- Job Description:
Mutual fund accountants play an important role in the reporting and verifying of fund data used by firms, banks, and other financial institutions. Their responsibilities range from job to job, but typically include preparing balance sheets, recording assets and liabilities, and tracking the progress of the fund on a daily basis. Mutual fund accountants must also prepare and distribute reports to and from marketing and investment management. Accountants ensure all best practices and procedures are being followed, which guarantees that a firm is in compliance with local, state, and federal accounting laws.
- Job Outlook:
Projected to grow 16% between 2010 and 2020, according to the BLS.
Like many specialized areas of accounting, mutual fund accountants have a stake in their own specialized sector of the accounting job market. Over the next seven years, growth is expected to increase by 16%, although historically the conditions of this field are changed by economic ups and downs. With notable competition for jobs in accounting, mutual fund accountants may also be especially affected by future changes to traditional banking methods and conventional financial institutions. The majority of the 1.2 million accounting and auditing jobs in the U.S. in 2010 were in accounting, tax preparation, bookkeeping, and payroll services, according to the BLS, with the next largest sector of jobs in finance and insurance. As with any professional accountant job, mutual fund accountants with an advanced degree, work experience, and professional expertise may find increased opportunities.
- Continuing Education:
Mutual fund accountants can enhance their professional skills with continuing education. While it is always a good idea to expand your horizons through adult education, mutual fund accountants are also required to complete a minimum number of annual continuing education in order to maintain their industry certifications. Georgetown University is one of many schools offering accounting training through its continuing education department. Candidates should gain expertise in financial ratios, balance sheets, and statements of cash flow, among other topics specific to various specialty areas of accounting. While jobs in mutual fund accounting may vary significantly depending on the employer, continuing education is not only a requirement but a universal way of demonstrating top-notch credentials in your field.