fund accountant?

[walsly]

Hi everybody ,

I'm a graduating uni student and started my job hunt some time ago. Unfortunately, no luck with interviews for the jobs i wanted. Recently, i got an offer from a hedge fund admin company (salary p.m:3k)(they dont do AM !) for a analyst in fund accounting.. sounds ok initially.. after doing some detailed research it seems that this is a deadend very systematic job with no prospects... it's skills n exp are not transferable within finance/banking unless i take up a similar role with another company... or so it seems.

i dont know whether shld i take up the offer or continue looking... I am considering of pursuing a cfa as well but from the web searches i did it seems tat fund accounting doesnt really qualify as a proper "finance" experience.. and ppl are avoiding them like plague in the west. My main interest lies in risk management.

any helpful inputs from the veterans here would be much appreciated!

Originally Posted by walsly

Hi everybody ,

I'm a graduating uni student and started my job hunt some time ago. Unfortunately, no luck with interviews for the jobs i wanted. Recently, i got an offer from a hedge fund admin company (salary p.m:3k)(they dont do AM !) for a analyst in fund accounting.. sounds ok initially.. after doing some detailed research it seems that this is a deadend very systematic job with no prospects... it's skills n exp are not transferable within finance/banking unless i take up a similar role with another company... or so it seems.

i dont know whether shld i take up the offer or continue looking... I am considering of pursuing a cfa as well but from the web searches i did it seems tat fund accounting doesnt really qualify as a proper "finance" experience.. and ppl are avoiding them like plague in the west. My main interest lies in risk management.

any helpful inputs from the veterans here would be much appreciated!

You talk until you are like some hot potato who has the previlige to choose what you want. Fact is you admit you going nowhere in your interview and not able to secure a job after so long.

It is either you take up the fund account job or you go join the jobless ranks. Simple choice to make right? Anyway CFA wont get you closer to a fund management job anyway...

If you really can make it to AM calibre won't be like that no offer at all. The banks / FI will sign up you before you even start job search.

Just take up the job and stay for 1-2 years and gain some exp first, better than continue be jobless.

My 2C.

Originally Posted by walsly

Hi everybody ,

I'm a graduating uni student and started my job hunt some time ago. Unfortunately, no luck with interviews for the jobs i wanted. Recently, i got an offer from a hedge fund admin company (salary p.m:3k)(they dont do AM !) for a analyst in fund accounting.. sounds ok initially.. after doing some detailed research it seems that this is a deadend very systematic job with no prospects... it's skills n exp are not transferable within finance/banking unless i take up a similar role with another company... or so it seems.

i dont know whether shld i take up the offer or continue looking... I am considering of pursuing a cfa as well but from the web searches i did it seems tat fund accounting doesnt really qualify as a proper "finance" experience.. and ppl are avoiding them like plague in the west. My main interest lies in risk management.

any helpful inputs from the veterans here would be much appreciated!

Hi there, I don't have actual experience in a fund accounting role, but would like to offer my 2 cents' for what its worth.

A guess: Citco?

Personally, I think it may be a mundane, operational role, but that's not to say you can't extract value for yourself out of it. If you're to take it up, try to rise above the routine and see the workflow, and get to know as many areas of work as possible. Its common for people to quit and join banks' operations departments after you get enough experience to hit the ground running there. Do research on trends of outsourcing, layoffs. There're some roles that are more resilient to layoffs. Another exit op would be working for a fund, which some have said can pay off quite well.

There're couple 'streams' of risk management, you've got to narrow down which aspect you'd like. Market risk, credit risk, operational risk etc. There's a nascent (last I look, anyway) market for the first, but imho its a tough area to break into. Gotta have knowledge of programming, finance and stats. Those with a more technical (e.g. engin.) or specialized degree in Quant. Finance, and FRM, stand a higher chance. Credit risk requires a background in accounting. Depends on luck, though. Your background may not be of much relevance, but you might end up doing a rotation on these desks as part of a wider MA program. Or you can try going for internship as a way to break in.

