Lead Analyst - BNYMellon

Hey guys, what are your thoughts on Lead Analyst opportunities with BNYMellon? Would it be a good opportunity? I come from an audit background and would like to pursue CFO opportunities down the road so I think having "BNYMellon" and "Lead Analyst" on the resume in addition to "Auditor/Senior Accountant" and "Big4" could be a great way to diversify my background and marketability.

What are your thoughts...could this be a decent stepping stone or would you advise against this type of role at all costs?

  • Conducts accounting services on behalf of assigned clients and moderately complex funds including determining net asset values, calculating fund performance, allocating expenses and preparing reports.
  • Performs complex Fund/Client Accounting responsibilities in the areas of driving Service Improvement plans, targeting efficiencies, enhancing processes and specialist review functions.
  • Provides input into methodologies and checks the work of more junior team members.
  • Provides guidance and reviews work related to cash and asset reconciliations relating to complex accounts or transactions.
  • Resolves reconciliation of accounts for more complex or atypical transactions and reviews work of junior team members.
  • Drafts reports for clients regarding the performance of complex funds.
  • Reviews draft reports completed by more junior staff.
  • Regularly interacts with clients in answering questions and resolving issues regarding fund reports and accounting processes.
  • Assists in evaluating GAAP and/or IFRS rules to determine impact of new regulations on BNY Mellon fund accounting practices.
  • No direct reports. Provides guidance to less experienced team members. May have people management responsibilities in some geographies. Contributes to the achievement of related teams objectives.

Qualifications
Bachelors degree in accounting or the equivalent combination of education and experience is required. 5-7 years of total work experience preferred. Big 4 accounting firm experience preferred.

PS...Just want to be clear again that this is for pursuing CFO roles....NOT investment banking or asset management roles (so think like a CPA, not CFA).

 
SGL7313:
You do not want to be stuck in the fund accounting space- there is no direction/path that will lead you to a CFO role from this role. BNYM is also a trash place for Fund Accounting as well.

I have been hearing this a lot, but I just don't understand how it can make sense?

REITs and REPE are funds/mutual funds. So how can having a lead/managerial fund accountant/analyst role with one of the largest investment management banks possibly be a BAD thing?

The experience all looks relevant to what you would expect from a CFO's background. Sure to the acquisitions and asset management types, this would be considered a "back office" role, but that's for the most part what CFO's have always been.

I keep hearing "don't get stuck in fund accounting" but no one ever elaborates on why that is an issue, especially if one is a CPA and pursuing a CFO role IN a fund accounting oriented business.

If anyone can elaborate, it would be greatly appreciated.

 
finbrah:
You have posted this same question a before, and unsurprisingly, continue to get the same answers. It seems like you just want someone to tell you it is a good idea.

Yes I have posted a similar question before (though it was for a more entry-level position, this one requires 5-7 years plus Big 4 background preferred).

I've already addressed that I understand people do not recommend fund accounting or BNYMellon, but I am simply asking for people who wish to contribute their opinion to elaborate.

What do they have against BNYMellon? A response of "it's trash" is not a reason.

What is wrong with fund accounting if you are pursuing fund-related CFO opportunities? A response of "just don't do it" is not an acceptable reason.

I am looking for advice specific for CPA/CFO, NOT investment/acquisition type roles which I think is why there is confusion, because it does not make sense that the experience with this type of position would be bad for a CFO since the job itself is essentially being a "mini-CFO"...minus the fundraising and higher level strategic decision-making.

It has all the elements: management/oversight responsibilities, internal controls, "cash handling", analytical responsibilities, performance monitoring, relevant software training, GAAP/IFRS research, drafting reports and communication with clients.

So what exactly is so BAD about it if you are a CPA with an audit background who would like to pursue CFO roles down the road?

Some details and proper feedback would be appreciated.

 
Best Response

All you have to do is look at a list of worst companies to work for and you will see why BNYM is not recommended. I have had BNYM as a client, have friends who worked there previously, and colleagues who also served them on consulting projects - ALL OF THEM say to avoid it at all costs, all of them say it is due to the culture. My friend practically went into a depression while he worked there because he felt like his career was stagnating and nobody ever trained him on anything, everyone who worked there was miserable, and he felt like it was a black hole for his career. I don't know what else you want to hear, or why you would think that I am just making this up when it can be so easily verified.

Furthermore, being a CFO is WAY MORE than just fund accounting. Fund accounting experience is not robust enough to demonstrate that you are capable of being CFO in my opinion, and if everyone here seems to agree, I don't know why you are so dead set on it. I would be surprised if it got you more prepared to be the CFO. It is more likely you will be working in accounting for years until they pick up the CFO from some public accounting firm who audits numerous client's fund accounting while doing various other ad-hoc projects or analyses, or someone who works in financial accounting advisory services.

All of those elements you say this job has can be found and a lot more in a public accounting role, which you have explicitly stated as what you would like to seek. I really hope you figure out what you want, but I would recommend just going straight to work at a reputable public accounting firm.

 

Ok fair enough, so your friends have had bad experiences.

But do they have public accounting experience? Are they certified/licensed CPAs or CFAs?

It's the same issue in public accounting, there is poor management and if you don't have the proper qualifications you will not get promoted regardless how efficient or how many years you've been with the company.

These are all legitimate points to consider.

When I look at job listings for $100k+ Controller/CFO real estate job listings, many like to see public/private fund accounting experience.

I don't think there is a more "depressing" job than auditing but if you can handle it, you can probably handle anything.

From what I can tell the difference is people who start in fund accounting will have trouble getting out of fund accounting and moving up the ladder. But if you are already certified AND have public accounting experience, then I'd imagine the sky is the limit.

Thanks for your feedback on this, just trying to get more details and insight on everyone's thought process in order to do my due diligence and make an informed decision.

 

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