Senior Accountant - Derivatives Transactions

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. As a cooperative, we are owned by banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of reliable, wholesale funding annually. Our funds help members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs throughout the region. Our team of 225 is innovative, collaborative, and passionate about our mission.

About the role

The Senior Accountant/Derivatives is primarily responsible for maintaining accurate and reliable accounting records and preparing accurate and timely financial reports related to the Bank’s derivative portfolio as required under ASC 815 (Derivatives and Hedging). The role assists in the control function of the department by performing analysis on various general ledger accounts related to the month-end closing and periodic reporting process. This position participates in testing and documentation of new accounting systems, conversions, or processes and may be assigned special projects within the Accounting Control department. This is a hybrid role based in Boston with weekly in-office expectations.

Responsibilities

• Ensure all derivative trades are correctly and accurately entered in the Bank’s system of record by reviewing system data against trade ticket characteristics and confirming corrections before approval.
• Review and approve ASC 815 hedge documentation on a timely basis for all fair value and cash flow hedge designated transactions, ensuring appropriate designation based on hedge/hedged item characteristics.
• Reconcile daily all derivative trade activity on the Bank’s subsidiary ledger to the general ledger, including purchases, calls, terminations, and maturities, for both balance sheet and income statement accounts.
• Analyze all related accounts to ensure accurate reporting of the derivative portfolio.
• 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 hedged items as required by ASC 815.
• Prepare journal entries 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 derivatives-related Central database tables against the general ledger.
• Assist in resolving payment discrepancies reported by the Bank Operations department and liaise with Treasury and counterparties to resolve issues before payment dates.
• Maintain accurate documentation for all reconciliations in compliance with SOX 404 requirements.
• Facilitate 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 required.
• Assist in preparing internal and external reporting requirements related to derivatives and hedging activities, including monthly trend reports for department and board reporting.
• Prepare quarterly regulatory reports and year-end financial statement disclosures, including SEC reporting (10-Q/10-K), Office of Finance (FRS), and FHFA (CRS) reporting.
• Perform other duties as assigned.

Requirements

• Bachelor’s or advanced degree in Accounting, Finance, or Business Administration, or relevant work 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.

Skills

• At least intermediate-level proficiency with MS Office (specifically Excel) and general ledger software.
• Excellent organizational and analytical skills.
• Strong communication and interpersonal skills.
• Ability to work independently and in a team environment.

Benefits

All full-time positions are eligible to participate in our annual incentive program and robust total rewards offerings, including career development opportunities and work-life balance.

Pay

The anticipated base pay range for this non-exempt role is $80,500 - $132,250 annually. The actual base salary offer will depend on relevant experience, required skills, and other factors.

Schedule

This role follows a hybrid work schedule in accordance with the Bank’s Hybrid Work Program, with more time expected in the office initially to support onboarding. The position is based in Boston with weekly in-office expectations.