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What is a fund accountant?
Fund accountants record payment transactions and cash flows from the fund inventory, monitor interest and dividend payments and support fund management in analysis and fund-related decisions. They keep investment and general ledger accounts, prepare evaluations and documents for fund audits, determine unit prices and handle domestic and foreign payment transactions.
Fund accountants are indispensable specialists
Fund companies manage large assets, but their most important capital is trust. And even if the fund management is at the forefront with regard to customer acquisition, advice and fund selection and investment, the recording and processing of all payment transactions is also a very important factor for customer satisfaction. Of course, this applies in particular to capital calls and distributions.
Fund accountants are generally not responsible themselves, but they ensure that fund management and their customers always have reliable figures and data on the actual fund assets, the status of interest and dividend payments and the current share prices.
Depending on the focus of the company, the business areas and thus the tasks of the fund accountants vary: venture capital companies invest in companies, others only in special funds such as real estate, in public funds or only in other funds (funds of funds). Foreign funds often require more extensive knowledge of accounting and processing than purely national funds.
Fund accountants are competent contacts within their area and must work reliably when it comes to problem cases and exceptional situations. There are plenty of examples of this: Rent caps and/or the consequences of the pandemic lead to uncertainty on the real estate market, charter rates are falling due to overcapacity (or rising due to a renewed increase in demand), and of course currency fluctuations also have an impact if outside capital has been invested in yen and dollars, for example.
Fund accountants are also »fund administrators«
Depending on the company, experience and interests, the field of activity of fund accountants can also expand to »fund administration«. This term, which is common in Anglo-Saxon parlance, defines the activity of fund accountants in such a way that they also answer inquiries from auditors and custodian banks, carry out analysis activities, manage funds independently and prepare and create documents for declarations and audits. When fund accountants perform these tasks reliably, they are ready for promotion to lead a team of fund accountants or to group fund administrator.
The most important things in 5 seconds
Education: Apprenticeship as a bank or investment fund clerk or tax clerk or economics degree (relevant focus, bachelor’s degree) / professional experience in fund accounting
Starting salary: €47,000
Top salary: €64,000
Opportunities for advancement: Team Leader / Group Fund Administrator
Tasks
What does a fund accountant do?
Independent management and support of the fund portfolio
Monitoring interest and dividend payments
Management of investment books and ledger accounts
Posting of payment transactions and flows
Preparation of interim financial statements and annual financial statements
Processing of the associated payment transactions
Creation of regular reports for fund management
Education
How to become a fund accountant
fund accountants need
either commercial training, e.g. in the field of banking or investment funds, or training as a tax clerk, possibly qualification as an accountant
or a bachelor’s degree in an economics degree with a focus on finance/accounting
Fund accounting experience
Knowledge of national and international accounting standards (HGB, IFRS, GAAP)
Experience with MS Office (especially Excel), ideally also knowledge of SAP
Salary
What Does a Fund Accountant Earn?
von 47.000€
bis 64.000€
Requirements
What do you expect from the fund accountant?
Profound knowledge of bookkeeping, taxes and accounting
High affinity for numbers and reliability
Independent working
teamwork
Good English knowledge
Career
Opportunities for advancement as fund accountant
As experience and advisory input grows, advancement to leading a team of fund accountants or, in Anglo-Saxon, group fund accountant is possible.
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