What is a Fund Accountant? – Master of Accounting Degrees

Choosing to become a fund accountant is one of the best decisions you can ever make as a finance or accounting student. The good thing about this profession is that it provides you with a wide range of opportunities for growth. Here is a detailed review of what fund accountants do, how to become one and the job outlook.

Fund accountants are individuals who are responsible for preparing financial reports, monitoring transactions and acting as a liaison between clients and the company. They are responsible for the day-to-day accounting operations for one or more assigned funds. This includes deciding what to be done with the funds and showing how the funds are being utilized.

Other duties include preparing timely and accurate asset values, making journal entries, determining audit schedules, preparing distribution reports and identifying problems affecting accounting records.

Top Employers of Fund Accountants

Fund accountants work in companies whose resources have been limited by donors, governing agencies and grant authorities. Most fund accountants work in non-profit organizations and government institutions. Others work in hedge fund companies, public educational institutions and crowdfunding agencies.

How to Become a Fund Accountant

The minimum entry level for those who aspire to be fund accountants is a bachelor’s degree in accounting. You must attend a university that is fully accredited by relevant regulatory bodies in the financial industry.

Many employers prefer candidates with a license and certificate from at least one professional body. Great math, computer and organizational skills will boost your chances. You will also need a great temperament and attitude to succeed and grow in your career. This means showing the willingness to work long hours, being committed, embracing honesty and showcasing professionalism at all times.

Job Outlook

The demand for fund accountants will increase as more businesses and educational institutions grow. The increasing demand will also be influenced by the growing number of nonprofit organizations across the globe. Businesses, educational institutions and nonprofit organizations will also face more scrutiny and stricter regulations due to the rising cases of financial scandals. They will need fund accountants to reduce the rate at which funds are misused and comply with the internal and governmental regulations. Companies will also be looking for fund accountants who will help them manage their expansion opportunities.

The US Bureau of Labor Statistics expects the employment rate for fund accountants to increase by 11 percent over the next 10 years. This is considered faster that the average rate and presents a lot of opportunities for those who want to enter into this profession. According to PayScale, there are more female fund accountants than males. A larger percentage of fund accountants report high job satisfaction rates.

Salary

Fund accountants earn an average salary of $49,067 per year. The salary ranges from $38,000 to $81,000. Fund accountants usually receive bonuses and commissions depending on their level of commitment and contracts.

Career Growth

You will require at least a CPA certification to advance your career. A CPA and other certifications inspire confidence in most employers. This will likely lead to more promotions and bonuses. Other certifications you may consider include CFA, CMA, CIA and CPP.

Fund accountants have several growth opportunities in their career path. The job also has one of the most promising employment rates in the country. So, do not doubt your decision to become a fund accountant.