IFC - International Finance Corporation

IFC Chennai, India

Accounting Analyst

Job #: req18475

Organization: IFC

Sector: Finance & Accounting

Grade: GE

Term Duration: 3 years 0 months

Recruitment Type: Local Recruitment

Location: Chennai,India

Required Language(s): English

Preferred Language(s): Closing Date: 8/12/2022 (MM/DD/YYYY) at 11:59pm UTC

Description

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit (link)

The IFC Controllers Department is responsible for effectively and efficiently managing IFC’s Financial Operations (loan, equity and short-term finance operations, and back-office treasury support operations), Financial Reporting (including reporting and analysis, portfolio review, investment accounting and accounting policy), Internal Controls, and Financial Integration, Systems and Projects. The Department comprises approximately 130 diverse and highly skilled staff, based in Washington DC, and Chennai.

The Reporting and Analysis unit (CNTRA) within the Controllers Department is responsible for preparing timely and accurate periodic financial reporting to internal and external stakeholders and facilitating the external audit and issuance of audit and review opinions by the external auditors on IFC’s annual and quarterly financial statements. The CNTRA unit provides assurance on the integrity of the financial ledgers and financial information. Unit is responsible for coordination of the monthly closing process, including advising and liaising with the decentralized accounting business units. Reporting and Analysis team also work with other units in determining the impact of new and proposed accounting standards and new complex transactions in Financial Statements and Management reports.

CNTRA has co-located some aspects of its work program to IFC’s Chennai Office (CNTCO), who have recruited staff in the IFC Financial Reporting team (CNTFM) to deliver this work program. The position will report to the Team Lead of CNTFM Financial reporting unit in Chennai.

Duties & Responsibilities:

The Accounting Analyst is a key member of the CNTFM team which requires frequent interaction with internal counterparts in Controllers department. Her/his tasks and responsibilities will include, but are not limited to:

  • Support the monthly closing process, including reviewing financial results for reasonableness, and performing other control activities.
  • Assist with the preparation, review, and filing of the quarterly and annual MD&A and financial statements, including disclosures and various Management reports
  • Develop and maintain procedures related to the monthly closing process, the preparation of the financial statements, and other periodic reporting.
  • Perform analytical reviews, including researching and documenting significant fluctuations in balance sheet and income statement accounts, performing reasonableness checks, and other ad hoc analysis.
  • Perform analyses of the impact of market movements (i.e., interest rates, exchange rates, etc.) on the Corporation’s portfolios / financial instruments (e.g., IFC debt portfolio, equity investments, borrowings, and liquid assets).
  • Assist in creating efficiencies and enhancing the value of our work by streamlining and automating our current reporting processes.
  • Participate in the testing and implementation of new features or enhancements to existing accounting and reporting systems.
  • Research and respond to questions and queries received from internal clients, external auditors, and senior management.

Selection Criteria

  • CPA/CA/ACCA and/or equivalent professional certification required. Bachelors / advanced degree in a related field will be a plus, and a minimum of 3 years’ post qualification relevant experience in accounting or corporate finance fields preferably with a major financial institution, or a ‘big4’ accounting firm
  • Knowledge and experience with US GAAP/IFRS with specific regards to financial products (e.g., loans, equity investments, bonds, swaps, options), product life cycles and legal structures that may have accounting ramifications would be a plus
  • Understand accounting information flows across multiple systems (corporate centralized databases, accounting subsystems and general ledger, MIS etc.)
  • Hands on experience in statutory and management reporting for a financial institution
  • Experience performing account reconciliations and analysis independently, proficient in working with large volume of data and diligent in documenting workflows

  • Strong communication skills (in English), both written and oral
  • Ability to work independently, take initiative, and anticipate and respond quickly to situations
  • Competent in office technology tools, including Word and Power Point and demonstrated strength with Excel

WBG Core Competencies:

  • Deliver Results for Clients – Achieves results and identifies mission-driven solutions.
  • Collaborate Within Teams and Across Boundaries – Initiates collaboration across boundaries and broadly across WBG, bringing differing ideas into the forefront.
  • Lead and Innovate – Develops innovative solutions with others.
  • Create, Apply and Share Knowledge – Creates, applies, and shares knowledge from across WBG to strengthen internal and/or external client solutions.
  • Make Smart Decisions – Recommends and takes decisive action.

Controllers Department Competencies

  • Client Understanding and Advising: Advises the clients and helps them think proactively about how to best meet their current and future needs, taking into considerations the real underlying issues. Works across CNT and with other VPUs to define client needs and develop the right solutions to meet those needs. PLUS: Provides recommendations to multiple VPUs that can add value to customers beyond normal offerings.
  • Broad Business Thinking: Maintains an in-depth understanding of key business issues. Sets clear explanations for the integration and alignment of CNT solutions with business functions. PLUS: consider WBG wide implications in decision making to ensure consistency across WBG. Sponsors long-term VPU-wide initiatives.
  • Information Technology and Systems: Demonstrates understanding of the functions and operations of pertinent IT systems and applications. Provides inputs to IT system enhancement efforts based on day to day working experience and knowledge of the systems.
  • Analytical Thinking: Coordinates the information gathering and reporting process. Reviews trends and compares to expectations. Conducts analysis to define problems and prepares responses to anticipated questions.
  • Policies and Procedures: Demonstrates thorough knowledge of policies and procedures in related fields.
  • Risks and Controls: Leads by example and serves as best practice champions in completing internal control procedures, including understanding impact beyond own immediate functional areas.
  • Communication: Adapts the communication style appropriate for the intended audience. Adopts an inclusive approach to communication as is appropriate to the situation, to ensure adequate stakeholder participation. Presents information effectively and encourage feedback.
  • Project Management: Understands and utilizes the concepts of project management, as they relate to implementation of a project.

World Bank Group Core Competencies

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

We are proud to be an equal opportunity and inclusive employer with a dedicated and committed workforce, and do not discriminate based on gender, gender identity, religion, race, ethnicity, sexual orientation, or disability.

Learn more about working at the World Bank and IFC, including our values and inspiring stories.

Tags: accounting and reporting, accounting standards, covid, emerging markets, extreme poverty, financial institutions, financial instruments, financial reporting, financial statements, information technology, interest rates, parental leave, project management, reconciliation