Financial Officer, Loan Accounting
Apply NowCompany: The World Bank Group
Location: Washington, DC 20011
Description:
Financial Officer, Loan Accounting
Job #:
req32454
Organization:
World Bank
Sector:
Finance & Accounting
Grade:
GF
Term Duration:
4 years 0 months
Recruitment Type:
International Recruitment
Location:
Washington, DC,United States
Required Language(s):
English
Preferred Language(s):
Closing Date:
4/7/2025 (MM/DD/YYYY) at 11:59pm UTC
Description
Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to join us to help our clients solve their greatest development challenges. The World Bank (WB) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions (IBRD, IDA, IFC, MIGA, and ICSID) dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development on a livable planet. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.
The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD and IDA, and the extensive Trust Fund/Partnership portfolio of the WB entities. It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB's corporate expenses.
Organizationally, WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls. In WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.
Unit Overview:
Within WFA, the Loan Accounting Division (WFALA) directly supports the quarterly and annual year end audits, day to day accounting, data analyses, management reporting and the design and implementation of new products related to the IBRD & IDA loan portfolios.
The division bears primary accountability for the accuracy and completeness of the day-to-day accounting and reporting of the IBRD and IDA loan portfolios. This involves overseeing processes which generate accounting at the transactional and portfolio level, overseeing quarterly and fiscal loan ledger closings, and directly supporting the IBRD/IDA external audits. The division is also a key upstream provider of loan portfolio data, analyses and reports to other downstream reporting and corporate finance units who consume this information in their quarterly/fiscal year end activities.
The division is also responsible for servicing IBRD and IDA borrowers' debt repayments, monitoring repayment status, management reporting, and engaging with Bank operational teams to facilitate timely repayments.
Our division is heavily involved in the full lifecycle of new loan product development across the Bank by supporting upstream design and feasibility, downstream implementation and stabilization. The team plays a pivotal role related to most initiatives related to the loan and guarantees portfolios.
The division is also a main focal point for addressing and researching queries from Senior Management related to the IBRD and IDA loan portfolios.
The loan accounting division is heavily engaged in new product development at the Bank, participating in the end-to-end lifecycle from initial design and feasibility to implementation and stabilization phases - and often leads some phases within the lifecycle.
The team is spread across three locations: Washington, Chennai, and Manila.
WFALA is currently seeking a Finance Officer who will be based in Washington, D.C.
How your contributions will help us achieve our goals:
This position requires a thorough understanding of IBRD and IDA loan products and policies, as well as substantial experience with monthly closings in a production accounting unit. The role involves regular interaction with colleagues at all levels from various Finance units, Operations Units, IFC, MIGA, and the external auditors.
In this role, you will also support the Bank-wide development and implementation of new products by reviewing proposals and providing insights, comments, and issues from our team's perspective. Your ability to wear a 'corporate hat' and consider the broader implications of recommendations will be essential, while having a sound understanding of the current business and systems ecosystem capabilities.
You will also be responsible for directly supporting the delivery of the team's day-to-day accounting and reporting obligations.
What you will do:
Quarterly / FY end closings: directly perform accounting closing production work for the IBRD/IDA loans portfolios. This work involves a large hands-on component working in underlying systems and other related modules. Directly engage with other corporate finance units, and the external auditors
Internal Control Oversight: proactively adopt and role model a strong control mindset. Set team norms to learn from past issues, identify areas in need of strengthening, and initiating appropriate actions
New products - represent the division's interests in new product working groups, formulate and provide oral and written inputs, comments, raise issues based upon knowledge of the business and underlying IT systems
Accounting Policy - research accounting issues and interpret accounting standards in collaboration with the Accounting Policy and Corporate Reporting team to ensure the timely and accurate application of both existing and new accounting guidance. Maintain strong working knowledge of the applicable accounting standards as well as a thorough understanding of the Bank's loan portfolios and processes to analyze the appropriate accounting treatment of new financial products and strategies
Process Improvements and Efficiencies: Proactively identify and operationalize process improvements and/or challenge the status quo using automated solutions such as RPA, Alteryx, and similar tools
Systems / business requirements: formulate, draft and articulate business needs in system requirement documents to support new products and policies. Perform and oversee user acceptance testing of new systems and functionality
Financial Analysis: Proactively identify trends and/or potential inconsistencies through critical review of data and fact patterns regarding the loan portfolio. Lead/assist/support the response to queries from senior management, external auditors etc.
Internal and external collaboration: Act as a key point of contact for external auditors and coordinate financial activities with business units within IBRD and IDA
Coaching and talent development: Act as a role model, provide direction, training and/or mentorship to junior staff
Selection Criteria
What you will bring:
Education & Experience:
Professional accounting qualification (CA, CPA, ACCA or an equivalent professional accounting designation)
Bachelor's degree in Finance, Accounting, or relevant discipline
Minimum 5 years post qualification experience
Experience with a large financial institution, MDB, or Big 4 accounting firm is a plus
Master's in Finance Accounting or relevant discipline is a plus
Knowledge and Skills:
Strong knowledge of U.S. GAAP and proficiency with researching and applying accounting standards
Strong knowledge of the World Bank's loan products and policies
Hands on experience with an ERP system - with strong preference to SAP experience
Proven attention to details is required
Strong experience in designing and implementing internal controls over day-to-day processes and financial reporting related tasks
Strong Project management skills and experience
Abilities:
Strong oral and written communication skills, including the ability to explain and express views/opinions clearly and confidently
Ability to deal sensitively in a multi-cultural environment and build effective working relations with clients and colleagues
Many requests may involve off-hour work due to their urgency. Applicants unable to accept this requirement should not apply to this position.
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.
