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Citco Senior Fund Accountant Interview Questions and Answers
11 Interview questions
Accruals are accounting entries that recognize expenses or revenues that have been incurred or earned but not yet recorded.
Accruals ensure that financial statements reflect all relevant financial activity within a period.
Example: If a company owes $1,000 for services received in December but pays in January, an accrual entry is made in December.
Accruals can be for expenses (like unpaid wages) or revenues (like ear...
Accrual journal entries are used to recognize revenue or expenses that have been incurred but not yet recorded in the financial statements.
Accrual journal entries involve debiting an expense account and crediting a liability account for expenses incurred but not yet paid
Accrual journal entries involve debiting a revenue account and crediting an accounts receivable account for revenue earned but not yet received
Acc...
GAV is the total value of a fund's assets, while NAV is the per-share value of the fund.
GAV stands for Gross Asset Value, representing the total value of all assets in a fund.
NAV stands for Net Asset Value, representing the per-share value of the fund after deducting liabilities.
GAV is calculated by adding up the value of all assets in the fund, including cash, investments, and other holdings.
NAV is calculated by ...
Hedge funds are investment funds that pool capital from accredited individuals or institutional investors and use various strategies to generate high returns.
Hedge funds are typically only available to accredited investors due to their complex and risky nature.
They often use leverage and derivatives to amplify returns.
Hedge funds can employ a variety of strategies such as long/short equity, global macro, event-dri...
A call option is a financial contract that gives the holder the right, but not the obligation, to buy an asset at a specified price within a specific time period.
Call options are commonly used in stock trading and can be bought or sold on various exchanges.
The specified price at which the asset can be bought is known as the strike price.
The specific time period during which the option can be exercised is known as ...
High water mark is the highest peak in the value of an investment fund.
It is the highest point that an investment fund has reached in terms of value.
It is used to calculate the performance fees of fund managers.
If the fund's value drops below the high water mark, the manager does not receive performance fees until the value exceeds the high water mark again.
Journal entries for prepaid expenses, subscriptions, and redemptions
Prepaid expenses: Debit Prepaid Expense account, Credit Cash/Bank account
Subscriptions: Debit Subscription Revenue account, Credit Cash/Bank account
Redemptions: Debit Cash/Bank account, Credit Redemption account
Private equity is investing in private companies with the aim of generating high returns. Hedge funds are pools of capital from accredited individuals.
Private equity firms invest in private companies and aim to generate high returns by improving the company's operations and financials.
Hedge funds are pools of capital from accredited individuals and invest in a variety of assets, including stocks, bonds, and deriva...
Performance fee is a fee charged by investment managers based on the performance of the fund. Carry interest is a share of profits earned by investment managers.
Performance fee is usually a percentage of the fund's profits above a certain benchmark
Carry interest is a percentage of the profits earned by the investment manager above a certain hurdle rate
Performance fee and carry interest are common in private equity...
Different types of fees include management fees, performance fees, and incentive fees.
Management fees are charged by the fund manager for managing the fund's investments.
Performance fees are based on the fund's performance relative to a benchmark.
Incentive fees are typically a percentage of the fund's profits.
Other types of fees may include administration fees, custody fees, and distribution fees.
Citco Senior Fund Accountant Interview Experiences
19 interviews found
Anonymous
Selected
I applied via Recruitment Consulltant
(2 Questions)
- Q1. Hedge fund structure
- Q2. Journal entries for accrual
- Ans.
Accrual journal entries are used to recognize revenue or expenses that have been incurred but not yet recorded in the financial statements.
Accrual journal entries involve debiting an expense account and crediting a liability account for expenses incurred but not yet paid
Accrual journal entries involve debiting a revenue account and crediting an accounts receivable account for revenue earned but not yet received
Accrual ...
I applied via LinkedIn and was interviewed in May 2024. There were 2 interview rounds.
(2 Questions)
- Q1. Number of years I have experience in
- Ans.
I have over 8 years of experience in fund accounting, specializing in financial reporting and compliance.
Managed financial statements for multiple funds, ensuring accuracy and compliance with GAAP.
Led a team in the reconciliation of investment portfolios, improving efficiency by 20%.
Developed and implemented new reporting processes that reduced month-end close time by 30%.
Worked closely with auditors during annual audi...
- Q2. Expected salary
- Ans.
I expect a competitive salary based on my experience and industry standards for a Senior Fund Accountant role.
Research industry standards: For example, the average salary for a Senior Fund Accountant in my region is around $80,000 to $100,000.
Consider my experience: With over 7 years in fund accounting, I bring valuable expertise that justifies a higher salary.
Discuss benefits: I value a comprehensive benefits package,...
Interviewed by a panel of 4.
- Technical questions - what I know about private equity, Waterfall methodology, capital call notices, journal entries on unrealized gain on sale/sale of investment and recording of realized gain.
- what my usual day consists of and what a NAV pack consisted of
- how I contributed in process improvements, whether I work better in small number of groups or large number of groups, which platforms I've used, hard situation I overcame, if I have experience with open ended funds or close ended fund, if I've experience with regards to partnership agreements.
