Big4 Audit to what!!????

big 4 auditor looking for a change (Originally Posted: 10/20/2015)

I've been working as an auditor at a big 4 firm for about a year and am looking for a change, ideally I would like to work in the front office at a PE fund. I've spoken about getting transferred to the TS group here but nothing can happen until this summer. I've been speaking to a head hunter and they recommended me for an operational/fund accounting role at a major PE firm. They've pushed it as hybird finance/accounting role that would expose me to the front office and network my way in, however I'm a little bit skeptical and don't want to get stuck in a fund accountant role. My question is does the position (description below) seem to be what their pitching it as or does it sound like a normal fund accountant/back office role?

Just for a bit of background on me: -MACC from top accounting program -BS in Econ from non-target school -about 1 year audit experience, main clients are PE and hedge funds -passed CPA exam and applied for license

And the description of the position:

Responsible for assisting in all aspects of the fund management of Firm Name

Strategies Fund name with additional

responsibilities across the PE group.  

This position involves assisting in the broad range of responsibilities summarized below:  

 Detail review of fund accounting records, financial statements, partners’ capital

account statements, tax returns, K-1 forms and capital calls/distribution allocation

files and letters. Such records/data will be prepared by the TPA.

 Assist with responses to investor correspondence, inquiries, and requests 

 Oversee management company accounting and reporting process for respective

fund(s)

 Data aggregation and analysis that is needed for Firm name corporate accounting

team

 Assisting Managers and coordinating with deal team, legal/tax counsel, and GMS

operations team to plan and execute deal closings.  Assisting team in coordination

with legal and tax to set up deal structures.

 Assisting in the quarterly valuation process

 During fundraising, the individual will also help create various analysis of data

needed for the updating marketing materials, assisting with the preparation of due

diligence questionnaire responses, as well as assist with fund closing processes.

 Other ad-hoc projects where needed

This position requires strong accounting and finance experience, working knowledge of the

alternative investment industry, sound organizational and analytical skills as well as ability

to build rapport with firm name investors, TPA and various constituents we interact with

throughout the firm. 

1. Reporting

 Assist in review of Quarterly fund closes based on data received from the TPA, which includes

review of related support for all balance sheet and income statement accounts.  On a monthly

basis purchase and sale transactions and income are reviewed as part of a soft close.

 Detailed review of cash and position reconciliations from Operations team

 Assist in review of accrued carry calculations from the TPA

 Detailed review of capital allocations and capital statements prepared by TPA

 Assist in review of financial statements

 Coordinate interim and year-end audit requests and questions

2. Transactions and fund activities

 Perform a detailed review capital call calculations, distribution calculations and the waterfall

analysis, management fee and other allocations or reallocations prepared by the TPA.  Also

review the related letters on a detailed basis.

 Coordinate with Internal Coinvestment team (internal investors) to ensure that required data is

provided and capital calls and distributions are consistent between internal and external teams

3. Fund Management

 Assist with coordination and review of valuations prepared by deal team

 Assist in the formation process for all fund and investment level entities, prepare documentation

needed for internal Legal Entity approval, coordinate establishment of tax documentation (W8, W9) for

all entities

 Assist in review of performance metrics compiled by TPA

 Assist with preparation of corporate Economic Net Income models for respective fund(s) and gather all

necessary data needed for models from deal team, TPA, etc.

 Assist with preparation of various reports provided to investors periodically

4. Management Company Reporting

 Responsible for monthly management company accounting and reporting, expense and budget

analysis as it relates to respective fund

5.  Tax

 Annual review of tax workbooks detailing book to tax difference to tax returns, tax returns and

partner K-1s

6. Investor Requests

 Interact with investors on a periodic basis and produce and analyze a variety of ad hoc reports