Director of Accounting

A family office's head accountant, who manages the financial, accounting and reporting functions of the office, as well as other accounting staff if present.

The Role of a Director of Accounting

A Director of Accounting is a manager that oversees the accounting functions at a family office by implementing accounting standards, ensuring compliance and managing other accounting staff.

A Director of Accounting is responsible for supervising the general accounting and financial reporting functions, as well as financial services within a family office. A Director of Accounting ensures that all transactions and financial policies for the family office meet state and federal regulations.

A Director of Accounting’s primary responsibilities include establishing and implementing accounting policies and procedures, preparing and reviewing financial statements and reports, overseeing the budgeting and forecasting process, managing and developing accounting staff and coordinating with external auditors and tax advisors. A Director of Accounting may also provide strategic guidance and analysis to senior management and other stakeholders.

To become a Director of Accounting for a Family Office, one needs to have a Bachelor’s degree in accounting or a related field, and a certified public accountant (CPA) license. A Director of Accounting for a Family Office should also have several years of experience in accounting, preferably in a family office or wealth management setting.

Job Description

EDUCATION / EXPERIENCE

This position requires a minimum of a Bachelor’s degree in accounting or a related field, as well as comprehensive knowledge of accounting principles, standards and practices. Employers may prefer or require candidates who have a Master’s degree, such as a Masters of Business Administration (MBA), or a professional certification such as Certified Public Accountant (CPA).

A Director of Accounting should have 5 – 7 years’ experience in accounting, auditing and financial reporting using generally accepted accounting principles (GAAP) and other relevant regulations. This experience should include developing and implementing accounting policies, analyzing and reconciling financial data, auditing financial statements and overseeing the accounting functions and operations of a family office, business or organization.

SKILLS

Ability to develop and implement accounting policies and systems
Experience overseeing the accounting functions and operations of a family office, business or organization
Strong knowledge of accounting principles, standards, and procedures in accordance with generally accepted accounting principles (GAAP), as well as tax laws, rules and regulations
Ability to lead and manage an accounting team, providing consistent feedback and systematically evaluating performance, as well as training and developing junior accounting staff
Ability to work with senior management, auditors and other stakeholders, as well as communicating effectively and professionally with principals, other staff and vendors
Experience auditing financial statements and reports for a family office, business or organization
Strong knowledge of Excel, QuickBooks and other accounting/bill pay software

CERTIFICATIONS / TRAINING

Formal certification is not required to be a Director of Accounting, but an employer may prefer or require candidates to have any of the following certifications:

Certified Public Accountant (CPA): a credential for accounting professionals who provide a range of services such as auditing, tax preparation, financial reporting, and consulting. Candidates must meet an education requirement (varies by state, but generally involves 150 hours of college education, including a minimum number of accounting and business courses), an exam (passing the Uniform CPA Examination, which consists of Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation), an experience requirement (varies by state, but generally involves completing one to two years of supervised work experience in accounting or a related field), and an ethics requirement (passing an ethics exam and adhering to the code of professional conduct of the state board of accountancy).
Certified Management Accountant (CMA): a credential for accounting professionals who have expertise in management accounting, such as financial planning, analysis, control, and decision support. Candidates must have a bachelor’s degree in any discipline, pass a two-part exam, have two years of relevant work experience, and agree to follow ethical standards and continuing education requirements.
Chartered Global Management Accountant (CGMA): a credential for accounting professionals who have advanced skills and knowledge in business and management, such as strategy, innovation, leadership, and ethics. Candidates must have a CPA or CIMA designation, pass a strategic case study exam, have three years of relevant work experience, and agree to follow ethical standards and continuing professional development requirements.
Certified Internal Auditor (CIA): a credential for internal auditors who have proficiency and professionalism in conducting internal audits, assessing risks, and evaluating controls. Candidates must have a bachelor’s degree in any discipline, pass a three-part exam, have two years of relevant work experience, and agree to follow ethical standards and continuing professional development requirements.

