Fund Accountant Career Guide and Counseling

Question: Is a Hedge Fund Accountant a good job for a graduate? I am currently working for a hedge fund in the city as a fund accountant and wanted to know if this is a good place to start a career in accountantcy.

Answer: Okay, two things. One, from what I have seen in today's economy, at least, accountants are always on demand. It probably doesn't really matter where you start, in the long run, so long as you acquire the kind of experience IN accounting that a business might need (like being able to do corporate cash flow statements and audits, etc.). Two, a city job! If that is an American city job, take it! You will be set for life at a city job. Good pay, good benefits, good pension and probably good experience. Working for the city, county, state, or federal government generally have some of the most stringent hiring requirements out of all companies you could offer your services to, so if you can get in, do it. It might look good on a resume. By the way, you can also be a: Financial Manager Financial Analyst Personal Financial adviser In addition to being an accountant or auditor. Also, refer to the Labor Department for tips as to what people might be looking for in an accountant, as far as experience and education are concerned. It might help you plan your long term goals more appropriately. http://www.bls.gov/oco/ocos001.htm Otherwise, I suggest browsing career builder. Do a national search for the type of accounting job you might want to have. For example, "Financial Analyst" (use quotes to tell it to search for the whole phrase. Click them and read the job descriptions. After you look at enough, you'll start to have an idea of what kinds of things potential employers are looking for you to have in your background. Compare this to what you'll be doing at your city job, or use it as a way to ask good questions at your interview. "Will I ever be working with (blank)?"

Question: Any info on being a fund accountant? I have an interview as a trainee fund accountant and am not too sure about the responsibilities, i know about profit loss accounts etc but is there anything really important i should know just incase they ask? thanks

Answer: If you understand accounting, you'll be fine.

Question: Qualified Accountant - How to become a Fund Manger? I am about to become a qualified accountant and would like to move into fund management. I currently work in an asset management company and have some good knowledge of the markets but it is not an easy move within my current workplace. I often hear that many Fund Managers are qualified accountants but having searched the internet I am finding it hard to see how they make this move. Can anyone give me some advice or point me in the right direction of where best to look? Any help is much appreciated.

Answer: Most fund managers start lower on the totem poll. Start by looking for research analyst jobs at a mutual fund or similar entity. Once you get your foot in there, then you can start moving up the ladder as you gain experience.

Question: Who is a better fund accountant Andy Yu or Brian Danilowicz?

Answer: What?????

Question: One Confused Fund Accountant? I am working as a fund accountant and i dont want to end up in this job forever. My goal is to work in public accounting. Will my private accounting experience help me on landing a job in public accounting ? If not is there anyway i can do to change it?? Thank You

Answer: Do have a CPA or are you studying for it? How old are you? Are you doing accounting for a Mutual Fund Company? Do you want to work for Big 4 or any public accounting firm?

Question: I am a Chartered Accountant from India and want to become a Fund manager. What all i have to do? I am planning to do the Amfi- mutual fund course (Dealers Module)conducted by NSE. It inculcates various roles performed by fund manager.

Answer: get a job in a non profit....good luck I am a recruiter by the way.

Question: What does a mutual fund accountant do?

Answer: Invest in many stocks from a sector or sectors of the market in order to increase capital.

Question: what does a mutual fund accountant make at Capital Group in Norfolk, VA?

Answer: I would guess around $60,000 a year.

Question: Is a Hedge Fund Accountant a good job for an MBA?

Answer: Actually the MBA is a plus, but if your wanting to work doing accounting, then having an accounting background and a CPA designation would more more important, and necessary for a fund of any size. Many larger funds will use accounting software designed for hedge funds such as Advent. http://www.advent.com/Solutions/Hedge_Funds Once needs to understand trade reconciliation, derivatives, and other complex trading strategies to know how to enter this into the books. An MBA alone doesn't teach any of this. Having a CPA designation doesn't make one an expert in hedge fund accounting, but just has a point of better creditability. This is definitely an area of specialization.

