Has any one transitioned from FDD to fund accounting? If so, how was the transition and is prior fund auditing experience required?

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Its not required, but better to have audited funds, because reporting is totally different than normal businesses. Fund accounting sucks imo, pays above average (still less than FDD), but i hate fund accounting.

Not many transition because it’s generally a pay cut, most can exit from audit and FDD has better exits. People from FDD generally at minimum go for FP&A and the ambitious usually go the investment banking/PE/MBA path, or take a pay cut and try for corp dev at a smaller/mid sized company.

If you are in FDD, you most likely left because you hated audit or wanted something more than just debits and credits/more finance related than audit. Fund accounting is basically just going back to financial reporting, which most in FDD prefer not to.

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You understand the m&a process, you get access to the datarooms, you understand ebitda for cashflow purposes, you are on calls with investment bankers, private equity investment teams, you have access to the deal models, i have had deals where i had to work with understaffed corp dev teams and link our databooks to their cashflow models and do sensitivities on their ebitda muliples, in other countries outside the US FDD is viewed as an extension of the PE deal team and diligence forecasts. I have had a few deals where we were engaged to diligence forecasts and not historicals. Although some aspects are like audit, it is definitely more finance. Even just doing trending discussions, your primary contact is usually fp&a or alike.

When I was in Canada, a small PE client straight up told me to help build a separate component on revenue forecasts in their model based on the tb revenue details. The more deals you experience, the more you run into some more interesting work than just your standard QoE.

Its definitely more accounting, but not 100% accounting like audit. Especially if u see some europe reports its all forecast work.

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Why would you do that? You can easily do that from audit all day long? Why not something a little more exotic like back office PE portcos fp&a?

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