What does a Fund Accountant do?
A fund accountant provides accounting for an investment portfolio. The investments needed include commodities, securities, and/or real estate in an investment fund like a hedge fund or mutual fund. The role of fund accountants includes activity capturing and recording. Fund accountants prepare accurate and timely values, distributions, yields, and fund accounting output for review. They manage activities associated with fund accounting and domestic equity transactions. Also, they work alongside supervisors when it comes to budget development.
Fund accountant responsibilities
Here are examples of responsibilities from real fund accountant resumes:
- Manage fund accounting activities for five funds for an investment manager with $80b in AUM.
- Manage accoutningtransition from Quickbooks to Yardi.
- Prepare internal financial reports for treasury manage accounts include in external compliance reports.
- Record efficiently accounting records, securities positions, corporate actions and journal entries accordance with department policies and procedures.
- Process complex transactions for foreign and domestic bonds, equities, futures, and options.
- Prepare annual and semi-annual financial statements using GAAP.
- Reconcile reports provide to client including calculation of investor capital calls, distributions, and quarterly management fees.
- Balance general ledger accounts and report financial information, analyze and document material misstatements and resolve complex accounting issues under GAAP.
- Confirm money market yield movement and NAV accuracy through preliminary and final proofs for income accruals, security accretion and amortization.
- Reconcile all daily accounting activities, calculate daily interest, verify dividends, income and expense accruals to ensure accurate reporting.
- Process domestic and foreign trades, pay downs, futures, and calls.
- Maintain accounting and taxation records for various structure onshore and offshore hedge fund entities.
- Execute control procedures to ensure accuracy of financial statements; consistently meet daily NASDAQ and newspaper deadlines.
- Research and analyze different assets using the BloomBerg terminal to provide an explanation for changes within the asset.
- Service various products including equities, bonds, swaps, options, FX, mortgages, financing and futures.
Fund accountant skills and personality traits
We calculated that 12% of Fund Accountants are proficient in Reconciliations, Calculation, and Securities. They’re also known for soft skills such as Analytical skills, Communication skills, and Detail oriented.
We break down the percentage of Fund Accountants that have these skills listed on their resume here:
- Reconciliations, 12%
Performed daily cash reconciliations; ensured accurate classification of income and principal receipts in compliance with the indentures and management agreements.
- Calculation, 5%
Prepared financial highlights for multiple companies to assure their performance fee calculation is being allocated accurately between restricted and unrestricted investors.
- Securities, 5%
Monitor halted/suspended domestic and international securities and notified Fund Custodian, and management of appropriate action taken via written documentation.
- GAAP, 5%
Balanced general ledger accounts and reported financial information, analyzed and documented material misstatements and resolved complex accounting issues under GAAP.
- Accruals, 5%
Confirmed money market yield movement and NAV accuracy through preliminary and final proofs for income accruals, security accretion and amortization.
- Journal Entries, 4%
Facilitated in audit engagement by providing accounting analysis, journal entries, supporting documentation and including preparation of audited financial statements.
Most fund accountants use their skills in "reconciliations," "calculation," and "securities" to do their jobs. You can find more detail on essential fund accountant responsibilities here:
Communication skills. Another soft skill that's essential for fulfilling fund accountant duties is communication skills. The role rewards competence in this skill because "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders." According to a fund accountant resume, here's how fund accountants can utilize communication skills in their job responsibilities: "researched exceptions via bloomberg, idc or through communication with client -custodian. "
Detail oriented. This is an important skill for fund accountants to perform their duties. For an example of how fund accountant responsibilities depend on this skill, consider that "accountants and auditors must pay attention to detail when compiling and examining documents." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a fund accountant: "trained interns in monthly close processes and performed detail review of work. ".
