Fund Accountant - Senior Associate

  • Competitive
  • Jersey City, NJ, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 19 Jan 18 2018-01-19

Fund Accountant - Senior Associate

New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).

Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.

The Senior Associate position in the Fund Administration & Accounting Department assists in the accurate completion of accounting and administration functions for the mutual fund family sponsored by a premier U.S. Life Insurance Company. The fund family currently consists of 82 mutual funds supporting both the retail and variable annuity sales channels. The Senior Associate works in a team environment and assists the department in the oversight of an external service provider.

Responsibilities include but are not limited to:

  • Detailed review of financial statements of the mutual funds prepared by an external service provider including NQ Reports and Form NSAR filings;
  • Assist in the preparation of the valuation materials for the board of directors' meetings;
  • Analytical review of monthly, quarterly and annual income and capital gain distributions;
  • Work with the legal department regarding the completion of the annual mutual fund registration statements on Form N-1A;
  • Review of fund expense budgets and asset based fee calculations;
  • Oversight and management of external accounting agent and administrator of the mutual funds;
  • Review of daily Net Asset Value calculations performed by external service provider against broader market fluctuations and other key areas of daily fund operations to ensure accuracy and compliance with procedures;
  • Indentify and implement opportunities to amend processes and procedures to improve operational efficiencies and quality services in the department;
  • Support product development initiatives including new fund launches, fund adoptions, mergers or fund closures;
  • Review of accounting related issues included in new fund set up, monitoring of key indicators and taking appropriate action to resolve;
  • Interact with the external auditors for support in completing the annual audits of the mutual funds;
  • Representing the department with key stakeholders including communicating with the Fund's investment advisors and operations teams;
  • Maintain files that are organized and efficient to retrieve.

Qualifications:
  • Bachelor of Science or Business Administration degree in accounting or finance is needed.
  • A minimum of 7-10 years of mutual fund accounting or administration experience is needed.
  • The individual should possess excellent verbal and written communication skills, excellent organizational abilities and should be detail oriented.
  • The candidate should possess strong analytical and technical accounting skills and be able to work independently.
  • Mutual Fund tax experience is a plus.
  • Knowledge of Microsoft Office products is required.
SF:LI-MD1
SF:EF-MD1
EOE M/F/D/V

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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.

1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.