RESPONSIBILITIES

A Director of Accounting’s responsibilities depend on the size and scope of a family office. For example, an office with multiple entities and investments and frequent transactions will require more accounting expertise and day-to-day work than one with simpler and more consolidated financials. Common duties of a Director of Accounting include:

Developing and implementing accounting policies and procedures for the family office, such as financial reporting, budgeting, cash flow management and internal controls
Ensuring that the family office complies with all relevant accounting standards, laws, regulations and ethical principles, and that the family’s interests and assets are protected
Managing the accounting team and overseeing the daily operations and workflows of the accounting department
Providing strategic advice and counsel to the family office’s executive team, board of directors and family members on various accounting matters, such as financial performance, tax planning and risk management
Coordinating and overseeing the work of external accounting advisors and service providers, such as auditors, tax preparers, and bookkeepers and ensuring that the family office receives high-quality and cost-effective accounting services
Preparing and reviewing financial statements, reports and analyses for the family office and the family members, as well as budgets and forecasts
Managing and reconciling the family office’s accounts, such as bank accounts, investment accounts and intercompany accounts
Managing and resolving any accounting issues or discrepancies that may arise within the family office or between the family office and the family members, and representing the family office in any accounting disputes or claims
Monitoring and evaluating the effectiveness and efficiency of the accounting policies and procedures, and making recommendations for improvement and innovation
Keeping abreast of the latest accounting developments and trends that may affect the family office or the family’s activities, and providing timely and proactive accounting updates and insights to the family office’s executive team and board of directors
Educating and training the family office’s staff and family members on relevant accounting topics and skills, and creating a culture of accounting awareness and compliance within the family office
Supporting the family office’s strategic planning and decision-making, and providing accounting input and analysis on various business opportunities and initiatives

ATTRIBUTES

Detail-oriented

As the saying goes, “the devil is in the details.” One of the most important attributes in a Director of Accounting is being detail-oriented. That means someone who pays attention to every detail and ensures the accuracy and completeness of the family office’s financial records and reports, such as balance sheets, income statements, cash flow statements and tax filings. A detail-oriented Director of Accounting can meticulously oversee various accounting processes and systems, such as the general ledger, accounts payable/receivable, payroll and inventory. A detail-oriented Director of Accounting can also effectively maintain internal controls and compliance standards.

Analytical

The best Directors of Accounting are analytical and understand the family office’s financial performance and position, as well as the drivers and trends behind them. As Peter Drucker said, “What gets measured gets improved.” An analytical Director of Accounting can analyze and interpret the financial data and metrics, such as revenues, expenses, margins, ratios and variances. He or she can also provide financial insights and recommendations to the family office’s management and principals, such as budgeting, forecasting, profitability, cash flow and risk management.

Strategic

As Michael Porter said, “Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.” CEOs and executive teams value the Director of Accounting as a strategic partner who can support the family office’s strategic planning and decision-making. A strategic Director of Accounting can align the financial function with the family office’s vision, mission, and goals, and provide financial information and solutions that enable the family office to achieve them. A strategic Director of Accounting can also evaluate the financial impact and feasibility of various strategic initiatives and projects, such as investments, acquisitions, divestitures, and restructurings.

Collaborative

Family offices expect a Director of Accounting to be collaborative and to work well with other family office leaders and professionals, such as a CFO, Tax Director, General Counsel, HR Director, Investment Managers or external accounting partners. A collaborative Director of Accounting can build trust and rapport with these stakeholders, and foster a culture of teamwork and cooperation. A collaborative Director of Accounting can also manage and develop the accounting staff, and provide them with guidance, feedback, and support.

COMPENSATION

Total compensation for a Director of Accounting at a family office is between $100,000 – 225,000. Factors that command a higher salary include specific education/certification requirements, industry experience, size of the accounting department and scope of work. Components of a Director of Accounting’s compensation may include:

Base salary

A fixed annual amount received for performing duties as agreed upon at the time of hiring. A Director of Accounting’s base salary varies depending on a principal’s AUM, type of investing activity, accounting staff present, as well as the overall experience and qualifications of the employee.