Math skills. A big part of what fund accountants do relies on "math skills." You can see how essential it is to fund accountant responsibilities because "accountants and auditors must be able to analyze, compare, and interpret facts and figures." Here's an example of how this skill is used from a resume that represents typical fund accountant tasks: "reviewed the accounting and quantitative analysis of 8-13 mutual funds semi and annually reports in accordance with gaap. "
Organizational skills. A commonly-found skill in fund accountant job descriptions, "organizational skills" is essential to what fund accountants do. Fund accountant responsibilities rely on this skill because "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." You can also see how fund accountant duties rely on organizational skills in this resume example: "used good organizational and accuracy skills to meet strict deadlines for daily nav calculations. "
The three companies that hire the most fund accountants are:
- UMB Bank116 fund accountants jobs
- SS&C Technologies72 fund accountants jobs
- Robert Half62 fund accountants jobs
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Compare different fund accountants
Fund accountant vs. Accounting analyst
An accounting analyst is responsible for supporting the accounting operations of an organization, analyzing financial transactions and financial statements, and resolving account discrepancies. Accounting analysts interpret financial data by consolidating account transactions, performing account reconciliation, and managing account receivables. They also assist in preparing and releasing invoices, issuing billing statements, and creating comprehensive financial reports on the company's budget and expenses. An accounting analyst must have excellent knowledge of the accounting principles and disciplines, as well as extensive analytical and communication skills to perform duties and meet deadlines under minimal supervision.
While similarities exist, there are also some differences between fund accountants and accounting analyst. For instance, fund accountant responsibilities require skills such as "calculation," "securities," "journal entries," and "financial statements." Whereas a accounting analyst is skilled in "customer service," "account reconciliations," "strong analytical," and "payroll." This is part of what separates the two careers.
Accounting analysts really shine in the finance industry with an average salary of $66,550. Comparatively, fund accountants tend to make the most money in the finance industry with an average salary of $80,811.The education levels that accounting analysts earn slightly differ from fund accountants. In particular, accounting analysts are 0.5% more likely to graduate with a Master's Degree than a fund accountant. Additionally, they're 0.0% less likely to earn a Doctoral Degree.Fund accountant vs. Accountant internship
An accounting intern is responsible for assisting an organization's accounting department, observing practical applications and processes, and performing accounting duties under the supervision of tenured accounting staff. Accounting interns support the accounting operations by preparing and organizing financial reports, helping with accounts reconciliation, researching financial and stock market trends, utilizing various accounting software, and managing feedback from their mentors. An accounting intern must be detail-oriented and a fast-learner, immediately adjusting to the company's culture and actively cooperating with the team to ensure a smooth flow of operations.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that fund accountant responsibilities requires skills like "reconciliations," "calculation," "securities," and "accruals." But an accountant internship might use other skills in their typical duties, such as, "r," "account management," "powerpoint," and "renewable energy."
On average, accountant interns earn a lower salary than fund accountants. Some industries support higher salaries in each profession. Interestingly enough, accountant interns earn the most pay in the media industry with an average salary of $36,253. Whereas fund accountants have higher pay in the finance industry, with an average salary of $80,811.Average education levels between the two professions vary. Accountant interns tend to reach similar levels of education than fund accountants. In fact, they're 2.2% less likely to graduate with a Master's Degree and 0.0% less likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for Fund Accountants in the next 3-5 years?
Marty LaBarge
Associate Professor of Accounting, Hope College
Fund accountant vs. Accountant/consultant
Accountants/consultants perform accounting tasks for organizations or companies. The accountants improve accounting practices and prepare financial statements at the end of every year. They analyze financial data and offer advice on regulatory compliance issues to the finance department. It is their job to make sure that the online system is secure. Most of the day, they organize invoices, prepare statements, and supervising systems. They should be equipped with analytical skills, industry knowledge, critical thinking, and interpersonal communication.
The required skills of the two careers differ considerably. For example, fund accountants are more likely to have skills like "calculation," "securities," "accruals," and "financial statements." But a accountant/consultant is more likely to have skills like "account management," "product knowledge," "strong analytical," and "leveraged."
Accountant/consultants earn the highest salary when working in the finance industry, where they receive an average salary of $68,479. Comparatively, fund accountants have the highest earning potential in the finance industry, with an average salary of $80,811.When it comes to education, accountant/consultants tend to earn similar degree levels compared to fund accountants. In fact, they're 0.1% more likely to earn a Master's Degree, and 0.2% more likely to graduate with a Doctoral Degree.Fund accountant vs. Certified public accountant
A certified public accountant (CPA) acts as an advisor to small businesses and chief financial officers to Fortune 500 companies. They typically work for both small and large public accounting firms. They offer advice on many issues, such as accounting and taxation. They aid businesses and individuals to plan and achieve their financial goals. There are several requirements to become a CPA, including having a degree in accounting, passing the CPA examination, and obtaining a CPA license to practice.
Types of fund accountant
Updated January 8, 2025