Question: My accountant is saying i made to much money to fund my IRA, is this true? Are there income limitations?

Answer: There is a declining scale on the tax deduction allowed for a regular IRA contribution based on how much you earned. The more you earn, the less you can deduct on your taxes.

Question: "Fund accounting" taught in Government/Nonprofit class? Is the "fund accounting" taught in Government/Nonprofit Accounting courses the same kind of fund accounting that hedge funds and mutual funds use and hire "fund accountants" to perform? Do I need this formal coursework to perform the work a hedge fund or mutual fund accountant does? Reason why I ask is because I have signed up for Government/Nonprofit Accounting in college because the course description says the class covers "fund accounting".

Answer: Fund accounting is a specific method of accounting for Non-profits. You can read about what it is here. http://en.wikipedia.org/wiki/Fund_Accounting working with hedge funds/mutual funds is completely different.

Question: How 2 create a control mechanism to protect mismanagement of fund by director who have the right to sign check Scenario: This business belong to three of us and how to do we control the release of fund when we are the shareholders and directors ourselves? How to ensure there is no abuse in this case? Such as if I am only one who is authorized person to sign the check, but I am not around for few months, how do the accountant release payment such as payroll? I am not familiar at all in this kind of situation because I never have any experience in business practice, as this business is pass over from my dad to three of us (brothers). I have been entrusted be the book keeper of the company. I would like to follow the Western practices. What type of reference books or professional that I can refer to? Thank you in advance

Answer: I work for a bank in North America, so I can give you a little information as to what our clients do. -- Many companies do their payroll as a direct deposit into their employees's bank accounts. That way, the money goes in to the employee's account electronically, and there is no cheque involved. The work can be done over the computer, and the information is saved in the payroll program. You can also generate reports using the program, as well. -- Some companies also have what we call a "Two To Sign" rule, meaning that you and one of your brothers would EACH have to sign a cheque that was issued. This means that every cheque that you write would have to have two signatures on it, or it wouldn't be any good. It also means that, if one brother were to decide to embezzle funds or cheat the business, he'd have a more difficult time because any cheque that he issued would have to be authorized by another brother. Making sure that two people sign the cheques ensures that at least two brothers always know what is going on. -- You could also enlist the help of a third-part payroll and bookkeeping company. They would prepare all the cheques as required, and bring them to an authorized person or persons to be signed. Any cheque you would want issued would have to have supporting paperwork. No legitimate paperwork -- no cheque. Those are just a few ideas. Best of luck to you!

Question: How do you prepare for an interview for an Acountant position? Aside from knowing you own strengths/weaknesses/ company info, how do you prepare for one? To be specific, this is a portfolio accountant position (aka fund accountant)

Answer: First of all, appearance is the most important. Make sure you wear a suit and tie, nice shoes, no facial hair and a short hair cut. I have worked in banking for many years and I am always shocked at the way some people come to an interview. Make sure your handshake is firm and make lots of eye contact.

Question: What do I need to take for my first day of professional work? It's my first "real job" after college. Its a professional place (super-regional bank) and I'm going to be a fund accountant. What do I need to take?

Answer: While they may have office supplies, you man want to take your own pen and paper to write notes, instructions etc. Not much else is needed except maybe a bottle of water, but I usually wait until the 2nd day and see the atmosphere of the place.

Question: How do you set up a trust fund for an inheritance? Do you need a lawyer or accountant?

Answer: A lawyer will help you with this. Also there are a few different types of trusts so please read up on the from your local library ( check out as many books as possible on the subject) and read up the subject BEFORE you go to the lawyer. The more you know going into it, the less it will cost you since you are not wasting their time with so many questions. : )

Question: Should the stimulus bill include a fund for politicians & financial regulators to hire decent tax accountants?

Answer: 3.4 billion, at the very least. CPA's need a bailout too.