Fund Accountant Salary
The average Fund Accountant in the United States can expect to rake in roughly $49K annually. Cash earnings for Fund Accountants — including $13K in bonuses and $7K in profit sharing proceeds near the top of the pay scale — generally stretch from $37K to $81K depending on individual performance. Earnings for this group are mostly affected by geography, followed by experience level and the particular employer. Men account for the majority of Fund Accountants who responded to the questionnaire — 63 percent to be exact. Work is reasonably fulfilling for most Fund Accountants — the majority report average levels of job satisfaction. Medical benefits are awarded to most, and a strong majority earn dental coverage. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Fund Accountant
Fund accountants are responsible for keeping detailed financial records for nonprofits and government agencies. First and foremost, they must maintain the integrity of this type of data first and foremost. They must account for how the company is using its funds, which may include producing separate reports to be produced for individual funds. The accountant maintains a chart of accounts to accurately report the expenditures from each ledger. Proper documentation is mandatory for the accountants to determine if the funds are being used in the best possible manner. They also assist these companies in deciding the best way to use available revenue and stay within an appropriate expense budget. They generally serve as the middle man between the investor and the business.Read More...
Most employers require fund accountants to have a bachelor's or master's degree in accounting, business administration, or a similar field. Additionally, many employers request that their candidates be certified public accountants (CPA); this is necessary for accountants working with the Securities and Exchange Commission. It's imperative that any fund accountants have proficient knowledge of basic computer programs, including relevant accounting software. Fund accountants usually work in an office, but they may be required to travel to different offices within their company. Further, the candidate may need to be able to lift approximately 15 to 20 pounds, as boxes or files of records may be heavy.
Fund Accountant Tasks
- Utilize accounting principles to differentiate special purpose funds from a general fund.
- Maintain records of stewardship of financial resources received and expended and other financial activities.
- Analyze financial data in order to prepare financial reports in compliance with applicable regulations.
Common Career Paths for Fund Accountant
Though it's uncommon, some Fund Accountants move into roles as Senior Financial Analysts, where pay is an average $76K per year. Fund Accountants moving up in their careers tend to step into positions as Financial Analysts or Senior Accountants. The median paychecks in those roles are $6K higher and $10K higher, respectively.
Fund Accountant Job Listings
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Popular Employer Salaries for Fund Accountant
Leading companies who hire large numbers of Fund Accountants include SS&C Technologies, Inc., State Street Bank, The Bank of New York Mellon Corporation (BNY Mellon), State Street Corporation, and UMB Fund Services. J.P. Morgan Chase & Co. (JPMCC) attracts talent by shelling out the biggest paychecks in the area — the median in that office is $53K. Also paying near the top of the field are UMB Fund Services at $49K, The Northern Trust Company at $45K, and SS&C Technologies, Inc., where Fund Accountants annually earn $43K.
State Street Bank reports the lowest median salary in the area (it's only $33K) but some workers make up to $60K, indicating a rather large gap in employee earnings. Others at the bottom of the scale for this job include State Street Corporation at $40K, and The Bank of New York Mellon Corporation (BNY Mellon) where $43K is the norm, but it is worth noting that some Fund Accountants there earn up to $78K.
Popular Skills for Fund Accountant
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Financial Analysis, Financial Reporting, General Ledger Accounting, and Microsoft Excel are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Accounting. Most people skilled in Financial Analysis are similarly competent in Financial Reporting and Accounting.
Pay by Experience Level for Fund Accountant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Respondents with less than five years' experience take home $47K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $68K. The average pay reported by folks with 10 to 20 years of experience is around $64K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $61K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
Pay Difference by Location
For Fund Accountants, busy San Francisco offers a higher-than-average pay rate, 49 percent above the national average. Fund Accountants can also look forward to large paychecks in cities like Los Angeles (+43 percent), New York (+38 percent), Seattle (+26 percent), and Chicago (+14 percent). Compared to the national average, Sacramento Fund Accountants have considerably lower salaries, 24 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. Two other places where employers offer below-median salaries are Evansville (23 percent less) and Wilmington (17 percent less).