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Helpful (1)

Mutual Fund accounting has its good and bad: know what you are getting into

  • Comp & Benefits
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Senior Fund Accountant in Kansas City, MO
Former Employee - Senior Fund Accountant in Kansas City, MO

I worked at State Street

No opinion of CEO
No opinion of CEO

Pros

At the Kansas City location most of the work is mutual fund accounting. The good of this work is that the work can usually be performed at a moderate pace without having to take work home. Also, since State Street is one of the largest players in this industry, there are often overseas assignments available.

Cons

The work can be routine unto monotony, especially if the employee does not seek and obtain promotions. Also, career wise, while public accounting is a great place to launch a career, mutual fund accounting can be a dead end for many.

Advice to Management

Find more career paths for fund accountants: provide guidance on how they can prepare themselves to create for value of the company and make themselves more marketable.

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  1. Strong, safe company, solid work/life ballance, low compenstion.

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Associate - IT in North Quincy, MA
    Current Employee - Senior Associate - IT in North Quincy, MA

    I have been working at State Street

    Recommends
    Approves of CEO
    Recommends
    Approves of CEO

    Pros

    State Street is a large, stable company that is growing despite difficult economic times. The benefits are very good; the hours and work life balance is excellent in my position. The management team that I work for directly is great.

    Cons

    The salary is quite low. Being a large, tradition corporation, I find myself doing the same things over and over with little strategic input. There are a lot of folks in my area that come in, give their 8 hours, and head home; they do what they have must to get through the day, but there is not an effort to try to improve the normal processes.

    Advice to Management

    Increase salaries to adhere with experience, education level, and provide better raises to these employees who excel at their job.

  2. Be Careful What You Ask For

    • Comp & Benefits
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Fund Accountant in Boston, MA
    Former Employee - Fund Accountant in Boston, MA

    I worked at State Street

    No opinion of CEO
    No opinion of CEO

    Pros

    You get your foot in the door in the financial service industry. However you have to do something within 1-3 years to differentiate yourself or you'll get stuck. I've known some people who went from fund accounting to managing billions of dollars but they didn't get there overnight and you have you pay your dues and work hard.

    Its been 3 years since i've been out of college and 1.5 years since I left my fund accounting job. Now I work in an investment consulting firm servicing institutional clients. Paying your dues will pay off in the end.

    Cons

    Compensation is very low. Stigma of working in the back office. Also the people are a major drawback- I notice a lot of people who don't know what they want to do with their lives and work here to pay the bills and then they wake up and realize they're 40. Other people want to be to be a buy-side analyst/trader/portfolio manager and get resentful that they never had the chance too however I never seen any of them try to take the next step by studying for CFA/MBA and keeping up with the markets.

    Advice to Management

    Invest in more technology to automate process so there will be less human error.

There are newer employer reviews for State Street
There are newer employer reviews for State Street

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