk advisory lines. Albeit strong, the 11 percent growth in its accounting practice was down by eight points from 2021, while RSM’s traditional core offerings in tax (up 8 percent) and audit (6 percent) remained steady in growth terms.

2030 Global Strategy

Yet, despite the impressive recent growth, RSM is far from satisfied, stating its aim to double revenues by the end of the decade with the launch of its 2030 Global Strategy agenda. The multi-year transformation program seeks to further align its member firms under common international methodologies and structures, while making wider use of automation, big data, artificial intelligence and machine learning to support businesses through widespread change.

“We have entered a new and transformative business age characterised by data-driven technological products and services, new approaches to working, and a clear focus on sustainability and purpose. Our growth has largely been driven by our ability to meet those challenges,” said RSM CEO Jean Stephens.

“Our own accelerated transformation will ensure our growth continues at pace, instilling within all of our clients and colleagues a fundamental confidence to thrive.”