Fund accounting: Interim and permanent staff in demand

There is an increased demand in Edinburgh's fund management community for experienced accountants in the fund accounting function, according to headhunters.

On offer are not only full-time positions but also jobs for those interested in contract work.

Alex Phillips, manager of Morgan McKinley's Edinburgh office, says third party administrators are looking to hire fund accounting staff on a permanent and contract basis after they win a large mandate and need the extra manpower.

Senior candidates, however, need to be qualified accountants with five to seven years of experience in either mutual fund, offshore, or open-ended investment companies. Their earning potential is up to 35 an hour on a contract basis or between 45,000 - 55,000 for an annual basic salary in a full-time position.

There are also opportunities in fund management groups for qualified accountants with two to three years experience under their belts in financial accounting and internal audit as well as risk management.

The latter, which pays a basic salary of 50,000 - 55,000, requires knowledge of the inner workings of legislation such as Sarbanes-Oxley in the US and Basle II capital requirement standards. The basic salary for financial accounting and internal audit ranges between 35,000 and 45,000.

As for more junior people, previous experience in the sector or an accountancy qualification is not a pre-requisite, although a degree in economics or finance is preferred.

These jobs would typically be within investment operations and entail the production of valuations, net asset value (NAV) and the pricing of funds and would pay a basic salary of 18,000 - 23,000, depending on the level of experience.