Fund Accountant

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)