Description
The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.
Our highly skilled team of 225 is innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.
Position Summary
The Senior Accountant/Derivatives is primarily responsible for maintaining accurate and reliable accounting records and the preparation of accurate and timely financial reports related to the Bank’s derivative portfolio as required under ASC 815 (Derivatives and Hedging). The incumbent is expected to assist in the control function of the department by performing analysis work on various general ledger accounts related to the month-end closing and periodic reporting process. The Senior Accountant/Derivatives is expected to participate in the testing and documentation of new accounting systems, conversions, new member products or processes as needed. Finally, this position may be assigned special projects within the Accounting Control department.
This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program. More time is expected in the office to support onboarding initially.
Anticipated Pay Range
The anticipated base pay range for this role is $80,500 - $132,250. This role is classified as non-exempt.
This role is based in Boston with weekly in-office expectations. The base pay posted represents the annual base pay range or hourly wage range that we expect to offer for this job opportunity. The actual base salary offer will depend on a variety of factors including relevant experience, required skills and other relevant factors. The range noted here is not indicative of all positions in the job grade within which this position falls.
All Bank full-time positions are eligible to participate in our annual incentive program and our robust total rewards offerings, in addition to the base pay.
For more information, visit Careers - FHLBank Boston
Specific Responsibilities
-Ensure all derivative trades are correctly and accurately entered in the Bank’s system of record. This involves reviewing the system data against the specific characteristics entered on the trade ticket. Confirm the correction of all errors before the trade can be approved in the system.
-Ensure ASC 815 hedge documentation is reviewed and approved on a timely basis for all fair value and cash flow hedge designated transactions. This requires ensuring that the appropriate designation is assigned to each transaction based on hedge/hedged items characteristics.
-Reconcile daily, all derivative trade activity on the Bank’s subsidiary ledger to the general ledger, including purchases, calls, terminations and maturities. This includes all balance sheet and income statement accounts relating to the derivative portfolio. Analyze all related accounts to ensure accurate reporting.
-Review ASC 815-related tables on the SwapLink database to ensure proper calculations are produced by the automated process.
-Record month-end fair value changes for derivatives and hedges items, as required by ASC 815.
-Prepare journal entries as appropriate for review and approval by the AVP/Financial Instruments Accounting Manager.
-Perform monthly reconciliation of hedge and hedged items, (including fair value of derivatives and hedged items), to ensure proper and accurate reporting. Identify and clear reconciling items in a timely manner.
-Perform daily and monthly reconciliation of the derivatives-related Central database tables against the general ledger.
-Assist in the resolution of all payment discrepancies as reported by the Bank Operations department. When necessary, work with Treasury to liaise with counterparty to bring all issues to full resolution before payment date.
-Maintain accurate documentation for all reconciliations in conformance and compliance with the SOX 404 requirements.
-Facilitate both internal and external audit requests related to derivative transactions and hedge accounting.
-Prepare periodic accounting analyses and reports as needed by the AVP/Financial Instruments Accounting Manager and other department managers.
-Actively participate in system upgrades and other department initiatives as may be required or as directed by the Financial Instruments Accounting Manager, other managers or the department head.
-Assist in the preparation of internal & external reporting requirements related to derivatives & hedging activities. This includes monthly trend reports required for department and board reporting.
-Preparation of quarterly regulatory reports and year-end financial statements disclosures, including SEC reporting (10-Q/10-K), reporting to the Office of Finance (FRS), and reporting to the FHFA (CRS).
-Other duties, as assigned.
Requirements
Knowledge/Skills
-At least intermediate-level proficiency with MS Office (specifically Excel) and general ledger software.
-Excellent organizational & analytical skills
-Strong communication skills
-Ability to work independently and in a team environment
-Strong interpersonal skills
Education
-Bachelor’s or advanced degree in Accounting, Finance or Business Administration or relevant work experience.
Experience
-Minimum of three years’ experience in accounting at a financial institution
-Exposure to and understanding of financial instruments, including derivatives and fixed income securities.
As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.
Applications are being accepted on the Careers page of our website: www.fhlbboston.com