Discretionary Bonus

Discretionary bonuses are variable amounts that are paid annually, based on an individual’s performance. The percentage of compensation paid as a salary versus a bonus is entirely up to the employer, but for a Director of Accounting, a discretionary bonus will most likely account for 10 – 20% of total compensation. The most common reason for a higher bonus percentage (relative to salary) is to tie an employee’s compensation to their overall performance. It also allows an employer to set strategic goals during the employee’s annual performance evaluation, with the pay out of their bonus linked to the completion of stated goals.

Equity

With equity compensation, a portion of the employee’s compensation is paid in options, restricted stock or performance shares, which represent ownership in a business or fund owned or managed by the principal. Options can have a vesting period and/or expiration date, which affects their overall value. Equity compensation strongly incentivizes long-term employment and can be a great tool for building a team that is dedicated, loyal and aligned with the overall vision of the principal/family office.

STANDARD BENEFITS

A Director of Accounting will typically have access to the following corporate-style benefits:

Medical, dental and vision

Standard health benefits help employees stay healthy, reduce absenteeism and ultimately increase productivity.

Retirement savings account

401k, thrift savings plan or simple IRA, especially with employer matched contributions, shows your employees your commitment to their future.

Paid time off

PTO allows your employees to take time off from work for various reasons, such as vacation, sickness, personal matters or holidays.

Travel/miscellaneous expenses

Expenses incurred when travelling or conducting business on behalf of the principal(s). Expenses may include transportation, accommodations, meals and other costs related to business travel and may be reimbursed or covered by an allowance or budget.

OTHER BENEFITS / "PERKS"

Additional benefits are often included to enhance the attractiveness of an employment offer, as well as encouraging long-term employment. Such benefits include:

Education

Tuition reimbursement, scholarships/savings plans for those with college-aged children

Professional development

Encouraging and covering an employee’s participation in training courses, workshops, seminars, conferences or professional certifications

Health and wellness

Healthy food, beverages or snacks offered at the office
Paid or discounted gym memberships or fitness classes
Access to wellness programs with counseling services, health screenings, substance abuse treatment, etc.
Life and disability insurance

Employee assistance

Financial counseling
Legal advice
Transportation reimbursement or allowance

Charity

Volunteer opportunities
PTO days for community service
Charitable match program

Family benefits

On-site childcare or childcare reimbursements
Parental and family medical leave

Workplace

Remote work/flexible hours
Casual work attire
Employee recognition programs, awards or rewards

REPORT STRUCTURE

A Director of Accounting typically reports:

To a Chief Financial Officer (CFO)
To the head of the family office (Managing Director or Chief Executive Officer)
To other designated staff, such as a Chief Operating Officer or Chief of Staff

If this role is managerial in nature, this person may also be responsible for managing subordinate accounting staff.

Have Questions?

Financial Leadership, Strategic Growth

A Director of Accounting ensures the financial health of a family office by overseeing budgeting, financial reporting, compliance, and strategic planning. They manage accounting operations with precision, ensuring transparency, efficiency, and long-term financial stability. Their expertise in financial controls and risk management allows for informed decision-making and sustainable wealth preservation.

Looking for financial leadership that drives success? Let us connect you with an expert in accounting and strategic planning.

“We place Directors of Accounting who combine financial expertise with strategic vision to optimize a family’s overall wealth management operation.”

Adam Cook

Managing Director, Old State Staffing

Precision, Compliance & Financial Expertise

Why You Should Consider a Director of Accounting

A Director of Accounting provides the structure and expertise necessary to maintain financial stability and strategic growth. They oversee accounting operations with precision, ensuring that financial decisions are informed and aligned with long-term goals. A Director of Accounting can help you: