Dan Responds to Concerns about the Funds Industry in Ireland
I Am Trying to Move Out of Fund Accounting.
I graduated college in May of 2011 from a small University in Western Massachusetts with a degree in Political Science. After I worked for three years using that degree in politics but eventually started working as a fund accountant for BNY Mellon. Following that position, I moved to Ireland where I worked again in a fund accounting company until I joined Camden Recruitment in August. Throughout my time working in the funds industry and my time working as a recruiter, I have heard a lot of different reasons why people want to leave Funds:
The Company Is Too Big
The size of a company can be a major concern, as it can make you feel like a number and not a valued employee. The fund service industry is so large it is inevitable that there will be companies with thousands of employees and some not even breaking one hundred. We always try to find out what size company you would be comfortable working in. Once we establish that it becomes a lot easier to find the right company that you would be comfortable working with and thrive in.
The Hours Are Terrible
Long hours are very much a part of the Fund Service industry. When you are dealing with Global Markets and different time zones you are bound to run into the late night. If this is the main concern for you it is always good to find a company that offers a good work-life balance. Many European and Asian Fund Service companies throughout Ireland offer this type of work environment.
The Money Isn’t Great
It is true that some companies do pay lower than others and this is due to many different factors, however, you can avoid this by moving to one of the many companies that put an emphasis on compensating their employees well. Many companies in Ireland offer salaries above the average along with substantial benefits.
It Is a Repetitive Job
This is the number one comment of fund accountants. By its very nature, the fund accounting process is a repetitive one. If this is the main concern for you, it can be fixed with relative ease. Some basic funds can become repetitive very fast, so what I always suggest is that you ask to advance to a more complex fund. Moving to a different fund keeps the job interesting and allows you to gain more knowledge on the different funds in the industry.
There Is Little Career Progression
If career progression is a concern for you, you are not alone, this is a common concern in every industry. Do you only see yourself moving in a straight line from a fund account to a senior fund accountant to a supervisor? But what you may not know is that fund accounting can give you a base for many different career paths within the funds industry. Companies are always trying to fill middle and front office positions. Usually, one of the pre-requisites is at least a year of fund accounting experience. They look for this because when you work as a fund accountant you learn everything from A to Z in relation to specific funds.
In summary, fund accounting can be an interesting and rewarding career where companies are always hiring. At the end of the day finding the right company that fits your needs and staying engaged makes it enjoyable. It is also a job that can launch you into a career that you didn’t know was available to you.