About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

WHAT YOU’LL DO

Full-Time Entry-Level Finance and Accounting roles primarily work with our Alternative Fund Services, Private Equity, Corporate Audit, Asset Services Financial Reporting and Fund Accounting, and Hedge Fund Services Financial Control business lines. Northern Trust Finance and Accounting roles provide valuation accounting and administration services to investment manager clients and other internal customers within the bank. Accounting departments deliver net asset values and income details for various investment products. They also support fund administration and regulatory reporting services. Utilizing global operating platforms ensures that client reporting is driven from a single transaction source and enables delivery of a full suite of online tools including daily performance and compliance monitoring already available to sophisticated institutional investors. See detailed department descriptions below.

• Calculate and deliver net asset values for various commingled fund products, including registered mutual funds, private equity, partnerships, hedge funds, fund of funds, and collective trusts.
• Provides performance data for individual manager portfolios through the processing and reconciliation of accounting in the appropriate system.
• Daily reviews of diversified transactions, performing maintenance on assigned accounts according to procedures, including checking and correcting discrepancies, verifying outside funds, and reviewing transactions.
• Audits investment reports, cash statements, and supplemental reporting to verify that data is correctly posted and transactions properly classified. Writes inquiries to resolve audit discrepancies.
• Verifies report schedules, ensuring that reports sent to clients are accurate and mailed within scheduled time frames.
• Run daily valuation audits and deliver valuation reports to clients.
• Investigate and resolve cash/position exceptions and tolerance breaches.
• Understand and reconcile asset life cycle events between the accounting system and custodians.
• Apply accounting and finance principles to numerous asset types.
• Demonstrate ability to work well in a team environment.
• First point of reference for day-to-day queries.

Sample department descriptions:

Corporate Audit

Northern Trust maintains an internal audit staff (known as Audit Services) who are financial, operational, risk, compliance, and information technology (IT) specialists located globally. Audit Services uses a risk-based methodology to arrive at a rolling 12-month plan based on an assessment of inherent risk and an evaluation of controls in order to arrive at residual risk. A rated report is issued for all audits performed, and the results are shared with senior management and relevant internal governance committee(s), as well as with the Audit Committee. Audit Services monitors the closure of issues reported and performs follow-up work using a risk-based approach. Audit Services performs continuous monitoring of all business units, resulting in a quarterly assessment of the annual audit plan, which may result in audits being added/deleted dependent on the risk assessment.

Asset Servicing

Northern Trust Asset Servicing is a leading global provider of asset servicing, fund administration, investment management, and banking solutions. Our ongoing investment in technology allows us to provide corporate and government retirement funds, nonprofit organizations, fund managers, sovereign wealth funds, insurance companies and other institutional investors around the globe with innovative solutions they need to operate their businesses more efficiently.

Asset Servicing - Fund Accounting

Northern Trust provides clients an extensive suite of fund accounting services that leverage our history as a leading global custodian and asset servicer, and deliver both on scale and flexibility in assisting our clients with meeting their accounting requirements. Some of our services and capabilities include: Investment Transactions, Reconciliations, Expense Accruals and Payments, Supporting Income Accruals and Payments, Security Valuation, Control Center, Transfer Agency Interaction, and Net Asset Valuation.

Alternative Fund Services and Private Equity

Northern Trust offers comprehensive asset servicing solutions for alternative assets such as private equity, real estate, infrastructure, hedge funds, and alternative finance. As this asset class has grown exponentially in recent years, Northern Trust has committed significant capital resources and personnel toward building proprietary systems that help our clients effectively manage these complex and paper-sensitive instruments through a dedicated Alternative Investments Operations Team of over 300 individuals worldwide, working as Portfolio Accounting Analysts assigned to each account, utilizing Trade Order Entry that allows clients to communicate investment directives electronically, and Private Monitor service that provides advanced reporting and analytics solutions.

Hedge Fund Services - Financial Control

Our dedicated client team who performs monthly net asset value calculations also leads financial statement preparation. Our financial reporting model is designed to meet the business needs of clients throughout the year and at peak times. The offering consists of annual audited financial statements,quarterly or semiannual audited financial statements, counterparty exposure reporting, and local jurisdictional reporting.

Hedge Fund Services - Investor Services

Our Investor Services team works as an extension of your Investor Relations team, so focus can be placed on business development. We understand the importance of your investor relationships, and our team provides specialized focus to alternatives clients. We have the expertise to understand the differences between various fund structures, and provide high quality service through our core functions of: Subscriptions/Redemptions, Capital Calls/Distributions, Trade Confirmations, Regulatory Reporting, Investor Reporting, Audit Confirmations.

Hedge Fund Services - Middle Office

Middle office services include a multitude of services including but not limited to real-time trade management tools, security management, corporate actions event processing, end-to-end trade management support for over-the-counter (OTC) products,bank debt processing, and reconciliation.

WHO YOU ARE

• You are pursuing a bachelor’s degree in Finance, Economics, Accounting or Business Management at an accredited college/university with an expected graduation date between December 2023 through Summer 2024
• You have a minimum GPA of 2.7
• You have an interest in financial markets and are curious to learn and adopt new reporting and accounting systems
• You are most engaged when you get to work on various things in more of a fast-paced environment that challenges you to multi-task, and manage multiple deadlines.
• You like figuring new things out and are curious to explore and adopt new reporting and accounting systems
• You have a strong understanding in Microsoft Office
• You have proven analytical, quantitative, and problem-solving skills through course work, projects, and or previous internship experience
• You have demonstrated leadership and teamwork through projects and extracurricular involvement

Federal law requires that employees be legally authorized to work in the United States. Applicants for employment must have work authorization that does not now or in the future require sponsorship for employment authorization.

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.

We’d love to learn more about how your interests and experience could be a fit with one of the world’s most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com.

We hope you’re excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.

We have guided the world’s most successful individuals, families and institutions since 1889. Since our roots as a trust bank, we’ve grown to a global presence with more than 22,000 employees in more than 20 countries across five core business units.