This spring I had the opportunity to work on the Core Accounting with Mutual Funds Team at State Street. It was a very rewarding experience overall and the hands on experience I was able obtain has proven to be invaluable. The overall objective of the core accounting team is to properly price the net asset value for the various mutual funds we manage. My schedule each week was Monday through Friday 8:00 to 12:00.
I typically would arrive at work about fifteen minutes early to allow plenty of time to log in my computer and settle in. The first thing task I was assigned was to send an email to the core accounting team informing them of which team members are on vacation or will be unavailable that day. Next, I would record any ETF creations or redemptions that were submitted the previous evening. A different team would send me the information of the ETF transaction and I would use our mainframe computer system to record the transaction and an excel macro to ensure that the information was accurate. After completing the ETF transactions, I would check to see if a specific fund we manage had any activity. This particular fund usually had three or four trades each week which I was responsible for checking and recording. If a trade occurred, I had to record it by 9:30 so that the International fund team would have the information in time for their morning audit.
Finally, I would review our short-term funds. These funds matured at year end and often had activity towards the end of the afternoon. I would run funds that had trades or sales through a macro and make any necessary corrections. In addition to my daily tasks, I would also be available to assist the other team members with anything they needed.