Interview Preparation Tips
- Q1. What you booked for the invoice received for future period. If booked them to prepaid, why you booked to prepaid even though it is not paid.
- Q2. Entry for accruals
- Ans.
Accruals are accounting entries that recognize expenses or revenues that have been incurred or earned but not yet recorded.
Accruals ensure that financial statements reflect all relevant financial activity within a period.
Example: If a company owes $1,000 for services received in December but pays in January, an accrual entry is made in December.
Accruals can be for expenses (like unpaid wages) or revenues (like earned b...
(1 Question)
- Q1. Tell me about you
- Ans.
I am a detail-oriented and experienced fund accountant with a strong background in financial reporting and analysis.
I have X years of experience in fund accounting
I am proficient in financial reporting and analysis
I have a strong attention to detail and accuracy
I am skilled in using accounting software such as X and Y
I have successfully managed complex fund structures and reconciliations
(1 Question)
- Q1. Waterfall, golden rules, different types of fees and calculations, journal entries,
Selected
I applied via Recruitment Consulltant and was interviewed before Jul 2023. There was 1 interview round.
(3 Questions)
- Q1. Journal entries
- Q2. Different types of fees
- Ans.
Different types of fees include management fees, performance fees, and incentive fees.
Management fees are charged by the fund manager for managing the fund's investments.
Performance fees are based on the fund's performance relative to a benchmark.
Incentive fees are typically a percentage of the fund's profits.
Other types of fees may include administration fees, custody fees, and distribution fees.
- Q3. Diff between GAV and NAV
- Ans.
GAV is the total value of a fund's assets, while NAV is the per-share value of the fund.
GAV stands for Gross Asset Value, representing the total value of all assets in a fund.
NAV stands for Net Asset Value, representing the per-share value of the fund after deducting liabilities.
GAV is calculated by adding up the value of all assets in the fund, including cash, investments, and other holdings.
NAV is calculated by subtr...
Interview Preparation Tips
Selected
I appeared for an interview in Jun 2023.
Test related to iq and grammar
(2 Questions)
- Q1. Tell me something about yourself
- Ans.
I am a detail-oriented Senior Fund Accountant with over 8 years of experience in financial reporting and fund management.
Experienced in preparing financial statements and reports for various funds, ensuring compliance with GAAP.
Skilled in reconciling accounts and managing cash flows, having successfully reduced discrepancies by 20% in my previous role.
Proficient in using accounting software like QuickBooks and Oracle, ...
- Q2. Reason for change from current job
- Ans.
Seeking new challenges and growth opportunities to enhance my skills and contribute to a dynamic team environment.
Desire for professional growth: I feel I've reached a plateau in my current role and am eager to take on more responsibilities.
Interest in a new industry: I'm excited about the opportunity to work in a different sector that aligns with my career goals.
Company culture: I'm looking for a workplace that foster...
Interview Preparation Tips
Selected
I applied via Referral and was interviewed before Feb 2023. There were 2 interview rounds.
About derivatives and ratios and logical questions were asked in aptitude
(1 Question)
- Q1. What is CFD, Accrual Journal entries, Journal entry for purchase of stock and it's impact on balance sheet
- Ans.
CFD is a financial derivative, accrual journal entries record expenses/revenues, journal entry for stock purchase affects balance sheet.
CFD stands for Contract for Difference, a financial derivative that allows investors to speculate on the price movements of an underlying asset without owning it.
Accrual journal entries are used to record expenses or revenues that have been incurred but not yet paid or received.
A journ...
Interview Preparation Tips
- Fund Accounting
Selected
I applied via Campus Placement and was interviewed before Nov 2023. There was 1 interview round.
(2 Questions)
- Q1. Prepaid and accrual journal entries
- Q2. Derivatives related questions
Avinash Singh
Selected
I appeared for an interview before Aug 2023.
(3 Questions)
- Q1. Journal entries
- Q2. Fees calculation
- Q3. Be prepared with capital market
Selected
I applied via Campus Placement and was interviewed before Apr 2023. There were 2 interview rounds.
Online aptitude plus technical knowledge test. Consisting 5 sections. Online test is bit hard and needs proper skills to qualify.
(3 Questions)
- Q1. What are hedge funds.
- Ans.
Hedge funds are investment funds that pool capital from accredited individuals or institutional investors and use various strategies to generate high returns.
Hedge funds are typically only available to accredited investors due to their complex and risky nature.
They often use leverage and derivatives to amplify returns.
Hedge funds can employ a variety of strategies such as long/short equity, global macro, event-driven, ...
- Q2. What are options, futures, forwards, swaps etc.
- Ans.
Options, futures, forwards, swaps are types of financial derivatives used for hedging or speculation in the financial markets.
Options give the holder the right, but not the obligation, to buy or sell an asset at a specified price before or on a specified date.
Futures are contracts to buy or sell an asset at a predetermined price on a future date.
Forwards are similar to futures but are customized contracts traded over-t...
- Q3. May ask some journal entries like accrued expense, amortization, prepaid etc.
Interview Preparation Tips
- Financial Management
- Financial Accounting
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