Citicorp Fund Accountant Interview Questions, Process, and Tips

Q1. All about derivatives
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Q2. All About Journal entries
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Q1. Tell me about yourself
Ans. 
I am a detail-oriented and analytical professional with a strong background in finance and accounting.
• I have a Bachelor's degree in Accounting and have been working as a Fund Accountant for the past 5 years.

• I am experienced in preparing financial statements, reconciling accounts, and analyzing investment portfolios.

• I have a deep understanding of accounting principles and regulations, including GAAP and IFRS.

• I am profic...read more
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Q2. What are your job location preferences
Ans. 
I am open to job locations that offer a strong financial industry presence and opportunities for professional growth.
• I prefer job locations with a strong financial industry presence.

• I am interested in locations that offer opportunities for professional growth and development.

• I am open to considering different locations based on the specific job requirements and career prospects.

• I value a supportive work environment and...read more
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Q3. Tell me about your expectations about salary and hike
Ans. 
I expect a competitive salary that reflects my skills and experience, and I hope for regular performance-based hikes.
• I believe my skills and experience warrant a competitive salary.

• I hope for regular performance-based hikes to recognize my contributions.

• I am open to negotiation and would like to discuss the salary and hike in detail during the interview.

• I understand that the salary and hike will depend on the company's
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Q4. Can you briefly tell me about your past experience
Ans. 
I have 5 years of experience as a Fund Accountant in a leading financial institution.
• Managed daily accounting activities for multiple investment funds

• Performed NAV calculations and reconciliations

• Prepared financial statements and reports for clients

• Collaborated with portfolio managers and auditors

• Implemented process improvements to enhance efficiency
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Q5. If you got selected for job then in how many days you will take to join us?
Ans. 
I will be able to join within 2 weeks of receiving the offer.
• I will need to give notice to my current employer, which typically requires 2 weeks.

• I will need to complete any necessary paperwork and background checks before starting.

• I will also need some time to prepare for the transition and tie up loose ends in my current role.

• However, I am open to discussing the start date and can potentially join earlier if needed.
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Q1. Tell me about yourself
Ans. 
I am a detail-oriented and analytical professional with a strong background in finance and accounting.
• I have a Bachelor's degree in Accounting and have been working as a Fund Accountant for the past 5 years.

• I am proficient in financial analysis, reconciliation, and reporting.

• I have experience in managing complex investment portfolios and ensuring compliance with regulatory requirements.

• I am skilled in using accounting ...read more
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Q2. Discussion on various points which are in resume
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Q3. What is fund accounting?
Ans. 
Fund accounting is a specialized form of accounting used by organizations that manage funds or investments.
• It focuses on tracking and reporting the financial activities of specific funds or investment portfolios.

• It involves recording and reconciling transactions, calculating net asset values, and preparing financial statements.

• Fund accountants ensure compliance with regulatory requirements and provide accurate and time...read more
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Q4. What is NAV calculation, how to calculate NAV?
Ans. 
NAV calculation is the process of determining the net asset value of a fund, which represents the value per share/unit.
• NAV is calculated by subtracting the fund's liabilities from its assets.

• Assets include investments, cash, and receivables, while liabilities include expenses and payables.

• NAV = (Total Assets - Total Liabilities) / Total Shares/Units Outstanding.

• NAV is typically calculated on a daily basis for mutual fu...read more
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Q5. What is asset and liability? What are subcategories and formula to determine asset and liability?
Ans. 
Assets are resources owned by a company, while liabilities are obligations or debts. They have subcategories and formulas to determine their values.
• Assets are economic resources that provide future benefits to a company, such as cash, inventory, or property.

• Liabilities are obligations or debts that a company owes to external parties, such as loans or accounts payable.

• Subcategories of assets include current assets (e.g....read more
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Q6. What is GAV? How it is differ from NAV?
Ans. 
GAV stands for Gross Asset Value, which represents the total value of all assets in a fund. NAV stands for Net Asset Value, which is the value of a fund's assets after deducting liabilities.
• GAV is the total value of all assets in a fund, including both realized and unrealized gains or losses.

• NAV is the value of a fund's assets after deducting liabilities, such as management fees, operating expenses, and accrued expense...read more
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Q7. What is equity, and bond?
Ans. 
Equity is ownership in a company, while a bond is a debt instrument issued by a company or government.
• Equity represents ownership in a company and gives shareholders the right to vote and receive dividends.

• Bonds are debt instruments where the issuer borrows money from investors and promises to repay the principal with interest.

• Equity holders have a higher risk and potential for higher returns compared to bondholders.

• Ex...read more
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Q8. What is capstock? Explain subscription and resumption
Ans. 
Capstock refers to the total value of a company's outstanding shares of stock.
• Capstock is the market value of a company's equity capital.

• It represents the total value of all the company's shares of stock.

• Capstock can be calculated by multiplying the current market price per share by the total number of outstanding shares.

• It is an important metric for investors and analysts to assess the overall value of a company.

• Subsc...read more
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Q9. How can capstock affects the NAV?
Ans. 
Capstock can affect the NAV by impacting the valuation of the fund's investments.
• Capstock refers to the capitalization of a stock, which is the total value of a company's outstanding shares.

• If a fund holds capstocks that experience a significant increase or decrease in value, it can impact the Net Asset Value (NAV) of the fund.

• An increase in the value of capstocks held by a fund can lead to an increase in the NAV, as t...read more
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Q10. What do you know about management fees and performance fees?
Ans. 
Management fees and performance fees are charges levied by investment managers for managing funds and achieving certain performance benchmarks.
• Management fees are ongoing charges that cover the cost of managing the fund, including administrative expenses, research, and investment management.

