High School

Accounting, statistics, business, economics, and mathematics classes will provide you with strong preparation for college. Take computer science courses (especially in database management) to learn how to manage and utilize data. English and speech classes will help you to develop strong oral and written communication skills. Taking a foreign language will provide good preparation to work at a firm that has international offices. Any classes—such as government, social studies, philosophy, and science—that help you to develop your critical-thinking skills will also be useful.

Postsecondary Education

A bachelor’s degree in accounting, economics, finance, or business administration will provide you with good preparation for the field. Some employers prefer to hire candidates who have a master’s degree in one of these majors.

AACSB International accredits colleges and universities that offer undergraduate and graduate degrees in accounting and business. Visit https://www.aacsb.edu/accreditation/accredited-schools for a list of accredited programs.

The Institute of Internal Auditors has created a formal endorsement program for colleges and universities that offer an internal auditing curriculum within a degree program (undergraduate or postgraduate). Visit https://na.theiia.org/about-us/about-ia/pages/participating-iaep-program-schools.aspx for a list of endorsed schools. 

Certification

The Chartered Institute of Management Accountants offers a certificate in business accounting that can serve as an entry-level credential for new accountants or as a refresher course for experienced professionals. The program has four components:Fundamentals of Business Economics, Fundamentals of Management Accounting, Fundamentals of Financial Accounting, and Fundamentals of Ethics, Corporate Governance and Business Law. Other certificate programs are provided by the Association of Chartered Certified Accountants (international auditing and international financial reporting) and the American Institute of Certified Public Accountants (International Financial Reporting Standards). 

Other Education or Training

Many professional associations provide continuing education opportunities. For example, the Institute of Management Accountants offers courses on developing effective communication skills, ethics, general finance and accounting standards, strategic management, and other topics. The American Institute of Certified Public Accountants, Chartered Institute of Management Accountants, and Institute of Internal Auditors also provide professional development opportunities. Contact these organizations for more information.

Many top fund administrators provide online and classroom-based learning. For example, State Street offers programs that help employees develop their leadership, negotiation, presentation, and business development skills.

Certification or Licensing

There are many certification credentials for accounting and finance professionals, but no specific ones for hedge fund administrators. Some of the most-popular credentials include:

• Certified internal auditor (Institute of Internal Auditors)
• Certified management accountant (Institute of Management Accountants)
• Certified public accountant (American Institute of Certified Public Accountants, AICPA)
• Chartered global management accountant (a joint venture of the AICPA and the Chartered Institute of Management Accountants)

Additionally, some accountants and auditors earn the following certifications: 

• Accredited business accountant/advisor, accredited tax preparer, accredited tax advisor (Accreditation Council for Accountancy and Taxation)
• Certification in control self-assessment, certified financial services auditor, certification in risk management assurance (Institute of Internal Auditors)
• Certified in strategy and competitive analysis (Institute of Management Accountants)
• Certified treasury professional, certified corporate financial planning and analysis professional (Association of Financial Professionals)

To become a third-party hedge fund administrator, you will need at least two years of accounting experience at a hedge fund, public accounting firm, or other financial employer.  

Successful hedge fund administrators are detail-oriented, organized, and good at solving problems. They have excellent financial and analytical skills and are willing to learn new concepts and systems. Strong communication and interpersonal skills are key because administrators often work as a member of a team and frequently interact with hedge fund managers. Finally, they should be knowledgeable regarding Generally Accepted Accounting Principles, the use of accounting software and databases and office software (e.g., PowerPoint, Excel, and Word), and financial reporting and financial products (e.g., equities, futures, etc.).