Hedge Fund Accounting Careers
Hedge funds are investment funds designed for individuals who meet the U.S. Securities and Exchange Commission (SEC) qualification requirement for hedge fund investing. The hedge fund industry has seen exponential growth over the years---with management assets over $1.5 trillion---and the U.S. Bureau of Labor predicts that investment-related employment will grow 46 percent by 2016.
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Chief Financial Officer
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The chief financial officer (CFO) job is a top-level accounting and management position within hedge funds firms. The CFO manages the accounting and financial reporting obligations of the hedge fund. Such a job requires special knowledge, education and experience, not only in accounting, but also in the operational aspects of hedge funds. A CFO position requires a minimum of bachelor's degree in accounting, plus more than 10 years of experience in accounting protocols. Many CFOs are also qualified chartered public accountants by profession.
Fund Tax Accountant
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Fund tax accountants operate within the tax arena, preparing all corporate and partnership tax returns for their funds. They also manage all tax obligations for their hedge fund partnerships and their companies. Fund tax accounts work in the area of legal entities and private equity. The salary of hedge fund accountants varies greatly; while the average hourly wage of accountants in the United States was $29.65 in 2006, according to the BLS, hedge fund accountants typically earn significantly more.
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Senior Hedge Fund Accountant
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The senior hedge fund accountant performs daily upkeep and management of hedge fund portfolio accounting protocols. Senior hedge fund accountants engage in such duties as daily, weekly or monthly calculations of net asset value of the fund's portfolios, including cash and portfolio reconciliations, with regard to options, futures forwards, fixed income and equity portfolios. They also manage income and expense accounts, daily analysis of trades' profit and loss statements, and evaluate and confirm trades for settlements. This position requires a minimum of bachelor's degree in accounting.
Tax Compliance Accountant
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Tax compliance accountants manage the tax engagements for hedge fund businesses. This position requires tax accounting and auditing experience, in hedge fund and financial services, as well as chartered public accountant certification. Duties of hedge fund tax compliance accountants include tax filing and reporting to the fund's investors; providing financial data; and gathering and reviewing tax data from a fund's underlying investments. Tax compliance accountants also engage in calculations on tax allocations, both domestic and foreign.
Fund Accountant Specialist
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Fund accountant specialists operate within the hedge fund arena, particularly with hedge fund of funds---in other words, an investment portfolio made up of different hedge funds. Fund accountant specialists' duties also include reporting to the portfolio accountant all tax services provided to premier clients. They work not only in hedge fund accounting, but also in fund administration and management.
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