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It kind of reminds me of technical accounting in that it’s a niche area which pays more early career but pigeonholes and caps you. It’s not really a role to feed into broader finance leadership for the most part.
So it might be a bit better pay and WLB than staying in mainstream tracks but it’s probably a trade off.
I used to be in AWM audit, so all my clients were in fund accounting and most my peers left for it. My two cents from what I’ve observed:
Pros: fund accounting pays more than pretty much any other path in accounting outside of a pivot to advisory/consulting/finance. If you’re willing to hop around or get lucky with internal turnover, fund accounting teams tend to be very small and so you can move up much quicker than you would in a large corporate accounting department as well. It’s also a small, niche world where once you’re established you’ll basically always have offers on hand from other fund accountants if you’re worried about job security
Cons: fund accounting is probably one of the most boring and repetitive disciplines in accounting, tends to work 15-25% longer hours, and tends to be treated like “the help” by the difficult personality finance bros that inevitably run the fund. Once you’re pigeonholed there’s no way out. And while at the manager/director level and above you probably have job security, lower levels are massively automated and/or outsourced to where you often can’t develop a good team under you and are instead constantly dealing with the headache of poor third party service providers with constant turnover