Company: Fifth Third Bank
Title:  Senior Brokerage Accountant
Manager:    Director of Non-Bank Accounting
Division:    Finance
Department: Southern Accounting

JOB CODE:     12-800

GENERAL FUNCTION:
Conducts complex assignments involving accounting projects. Provides training and guidance to less experienced staff. Assumes responsibility and accountability for developing and maintaining accurate and detailed accounting records and responsible for preparing financial statements and reports. Plays a key role in the month end accounting close and monthly financial reporting processes. Assists FinOp with regulatory financial reporting to SEC and NASD.

ESSENTIAL DUTIES & RESPONSIBILITIES:

1. Accurately maintains complex accounting records and performs all related accounting functions
   
2. Oversees preparation of daily entries and monitoring of accounts. Maintains account balances.
   
3. Oversees preparation of monthly financial statements where applicable
   
4. Maintains up-to-date on accounting policies and practices.
   
5. Ensures compliance with General Accepted Accounting Principals, assists FinOP in compliance with financial aspect of SEC and FINRA regulations.
   
6. Reconciles and resolves outages from complex accounts.
   
7. Assists in performing complex special accounting projects.
   
8. Continuously searches for process improvements in an effort to automate and simplify, leverages technology to enhance efficiency and productivity
   
9. Identifies opportunities to improve the accounting processes and plays a key role in the integration of a new accounting system.
   
10. Coordinates month end accounting activities with other departments, divisions and affiliates.
    
11. Ensures that all accounting entries and reports are completed on a timely and accurate basis in accordance with Bancorp accounting policies, Generally Accepted Accounting Principals, SEC and NASD regulation.
    
12. Ensures the completion and accuracy of all account reconciliations.
    
13. Provides training and guidance to less experienced accountants.
    
14. Allocates work and reviews work of less experienced staff accountants
    
15. Develops cross training programs and ensures the adequate delegation of duties and responsibilities.
    
16. Assists in the development and maintenance of the Bancorp’s accounting information and input into the financial systems
    
17. Responsible for assisting in G/L account setup and maintenance, development and implementation of G/L accounting and reporting changes and daily G/L uploads, ensuring the operational effectiveness of the system.
    
18. Responds to inquiries from affiliate management regarding accounting issues, data in reports and financial statements issued by the department, policies, and procedures.

REGULATORY:

1. Assists FinOp in ensuring existence of adequate regulatory net capital for broker/dealer required by federal regulation to conduct brokerage business in accordance with SEC Rules 15c3-1
   
   • Reviews daily securities inventory, assessing regulatory and financial risk for securities positions and verification securities are investment grade securities
     
   • Tests securities inventory monthly for reasonableness of market value assigned to securities positions by Fiserv
     
   • Assists in maintaining adequate reserve in accordance with SEC Rule 15c3-3 for customer related funds held in firm accounts through weekly and monthly preparation of reserve computation for customer funds accounts and continual monitoring of potential customer funds related issues to ensure compliance with federal regulation.
     
   • Assists in preparing monthly FOCUS filing in accordance with SEC Rule 15c3-1, which includes reporting balance sheet items adjusted to meet regulatory reporting requirements, calculating risk treatment of securities inventory through haircut analysis, calculating treatment of firm underwritings for open contractual commitment risk charges; prepares supporting documentation
     
   • Participates in the review and approval process for proposed new financial products to ensure proper accounting processes are addressed
     
   • Assists in daily reviewing underwriting transactions to ensure regulatory net capital requirements are met
     
   • Assists in daily calculating regulatory net capital position
     
2. Participates in projects relating to (i) increased quality procedures for regulatory reporting and (ii) the increase and accuracy of regulatory capital requirements
   
3. Assists FinOp in responses to inquiries from auditors and regulatory examiners regarding the accounting issues, data in reports and financial statements issued by the department, policies, procedures and compliance with federal, state and self-regulatory organizations.
   
4. Assists FinOp in providing subsequent responses to findings made by auditors and regulatory examiners.
   
5. Assists in preparing various complex financial statements and reports on a daily, monthly, and quarterly basis in accordance with SEC Rule 17a-5
   
6. Assists in preparing and disseminating annual and semi-annual financial statements to customers in accordance with SEC regulation
   
7. Assists in monitoring funding and liquidity to ensure compliance with federal regulation for adequate securities inventory required to be owned to properly collateralize line of credit with parent company, and reports compliance to parent company

AUDIT/OPERATIONAL:

1. Performs independent audit function of reconciliations performed by the broker/dealer’s cashiering department to test procedural compliance, accuracy and integrity, including:
   
   • Audits National Financial Services General Ledger account, Fifth Third Securities Clearing account, FIMCO fixed annuity DDA, FIMCO Variable annuity DDA, National Financial Services monthly settlement statement, Fifth Third Credits/Write-off Record, Fifth Third Error Record, National Financial Services Error account, internal brokerage accounts.
     
   • Audits customer payments and receipts processes
     
   • Maintains and awareness of the audit of vault activity (via FinOp)
     
   • Audits relationship with National Financial Services, the broker/dealer’s clearing firm.
     
2. Assists FinOp in setting and maintaining standards of internal controls and written procedures to comply with Bancorp, GAAP, SEC, FINRA and state regulatory requirements.
   
3. Assists FinOp in continually assessing internal controls over integrity of regulatory financial reporting, financial information, trial balance and general ledger accounts to ensure compliance with Bancorp policy, and SEC regulation.
   
4. Assists in writing standards for internal controls and accounting procedures for regulatory and financial reporting.
   
5. Brokerage Accountant III

SUPERVISORY RESPONSIBILITIES: As assigned

MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
Education: Bachelors Degree in Accounting, Finance or Economics required.

Certification: Obtained or working towards Series 27 license preferred.

Experience: Years – Minimum of 3 years of accounting related experience. Industry – Banking, brokerage or accounting related experience required.

Computer/Technical: Proficient in the Microsoft Suite of desktop applications (Excel, Microsoft Word, PowerPoint). Demonstrate ability to learn and understand technical applications such as Recon-Plus, Mobius, Raft, Falcon, Streetscape, Monarch, and Vector 4 & 5.

Other Skills: Excellent communications, organization and follow up skills Excellent people/relationship building skills

WORKING CONDITIONS:

1. Normal office environment with little exposure to dust, noise, temperature and the like.
   
2. Extended viewing of CRT screen.