State Street

  www.statestreet.com
  www.statestreet.com
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Mutual Fund accounting has its good and bad: know what you are getting into

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • 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

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 ManagementAdvice

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.

No opinion of CEO

1390 Other Employee Reviews for State Street (View Most Recent)

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  1.  

    Be Careful What You Ask For

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Fund Accountant in Boston, MA
    Former Employee - Fund Accountant in Boston, MA

    I worked at State Street

    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 ManagementAdvice

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

    No opinion of CEO
  2.  

    Hard to advance career for young people at State Street

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Assistant Vice President in Princeton, NJ
    Former Employee - Assistant Vice President in Princeton, NJ

    I worked at State Street

    Pros

    Overall benefit is Ok and job seems to be stable.

    Cons

    It's very hard to advance career at State Street, especially as a minority. I was in IT department and there were few minority managers while most of the employees who actually do the job are minorities. In addition, State Street doesn't provide enough training for employees. Tuition reimbursement seems to be based on if your manager likes you.

    Advice to ManagementAdvice

    More communication and more transparent promotion process are needed at State Street.

    Doesn't Recommend
    No opinion of CEO
There are newer employer reviews for State Street

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