Momentum Investment Finance Internship

Advertiser: Momentum Investments
Location: Sandton

Momentum Investments includes all the investments-related businesses of the MMI Group, which is one of South Africa's largest investment houses offering a wide spectrum of investment services and solutions to both individual and institutional investors. Our services and solutions are offered through our asset management, alternative investments, manager of managers, collective investments, global investments and property investments businesses, as well as various investment platforms.

A 12-month internship opportunity is available to motivated graduates wishing to obtain experience, knowledge and understanding of Finance and Fund Accounting. The successful candidate will assist with various functions within the finance and reporting area. The aim of this role is to provide the candidate with a broad understanding and experience of the middle and back office processes associated with an investment business of this nature. Specific focus will be given to the investment accounting function, including the related information, processes, internal controls, governance and reporting to ensure that the function is well managed to be effective, efficient and organised. In addition, this role with also entail assisting in the preparation of various management and risk reporting functions, including assisting the head of financial project on various project related matters.

Work output:
The successful candidate will be responsible for the following outputs:
- Investment accounting functions, include:
   •Assist in compiling complete and accurate reporting to stakeholders within the agreed timeframes. Reports include trading accounts, asset roll-up, holdings reports etc.
   •Dealing with reporting related queries from stakeholders in a professional manner and within an acceptable time frame
   •Financial records are kept complete / accurate / valid for each reporting period and controls are implemented and maintained to ensure this
   •Assist in performing reconciliations between various systems to ensure figures tie up between systems
   •Complete dividend withholding tax reports on a monthly basis
   •Complete capital gains reports on a bi-annual basis
   •Compile various regulatory reports and information as and when required, including SARB, Regulation 28, QIS/SAM and ad hoc group requests
- Assist with management and risk reporting for Manager of Managers (internal) /Divisional/ Group / Regulatory. This reporting will predominantly consist of:
   •Maintenance and reporting of profit and losses within the business
   •Maintenance and reporting of errors within the business
   •Risk reporting (internal and external)
   •Compilation of assets under management figures on a monthly basis
   •Compile status of reconciliation reports for bank, custodian and asset-liability matching
   •Fee analysis and reporting
   •Various other forms of management reporting as developed and agreed with stakeholders
- Perform various reconciliations and ensure that they are complete, and reconciling items are aged, investigated, resolved monthly and escalated to stakeholders
- Assist the finance and reporting team with various ad hoc financial reporting related projects
- Spend time in the various operational areas of the business to gain an understanding of the business and how the operational functions feed into financial reports, controls and process.
- Spend time assisting in performing various finance functions, like for instance fee billings, payment of expenses and reconciliations.
- Gain exposure to the external and internal audit functions, including:
   • Provide auditors with information as required and agreed.
   • Assist in resolving audit queries and findings.
- Investment accounting processes are:

The applicant should meet these requirements:
- B.Com Honours specialising in accounting
- Experience in financial reporting, including annual financial statements and management reporting
- Experience in an investment accounting environment, including exposure to IFRS, tax and regulatory issues specific to this environment
- Financial services sector experience
- 1-3 years relevant working experience
- Candidates must be South African citizens

Competencies required:
- Accurate and precise problem solving skills
- Numerate, logic thinker
- Systematic and organised working approach
- Organising information and people
- Following and understanding procedure
- Ability to follow and complete routine and complex functions
- Recognise and analyse issues within detailed support
- Ability to prioritise and plan appropriately
- People management skills
- Communication skills
- Attention to detail
- Responsible
- Self-disciplined
- Self-starter
- Pro-active
- Sound judgement
- Team player
- Sound knowledge of accounting principles and practices especially within an investment accounting environment
- Detailed knowledge of IFRS, specifically IFRS 7 and other financial instrument reporting related matters
- An understanding of tax relevant to the investment industry (Four funds tax, Income Tax, Capital Gains Tax, Dividend Withholding Tax) would be an advantage
- An understanding of an asset / multi management environment would be an advantage
- An understanding of the regulatory reporting applicable to an asset / multi management environment would be an advantage
- Microsoft Office, including excellent Excel skills

Closing date: 30 September 2013

Click here to apply
Definitions:

Internship:

There are basically two types of internships:

  • The Undergraduate Internship: Usually with bigger organisations that pick undergraduates to attend the internship. It often takes places during the holidays and the average durations is a few weeks. In most cases the intern will receive some sort of stipend or salary and this type of internship may lead to a job offer to the intern once he / she is finished with their studies.
  • The Graduate Internship: This type of internship could be paid or unpaid and it is to gain practical work experience after the qualification has been completed and in a job related to the qualification. It could be from a few weeks or even one or two years long. This type of internship could also lead to permanent employment.

Learnerships:

A learnership is an occupational qualification and it consists of theory and work-based experience and practical skills, with formal assessment and a qualification. At the end of the learnership the candidate may be offered permanent employment.

In-service training:

In-service training is to gain practical work experience during studies. It usually takes place after a few years of theory has been successfully completed. It is essential work experience that is part of the qualification and the in-service training is necessary to achieve the qualification. It could be paid or unpaid.