Trust AccountantJob Description
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Job Title: Trust Accountant
Location: Boston, MA / Hybrid
Type: Full-time
About the Role:
We're seeking a detail-oriented Trust Accountant to manage fiduciary accounts and ensure regulatory compliance. You'll prepare financial statements, reconcile trust accounts, and support audit processes while maintaining accurate records for clients.
Key Responsibilities:
- Prepare and reconcile trust account records and statements
- Generate unit valuations and complex financial reports
- Support external auditors during compliance audits
- Analyze operating reports and resolve trade discrepancies
- Oversee fiduciary tax return preparation and filing
- Review client fee calculations and departmental revenue
- Maintain compliance with FDIC and FinCen regulations
- Conduct client meetings and provide account updates
Perks:
- Comprehensive health and dental insurance
- 401(k) with employer matching
- Professional development and CPA support
- Flexible hybrid work arrangement
- Generous PTO and paid holidays
Trust Accountant Responsibilities
Hiring a trust accountant? Here's what you can expect them to handle:
- Establish and maintain detailed accounting records for trust accounts
- Reconcile accounts to system applications and resolve discrepancies
- Prepare judicial and non-judicial accountings for trust settlements
- Interpret trust instruments to verify correct income and principal allocation
- Perform tolerance tests to identify outliers and data errors
- Coordinate with trust officers and legal counsel on accounting issues
- Monitor approved investment lists and fund data updates
- Ensure OFAC processing and customer information security compliance
Qualifications to Be a Trust Accountant
Here's what a solid candidate typically brings to the table:
Bachelor's degree in Accounting, Finance, or related field2-4 years of trust accounting or fiduciary experienceStrong knowledge of trust law and fiduciary regulationsProficiency in trust accounting software and financial systemsUnderstanding of GAAP and fiduciary accounting principlesTrust Accountant Prerequisites
Before you even think of hiring, make sure your candidates have:
CPA certification or progress toward certification preferredExperience with tax preparation for trusts and estatesExcellent attention to detail and accuracyStrong analytical and problem-solving abilitiesAbility to interpret complex legal and financial documentsTrust Accountant Hard Skills
The “must-haves” on every recruiter's checklist:
Accounting Software: Trust accounting systems, QuickBooks, SAPFinancial Reporting: GAAP compliance, fiduciary statements, tax returnsReconciliation: Three-way reconciliation, balance sheet analysisTax Preparation: Fiduciary returns, Form 1041, estate taxesData Analysis: Excel advanced functions, financial modelingRegulatory Compliance: FDIC, FinCen, OFAC requirementsDocument Management: Legal document review, probate filingDatabase Systems: Mainframe programs, trust management platformsTrust Accountant Soft Skills
Tech skills get them in the door—soft skills help them stick around.
Exceptional attention to detail and accuracyStrong written and verbal communication abilitiesProfessional client relationship managementEffective time management and deadline adherenceConfidentiality and discretion with sensitive informationCollaborative teamwork with legal and financial professionalsAdaptability to changing regulations and requirementsCritical thinking for complex problem resolutionTrust Accountant Salary by Experience Level
Entry Level (0-2 Years)
$45k – $60k
Common Titles
Junior Trust Accountant, Associate Trust Accountant
Mid Level (2-5 Years)
$60k – $85k
Common Titles
Trust Accountant, Trust Accountant II
Senior Level (5+ Years)
$85k – $120k
Common Titles
Senior Trust Accountant, Lead Trust Accountant
Frequently Asked QuestionsAbout Trust Accountant Hiring
Trust Accountants specialize in fiduciary accounts and trust law compliance, while Staff Accountants handle general corporate accounting. Trust Accountants must understand legal trust instruments, estate regulations, and specialized fiduciary reporting requirements that standard accountants don't typically encounter.
While possible, it's challenging due to the specialized nature of trust law and fiduciary regulations. Consider candidates with estate planning, probate, or banking experience who can learn trust-specific requirements. Provide comprehensive training on trust instruments and compliance frameworks during onboarding.
Both are essential, but prioritize technical skills first—trust accounting errors have serious legal and financial consequences. Strong candidates need solid accounting fundamentals and regulatory knowledge. Client relationship skills can be developed more easily than technical expertise in fiduciary accounting.
Present a sample trust instrument and ask candidates to identify income versus principal allocations. Provide reconciliation scenarios with intentional discrepancies to assess problem-solving skills. Request they explain complex fiduciary concepts in simple terms to evaluate communication abilities.
Watch for lack of attention to detail, unfamiliarity with fiduciary regulations, or inability to explain trust accounting principles clearly. Candidates who can't discuss confidentiality protocols or show limited understanding of legal document interpretation may struggle. Gaps in reconciliation experience are also concerning.
Tools and Programs Trust Accountant Use
Here's what their digital toolbox might look like:
Trust Accounting
SEI•FIS•Fiserv Trust
Spreadsheets
Microsoft Excel•Google Sheets
Tax Software
ProSystem fx•Lacerte
Document Management
NetDocuments•iManage
Financial Analysis
Bloomberg Terminal•FactSet
Communication
Microsoft Teams•Outlook
Compliance
OFAC screening tools•AML software
Reporting
Crystal Reports•Power BI
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