Manager, Bank Accounting - Derivatives
This role provides an outstanding opportunity for a highly motivated accounting professional to play a critical part and work with leaders, managers, and external vendors and consultants on an implementation of a derivatives module in our treasury capital markets system, Calypso, and the related hedge accounting program for interest rate risk. The role also includes managing the ongoing accounting for Schwab’s derivatives portfolio including hedge accounting, fair value measurement and testing and impairment analysis. This role requires ongoing interaction with the Treasury Capital Markets (front office) and Treasury Services (middle and back office) groups and acting as the Bank Accounting team liaison with the trading desks. As part of the Corporate Controller’s Department, the Bank Accounting group is responsible for the accounting of the investment and derivatives portfolios with over $300B in invested securities.
What you are good at
- Act as the accounting lead for the treasury system implementation of derivatives focusing on the end-to-end process of hedges and the related accounting, including journal entries and reconciliation processes. This high-visibility project is very important to Schwab in delivering the flexibility to optimize the management of interest rate risk.
- Handle the ongoing accounting for derivative instruments designated in hedge accounting, including hedge accounting qualification and documentation, ongoing monitoring and testing, and day-to-day and month end accounting entries and reconciliations.
- Assist is in the implementation of derivatives and hedge accounting, including collaborating with the Accounting Policy team on the application of technical accounting standards to various hedging strategies using derivative products like swaps, caps and floors.
- Respond to questions from external financial and regulatory reporting teams regarding derivatives and provide vital information to complete that reporting on a timely basis.
- Work with the Accounting Policy team on the accounting policies and practices related to hedge accounting, fair value measurements, and impairments.
- Produce quarterly impairment analyses, including qualitative and quantitative analysis in partnership with credit and risk teams. Assist in the production of structured impairment quantification and working with portfolio managers to assess impairment decisions. This part of the role will include adapting current processes to new credit loss estimation accounting guidance.
- Quarterly and monthly fair value testing on the derivatives and securities portfolios.
- Perform and maintain internal controls related to hedge accounting within the Bank Accounting team.
- Other ad hoc initiatives, as needed.
What you have
- Bachelor’s degree in Accounting
- CPA Preferred
- 5-8 years accounting or finance experience, direct experience with derivatives and hedge accounting highly preferred
- Relevant bank, financial services, and/or treasury experience a plus
- Operational accounting and treasury and accounting systems experience in a high transaction volume environment
- Solid proficiency in Microsoft Office, particularly Microsoft Excel and Powerpoint
- Experience using data analysis and reporting tools like Alteryx to analyze and synthesize information
- Ability to communicate sophisticated information in a concise and understandable manner
- Ability to drive work independently and run multiple projects that vary in scope and complexity simultaneously
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