RSM, one of the largest global accounting firms, is examining the possibility of an initial public offering amid significant consolidation in the audit sector that is reshaping the traditional partnership business model. The firm, which has operated as a partnership for over a century and resisted private equity investment during the recent deal boom, has recently engaged with investment banks and upgraded internal financial systems to maintain the option of becoming publicly listed.

While no final decision has been made, sources familiar with the matter indicate that executives at RSM are increasingly receptive to pursuing a stock market flotation as they seek to expand through larger acquisitions and better serve an international client base. The firm’s leaders are weighing the prospect of raising capital through an IPO if partner contributions prove insufficient for major deals and if other financing alternatives, such as debt, are deemed less favorable.

RSM ranks as the fifth-largest accounting firm in the United States by revenue and seventh globally, with a primary focus on mid-market corporate clients, distinguishing itself from the Big Four firms—Deloitte, EY, PwC, and KPMG—that largely serve multinational blue-chip companies. Some of RSM’s chief competitors in the U.S., including Grant Thornton and Baker Tilly, have exited the partnership model by selling to private equity investors. This trend raises the possibility that similar firms may pursue stock market listings as private equity funds look to divest their stakes.

Unlike rivals fueled by private equity, which have pursued a series of high-profile acquisitions, RSM has concentrated on strengthening collaboration within its global network, notably through an alliance linking its U.S., U.K., and Mexican member firms. This alliance, with a combined annual revenue exceeding $5 billion—primarily generated by the U.S. entity—encourages the sharing of business across borders. It remains uncertain which national firms would be included if RSM proceeds with a public offering.

The firm’s efforts to implement financial reporting and management systems aligned with publicly traded companies reflect a strategy to improve operational efficiency regardless of whether an IPO ultimately proceeds. In addition, RSM is investing in new technologies and intensifying its pursuit of acquisitions amid escalating competition shaped by the entrance of private equity-backed rivals. This infusion of private equity has elevated firm valuations, making deal-making more costly.

RSM emphasized that it is “well positioned” with multiple growth options aligned with its strategic objectives, highlighting ongoing investments in technology and the development of a transatlantic platform designed to meet evolving client needs. The potential public listing of RSM could represent the largest IPO of an accounting firm to date.

In the broader market context, CBIZ had long been the only standalone accounting firm publicly listed in the United States until it agreed in July to a $5 billion acquisition by Grant Thornton. Meanwhile, RSM Tenon, a former affiliate of RSM in the U.K., was previously traded on the London Stock Exchange before its collapse in 2013.