A multi-speed drive accessory for a tool which includes a first shaft, an output shaft, and a clutch for selectively engaging the first shaft with a coupling member driving a transfer shaft. The output shaft and the transfer shaft each include several gears which are selectively engageable with each other to establish different speed ratios in response to axial movement of the transfer shaft relative to the output shaft. A detent or latching arrangement is also provided to hold the transfer shaft in each axial position establishing one of the speed ratios.