Jobs › Northern Trust

Sr Manager, Alternative Asset Services-PCA

Northern Trust · Chicago, IL · $114,700–$194,900 a year · Full time

Posted Jul 2, 2026 · We last checked this listing on Oct 6, 2026

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Likely interview questions for this role

Written from this job description, not a generic list. Each one notes what the interviewer is really checking.

About your past

Tell me about a time you found a mistake your team had already sent to a client. How did you handle it?

What they are checking: Honesty and speed in correcting errors with third-party clients, plus fixing the process that allowed it.

Describe a time you improved a manual process in fund administration. What did it save and what did it risk?

What they are checking: Whether they improve workflows with controls in mind instead of just speed.

How do you keep a team motivated through quarter-end and audit season when hours are long?

What they are checking: Whether they manage workload and morale in a deadline-driven function so good people stay.

What would you do

A client's CFO disputes a number in the quarterly investor report the day before it goes out. What do you do?

What they are checking: Balancing deadline pressure against accuracy, and knowing when to delay rather than send something wrong.

How do you review a junior accountant's work on a fund close when you have several funds closing the same week?

What they are checking: Ability to prioritize review by risk and complexity while still developing the people doing the work.

A client asks you to book a transaction in a way you think doesn't follow their fund agreement. How do you respond?

What they are checking: Willingness to push back on a client, citing the limited partnership agreement, while staying service-minded.

About the work

Walk me through how you'd process a capital call for a buyout fund, from notice to investors through the accounting entries.

What they are checking: Hands-on knowledge of drawdown mechanics, investor allocations and how the books reflect commitments and contributions.

Our fund products include venture, buyout, mezzanine, life sciences, secondaries and fund of funds. Which have you supported, and what's different about accounting for them?

What they are checking: Whether they understand how valuation, income and reporting differ across private fund strategies.

How does a distribution waterfall work, and where do errors most often creep in?

What they are checking: Understanding of return of capital, preferred return, catch-up and carried interest, and the care those calculations need.

How would you explain the difference between a fund's NAV and its partners' capital account balances to a new team member?

What they are checking: Clarity on core private equity fund concepts and the ability to teach them simply.

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The full job description

As published by Northern Trust.

About Northern Trust As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Department Overview: Private Capital Administration provides third-party clients with comprehensive administration, financial accounting, and investor reporting services for their funds. Fund products supported include venture capital, buyout, mezzanine, life sciences, secondaries, fund of funds. Services include assistance with investment and divestment execution, investor drawdown and distributions, financial reporting and investor reporting. Working Model: Hybrid We have a balanced hybrid working model to ensure you get the flexibility you need, and the successful candidate will spend their time between working in the office and working from home. Major Duties : 1.Responsible for managing the Private Equity Accounting group(s). 2.Conducts the performance management process, identifies training and development needs, and establishes performance standards for the relevant groups. 3.Makes staffing decisions, and ensures resources are available to accomplish priorities. 4.Participates in developing/provides input and support to the strategic plan and budge management process. 5.Provides additional leadership support within large specialized groups. 6. Seasoned multi-disciplinary expert with extensive technical and / or business knowledge and functional expertise 7. Focus of role is on execution of strategic direction of business function activities 8. Carries out complex initiatives involving multiple disciplines and/or ambiguous issues 9. Displays a balanced, cross-functional perspective, liaising with the business to improve efficiency, effectiveness and productivity 10. Conducts performance management and career development processes, provides input for staffing and disciplinary actions and provides hands-on training to staff 11. Develops periodic goals, organizes the work, sets short-term priorities, monitors all activities, and ensures timely and accurate completion of the work. 12. Provides input and support to budget management process Knowledge : • Excellent oral and written communication skills are required • In-depth Functional / Industry Knowledge is required • Highly flexible and adaptable to change • Technical skills / systems knowledge is required • Leadership and organizational skills are required to develop periodic goals and to manage and motivate team members towards the goals set. • #LI-Hybrid • #LI-GG1 Experience : • A College or University degree and/or relevant proven work experience is required / preferred. • Related Industry qualification is required / preferred Salary Range: $114,700 - 194,900 USD Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component. Work Authorization Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa). Working with Us As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve. Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities. Reasonable Accommodation Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com , or alternatively you can discuss your individual requirements with the recruiter you are working with.

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