Meet Cherry Lui, CPA, CA, CBV , Senior Manager, Deal Advisory – Valuations at KPMG . After starting her career in audit, Cherry found her passion in valuation, where she helps clients understand not just what a business is worth, but the story behind its value.
Naturally curious, Cherry enjoys learning about new industries and businesses. That same curiosity has shaped her career and continues to drive her work today.
Read the full interview to learn what sparked Cherry’s interest in valuation, how her role has evolved and the advice she has for students and young professionals considering a career in the field.
You started your career in accounting before moving into valuation and deals. What first sparked your interest in valuation, and what made you decide to make that transition? Was there a particular project, client, or mentor that made you realize this was the career path you wanted to pursue?
My first real spark of interest in valuation came from a course I took in university. As part of the course, we participated in a case competition where we had to assess whether Apple should acquire Tesla (this was back in the days before Tesla’s share price became a regular feature in news headlines) using its excess cash on hand. It was one of those assignments that made me realize valuation was much more than just building a DCF. It brought together financial analysis, business strategy, market outlook, and a healthy amount of debate, which made it really engaging.
After I joined KPMG full time in audit, that experience stayed with me. I found myself wanting to learn more about valuation and eventually came across an opportunity to join the valuations practice. It felt like the right chance to combine my accounting background with my interest in finance and understanding what makes a business tick.
Once I started working in valuation, I quickly realized it was the right long-term fit for me for a few reasons.
First, I realized that valuation is really storytelling backed by numbers and analysis. It is multidisciplinary because you have to understand not only financial performance, but also economic conditions, geopolitical developments, industry dynamics, local markets, and a company’s future outlook.
Second, I love the variety of the work. I get to work alongside clients who are experts in their industries, learn how their businesses operate, and then translate that understanding into a valuation that makes sense for stakeholders.
Finally, I have been very fortunate to work with incredible managers and partners who have genuinely invested in my growth. They have taken the time to help me develop both my technical and professional skills and, just as importantly, helped me build the confidence to grow into the professional I am today.
Many students and young professionals aren’t sure what business valuation involves. How would you describe your role to someone exploring career options?
I would describe business valuation as helping people understand what a business is worth and the story behind that value. In my role as a Senior Manager in KPMG’s valuations group, I work with clients to understand why a valuation is needed, whether it is for financial reporting, tax, transactions, or broader corporate strategy. From there, we develop a valuation that connects the financial analysis with the business context, growth outlook, and the factors that really drive value for that business.
What makes the work both challenging and fulfilling is that I often start an engagement in an industry where I may not know all the nuances yet. But that is also one of the best parts of the job. I get to work with clients who understand their businesses and industries extremely well, while I bring my valuation expertise, analytical framework, and professional judgment to the table. Together, we work through the key assumptions and arrive at a conclusion that is thoughtful, supportable, and useful for stakeholders.
How has your role evolved over time, and what new responsibilities have come with that progression?
When I was a Senior Consultant, my primary focus was on building a strong technical foundation. That meant building financial models, performing analyses, and developing valuation conclusions that helped support my Managers and Partners. It was a great opportunity to learn the fundamentals of the profession and understand what goes into producing a thoughtful and supportable valuation.
As a Senior Manager, my role has become much broader. While I still enjoy the technical aspects of valuation, my focus has shifted toward leading engagements and helping teams succeed. I work closely with my team to guide our approach, manage client relationships, and make sure we are delivering high-quality work and a positive experience for our clients from start to finish. I am also constantly exploring how new technology and tools can help us work better and continue delivering value to our clients. The part I appreciate most is the opportunity to coach and work closely with our Consultants and Senior Consultants.
I have been very fortunate to learn from managers and partners who took the time to invest in my development earlier in my career, so mentoring feels like a natural way to pay that forward. It is incredibly rewarding to see my team members build confidence, develop their technical skills, and grow into thoughtful valuation professionals.
If you could give one piece of advice to a university student or young professional interested in valuation, what would it be?
Stay curious.
Valuation is a field where technical skills are important, but curiosity is what makes the work interesting and helps you grow. Read the news, follow transactions, and subscribe to newsletters or publications from professionals who write thoughtfully about business and valuation topics.
Even asking yourself why a company acquired another business, entered a new market, or traded at a certain multiple can help you start thinking like a valuation professional. I would also encourage students and young professionals to reach out to CBVs and others in the field to learn more about what the work looks like day to day. Most people are happy to share their experiences, and those conversations can help you understand whether this is a career path that fits your interests.
#FunFact
A fun fact about me is that my job has turned me into a collector of random industry trivia. Thanks to different engagements, I can now hold a conversation about everything from global payment systems to data centres and electricity load demand, to the surprisingly fascinating world of commercial cremini mushroom farming.
That curiosity tends to follow me outside of work as well, whether I am researching a new restaurant, planning a trip, or going down an unexpected learning rabbit hole. My browser tabs are usually chaotic, but I like to think they are chaotic with purpose.