Fund Accountant

Fund Accountant

Fund Accountants provide accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund. Daily reporting needs make this a fast-paced, deadline-driven role.

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

While many financial institutions have moved toward outsourcing Fund Accountant positions, demand for the role remains steady.

Diploma
Education & Credentials
*

College/Undergraduate degree typically required.

Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills
*
Desktop area Work Environment

Office

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

While many financial institutions have moved toward outsourcing Fund Accountant positions, demand for the role remains steady.

Diploma
Education & Credentials
*

College/Undergraduate degree typically required.

Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills *
Desktop area Work Environment

Office


WHAT IT IS

Key Role Dimensions

Responsible for all aspects of day-to-day accounting for a group of assigned funds: Calculate and report the daily NAV (Net Asset Value) per unit, compile standard weekly and/or monthly financial statements and income and expense accruals.

May conduct research in support of fund management: For example, may compare several funds’ performances and prepare reports for use by management, or research the effect of certain corporate actions on fund value.

Focus Areas

Fund Accountants will work in the fund management area of any financial organization that manages a fund, such as a mutual fund company or bank. However, many organizations now outsource fund accounting to firms that specialize in this function.

Regardless of their place of employment, Fund Accountants focus on:

Daily analysis of various financial metrics: These metrics assist firms in setting the price/value of their funds.

May focus on more complex funds: More senior Fund Accountants may focus on such areas as hedge funds, exchange traded funds and private equity funds.


WHAT IT TAKES TO SUCCEED

Key Job Accountabilities

Fund Accountants generally:

Calculate and report on fund Net Asset Values (NAVs) on a daily basis:

  • Calculate income and expense accrual statements (a.k.a. profit /loss statements) or yield statements.
  • Prepare item-specific accrual statements such as dividend/interest income worksheets and other schedules (e.g. bond accrual, T-bill, capital stock continuity, etc.).
  • Monitor and record security transactions including trade, interest payments, maturities and corporate actions (e.g. a stock split).

Perform daily, monthly and periodic functions relating to accounting and record keeping:

  • Prepare cash reconciliation between parties (e.g. systems, brokers, investment managers) and research and resolve discrepancies, including currency differences.

Assist in maintenance and improvement of systems applications:

  • Coordinate with data/operational teams to ensure data/methodology/operations are in place to support products and fund analysis requirements.

Knowledge, Skills & Experience

Must-haves:

  • Accounting: Ability to conduct cash flow analysis, reconcile assets/cash balances and review transactions for accuracy
  • Knowledge of investment products and trading of financial instruments
  • Knowledge of regulatory and legislative policy and procedures for the financial sector
  • Processing and/or Reconciliation of Information or Data: Ability to review financial information/document and capture relevant and accurate information in reports, notes or financial statements
  • Proven ability to be highly detail-oriented
  • Strong analytical thinking: problem solving and reasoning skills

Nice-to-haves:

  • A role or education with exposure to accounting (e.g. accounting internship)
  • Experience in the investment industry
  • Familiarity with Bloomberg and pricing processes for equities and bonds

Education & Credentials

Entry-level positions typically require:

  • Undergraduate university degree

In the fields of:

  • Accounting
  • Finance

Additional certifications may include:

  • Financial or accounting designations
  • Completion of a mutual funds course (via the Investment Funds Institute of Canada or CSI Global) or the Canadian Securities Course (via CSI Global)

Programs Offered

Canadian Securities Institute (CSI)

CFA® (Chartered Financial Analyst®) Institute

McMaster University

Queen’s University

Ryerson University

Sprott School of Business

University of Ontario Institute of Technology (UOIT)

University of Ottawa

University of Toronto

University of Windsor

Wilfrid Laurier University

York University


WHERE IT CAN TAKE YOU

Career Pathways

There are a number of pathways open to Fund Accountants through:

  • Increased Responsibility: You may perform higher-level tasks such as fund-related research; preparing regulatory filings, financial statements and/or annual reports; and/or preparing reports on fund-investing topics to support fund managers.

  • Increased Seniority: You may take on additional supervisory and management duties, or become a more senior Fund Accountant (i.e. calculate and provide research for a greater variety of products and review the work of junior colleagues).

  • Lateral Career Move: You may choose to move into a tax, trust or derivative accounting role.

Future Trends & Impacts

Rules, regulations and tax laws can influence the demand and qualifications for this role. For example, movement of the Canadian accounting standards from GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards) required many Fund Accountants to acquire more knowledge of IFRS standards.



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