How to prepare for my first accounting job?

jome

I have recently got a job as a fund accountant. I have about 4 weeks before I start working.
What exactly do I need to learn within the next few weeks to be not clueless in the first week?

viztopia

credits on left hand side, debits on right hand side

Audit4Lyf

viztopia wrote: »

credits on left hand side, debits on right hand side

For my AAFRP exam I wrote "CR" on the back of my left hand

mahoganygas

Investopedia is a fantastic resource. It will give great descriptions of the various financial instruments you will be dealing with. Try to get a decent understanding of Bonds, Equities, FX's, and maybe touch a little on some of the exotic instruments like Futures or Options.
You will be trained in all of this so don't sweat it too much.

Also read up on corporate actions: specifically dividends, mergers and stock splits.
Again, you don't need to know these in huge detail just yet.

When you get there - ask a lot of questions about the operation as a whole. At the beginning you will be pigeon holed into a specific task, or function of NAV production. Keep in mind that this is 1 step in a long string of steps completed by the client, the broker, the administrator, the trustee, the shareholder etc. After a few weeks ask your supervisor to explain to you in simple terms how the NAV is produced at each stage, and how your function fits into that process.

In your first 6 months you might find yourself completing the same repetitive tasks. Just try your best to get familiar with the system and reports. Eventually you will get more exposure to different tasks and areas of fund accounting.

Take loads of notes.

I'm happy to answer any questions. Best of luck and congratulations on the new job!

jome

Hello again guys,

Thank you for the replies! I will definitely look at those financial instruments and other readings that you suggested.

Also, to what extent is Excel going to be used in this job? I honestly have not used this software at work(haven't worked in an office environment yet) or when I did my accounting degree. What functions do I need to focus on? I know how to use the basic functions. But my knowledge might be insufficient as of now. I am actually thinking of doing a course on excel prior to my start date. Is that even a good idea?

I'll make sure to post here in the next few weeks to show my progress. It's gonna be busy since I'm also studying ACCA.

mahoganygas

You will be using excel a lot, but nothing too tricky at the beginning.
Most new graduates will have the same experience as you so don't worry about it too much. It's really easy to pick up.

There are a lot of excel courses online, but it's hard to distinguish between the good and bad ones. To be honest the quickest way you are going to learn excel is through practice on the job. In your first year you probably won't be using anything trickier than 'vlookups' or 'if statements'. Again, it's probably best to see these with actual accounting data, rather than online examples.

Fair play to you for taking on ACCA. The sooner you get started, the sooner you can finish it up and put it behind you. It's a tough few years, and your social life will suffer. Try not to overload yourself with too many exams, particularly at the start.
Check if your employer covers your fees. Most of them do, but you may have to wait til your probation period is over before they cough up.

http://m.budgettravel.ie/d/Index#LateDeals

You'll be working long enough - other than having your accommodation or commute sorted and having some appropriate clothes relax a bit.

Mark_23

Same question as the OP, but i'll be starting as a trainee in audit.

Advice welcomed