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.
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