Big 4 Audit to Portfolio Accountant/Analyst at Hedge Fund
Currently have 2 years of Big 4 Audit Exp serving financial services clients. Opportunity came up to join a newly implemented BDC of a very reputable hedge fund with AUM between 10-20 billion. The position is for a portfolio accountant/analyst for the following responsibilities:
- Assist in quarterly valuations and quarterly “Fair Value Memo”
- Calculate IRR returns and portfolio performance tracking
- Review month-end closing packages from Administrator
- Assist in various schedules and support for 10-q and 10-k quarterly filings
- Track capital calls and dividend distributions and update support schedules
- Track cash and projecting short term liquidity
- Monitor and review all fund related expenses and accruals
- Update back-office team on investment activity
- Monitor and assist with monthly reporting for leverage facilities, including tracking of loans pledged to facility
- Prepare investment portfolio review materials and related analysis
- Work on special projects
The BDC currently consists of a MD and SVP within the front office, along with a CFO who is in charge of all the operations. I would be the first staff they would be hiring. I think it's an exciting opportunity as it's about a 75/25 split. 75 working primarily on the accounting side; whereas there is a 25 split where I'll be able to work directly with the SVP on different kinds of analyses for potential new investments. I believe it'll give me a feel for what I would like to pursue i.e working hard towards a potential Controller position once the BDC goes IPO, or maybe even the chance of networking/learning to eventually get into an analyst role. I know there is this negative perception of "back office fund accounting"; however I do believe that compared to most fund accounting roles, there is more potential for upwards mobility with this role. With my experience, would you say this would be a good exit opp considering working at a hedge fund has always been something that has interested me? It's a crucial move for me so any advice would greatly be appreciated!
If your goal is to be the CFO/Controller of a Hedge Fund, then yes it's a solid move. No question about that. If you want to move to the FO side of the fund, it's probably not going to happen without going to business school. Either way, you'll be getting a comp boost and an actual bonus more likely than not so I think you're better off if you absolutely want to work at a fund. Especially since, if you start trying to move towards the investment side, you'll have a network already in-house and understanding the operations will make it easier for you to start your own fund down the line.
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