Job #:
req32454
Organization:
World Bank
Sector:
Finance & Accounting
Grade:
GF
Term Duration:
4 years 0 months
Recruitment Type:
International Recruitment
Location:
Washington, DC,United States
Required Language(s):
English
Preferred Language(s):
Closing Date:
4/7/2025 (MM/DD/YYYY) at 11:59pm UTC
Description
Do you want to build a career that is truly worthwhile? Working at the World Bank provides a unique opportunity for you to join us to help our clients solve their greatest development challenges. The World Bank (WB) is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions (IBRD, IDA, IFC, MIGA, and ICSID) dedicated to ending extreme poverty, increasing shared prosperity, and promoting sustainable development on a livable planet. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org.
The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD and IDA, and the extensive Trust Fund/Partnership portfolio of the WB entities. It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB's corporate expenses.
Organizationally, WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls. In WFA, our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.
Unit Overview:
Within WFA, the Loan Accounting Division (WFALA) directly supports the quarterly and annual year end audits, day to day accounting, data analyses, management reporting and the design and implementation of new products related to the IBRD & IDA loan portfolios.
The division bears primary accountability for the accuracy and completeness of the day-to-day accounting and reporting of the IBRD and IDA loan portfolios. This involves overseeing processes which generate accounting at the transactional and portfolio level, overseeing quarterly and fiscal loan ledger closings, and directly supporting the IBRD/IDA external audits. The division is also a key upstream provider of loan portfolio data, analyses and reports to other downstream reporting and corporate finance units who consume this information in their quarterly/fiscal year end activities.
The division is also responsible for servicing IBRD and IDA borrowers' debt repayments, monitoring repayment status, management reporting, and engaging with Bank operational teams to facilitate timely repayments.
Our division is heavily involved in the full lifecycle of new loan product development across the Bank by supporting upstream design and feasibility, downstream implementation and stabilization. The team plays a pivotal role related to most initiatives related to the loan and guarantees portfolios.
The division is also a main focal point for addressing and researching queries from Senior Management related to the IBRD and IDA loan portfolios.
The loan accounting division is heavily engaged in new product development at the Bank, participating in the end-to-end lifecycle from initial design and feasibility to implementation and stabilization phases - and often leads some phases within the lifecycle.
The team is spread across three locations: Washington, Chennai, and Manila.
WFALA is currently seeking a Finance Officer who will be based in Washington, D.C.
How your contributions will help us achieve our goals:
This position requires a thorough understanding of IBRD and IDA loan products and policies, as well as substantial experience with monthly closings in a production accounting unit. The role involves regular interaction with colleagues at all levels from various Finance units, Operations Units, IFC, MIGA, and the external auditors.
In this role, you will also support the Bank-wide development and implementation of new products by reviewing proposals and providing insights, comments, and issues from our team's perspective. Your ability to wear a 'corporate hat' and consider the broader implications of recommendations will be essential, while having a sound understanding of the current business and systems ecosystem capabilities.
You will also be responsible for directly supporting the delivery of the team's day-to-day accounting and reporting obligations.
What you will do:
Quarterly / FY end closings: directly perform accounting closing production work for the IBRD/IDA loans portfolios. This work involves a large hands-on component working in underlying systems and other related modules. Directly engage with other corporate finance units, and the external auditors
Internal Control Oversight: proactively adopt and role model a strong control mindset. Set team norms to learn from past issues, identify areas in need of strengthening, and initiating appropriate actions
New products - represent the division's interests in new product working groups, formulate and provide oral and written inputs, comments, raise issues based upon knowledge of the business and underlying IT systems
Accounting Policy - research accounting issues and interpret accounting standards in collaboration with the Accounting Policy and Corporate Reporting team to ensure the timely and accurate application of both existing and new accounting guidance. Maintain strong working knowledge of the applicable accounting standards as well as a thorough understanding of the Bank's loan portfolios and processes to analyze the appropriate accounting treatment of new financial products and strategies
Process Improvements and Efficiencies: Proactively identify and operationalize process improvements and/or challenge the status quo using automated solutions such as RPA, Alteryx, and similar tools
Systems / business requirements: formulate, draft and articulate business needs in system requirement documents to support new products and policies. Perform and oversee user acceptance testing of new systems and functionality
Financial Analysis: Proactively identify trends and/or potential inconsistencies through critical review of data and fact patterns regarding the loan portfolio. Lead/assist/support the response to queries from senior management, external auditors etc.
Internal and external collaboration: Act as a key point of contact for external auditors and coordinate financial activities with business units within IBRD and IDA
Coaching and talent development: Act as a role model, provide direction, training and/or mentorship to junior staff
Selection Criteria
What you will bring:
Education & Experience:
Professional accounting qualification (CA, CPA, ACCA or an equivalent professional accounting designation)
Bachelor's degree in Finance, Accounting, or relevant discipline
Minimum 5 years post qualification experience
Experience with a large financial institution, MDB, or Big 4 accounting firm is a plus
Master's in Finance Accounting or relevant discipline is a plus
Knowledge and Skills:
Strong knowledge of U.S. GAAP and proficiency with researching and applying accounting standards
Strong knowledge of the World Bank's loan products and policies
Hands on experience with an ERP system - with strong preference to SAP experience
Proven attention to details is required
Strong experience in designing and implementing internal controls over day-to-day processes and financial reporting related tasks
Strong Project management skills and experience
Abilities:
Strong oral and written communication skills, including the ability to explain and express views/opinions clearly and confidently
Ability to deal sensitively in a multi-cultural environment and build effective working relations with clients and colleagues
Many requests may involve off-hour work due to their urgency. Applicants unable to accept this requirement should not apply to this position.
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.