In the current climate many of us have more time on our hands, and this may invite us to reflect on our future careers. So we’ve put together some information on routes into this accountancy based profession.
What is a fund accountant role?
A fund accountant prepares accounts and investor reports for investment funds. They usually work with investment managers to make sure the fund is well serviced.
They must detail how the company is using its funds, which may include producing separate reports, and they help companies decide how to use available revenue.
Essentially, a fund accountant acts as a go between for the investor and the business.
Businesses use fund accountants to ensure that their funds are achieving their targets, while remaining compliant. In some cases, this role is focussed on how money is spent rather than the profits incurred.
The areas of specialism range from government, to non-profit, hedge funds or others.
The average salary of a fund accountant is 38k, but this can obviously vary depending on region and experience. Top salaries in the field can earn in excess of 55k.
Fund accountant qualifications
To be attractive to an employer, typically, employers will expect fund accountants to qualify and be a member of a professional accountancy body such as ACCA, CIMA or ACA.
Also having a bachelor’s or master's degree in accounting or a similar field would also be acceptable.
In addition to the above, you’d be expected to have the following soft skill traits:
- Strong interpersonal skills
- Excellent attention to detail
- Great time management skills
- Multitask ability
In terms of experience, many employers expect fund accountants to have strong knowledge of basic computer programs, and accounting software.
Although fund accountants will largely work in an office, they may be required to travel to other offices, so access to transport would be helpful.
Being a good candidate for this type of career is not just about having a good exam track record. You also need to have the right experience to prove that you’ll be competent within your role, and be able to apply your skills correctly.
Any real life experience can help count towards influencing their decision, so things like PER within an ACCA qualification could help.
How to gain ACCA, CIMA, or ACA qualifications
Here’s an overview of the qualifications you’d need to be able to start a career in fund accounting:
ACCA - This qualification consists of three levels: Applied Knowledge, Applied Skills, and Strategic Professional, plus the relevant work experience you’ll need to complete. In total, it takes around 5 years to qualify. ACCA is
also ideal if you are looking to become a chartered accountant, or work in an accountancy, audit or tax firm.
CIMA - CIMA is split into Certificate, a standalone ‘beginner’ qualification, and Professional, which is split into three levels: Operational, Management, and Strategic. Averagely it takes 3-4 years to complete. Also ideal
if you’re looking to develop your accountancy skills to lead finance departments or provide management accounting consultancy.
ACA - Consists of three levels: Certificate, Professional, and Advanced. You’ll also need to have 450 practical work experience days, and it takes around three years to complete. ACA is also a great option if you’re looking
to become a chartered accountant and work in accountancy and finance.
Start your fund accountant journey!
So why not look into this further, get thinking about the next steps in your career.
For more information on our courses visit our website.