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What is a fund controller?
To put it simply, the fund controller maintains an overview of the values and assets in the fund. He knows the figures, evaluates them and prepares them and is available as a contact for anyone who needs information about the figures.
In the fund world, a distinction is made between open and closed funds. While open-ended funds are usually tradable (on the stock exchange) and small amounts can be invested, investors in closed-end funds have to handle somewhat larger sums (from around 2500 euros) and come for a predetermined period of time no longer to their capital. Closed-end funds are set up to raise capital for large-scale projects — real estate is the most common asset class here.
Roughly 70 percent of the duties of a fund controller consist of routine tasks. There are numerous recurring to-dos, both in everyday work and over the year: the preparation of annual financial statements, reporting to investors or the processing of figures. There are also project topics, for example when a new (accounting or reporting) system is set up.
These two examples also show what a fund controller does:
Assetoverviews: The fund controller regularly displays certain information in asset overviews: Which assets are in the fund? How long have you been in the fund? What proportion of the total volume do they occupy? How are the individual assets to be valued (depreciation, costs, etc.)? Such overviews are interesting for both the fund manager and the shareholders.
Annual accounts: The fund controller accompanies the preparation of the annual accounts. He is available to tax consultants and auditors as a contact and provides them with the information they need.
Fund controller and digitization
The closed fund industry is not necessarily one of the pioneers when it comes to newer technical developments, digital systems and database solutions. Excel is still the tool in which most of the work and calculations are done. Nevertheless, industry experts are observing that special database solutions or programs are becoming more popular. Currently, they are mainly used by leading companies or service providers who offer solutions for several fund companies.
However, the majority of providers will probably only rely on the digital helpers when they become more affordable — the investment hurdle is currently still too high compared to the benefits.
The (closed) fund industry is very heavily regulated: KAGB, InvG, MiFID & Co. as well as specifications for risk management and reporting obligations are intended to make investments safer and more comprehensible for investors. A fund controller should be familiar with and follow all of these guidelines and developments. Because when creating reports and analyzes as well as preparing various tasks, he must ensure that they are complied with.
The most important things in 5 seconds
Education: Completed business studies with a focus on finance/controlling or comparable commercial training with relevant further training
Starting salary: €36,000
Top salary: €70,000
Opportunities for advancement: CFO, Chief Compliance Officer
Tasks
What does a fund controller do?
Invoice verification, approval and payment
Securing or preparing tax returns and payments
document management for funds; preparatory accounting
Participation in the preparation of annual financial statements and supervision of the annual financial statement audit
Liquidity control of the fund companies (including cash management / time deposits)
Coordination and implementation of payment transactions at home and abroad, including electronic payment approvals
Creation of the annual reports (creation of figures and analysis of deviations, merging of the individual parts of the report, coordination of completion)
Supervision of the advisory boards, tax consultants, auditors
Preparation and participation in advisory board meetings and shareholders’ meetings
Creation of reporting and deviation analysis
various scenario calculations
Processing of various ad hoc inquiries from management, advisory boards, banks
database maintenance
Obtaining or managing account authorizations and access rights
Preparation of bankruptcy applications and claims registrations
Education
How do you become a fund controller?
Career starters can also become fund controllers directly after their studies. In addition to a suitable course of study, a good basis for the application is, of course, an affinity for numbers and an interest in financial relationships.
In addition, it is helpful if career starters have already acquired initial knowledge of finance, tax law or law in general as well as basic accounting issues through internships. In addition, companies generally expect fund controllers to have the following knowledge:
Completed economics degree with a focus on finance/controlling or comparable commercial training with relevant further training
Safe handling of MS Office applications, especially Excel
possibly good knowledge of English
Salary
What does a fund controller earn?
von 36.000€
bis 70.000€
The gross annual salary of a fund controller ranges between € 36,000 and €46,000 for career starters and can increase to € 60,000 to €70,000 with increasing professional experience. Classic further training measures are rather rare in the closed fund world; after graduation it’s more about »learning by doing« on the job. At the same time, fund controllers can set themselves apart from other competitors by deepening their knowledge of certain asset classes or knowing how to design funds, thereby increasing their job and salary prospects.
Requirements
What do you expect from the fund controller?
Fund controllers tend to be “head people”: They work in a structured, analytical and solution-oriented manner and are rational and reliable personalities. Even if their work consists of many routine tasks, they are aware of the responsibility of their work. Fund controllers can organize themselves well and are quickly ready for action. Since you have to present work results on a regular basis, you also need a confident demeanor and the ability to prepare presentations in a manner appropriate to the addressee.
Career
Opportunities for advancement as a fund controller
The situation in Germany is currently very good, particularly in the closed-end fund world — and here primarily in the real estate sector. New funds are still being launched, which is why companies are looking for qualified professionals such as fund controllers. However, a large number of the available jobs are concentrated in certain locations: Hamburg and Munich, for example, are strongholds for jobs in the closed fund world.
It is advantageous for career starters that in the position of fund controller they can quickly take on exciting tasks and learn to understand the products and the business model within a short time. The job is therefore a good basis for developing into higher positions or even management, because fund controllers understand a company’s product very well.
However, the longer you work in this very special industry and function, the more difficult it is to make a change — for example to other fund or controlling areas. And: The job situation is more dependent on the economic situation than in other areas and is therefore much more volatile: things are going uphill steeply, but can also go downhill steeply.
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