Wealth Accounting Lead

Northwestern Mutual; Milwaukee (WI); Hybrid; USD 81,280 - 121,920; Full time

Job summary

Northwestern Mutual in Milwaukee, WI is seeking a Wealth Accounting Lead to independently perform complex financial accounting for assigned products, ensuring GAAP and statutory conformance and regulatory compliance.

You will mentor colleagues, analyze balance sheets and income statements, lead system/process improvements, and prepare reports for boards and regulatory filings. This role requires strong analytical skills and at least 5 years of accounting experience; CPA is preferred.

Qualifications

• Bachelor’s degree in accounting or related field, or equivalent education plus experience.
• Minimum of 5 years of relevant professional accounting experience.
• Public accounting experience preferred.
• CPA designation preferred.
• Experience with statutory or GAAP accounting standards in insurance/financial services industries.
• Proven analytical and decision-making skills.
• Excellent communication skills and knowledge of Northwestern Mutual's business functions.

Responsibilities

• Independently performs financial accounting functions for assigned products to ensure conformance with statutory and GAAP standards.
• Accounts for revenue, fees, expenses, and related suspense accounts.
• Ensures accuracy of accounting from contract systems and manual entries.
• Resolves complex reconciliation issues and open items.
• Mentors team members in accounting and control activities.
• Analyzes balance sheet and income statement accounts for accuracy and trends.
• Maintains internal controls and compliance with FINRA/SEC regulations.
• Prepares core financial statements and reports for boards and regulatory filings.
• Leads system/process improvements related to product accounting.
• Collaborates on projects and ensures robust control documentation.

Skills

Financial accounting

GAAP

CPA (preferred)

Regulatory compliance

Communication skills

Education

Bachelor's degree in accounting

Job description

About the Job:

The Wealth Accounting Lead will independently perform financial accounting functions, and related control activities, for assigned products and processes to ensure conformance with statutory and GAAP accounting standards, as well as compliance with FINRA and SEC regulations. Owns the preparation and analysis of complex product line financial results. Analyzes numerous and sophisticated contract administration systems to ensure the accuracy of product accounting information and identify potential enhancements to improve efficiency. Represents the Department in enterprise-wide system and/or process development activities related to products.

What You’ll Do:

• Independently performs financial accounting functions for assigned products and processes to ensure conformance with both statutory and GAAP accounting standards.
• Includes accounting transactions and balances related to revenue, fees, expenses, field compensation, and associated suspense accounts.
• Ensures the accuracy of the accounting generated by numerous contract administration systems as well as any vital manual accounting.
• Researches and resolves complex reconciliation issues, imbalances and open suspense items.
• Provides mentorship and coaching to others in the Division performing accounting and control activities.
• Analyzes balance sheet and income statement accounts to ensure the accuracy of accounting.
• Maintains an effective internal control environment and ensures continued compliance with FINRA and SEC regulations.
• Performs accurate, timely and value-added complex core financial statement and analytical reporting products for product lines on both a statutory and GAAP basis.
• Prepares reports and information for inclusion in Board reporting, regulatory filings and other management financial reports.
• Analyzes financial activity for alignment with expectations and the identification of trends or unusual items.
• Utilizes operational indicators, business plans/projections and actuarial information in this analysis.
• Analyzes product accounting and related administration systems to identify potential enhancements to improve accuracy and efficiency.
• Leads efforts to implement system or process improvements, including those involving change in the operating departments.
• Collaborates with project teams to acquire a thorough understanding of changes.
• Independently develops and delivers comprehensive and clear accounting, reporting and testing requirements.
• Ensures that adequate accounting control structures are designed and implemented, and all necessary accounting information is completely and accurately recorded in the financial accounting systems.
• Leads ongoing sustainability efforts to ensure continued compliance with the NAIC Model Audit Rule for assigned significant processes.
• Independently plans a sustainability approach and schedule.
• Collaborates with process owners and subject matter experts across the Company to ensure adequate internal controls are in place and operating effectively, and that related control documentation is developed and maintained as business changes occur.
• Researches, analyzes and coordinates the resolution of product accounting and reporting issues.
• Leads the implementation of new accounting and reporting requirements and standards impacting products.
• Represents the Division on projects, audits, task forces, and other special projects related to NM's products and services.

What Experience You’ll Bring:

• Bachelor’s degree in accounting, or related field or equivalent education plus experience required.
• Minimum of 5 years of relevant professional accounting experience.
• Public accounting experience preferred.
• Certified Public Accountant (CPA) designation preferred.
• Experience with the application of statutory or GAAP accounting standards in the insurance or financial services industries.
• Proven analytical and decision-making skills.
• Proven track record to act independently.
• Excellent communication skills.
• Extensive knowledge of insurance and investment products and the financial services industry including Northwestern Mutual's business functions, products, and operations #LI-Hybrid, #LI-Onsite

Non-Registered Fingerprinted - FINRA Compensation Range:

Pay Range - Start: $81,280.00 Pay Range - End: $121,920.00 Geographic Specific Pay Structure: Structure 110: $89,440.00 USD - $134,160.00 USD Structure 115: $93,440.00 USD - $140,160.00 USD

We believe in fairness and transparency. It’s why we share the salary range for most of our roles. However, final salaries are based on a number of factors, including the skills and experience of the candidate; the current market; location of the candidate; and other factors uncovered in the hiring process. The standard pay structure is listed but if you’re living in California, New York City or other eligible location, geographic specific pay structures, compensation and benefits could be applicable.

Northwestern Mutual is an equal opportunity employer that welcomes talented individuals of all backgrounds.

We are committed to creating and maintaining an environment in which each employee can contribute creative ideas, seek challenges, assume leadership and continue to focus on meeting and exceeding business and personal objectives.

At Northwestern Mutual, we believe relationships are built on trust. That our lives and our work matter. These beliefs launched our company over 160 years ago. Today, they’re just a few of the reasons why people choose to build careers at Northwestern Mutual. What started in Milwaukee, WI has grown into 7,000+ home office professionals split across 3 campuses: New York City, Franklin and downtown Milwaukee (HQ) - each one bringing with it its own unique talent and culture. In a company with such a long and storied history, this may be the most exciting and important time to be a part of Northwestern Mutual as we are growing our digital and tech capabilities and are always on the lookout for bright, tech-savvy candidates.

Northwestern Mutual is an equal opportunity employer that welcomes talented individuals of all backgrounds.

We are committed to creating and maintaining an environment in which each employee can contribute creative ideas, seek challenges, assume leadership and continue to focus on meeting and exceeding business and personal objectives.