Individuals who are currently researching the financial industry, they might be thinking what does an investment accountant or the chartered management accountant job roles and responsibilities are. With titles such as accountant, auditor, and investment accountant, one might assume that every word is simply another way to describe the practice of accounting.
Unlike a general accountant who can manage a person’s or business’s expenses or an auditor that reviews the accuracy of those expenses, an investment accountant works exclusively in the brokerage and asset management industry. Investment accountants can work in a several number of roles within the industry. But they are usually found in managerial and supervisory roles where they also offer various other services which include consulting and financial advice.
These investment & management accounting professionals are highly analytical, and possess a strong mathematical ability, high-level logic, and a keen level for observation, investment accounting and its administration, financial reporting, month end reconciliation work, analyzing the financial information, organizing the accounts, managing the checking of accounts and maintaining the valid legal documents Due to their analytical nature of their position, they are often trusted with a number of responsibilities, which need to be carried out by an investment accountant in any corporate organization:
- To manage the firm’s portfolio of investment, as well as to record the investment activities, to analyze the possible variances and to make the essential entries in the journals by interacting with the portfolio managers.
- To perform a detailed review of the yearly audited accounting of investments and financial statements. Develop plans for alternative investment options, and after properly reviewing it, document it in an appropriate manner to be reviewed by the internal and external resources.
- To offer assistance in the preparation of valuation materials and to assist in monitoring of valuation procedures.
- To import and upload the data related to monthly investment in proper software so that it can be well analysed and reviewed by the senior manager personnel. Further, it will help in identifying the errors and working towards solving the discrepancies involved in it.
- To take an active part in preparing the yearly budget for investment fee and assist in the timely and accurate reporting of all the transactions related to investment.
- To coordinate and manage all the aspects related to the general ledger accounting for all the investments and to interact with the investment accounting system as well as the portfolio manager.
The chartered management accountant plays an essential role in ensuring the financial controls are in proper place and making sure that all the relevant reports are accurate and compliant with the needed standards, rules, and regulations. The individual is accountable for developing and maintaining the financial controls in several emerging areas of investment.
The investment accountant does the job accurately developing the monthly investment reconciliations and also ensures to appropriately scheduled the timely distribution of the results and present it to the management people. They also thoroughly analyses the investment activities and makes proper recommendations to the management personnel. Also provide a valuable support to the finance department and takes active participation in ad hoc projects. While doing the aforementioned job responsibilities, they should enable compliance with other regulations and must constantly keep themselves well-updated with the expert knowledge in ever changing places.
The professionals who are aspiring to settle in this area must have good command on math and should pay attention to every small detail while compiling and reviewing the important documents. Good analyzing ability combined with commendable organizational skills will be a great benefit. Proficiency in using tools like Microsoft Office and good communication skills will be a great added advantage.
The minimum basic educational background required like a bachelor’s degree from an accredited university or college in the disciplines of accounting, finance, business, taxation, and auditing. A master’s or a doctorate degree or a CPA qualification with better understanding of investment & management accounting will be evident to gain an edge while applying for this position.
The job outlook for the professional in the field of accounting of investments looks promising and those with advanced educational qualification and those who are ahead with the latest trends will have better chances for getting promoted to the senior managerial positions.