RSM International’s fee income from financial services and consulting projects reached $8 billion in 2022 on the back of a 15% annual growth rate.

With that milestone reached, the firm’s leadership is now eyeing a new achievement. RSM says that it wants to double its revenue to $16 billion by the end of the decade and will make some major organizational changes to reach this objective.

“Our rapid growth is the result of our professionals supporting clients in over 120 countries to unlock value despite operating in an environment of unprecedented change and unpredictability,” commented RSM boss Jean Stephens. “To continue our growth and cement our position as the global leader in professional services to the middle market, we will invest in further transforming our business into an insight-driven, digital organization with compelling products and solutions.”

RSM is, like most of the accounting sector’s top players, isn’t a company in the usual sense. It’s a group of largely independent consultancies that operate under the same name and share certain corporate resources, but are otherwise separate firms.

RSM’s plans for hitting $16 billion in fee income by 2030 will emphasize equipping its member firms with cutting-edge technologies like AI and analytics software. RSM will pair the tech infusion with new business methodologies.

But though RSM sees need for improvement as its embarks on a journey to double revenue, it’s already operating at high capacity. The firm’s 2022 earnings are a testament to that.

RSM makes most of its fee income from deals with mid-market companies, because larger corporations usually turn to one of its larger competitors in the accounting sector’s Big Four club. RSM provides accounting, tax and audit services to midmarket clients, as well as a variety of consulting offerings.

RSM’s accounting, tax and audit practices grew their top lines by 11%, 8% and 6% in 2022. The firm’s consulting group was its star performer during the year: the business’ revenue grew no less than 37% over the past year.

RSM consultants provide firms assistance with complex deals. They can give a company’s C-suite advice on the best way to sell a subsidiary or how to go about buying a competitors.

RSM’s consulting arm is also active in other areas. It can work with executives on planning major business moves, such as expanding into a new region, as well as more routine yet still strategic activities like recruiting a new independent director to the board.

Last but not least, RSM consulting business has a presence in the IT services market, where it competes with both pure-play tech advisory firms and the consulting arms of rival accounting providers. RSM increased its fee income from IT consulting projects by 26% in 2022.

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