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Employer: Northern Trust
Full-Time Entry-Level Finance and Accounting roles primarily work with our Alternative Fund Services, Private Equity, Corporate Audit, Asset Services Financial Reporting and Fund Accounting, and Hedge Fund Services Financial Control business lines. See detailed department descriptions below. Northern Trust Finance and Accounting roles provide valuation accounting and administration services to investment manager clients and other internal customers within the bank. Accounting departments deliver net asset values and income details for various investment products. They also support fund administration and regulatory reporting services. Utilizing global operating platforms ensures that client reporting is driven from a single transaction source and enables delivery of a full suite of online tools including daily performance and compliance monitoring already available to sophisticated institutional investors. The key responsibilities of the role include: Calculate and deliver net asset values for various commingled fund products, including registered mutual funds, private equity, partnerships, hedge funds, fund of funds, and collective trusts.Provides performance data for individual manager portfolios through the processing and reconciliation of accounting in the appropriate system.Daily reviews of diversified transactions, performing maintenance on assigned accounts according to procedures, including checking and correcting discrepancies, verifying outside funds, and reviewing transactions.Audits investment reports, cash statements, and supplemental reporting to verify that data is correctly posted and transactions properly classified. Writes inquiries to resolve audit discrepancies.Verifies report schedules, ensuring that reports sent to clients are accurate and mailed within scheduled time frames.Run daily valuation audits and deliver valuation reports to clients.Investigate and resolve cash/position exceptions and tolerance breaches.Understand and reconcile asset life cycle events between the accounting system and custodians.Apply accounting and finance principles to numerous asset types.Demonstrate ability to work well in a team environment.First point of reference for day-to-day queries. Qualifications: Bachelor’s degree in Finance, Accounting, or other relevant areas of study with a December 2020– May/June 2021 graduation date preferred (Start date will be January/June/July 2021)Candidates should be analytically and technically sound with knowledge of financial markets and some knowledge of investment management operations. Knowledge of accounting and securities processing procedures, usually acquired through accounting/finance coursework or prior related experience, is required to review and audit reports.Analytical skills are required to research and resolve inquiries/data.Organizational skills are required to provide client reports within scheduled time frames.Strong communication skills are required to facilitate the flow of information back and forth between clients, underlying investors, internal partners, and interested 3rd parties.Industry Knowledge is preferred.Proactive approach to accuracy and attention to detail.Ability to work well under pressure and with tight deadlines.Proficient user of MS Excel.Knowledgeable with investment strategies and/or securities.Must understand accounting and financial principals for numerous asset classes. Department descriptions: Corporate Audit (Chicago) Northern Trust maintains an internal audit staff (known as Audit Services) who are financial, operational, risk, compliance, and information technology (IT) specialists located globally. Audit Services uses a risk-based methodology to arrive at a rolling 12-month plan based on an assessment of inherent risk and an evaluation of controls in order to arrive at residual risk. A rated report is issued for all audits performed, and the results are shared with senior management and relevant internal governance committee(s), as well as with the Audit Committee. Audit Services monitors the closure of issues reported and performs follow-up work using a risk-based approach. Audit Services performs continuous monitoring of all business units, resulting in a quarterly assessment of the annual audit plan, which may result in audits being added/deleted dependent on the risk assessment. Asset Services – Financial Reporting (Chicago) Asset Services is one of the fastest-growing business lines within Northern Trust and remains a top strategic priority. Our medium and long-term growth plans include a significant emphasis on growing our clients and our capabilities globally, while providing a variety of financial reporting and fund accounting services. Asset Services – Fund Accounting (Chicago) Northern Trust provides clients an extensive suite of fund accounting services that leverage our history as a leading global custodian and asset servicer, and deliver both on scale and flexibility in assisting our clients with meeting their accounting requirements. Some of our services and capabilities include: Investment Transactions, Reconciliations, Expense Accruals and Payments, Supporting Income Accruals and Payments, Security Valuation, Control Center, Transfer Agency Interaction, and Net Asset Valuation. Alternative Fund Services (Chicago or Tempe, AZ) and Private Equity (Chicago) Northern Trust offers comprehensive asset servicing solutions for alternative assets such as private equity, real estate, infrastructure, hedge funds, and alternative finance. As this asset class has grown exponentially in recent years, Northern Trust has committed significant capital resources and personnel toward building proprietary systems that help our clients effectively manage these complex and paper-sensitive instruments through a dedicated Alternative Investments Operations Team of over 300 individuals worldwide, working as Portfolio Accounting Analysts assigned to each account, utilizing Trade Order Entry that allows clients to communicate investment directives electronically, and Private Monitor service that provides advanced reporting and analytics solutions. Hedge Fund Services – Financial Control (Chicago or Tempe, AZ) Our dedicated client team who performs monthly net asset value calculations also leads financial statement preparation. Our financial reporting model is designed to meet the business needs of clients throughout the year and at peak times. The offering consists of annual audited financial statements, quarterly or semiannual audited financial statements, counterparty exposure reporting, and local jurisdictional reporting. Hedge Fund Services – Investor Services (Chicago or Tempe, AZ) Our Investor Services team works as an extension of your Investor Relations team, so focus can be placed on business development. We understand the importance of your investor relationships, and our team provides specialized focus to alternatives clients. We have the expertise to understand the differences between various fund structures, and provide high quality service through our core functions of: Subscriptions/Redemptions, Capital Calls/Distributions, Trade Confirmations, Regulatory Reporting, Investor Reporting, Audit Confirmations. Hedge Fund Services – Middle Office (Chicago or Tempe, AZ) Middle office services include a multitude of services including but not limited to real-time trade management tools, security management, corporate actions event processing, end-to-end trade management support for over-the-counter (OTC) products, bank debt processing, and reconciliation. Application Process: At Northern Trust, we place a huge value on “fit” – our clients, the services we provide, the technology we create, and most importantly, the people we hire. As an applicant to an Early Career role, we want to get to know you – what you value, how you solve problems, what you aspire to, and whether we’re a good “fit” for your skills and career goals. To help us understand your “fit” for an Analyst role with us we ask you to complete 4 stages. Stage 1 – Online Application. Click on Apply for Job and complete your online application where we ask you for personal information, academic history and check your eligibility. After completing this stage satisfactorily you will receive an email invitation to complete Stage 2. Stage 2 – Career eNTry online assessment. Take a brief online assessment so we can identify key skills and attributes important for working at Northern Trust. On passing the assessment you will receive an email invitation to complete Stage 3. Stage 3 – On Demand Video Interview (Optional). You’ll be invited to record answers to a number of short interview questions. You may be asked about your knowledge of Northern Trust your strengths and your motivations to start your career with us. The video interview is an optional part of the process – if you decide not to complete the on demand interview the Recruiter will review your application and assessment and contact you for a telephone interview only if you are shortlisted The video interview is an optional part of the process – if you decide not to complete the on demand interview the Recruiter will review your application and assessment and contact you for a telephone interview only if you are shortlisted Once you have completed all 3 stages a Recruiter will review all the information you have provided and contact you if you have been selected for stage 4 – an in person interview. Keep an eye on your email for the invitations, including your spam folders. Add email@example.com to your safe sender list. Good luck, we are looking forward to learning more about you. Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need reasonable accommodation for any part of the employment process, please email us at firstname.lastname@example.org.