The investment fund industry landscape has gone through significant changes over the years. This is, in part, due to continuous changes and evolutions in the investors' and distributors' expectations, but it is also the result of the adoption of technological disruptors..
In close collaboration with PwC's subject matter experts, PwC's Academy has developed a multi-layered training curriculum for junior and more experienced fund industry employees and managers alike, who seek to gain further knowledge, to grow and get familiar with the topic/anticipate future trends.
This curriculum specifically focuses on the Fund Accounting roles through 2 different learning paths:
- UCITS Fund Accounting curriculum
- AIF Fund Accounting curriculum
Both offer a learning experience over 2 levels (Foundation and Knowledge & Competence) to answer your questions and training needs at different stages of your career (in Fund Accounting or not).
While the foundation level is common to both curriculums, the Knowledge & Competence level, predominantly aimed towards operational teams, will specifically cover regulations, financial products, processes and controls specific to either UCITS funds or AIFs.
Fund Accounting curriculum
2 levels: Foundation, Knowledge & Competence
Foundation
This Foundation level serves as an introduction, covering fundamental concepts and principles related to our topic.
Participants at this level will gain a solid understanding of the basics to form a strong foundation for more advanced learning.
This level is common to both UCITS and AIFs.
Please select the theme at first and then the building block that answers your specific needs and click on the links to get further details about each block's content..
This training pack is designed around 4 complementary building blocks:
- Investment funds - Introduction and market data (1h) Investment funds is one of the major industries in Luxembourg. With this training we propose to make a first step into the funds world by detailing some key concepts that can be developed further in other more specific training modules.
- Investment funds - Actors, roles and responsibilities (1h) In the continuity of the module Investment Funds - Introduction and Market Data, this course will cover the main actors involved in the investment funds value chain.
- Investment funds - Operational aspects (1h) In the continuity of the module Investment Funds - Introduction and Market Data, this course will cover operational aspects of funds from a fund accounting perspective.
- Investment funds - Distribution platforms (1h) In the continuity of the module Investment Funds - Introduction and Market Data, this course will cover the role and tasks of a fund distribution platform.
This training pack is designed around 3 complementary building blocks.
Regulatory framework (UCITS and AIFs) (3h) In the continuity of the previous modules, this course will cover the main regulations applicable to investment funds (UCITS and AIFs) in Luxembourg and their service providers.
AML - Follow the money (e-learning) (1h) This is the new immersive digital case-study designed by PwC’s Academy and PwC’s subject matter experts to support the acquisition and assessment of essential AML knowledge and competence.
GDPR essentials (e-learning) (1h20) This course is made up of small bite-sized courses, with 12 engaging videos which break down larger, more complex topics into interactive modules. The course covers personal data processing, regulation, data subject rights and data breaches.
Knowledge & Competence
This stage delves deeper into the subject matter providing participants with sound knowledge and practical skills necessary for their day-to-day tasks.
Following a first series of courses dedicated to both UCITS and AIFs, this Knowledge & Competence level provides you with 2 distinct learning paths specific to UCITS or AIFs.
Our UCITS learning path offers two training levels: a fundamental training through the Fund Accounting Pack Junior and a deep dive into FA specifics through the Fund Accounting pack advanced.
Please select the theme at first and then the building block that answers your specific needs and click on the links to get further details about each block's content.
This training pack is designed around 2 complementary building blocks.
- CSSF Circular 24/856 (amending Circular 02/77) on compliance breaches (3h) This course will provide participants with the Circular 24/856 key concepts and procedures related to managing and addressing investment compliance breaches.
- CSSF Circular 24/856 (amending Circular 02/77) on NAV errors (2h) This course will provide participants with the Circular 24/856's key concepts and procedures related to NAV errors, and a guide to detect errors.
This training pack is designed around 4 complementary building blocks.
Derivative instruments - The essentials (2h30) This course will cover derivative instrument characteristics and functions, risks and valuation method.
Performance fees: calculation techniques and market practices (2h) This course will highlight performance fee calculation principles, impacts and issues.
Eligible assets and Investment restrictions for Luxembourg UCITS - Foundation (4h) This course will give participants a clear view on the eligibility criteria applicable to the different UCITS types of investments, on the investment limits and the guidelines referring to the financial derivative instruments’ risks management.
Operational risks in fund accounting (1h30) aims at helping participants understand and monitor the different risks inherent to the Fund Accounting operations and processes.
This training pack is designed around 5 complementary building blocks:
- Futures and forwards - Foundation (2h30). Thanks to this course, participants will dive into the characteristics, operation, market use, valuation, and risk management of forwards and futures.
- Swaps (part 1): IRS - Foundation (2h30). This course will help participants to understand swaps' characteristics, operation, market use, valuation, and associated risk management.
- Options - Foundation (2h30). Thanks to this module, participants will better understand the characteristics, operation, market use, valuation, and risk management of each instrument.
- Swaps (Part 2): credit derivatives - Foundation (2h30). This module will help participants to get a better understanding of the characteristics, operation, usage, valuation, and risk management of swaps.
- Eligible assets and investment restrictions for Luxembourg UCITS - Advanced (6h). This module will offer participants an overview of UCITS investment criteria cover eligible assets, investment limits, and risk management guidelines for financial derivatives.
This training pack is designed around 3 complementary building blocks.
- Administration of alternative investment funds - Introduction to the AIF industry (3h). While AIF funds vehicles are becoming increasingly popular in the Luxembourg marketplace, this course will help participants to understand the nature and purpose of this industry as well as the different structures available in Luxembourg.
- IFRS 18 - Presentation and disclosure in financial statements (2h) This course covers the new standard and its main impact on the presentation and disclosures of the financial information.
This training pack is designed around 3 complementary building blocks:
- Alternative assets valuation - Introduction (2h) This course will help participants develop a foundational knowledge of valuation concepts, methodologies and techniques used to value the alternative asset classes (private equity, private debt, venture capital, infrastructure and real estate).
- Alternative assets valuation function and valuation process - Regulatory aspects (3h) This course will help participants understand the key roles and responsibilities of the valuation function, as well as the controls and requirements in regards to the regulatory framework.
Other courses are available to support learning around topics surrounding Fund Accounting responsibilities:
- Private debt - The essentials
- Private debt - Accounting considerations
- Carried interests - The essentials
- Venture Capital - The essentials
- Infrastructure - The essentials
- IFRS for investment funds
- IFRS for investment funds - Introduction to key specificities for alternatives
- US GAAP for investment funds
- Lux GAAP vs IFRS: key similarities and differences
- Alternative assets valuation curriculum
Live training courses can also be tailored on demand given the nature of your investment, financial products and services offering.
