Hiring at junior levels and growing your own is the best long-term strategy for your finance team. If you want a junior then attracting a good one from the big four or the specialist administrators is probably your best bet. You should be able to entice them with a winning combination of slightly higher compensation and the private equity appeal of becoming client rather than service provider.
Once you’ve got them then you want to make sure you keep them. On the plus side, good fund accountants tend to be loyal hard working people who value being part of a team and enjoy working in an in-house environment. So if your Fund Accountant feels valued in their work, can see that they are progressing and feels suitably compensated it will take a lot to make them leave.
But make no mistake about it, experienced fund accountants are in demand, and larger funds are prepared to pay for them. And if they’ve worked for you for a number of years it is very likely that their compensation hasn’t kept pace with the market.
You can see what the market is paying across all levels of experience and all fund sizes by participating in our 2016 Salary Survey. The data is free to all contributors.
Thirty minutes of your time filling it in might just save you a lot more than thirty minutes of grief when your lynch-pin team member tells you they’ve just been offered a 20% hike on their package.