The Division of Investment Management (IM) works to support the SEC in its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. IM regulates investment companies, variable insurance products, and federally registered investment advisers. IM's Disclosure Review and Accounting Office is seeking to fill one Staff Accountant position in the Chief Accountant's Office.
If selected, you will join a well-respected team that is responsible for providing accounting guidance for sensitive and complex programs, issues, and problems dealing with assignments that cover a broad range of functions involving the investment management industry and administration of the securities laws affecting investment companies and investment advisers.
- Examines, analyzes, and evaluates financial statements, disclosure, and other financial information included in filings made by registered investment companies (RICs) and business development companies (BDCs) and determines whether these items fully and fairly reflect financial condition and operating results in light of U.S. Generally Accepted Accounting Principles (GAAP) requirements and applicable to investment companies under FASB Accounting Standards Codification Topic 946 Investment Companies (ASC 946) as well as Regulation S-X and other applicable requirements and guidelines.
- Performs research, data analysis, or targeted reviews of financial statements relevant to current initiatives and market events, trends, or conditions utilizing monitoring and data analysis tools to identify financial reporting issues, valuation or other measurement outliers, potential disclosure deficiencies, or other key metrics for evaluation of disclosure compliance by RICs and BDCs. Prepares memoranda and reports summarizing the results of such examinations and analysis, citing material deficiencies, and communicates and resolves such deficiencies directly with registrants, their counsel, or their accountants.
- Involved in reviewing new registration statements for financial reporting and disclosure compliance, including application of GAAP, particularly with emerging asset classes or unique strategies that may have complex accounting concepts. Additionally, involved in the review of financial information for other registration statements, including those made in connection with investment company mergers and acquisitions.
- Participates in external discussions with registrants, their counsel, accountants, independent auditors, and other experts representing registrants with respect to accounting, auditing, or financial reporting matters raised in review of RIC and BDC filings.
- Participates in internal discussions with the Chief Accountant, Disclosure Assistant Directors, and other staff within the Division and throughout the Commission with respect to, among other things:
- Technical accounting, auditing, or financial reporting concerns arising in the examination and analysis of financial information contained within RIC and BDC filings; and
- Significant or unusual accounting, auditing, or financial reporting concerns regarding emerging asset classes, including hard to value assets, unique derivative instruments, and new or innovative investments, like those in the fintech space, and other novel strategies employed by RICs and BDCs; and
- At times, may be requested to present on accounting topics relevant to RICs or BDCs to staff within the Division or to others throughout the Commission.
Occasional travel - You may be expected to travel for this position.
Conditions of Employment
- You must be a US Citizen.
- Application procedures are specific to this vacancy announcement. Please read all the instructions carefully. Failure to follow the instructions may result in you not being considered for this position.
- Supplementary vacancies may be filled in addition to the number stated in this announcement.
- This position has promotion potential to the SK-14.
- PROBATIONARY PERIOD: This appointment may require completion of a one-year probationary period.
- SECURITY CLEARANCE: Entrance on duty is contingent upon completion of a pre-employment security investigation. Favorable results on a Background Investigation may be a condition of employment or selection to another position.
- DRUG TESTING: This position may be subjected to drug testing requirements.
- PERMANENT CHANGE OF STATION (PCS): Moving/Relocation expenses are not authorized.
- DIRECT DEPOSIT: All Federal employees are required to have Federal salary payments made by direct deposit to a financial institution of their choosing.
- This position is in the collective bargaining unit.
- Due to COVID-19, the SEC is currently in a mandatory telework posture through June 25, 2021. If selected, you will be permitted to temporarily telework from a location outside the local commuting area.
- Once employees are permitted to return to the office, you will be expected to report to the duty station listed on this announcement within 60 days. At that time, you will be eligible to request telework in accordance with the SEC 's telework policy.
All qualification requirements must be met by the closing date of this announcement.
Qualifying experience may be obtained in the private or public sector. Experience refers to paid and unpaid experience, including volunteer work done through National Service programs (e.g., Peace Corps, AmeriCorps) and other organizations (e.g., professional; philanthropic; religious; spiritual; community, student, social). Volunteer work helps build critical competencies, knowledge, and skills and can provide valuable training and experience that translates directly to paid employment. You will receive credit for all qualifying experience, including volunteer experience. Qualifying education must have been obtained from an accredited college or university recognized by the U.S. Department of Education.
BASIC REQUIREMENT: All applicants must possess the following
- Degree: accounting; or a degree in a related field such as business administration, finance, or public administration that included or was supplemented by 24 semester hours in accounting. The 24 hours may include up to 6 hours of credit in business law. (The term "accounting" means "accounting and/or auditing" in this standard. Similarly, "accountant" should be interpreted, generally, as "accountant and/or auditor.") or
- Combination of education and experience: at least 4 years of experience in accounting, or an equivalent combination of accounting experience, college-level education, and training that provided professional accounting knowledge. The applicant's background must also include one of the following:
- Twenty-four semester hours in accounting or auditing courses of appropriate type and quality. This can include up to 6 hours of business law;
- A certificate as Certified Public Accountant or a Certified Internal Auditor, obtained through written examination; or
- Completion of the requirements for a degree that included substantial course work in accounting or auditing, e.g., 15 semester hours, but that does not fully satisfy the 24-semester-hour requirement of paragraph A, provided that (a) the applicant has successfully worked at the full-performance level in accounting, auditing, or a related field, e.g., valuation engineering or financial institution examining; (b) a panel of at least two higher level professional accountants or auditors has determined that the applicant has demonstrated a good knowledge of accounting and of related and underlying fields that equals in breadth, depth, currency, and level of advancement that which is normally associated with successful completion of the 4-year course of study described in paragraph A; and (c) except for literal nonconformance to the requirement of 24 semester hours in accounting, the applicant's education, training, and experience fully meet the specified requirements.
MINIMUM QUALIFICATION REQUIREMENT: In addition to meeting the basic requirement, applicants must also meet the minimum qualification requirement.
SK-14: Applicant must have at least one year of specialized experience equivalent to the GS/SK-13 level. Specialized experience includes the following:
- With respect to registered investment companies and/or business development companies recognizing accounting, auditing, or financial reporting deficiencies in financial statements as well as financial disclosures included in registration statements and other filings of investment companies and/or business development companies registered with the SEC; AND
- Experience preparing, reviewing, or auditing financial statements for registered investment companies (RIC); AND
- Experience with Generally Accepted Accounting Principles (GAAP), Regulation S-X, Generally Accepted Auditing Standards (GAAS), and accounting rules and policies of federal securities laws and Acts; AND
- Experience applying accounting, auditing, examining or investigating principles to review records related to the issuance, distribution or trading of securities; preparing reports and presentations on findings and issues.