Here is a big dillema for me!! I just graduated college, have loans but I have a job. Just got an offer for 2 different positions within my company (One is an Accounting Analyst Position, the other is an Account Specialist) THe accounting analyst pays 35k, the other 48k. The problem I’m having is whether to take the one with the lower pay and better job description (as far as advancement/resumes are concerned) or the one with the higher pay?? Below are the job descriptions, tell me your opinions. Is there that much “good stuff” in the accountig analyst position to warrent the less pay? I realize neither are going to count toward CFA credit too! I plan on working either till I get through L1 in December or maybe even L1 and 2. THis company realy works woth my schedule, and they hire Junior Traders frequently with no enperience. Most don’t have series 7s att he time of hire! I think the CFA would impress, and get me a shot at a junior trader position. ALL INPUT IS MUCH APPRECIATED!! Accounting Analyst Job Description The IMS Accounting Analyst reports to the IMS Accounting Supervisor/Manager and is responsible for maintaining accounting records relating to a specific group of mutual fund, separate account, commingled trust and/or limited partnership entities in accordance with department policies and procedures. He/she is responsible for: cash and asset reconciliations, accounting, daily NAV generation, monthly close packages, quarterly billing, financial statement creation, issue resolution and ad hoc reporting. He/she is also responsible for identifying and communicating any issues that affect the accuracy of the account records Acount Specialist The incumbent is responsible for receiving and processing new account opening forms for ASG and SIG as instructions are received through the GSS portal. Along with this the incumbent distributes the Investment Manager Trading Guide and Investment Manager package to the appropriate investment managers. Each package is customized based on the type of assets the account will hold. He/she will review returned documentation to ensure compliance with legal standards and forward executed documents to appropriate areas within the corporation. The incumbent will maintain Investment Manager diaries and scan documents into the Cascade system and archive documents. The incumbent will interact with Client Service, Investment Manager Relations, Corporate Actions, Conversions, Legal Analysis and other areas within the corporation to coordinate the various account opening events. He/she will prepare Country Selection forms based on instructions received from the client/advisor and follow through with Account Opening Maintenance to ensure that the accounts have been opened at the sub-custodians in a timely fashion. He/she will also work the Conversions on Asset Reallocations, certifying assets for transitions accounts and provide accurate cash balances working with Conversions and ASG. He/she will ensure that accounts are properly coded on CMS, specifically for cash sweep, income repatriation, Investment Officer code and confirm load exclusions.
couple of comments: 1) if you wanna get out of the BO, then the deeper the hole you dig there, the harder it is to get out 2) anything with the word “accounting” in it is not a job description, it’s a prison sentence… 3) at your age the most important thing is to LEARN - and it’s mainly from people you meet along the way. Since it’s inside your own firm, which job will get you in front of the people you can learn most from, and who can help you get to where you really want to go next? 4) money is a secondary issue - but if neither is clearly better, then go for the money…
Accounting Analyst is a back office job. The other one doesn’t look much better or worse. I would consider them lateral. I would take the higher paying job.
i don’t really understand what these roles entail, but generally, when a jobs pays more than another, its b/c of one of two things: 1) there is a lot more demand for the lower paying job so they can pay less/less demand for the higher so they pay more to get people to apply 2) management places more internal value on the higher paying job, from an operational perspective, and are willing to pay more money to encourage the best people who are willing to work for that amount to apply that said, b/c you’re just out of school and the first role is accounting related, i’d guess that #1 is not the case for these jobs.
Dusty, I work in the same company in ASG, not sure which dept you work in. I’m really surprised Fund accountants get paid less than account specialists. One thing I can tell you for sure is that you can count on working long hours in fund accounting, you will not leave the office until at least 7. As far as the second job, you will get to know global markets their practices, securities laws, regulations, different accounts @ subcustodains, etc., it will not provide you with any technical knowledge as it won’t require you to value or calculate anything at all. it’s your decision, if I was not pressed for money and had to choose b/w the two, I would take the fund accounting position.
Following your descriptions, I’d go with the Accounting Analyst job and drop the Account Specialist job. The reason? I’d figure I’d have more use of in-depth knowledge in accounting, NAV-setting, cash/asset reconciliation than in various account opening events. The accounting position will also offer you more flexibility outside of the business, if need be: you’d be able to take up any accounting position. And as a future PM you’d need to be knowledgeable in accounting issues when you’re to do the presentations to the board of directors.
ALUCARD, I’m currently in ASG. Which area are you in? What’s your opinion of SIG, would that provide a better opportunity? Jobs come open frequently over there!
Go with the higher paying one and then work on the CFA program. Dont give up 14g’s to work in fund accounting.
Dusty, I’m in Toronto not in the US. SIG deals with derivatives and their job involves some accounting, calculating P/L, stuff like that but overall SIG just looks a little bit better on the resume that’s all. I thought about moving over there but at the end of the day it’s all the same sht, so I’d rather move to Sec lending or look outside the company.
wawa Wrote: ------------------------------------------------------- > Following your descriptions, I’d go with the > Accounting Analyst job and drop the Account > Specialist job. The reason? I’d figure I’d have > more use of in-depth knowledge in accounting, > NAV-setting, cash/asset reconciliation than in > various account opening events. The accounting > position will also offer you more flexibility > outside of the business, if need be: you’d be able > to take up any accounting position. And as a > future PM you’d need to be knowledgeable in > accounting issues when you’re to do the > presentations to the board of directors. Dude, I work in that field now and this is NOT real accounting. Reconciling is brain dead work. It’s like balancing a large checkbook all day.
The consensus seems to be the higher pay. Thanks everyone for your input! Also, I’m open to any more suggestions until 3:00 today, because that’s when I have to make my decision. KJH- I’d have to agree with you, because you’re not the 1st one to tell me this. In fact, one of the supervisors that I interviewed with used those exact words; “This job is liken to balancing a large check book.” I was just concerned that, down the road, the duties I’d be performing in that analyst role would be easier to convey via a resume. Thanks!
null&nuller Wrote: ------------------------------------------------------- > anything with the word “accounting” in it is > not a job description, it’s a prison sentence… LMAO
I agree with KJH as well, that is NOT accounting it is book keeping. If you don’t learn about GAAP and how to anaylze accounting decisions and financial statement impacts its just balancing debits and credits and is non value added.