• Performance fees are additional charges based on the fund's performance relative to a benchmark or a predetermined hurdle rate.

• Man...read more
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Q11. What are accounting rules? Both modern and traditional?
Ans. 
Accounting rules are guidelines and principles that govern the recording and reporting of financial transactions.
• Accounting rules ensure consistency and accuracy in financial reporting.

• They provide a framework for recording and classifying transactions.

• Modern accounting rules are often based on international standards, such as the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting P...read more
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Q12. Explain dr and cr? Explain ledger and subledger?
Ans. 
DR and CR are abbreviations for debit and credit, which are used in accounting to record financial transactions. Ledger is a book that contains all the accounts, while subledger is a subsidiary ledger that provides more detailed information for specific accounts.
• DR stands for debit, which represents an increase in assets or a decrease in liabilities or equity.

• CR stands for credit, which represents a decrease in assets ...read more
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Q13. What is corporate action and it's various types
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Corporate action refers to any event initiated by a publicly traded company that impacts its shareholders.
• Corporate actions can include stock splits, dividends, mergers and acquisitions, rights issues, and spin-offs.

• Stock split: When a company divides its existing shares into multiple shares, e.g., 2-for-1 split.

• Dividends: Distribution of a portion of a company's earnings to its shareholders.

• Mergers and acquisitions: W...read more
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Q14. Your expectations from job
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I expect the job to provide opportunities for growth, a supportive work environment, and a competitive salary.
• Opportunities for professional development and advancement

• A positive and collaborative work culture

• A fair and competitive salary

• Clear expectations and goals

• Work-life balance

• Supportive management and colleagues

• Challenging and engaging work tasks

• Opportunities to learn new skills and technologies

• Recognition for ac
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Q15. Why should we hire you?
Ans. 
I have the necessary skills, experience, and passion for the role of Fund Accountant.
• I have a strong background in accounting and finance, with a focus on fund accounting.

• I have experience working with various financial instruments and investment strategies.

• I am highly detail-oriented and have a track record of accuracy in financial reporting.

• I am proficient in using accounting software and have a strong understanding ...read more
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Q16. What you find interesting about state Street corporation? What is the majore reason to choose state street corp
Ans. 
State Street Corporation is a leading financial services company known for its global presence and expertise in asset management and custody services.
• State Street Corporation is one of the largest custodian banks in the world, providing services to institutional investors and asset managers.

• The company has a strong global presence with offices in over 100 locations worldwide.

• State Street is known for its expertise in a...read more
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Q17. Do you have any knowledge about MS-excel?
Ans. 
Yes, I have extensive knowledge of MS-Excel.
• I am proficient in using Excel for financial analysis and reporting.

• I have experience in creating complex financial models using Excel.

• I am skilled in using Excel functions such as VLOOKUP, SUMIF, and Pivot Tables.

• I have used Excel to prepare financial statements and reconcile accounts.

• I am comfortable working with large data sets in Excel and have experience in data analysis
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Q18. Questions about ms Excel formulas
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Q19. Discussion about salary, appraisal, working hours, work life balance, leaves and other
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Mostly asked about the basics of derivatives and corporate action adjustments in the books

Q1. What was the journal entry for prepaid rent which has paid at beginning of the month for the whole year and entry at the end of month ?? Which is entry affects the networth??
Ans. First entry being debit prepaid rent and credit to bank and second entry at the end of the month would be debit rent expense and credit to prepaid rent. Second entry would affect the networth
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Q2. Why RBI increase Repo rate to control inflation ?
Ans. 
RBI increases Repo rate to control inflation by reducing money supply and increasing cost of borrowing.
• Repo rate is the rate at which RBI lends money to commercial banks.

• When RBI increases Repo rate, it becomes expensive for banks to borrow money from RBI.

• Banks then increase their lending rates to customers, which reduces borrowing and spending.

• This reduces money supply in the economy, which helps in controlling inflat...read more
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Q3. What was difference between options and future?
Ans. 
Options give the right but not the obligation to buy or sell an asset at a predetermined price, while futures require the buyer or seller to fulfill the contract at a specific date and price.
• Options provide flexibility to the buyer as they can choose whether or not to exercise the option, while futures require the buyer or seller to fulfill the contract.

• Options have a premium that the buyer pays to the seller for the r...read more
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Q4. What impact do share price have on issue of dividend ? And what was the reason behind it?
Ans. 
The share price has an impact on the issue of dividends as it affects the dividend yield and the amount of cash paid out to shareholders.
• Share price affects the dividend yield, which is calculated by dividing the annual dividend per share by the share price.

• A higher share price reduces the dividend yield, making the stock less attractive to income-seeking investors.

• Share price also affects the amount of cash paid out a...read more
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Q5. What is the entry for share purchased today which will be credited into demat on T+2?
Ans. 
The entry for share purchased today credited into demat on T+2 is a debit to the cash account and a credit to the demat account.
• Debit cash account

• Credit demat account

• Occurs on T+2

• Reflects purchase of shares
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Q6. What is the technical term we use for the bond interest
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The technical term for bond interest is coupon rate.
• Coupon rate is the fixed annual interest rate paid on a bond.

• It is expressed as a percentage of the bond's face value.

• For example, a bond with a face value of $1000 and a coupon rate of 5% will pay $50 in interest annually.

• Coupon payments are usually made semi-annually or quarterly.
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Q1. What was the developments that you would like to make in yourself
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Q2. Describe yourself in three adjectives
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Q1. Why should we hire you?
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Q2. Why you chose Morgan Stanley?
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Q3. Why you were interested in this role?
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Q4. Why you chose this industry?
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Q5. If you were offered more pay would you go to the competitior?
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Q1. Hedge funds related ,Derivatives
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