Fund accountants are professionals who conduct the analysis of various financial metrics to help organisations set the price or value of their funds. Their job requires strong attention to detail, organisational skills, and accounting abilities as they calculate and report a companys income, expenses and other financial statements. Learning about some essential fund accountant questions that interviewers may ask candidates ask can help you prepare better. In this article, we discuss 7 common fund accountant interview questions and share sample answers to help guide your preparation process.
|1||Share an experience you had in dealing with a difficult person and how you handled the situation.|
|4||Tell me how you organize, plan, and prioritize your work.|
|5||Share an experience when you applied new technology or information in your job. How did it help your company?|
Fund Accounting Interview Questions 8
2. Which financial statement would you analyse to give recommendations to a company?
Employers can ask you this question to assess your decision-making, prioritisation and risk management skills. They may also want to determine if you have experience analysing financial statements and whether you can make the right financial recommendations based on your understanding that can help the company make a profit. When answering this question, try being honest about the approaches you usually use and highlighting any specific statement you would analyse to maximise company profits.
Example answer: “There are many financial reports, statements and documents that I usually analyse to evaluate a companys economic progress, identify the shortcomings and suggest the fund management strategy. But, from my professional experience with many of these practices and procedures, I have found that the cash flow statement is often the first and most important financial statement to analyse a companys financial health. Once I review this document, I have a clear idea of what steps I can take and what strategies to implement for bringing in more profit.
This statement can also help me assess the existing and incoming funds, which provide insight into what to expect from the revenue and how much funds are for company expenses. With these insights and information, I can suggest practical ways to manage and project the companys revenue and profits. This understanding also helps establish procedures and objectives that can further support the companys continuous growth and help me scale the businesss economic side.”
5. Explain a budgeting method you used in your previous job.
A hiring manager can ask you this question to evaluate your level of theoretical and practical understanding of the budgeting methods and determine if you have the right skills for the job role. They may also want to assess your accounting, project management and organisational skills. When answering this question, consider discussing the budgeting method you are most familiar with and its advantages to show your range of expertise.
Example answer: “With my previous job as a fund accountant at Wavewood, I primarily worked with the incremental budgeting method to allocate the company funds better. Since this is a traditional budgeting method, I was more comfortable preparing the budget using the current periods budget or our companys actual performance as a base value and then adding incremental amounts for the new budget period.
I particularly liked the accuracy that this method offers to the fund accountant, as it enabled me to access the financial performance for each accounting period. It equipped me to analyse growth and predict future performance. However, whenever I assess the department and team budgets, I prefer to get a general idea of what to expect using the zero-based method. This way, I can allocate funds according to the necessity and efficiency of the companys cash flows.”
1. What makes you the right person for this job?
This is a typical question, and recruiters ask it to understand your educational and professional background and determine if you are the right fit for the job. They may also want to assess your reflective and critical thinking skills based on how you frame your thoughts into a desirable answer. When answering this question, consider sharing any accounting specific qualifications or experiences that make you equipped for this job role.
Example answer: “Right after high school, I enrolled in a bachelors degree programme in accounting that focused on business management. My coursework and practical exposure through internships at various financial management firms have enhanced my critical thinking, attention and organisational skills. As a result, I became more punctual and skilled in my role. I started working as a fund accountant for Wavewood during this time. My job required me to manage daily fund structures, update the accounting system and assist in internal audit practices. My other responsibilities included reviewing and coordinating the fund expense analysis and expense processing.
While working with this firm, I also enrolled in a distance learning program to pursue my masters in business administration with a specialisation in accounting. After two years, I received my masters degree, and I also completed a certificate program in finance management to further improve my understanding of company funds and their management. Currently, I am pursuing another certification in hedge funds to learn their investment practices and enhance my risk management abilities.”
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