Fund Accountant Job Description | Key Responsibilities & Skills

🎯 Role Definition

As a vital member of our finance team, the Fund Accountant serves as the backbone of our fund operations. You will be instrumental in managing the day-to-day accounting for a portfolio of investment funds, which may include private equity, hedge funds, or funds of funds. This role requires a meticulous and analytical professional who can ensure the integrity of financial data, produce timely and accurate reporting, and collaborate effectively with internal teams, clients, and external auditors. You will be challenged to solve complex problems, improve processes, and grow your expertise in the dynamic world of investment management.

📈 Career Progression

Typical Career Path

Entry Point From:

Audit Associate (specializing in Financial Services/Asset Management)
Staff Accountant (in a corporate finance or accounting role)
Junior Financial Analyst

Advancement To:

Senior Fund Accountant
Fund Accounting Manager
Assistant Fund Controller / Fund Controller

Lateral Moves:

Financial Analyst
Portfolio Analyst
Treasury Analyst

Core Responsibilities

Primary Functions

Perform and verify the Net Asset Value (NAV) for a diverse portfolio of funds on a daily, weekly, or monthly basis, ensuring strict adherence to established pricing policies and procedures.
Prepare and review comprehensive financial statement packages, including the Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Changes in Partners' Capital, in accordance with US GAAP or IFRS.
Execute month-end and quarter-end close processes, which includes the thorough reconciliation of cash, investment positions, and other balance sheet accounts against custodian and prime broker records.
Process and accurately record all fund-related activities, such as capital calls, distributions, management and performance fees, carried interest, and fund-level expenses.
Maintain the general ledger with precision and prepare detailed journal entries for all fund transactions, ensuring complete and accurate supporting documentation.
Assist in the preparation of detailed investor-level capital account statements and serve as a knowledgeable point of contact for ad-hoc investor inquiries.
Act as a primary accounting liaison for a portfolio of clients, building strong professional relationships and addressing all accounting and administrative matters.
Coordinate and provide critical support for the annual audit and tax processes, preparing necessary documentation, schedules, and clear explanations for external auditors and tax advisors.
Diligently monitor and reconcile fund cash flows, including subscriptions, redemptions, and investment transactions, and assist in preparing forward-looking cash flow projections.
Review and interpret complex fund legal documents, such as Limited Partnership Agreements (LPAs) and Private Placement Memorandums (PPMs), to ensure all accounting and reporting are in full compliance.
Calculate, analyze, and report on key fund performance metrics, including internal rates of return (IRR), time-weighted returns (TWR), and various financial ratios.
Assist with the preparation and submission of regulatory filings and compliance reports as required by authorities like the SEC (e.g., Form PF, Form ADV).
Lead the onboarding of new funds onto the accounting platform, which involves setting up the chart of accounts, legal entity structures, and customized reporting templates.
Proactively identify and implement process improvements and automation opportunities within the fund accounting workflow to enhance efficiency, accuracy, and scalability.
Investigate and resolve complex accounting discrepancies and transactional exceptions by collaborating with internal teams including Operations, Investor Relations, and Portfolio Management.
Prepare detailed expense allocations, operating budgets, and accruals, ensuring they are calculated and applied correctly according to fund policies and legal agreements.
Manage the accounting for complex financial instruments, derivatives, and various alternative investments, ensuring proper valuation and GAAP/IFRS treatment.
Prepare and review complex waterfall calculations for carried interest and distributions, ensuring mathematical accuracy and adherence to the Limited Partnership Agreement.
Review work prepared by junior accountants or third-party administrators, providing constructive guidance and feedback to ensure high-quality, accurate deliverables.
Participate actively in special projects related to accounting system upgrades, new product launches, or the financial structuring of complex investment transactions.
Uphold and strengthen the internal control environment by performing, documenting, and testing control procedures to mitigate financial, operational, and reputational risks.
Liaise directly with portfolio managers and valuation teams to confirm the valuation of portfolio investments, particularly for illiquid or hard-to-value Level 3 assets.

Secondary Functions

Support the client relationship management team by providing accurate financial data and insightful analysis for client meetings and reports.
Contribute to the continuous improvement of accounting policies, operational procedures, and internal control documentation.
Assist in the training and professional development of junior staff members on fund accounting principles, industry best practices, and system usage.
Participate in firm-wide initiatives and cross-functional projects that require financial and accounting expertise and perspective.

Required Skills & Competencies

Hard Skills (Technical)

NAV Calculation: High proficiency in calculating Net Asset Value (NAV) for various fund structures (Private Equity, Hedge Funds, etc.).
Accounting Standards: Deep knowledge of U.S. GAAP and/or IFRS, specifically as it applies to investment companies (ASC 946).
Microsoft Excel: Advanced capabilities in Microsoft Excel, including complex formulas, VLOOKUPs, HLOOKUPs, pivot tables, and data modeling.
Fund Accounting Software: Hands-on experience with industry-specific fund accounting software such as Geneva, Investran, Yardi, or Allvue.
Financial Reporting: Demonstrated experience in preparing and reviewing full sets of audited financial statements and accompanying footnotes.
Complex Instruments: Solid understanding of the accounting and valuation of complex financial instruments, derivatives, and private equity/hedge fund legal structures.
Waterfall Modeling: Experience with creating or reviewing distribution waterfall and carried interest models in Excel.

Soft Skills

Attention to Detail: Exceptional attention to detail and a commitment to accuracy in a fast-paced, deadline-driven environment.
Analytical & Problem-Solving: Strong analytical and problem-solving skills with the ability to research, dissect, and resolve complex issues independently.
Communication: Excellent written and verbal communication skills, with the ability to articulate complex financial information clearly to clients, auditors, and internal teams.
Time Management: Superior organizational and time-management abilities, capable of managing multiple priorities and deliverables simultaneously.
Teamwork & Ownership: A proactive, collaborative mindset combined with a strong sense of ownership and accountability for your work and the team's success.

Education & Experience

Educational Background

Minimum Education:

Bachelor's Degree

Preferred Education:

Master's Degree in Accounting or Finance; CPA or CFA designation (or active candidacy) is highly preferred.

Relevant Fields of Study:

Accounting
Finance
Economics
Business Administration

Experience Requirements

Typical Experience Range:

2-5 years of relevant experience in fund accounting, public accounting (audit in the financial services/asset management sector), or a related fund administration role.

Preferred:

Direct experience with Private Equity, Hedge Fund, or Venture Capital fund structures.
Prior experience at a "Big 4" or other top-tier public accounting firm is highly desirable.