BNYMellon (hierarchy/job description)
Hi all,
I'm new here and think I will be spending a lot of time on this forum in the coming days to do a bit of research. I do have a quick question about a potential job opportunity and career path...
So I am a CPA and most of my background has been in public accounting (audit/tax) with a focus on real estate and development, construction, etc.
The long term goal is to become C-level REIT executive so I'm curious about what type of experience one should get to make it to that level?
I have been interviewing with some of the national real estate practices of some of the large public accounting firms and I think the outlook is great.
As of now I have an offer from BNYMellon to join their alternative investment services group..here is the job description:
"Provides accounting support activities for funds of higher complexity. Reviews work of more junior colleagues and provides technical assistance on complex matters. Performs a variety of accounting and net asset value (NAV) production functions (including NAV construction and validation, NAV review, dissemination and reporting activities) for more complex assigned funds. Assists in reviewing data and resolving intricate problems that may arise during the normal daily, weekly or monthly accounting and reporting. Tracks data and maintains accounting records for funds of higher complexity in accordance with department policies and procedures. Provides requested data to team members. Prepares system-generated accounting reports or templates consisting of multiple or advanced data sets and conducts general data validation and reconciliation. Reviews work of junior team members. Regularly works with client staff to exchange information with respect to cash, accounting, and reporting of daily and monthly client activities and initiatives. Communicates data needs and answers client questions. No direct reports. Provides guidance to less experienced Fund/Client Accounting Support staff, as needed. Responsible for the quality and completion of own work.
Qualifications Bachelor's degree in accounting or the equivalent combination of education and experience is required. 2-3 years of total work experience preferred; Experience in accounting support preferred. Real Estate Products, Investran, Yardi, Real Estate Accounting, financial report preparation and review experience preferred"
1) Does this seem like a good experience to transition from public accounting into the higher paying jobs in Real Estate? 2) Also, what are your thoughts on BNYMellon as a whole? Does it look good on your resume?
Thank you
So I just want to update. I did some research and found a few job listings online for REIT CFOs.
The listings all require CPA and no mention of a CFA, though it says a background with portfolio/financial management is generally preferred.
Based on this bit of research, it appears the BNYMellon opportunity would be a great transitional role to get a taste of the portfolio/financial management experience.
Also I'm surprised it seems like having a CPA gets a bad wrap on this forum, or in the investment banking world in general...however it is generally a requirement for CFO in most cases.
this will be a BO data entry role. do not take.
Thanks for the feedback @RSGIM
While I would normally agree, this would only be a temporary position while I transition into another role with another firm.
Also, I don't intend on going the investment/asset management route as I am an accountant and back office would be okay.
My track is to become CFO, not CIO or portfolio manager, though I understand it is important to get the valuation and investment management experience as well (which I would get more in depth exposure to at my next role, not this temporary one).
Thanks again, I will likely accept this position as it is only for transitional purposes.
Everything I have heard about working at BNY Mellon is horrendous, and I have friends who have worked there firsthand, they were a client of my last employer, and I had worked on a project for them in college. Aside from the fact that this role sounds like a BO role, working for BONY would be one of the last things I would recommend to anyone.
Interesting, thank you.
I would normally agree if I planned to pursue a job in investment banking, etc. but as a CPA on the CFO track, based on reading the description it seems like it would be a great short-term opportunity.
A CFO's job is not only financial analysis and decision making, but also streamlining the financial reporting process which includes ensuring efficient procedures and internal controls are in place.
This position has all of that, plus exposure to Yardi, Argus, etc.
I am a CPA as well, but it would be important to know a little more about your background. How long have you been in Big 4?
this is fund accounting - do not take this. Try for one of their asset managers otherwise stay far away.
If someone wanted to become CFO of a fund/private equity company, wouldn't it be important to gain fund accounting experience?
@Neutrino_CFO" right now you are being an "ASKHOLE" asking for advice but disregarding everyone's opinion on BONY. BONY is not a great place to work for whether it be 2-3 months or 5-10 years. I have several friends there and they say the fund accounting space is not where you want to end up in BONY specifically. Just look at their track record- they have lost key clients and more will go out of the door
yes - you seem overqualified for this particular role. Maybe a finance role at a real estate firm and not at a fund accountant known to churn through people may be a better fit. Just my opinion only you will know what team is the best fit.
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