CFA is not a viable solution for you now; its something for the longer term. The next exam is in Dec, and the results 2 months or so later, so it won't be helping ur search in the short term. It does help though, but increasingly less so. Do it early if you're intending to do it at all.

Wallstreetoasis and other such forums do tend to downplay the role of backroom staff in operational roles. Its a very skewed perception of reality imo. But then again, back office pay may be adequate if you compare it to what others are starting at. And I've seen some backoffice careers pan out very well and profitably.

End of the day, its very hard to get into ibanking and whatever's hot. Honestly, the odds are against you, unless you have excellent grades, know people within, have something valuable that others don't, or have a demonstrable passion and success in whatever you're trying to break in for. And you might not like it there, given the hours and pace of work. Further, the industry is in a downturn right now, the headcounts are tighter.

Try to do a realistic self-assessment, and work out how long can you afford pursuing your dreams, and your backup plans.

Luck!

Originally Posted by Unregistered

Hi there, I don't have actual experience in a fund accounting role, but would like to offer my 2 cents' for what its worth.

A guess: Citco?

Personally, I think it may be a mundane, operational role, but that's not to say you can't extract value for yourself out of it. If you're to take it up, try to rise above the routine and see the workflow, and get to know as many areas of work as possible. Its common for people to quit and join banks' operations departments after you get enough experience to hit the ground running there. Do research on trends of outsourcing, layoffs. There're some roles that are more resilient to layoffs. Another exit op would be working for a fund, which some have said can pay off quite well.

There're couple 'streams' of risk management, you've got to narrow down which aspect you'd like. Market risk, credit risk, operational risk etc. There's a nascent (last I look, anyway) market for the first, but imho its a tough area to break into. Gotta have knowledge of programming, finance and stats. Those with a more technical (e.g. engin.) or specialized degree in Quant. Finance, and FRM, stand a higher chance. Credit risk requires a background in accounting. Depends on luck, though. Your background may not be of much relevance, but you might end up doing a rotation on these desks as part of a wider MA program. Or you can try going for internship as a way to break in.

CFA is not a viable solution for you now; its something for the longer term. The next exam is in Dec, and the results 2 months or so later, so it won't be helping ur search in the short term. It does help though, but increasingly less so. Do it early if you're intending to do it at all.

Wallstreetoasis and other such forums do tend to downplay the role of backroom staff in operational roles. Its a very skewed perception of reality imo. But then again, back office pay may be adequate if you compare it to what others are starting at. And I've seen some backoffice careers pan out very well and profitably.

End of the day, its very hard to get into ibanking and whatever's hot. Honestly, the odds are against you, unless you have excellent grades, know people within, have something valuable that others don't, or have a demonstrable passion and success in whatever you're trying to break in for. And you might not like it there, given the hours and pace of work. Further, the industry is in a downturn right now, the headcounts are tighter.

Try to do a realistic self-assessment, and work out how long can you afford pursuing your dreams, and your backup plans.

Luck!

A good summary, thanks for the insights though I'm not too familiar with this aspect of the finance sub-industry.

My personal take is most jobs, Finance or otherwise, are mundane and operational in nature - it applies to pretty much other functions and industries as well. While these jobs might not bring in millions, they do offer a credible career progression that pays decently if you are good.

The problem is most candidates do not have a realistic view of their own calibre and make decisions solely on the assessment on whether a job leads them down to a couple of well known careers that supposedly everyone knows makes big bucks.

What this means is poor career choices and wasting of precious years when one is young chasing after fads that do not materialise. When building career, time is the most precious commodity. The first 10-12 years is make or break for 95% of the folks out there, there is no time to fool around waiting and chasing unrealistic stuff.

As a long timer in the Finance industry, I have seen so many youngsters squandering their youth in this industry waiting for the ever elusive break that never comes, much like a pretty girl hanging around Hollywood doing odd jobs going nowhere and aging day by day.

Originally Posted by QXP

A good summary, thanks for the insights though I'm not too familiar with this aspect of the finance sub-industry.

