Revenue was up 27% sequentially to $435 million.
And our earnings and profitability, they were both very good, with $66 million of adjusted EBITDA, and a 15.2% adjusted EBITDA margin.
And as we've said since early March, I do believe there will be more change in the next two years than in the last 10 years, and that brings tremendous opportunity, real tangible opportunity for Korn Ferry.
Across the globe, our goal is to take our expertise in IP and develop 1 million new leaders from diverse backgrounds, using our Korn Ferry Advance and Leadership U platforms.
For example, we're moving from analog to digital delivery of our assessment in learning business, which represents about 23% of the Firm's revenue in FY '20 in a way that makes our IP more relevant and scalable.
We have about 300 marquee and regional accounts, representing about 34% of global revenue, which we'd like to increase to 40% or so.
First, our more diversified business is clearly demonstrating greater resilience than in the Great Recession, where fee revenue in the quarter, immediately following the trough quarter, was approximately 43% less than the prior peak quarter.
For the current COVID-19 recession, the decline in fee revenue from the peak quarter to the quarter immediately following the trough is only 16%.
Through the first six months of fiscal '21, we saw our marquee and regional account fee revenue decline approximately 14% year-over-year, which compares favorably to the decline in the rest of our portfolio, which was down 23%.
Our FY '21 Q2 subscription base fee revenue was $22.7 million, which was up 43% year-over-year, and up 7% quarter sequential.
Subscription-based new business also improved in the second quarter, reaching $29 million, which was up 39% year-over-year, and 25% quarter sequential.
And as we said in the past, those that are valued at 500,000 and more.
In FY '21, our Q2 consulting new business was pretty steady with the prior year, despite last year's number being an all-time high, which included a single non-recurring engagement of $12 million.
RPO new business in the second quarter was $120 million, which is just shy of an all-time high.
For the second quarter of FY '21, our fee revenue was $435 million, which was up $91 million or 27% sequentially, and down only 12% measured year-over-year.
On a quarter sequential basis, fee revenue in the second quarter for exec search was up 23%, RPO and pro search was up 25%, with pro search being up 20%, and RPO up 27%, consulting was up 28%, and digital was up 34%.
Adjusted EBITDA in the second quarter was up $56 million sequentially to slightly over $66 million, with an adjusted EBITDA margin of 15.2%.
Our adjusted fully diluted earnings per share were also up in the second quarter, reaching $0.54, which was up $0.73 sequentially.
At the end of the second quarter, cash and marketable securities totaled $774 million.
When you exclude amounts reserved for deferred comp arrangements and for accrued bonuses, our investable cash balance at the end of the second quarter was approximately $458 million.
And it is important to note that based on our Q2 performance, we have in the second quarter made an accrual to pay all of our employees 100% of their salaries for the second quarter.
Global fee revenue for KF Digital was $75 million in the second quarter and up 34% sequentially, and up approximately $9.3 million or 14% year-over-year.
The subscription and licensing component of KF Digital fee revenue in the second quarter was approximately $23 million, which was up 7% sequentially, and up $7 million or 43% year-over-year.
Global new business in the second quarter for the digital segment was up approximately 17% year-over-year.
Adjusted EBITDA for the second quarter of KF Digital was up $15.1 million sequentially to $23.1 million with a 30.8% adjusted EBITDA margin.
In the second quarter, consulting generated $126.7 million of fee revenue, which was up approximately 28% sequentially, and down approximately 12% year-over-year.
And in particular, growth was strong in some of our virtually delivered solutions in leadership and professional development, and assessment and succession, which were up sequentially 53% and 38%, respectively.
In the second quarter, consulting new business was up approximately 17% sequentially, with growth in North America, Europe and APAC.
Adjusted EBITDA for consulting in the second quarter was up $13.5 million sequentially to $20.1 million, with an adjusted EBITDA margin of 15.9%.
RPO and professional search generated global fee revenue of $85.6 million in the second quarter, which was up 25% sequentially and down 10% year-over-year.
RPO fee revenue was up approximately 27% sequentially, and professional search fee revenue was up approximately 20% sequentially.
With regards to new business in the second quarter, professional search was up 9% sequentially, and RPO was awarded a near record $120 million of new business, consisting of $59 million of renewals and extensions, and $61 million of new logo work.
Adjusted EBITDA for RPO and professional search in the second quarter was up approximately $7.8 million sequentially to $13.8 million, with an adjusted EBITDA margin of 16.1%.
Finally, for executive search, global fee revenue in the second quarter of fiscal '21 was approximately $148 million, which was up approximately 23% sequentially with growth in every region.
Sequentially, North America was up approximately 32%, while EMEA and APAC were up approximately 5% and 21%, respectively.
The total number of dedicated executive search consultants worldwide in the second quarter was 512, down 73 year-over-year, and up two sequentially.
Annualized fee revenue production per consultant in the second quarter was $1.16 million, and the number of new search assignments opened worldwide in the second quarter was 1,331, which was down approximately 15% year-over-year, but up 19% sequentially.
Executive search also benefited from cost reductions, productivity enhancements, and streamline virtual delivery processes in the second quarter, as adjusted EBITDA grew approximately $20 million sequentially to $28.2 million, with an adjusted EBITDA margin of 19.1%.
Excluding new business awards for RPO, our global new business in the second quarter measured year-over-year was down only approximately 7% and that was from record-high new business in the second quarter of fiscal '20.
Now on the positive side, there have been several announcements regarding vaccines that have greater than 90% effectiveness.
So consistent with our approach for the prior three quarters, we will not issue any specific revenue or earnings guidance for the third quarter of FY '21.
Typically, what you would see is the sequential decline from second to our third quarter, does range sort of 3% to 5%.

Summary:
Our adjusted fully diluted earnings per share were also up in the second quarter, reaching $0.54, which was up $0.73 sequentially.
So consistent with our approach for the prior three quarters, we will not issue any specific revenue or earnings guidance for the third quarter of FY '21.