About Fund Accountant Test Assessment
Fund Accounting is the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund. Fund Accountants are primarily responsible for all aspects of day-to-day accounting for a group of assigned funds including, calculating/reporting the daily NAV (Net Asset Value) per unit and compiling standard weekly and/or monthly financial statements, and income and expense accruals.
Fund Accountants work for organizations that manage funds. Some organizations both manage and sell funds, some just sell funds and some just manage funds. Fund Accountants are not typically employed by firms that just sell funds as their role is primarily related to funding management (e.g. daily calculations of fund values, etc.).
Prepare timely and accurate Net Assets Values, yields, distributions, and other fund accounting output for subsequent review.
Record accurately and in accordance with the Department policies and procedures, such accounting records as securities positions, corporate actions related, and journal entries.
Reconcile various accounts, or reviewing reconciliations prepared by others, and promptly researching and correcting any variances.
Identify exceptions and problems affecting accounting records and prices, communicating same to management, and assisting in their resolution.
Assist, as assigned, in preparing audit schedules, compliance reports, N-SARs, tax returns, financial statements, or other reports.
Write reports periodically to management on Fund activities and other related issues.
Research, as assigned, certain securities in Fund portfolios for the purpose of ensuring proper accounting treatment (such as the nature of distributions, original issue discounts, and international valuations) and compliance with SEC, tax, and prospectus restrictions and limitations.
Institutional fund accounting processes also include preparing, reconciling and distributing reports to/from marketing, separate custodians, and investment management.
Participate in regular rotation of trade processing and other accounting processes to prepare the fund accounting system for the next day.
KEY SKILLS REQUIRED:
DEMONSTRATED MICROSOFT OFFICE SKILLS - Microsoft Excel Basics
PROBLEM SOLVINGQuantitative Aptitude, Spatial Intelligence
ABILITY TO COMMUNICATE PROFESSIONALLY THROUGH EFFECTIVE VERBAL AND WRITTEN SKILLS - Verbal Ability, Verbal Reasoning
ATTENTION TO DETAIL.
BASIC UNDERSTANDING OF ACCOUNTING CONCEPTS, GENERAL LEDGERS, AND FINANCIAL STATEMENTS - Accounting Fundamentals, Financial Analysis
BASIC UNDERSTANDING OF VARIOUS SECURITIES PRODUCTS INCLUDING EQUITY, FIXED INCOME, AND DERIVATIVE INSTRUMENTS.
Verbal ability is essential because grammar and vocabulary is a prerequisite for good spoken and written English.
Reading comprehension indicates an ability to comprehend and reason with the concepts on a written page.
Quantitative ability will indicate analytical thinking and problem-solving ability.
Abstract reasoning will indicate the ability to think clearly, identify logical patterns, learn new skills and solve complex problems. It is an indicator of fluid intelligence and shows an ability to strategize.
ACCOUNTING AND FINANCE
Accounting Fundamentals – The topics cover accounting topics such as posting entries, overhead allocation, FIFO, LIFO, Cash flows, stock valuation, adjustment entries, accounting principles etc.
Financial Analysis - Financial Analysis covers topics on ratios,leverage,working capital etc.
The questions are on Keyboard shortcuts, Keyboard Combinations, Page orientations, Tables, Charts, formatting, commands.