My personal take is most jobs, Finance or otherwise, are mundane and operational in nature - it applies to pretty much other functions and industries as well. While these jobs might not bring in millions, they do offer a credible career progression that pays decently if you are good.

The problem is most candidates do not have a realistic view of their own calibre and make decisions solely on the assessment on whether a job leads them down to a couple of well known careers that supposedly everyone knows makes big bucks.

What this means is poor career choices and wasting of precious years when one is young chasing after fads that do not materialise. When building career, time is the most precious commodity. The first 10-12 years is make or break for 95% of the folks out there, there is no time to fool around waiting and chasing unrealistic stuff.

As a long timer in the Finance industry, I have seen so many youngsters squandering their youth in this industry waiting for the ever elusive break that never comes, much like a pretty girl hanging around Hollywood doing odd jobs going nowhere and aging day by day.

at least ppl dare to dream, not like u just sour grape complain on internet

Originally Posted by Unregistered

at least ppl dare to dream, not like u just sour grape complain on internet

Wow, that is so uncalled for. He was just giving an opinion as a person with experience in the finance industry. By calling him names, you are the one being a sour grape. He wasn't even complaining. Are you even able to discern as to what a complaint actually encapsulates?

[walsly]

Hi all,

Thanks for the precious advice. I'm not really dead-fixed in getting front office roles in IBs, like i mentioned earlier i wish to embark my career within the areas of risk mgt / compliance. But its a tough area to get into as most of these entry level jobs require candidates to have some brief experience n knowledge on the domestic regulations n such.
Anyway, i was offered a compliance role with another MNC in the financial/insurance industry. Its a contractual job, pay wise so so, but the exposure seems good for a start plus its just 5 minutes walk from my house!
So i probably gonna take this opportunity to learn as much as i can while keeping a lookout for any other suitable positions for me in time to come.
Btw some of my friends who are already working told me that this time of the year is a bad time to look for a job, and that i should probably start looking seriously somewhere in dec-feb as that is when ppl start "jumping ships" after bonus month.

Originally Posted by walsly

Hi all,

Thanks for the precious advice. I'm not really dead-fixed in getting front office roles in IBs, like i mentioned earlier i wish to embark my career within the areas of risk mgt / compliance. But its a tough area to get into as most of these entry level jobs require candidates to have some brief experience n knowledge on the domestic regulations n such.
Anyway, i was offered a compliance role with another MNC in the financial/insurance industry. Its a contractual job, pay wise so so, but the exposure seems good for a start plus its just 5 minutes walk from my house!
So i probably gonna take this opportunity to learn as much as i can while keeping a lookout for any other suitable positions for me in time to come.
Btw some of my friends who are already working told me that this time of the year is a bad time to look for a job, and that i should probably start looking seriously somewhere in dec-feb as that is when ppl start "jumping ships" after bonus month.

Bad idea, you should have taken up the permanent fund accountant job. A compliance job is just another support function BO job no different from fund accounting. IMO is even more dead end and boring.

You give up a permanent job to take up another contract job which is roughly the same level & prospect for what? You better have something more solid to go on than some wishful thinking that if you are good they will transfer you to where the action is, doesnt happen 99% of the time.

Originally Posted by Unregistered

Bad idea, you should have taken up the permanent fund accountant job. A compliance job is just another support function BO job no different from fund accounting. IMO is even more dead end and boring.

You give up a permanent job to take up another contract job which is roughly the same level & prospect for what? You better have something more solid to go on than some wishful thinking that if you are good they will transfer you to where the action is, doesnt happen 99% of the time.

TS likely mixing up compliance with risk mgt as some banks use anyhow apply the terms. The real kind of risk mgt jobs are usually reserved for people with masters in specialised finance like valuation, econmetrics, decision theory etc. Compliance is just SOP following rules admin kind of job that is open to any normal deg grad.

A risk mgt job opens doors to IB FO or AM or buy side prospect whereas a compliance job is stuck and condem within BO ops dept.