Fund Administrator Interview Questions UK: 8 Real Questions and What Interviewers Want

Most Fund Administrator interviews in the UK follow a pattern, and knowing it beats guessing. Below are eight questions from our bank of 16, each with a note on what the interviewer is really after.

Eight Fund Administrator interview questions, and what the interviewer is thinking

1. Talk me through how a daily NAV is calculated for a fund you administer.

Why they ask: Tests whether you understand the core output a fund administrator is responsible for.

2. What is the difference between the roles of the fund administrator, the depositary and the custodian?

Why they ask: Checks you understand where your function sits in the fund's service provider structure.

3. What is a trade break and how would you investigate one?

Why they ask: Tests your practical reconciliation and settlement knowledge.

4. What does the transfer agency function do in a fund administration business?

Why they ask: Checks you understand the investor-facing side of administration.

5. How do you reconcile a fund's cash and positions, and why does it matter?

Why they ask: Assesses a core control that underpins accurate NAVs.

6. You notice the NAV for one of your funds has moved by 2% when the market was flat. What would you do?

Why they ask: Tests your judgement on tolerance checks before a NAV is released.

7. Tell me about a time you found and corrected an error in your work before it caused a problem.

Why they ask: Looks for accuracy, honesty and a control mindset.

8. Why do you want to be a fund administrator, and what do you think the day-to-day job involves?

Why they ask: Checks realistic understanding and genuine interest in the role.

A sample answer to question 1

Talk me through how a daily NAV is calculated for a fund you administer.

I would start with the fund's closing positions from the custodian or the investment manager's records and price each holding using the agreed pricing sources, such as Bloomberg or Refinitiv, at the valuation point. Then I add accrued income like dividends and bond coupons, and deduct accrued liabilities such as management fees, administration fees and audit costs. Cash balances are reconciled to bank statements and foreign currency assets converted at the agreed FX rate. The total net assets are divided by the units or shares in issue, which have to reflect that day's subscriptions and redemptions, to give the NAV per share. Before release I run tolerance checks against the previous NAV and the benchmark, investigate any large movements such as a stale price or a missed corporate action, and get a four-eyes review. Anything over the tolerance is documented and escalated before the price is published.

Common mistake to avoid: Skipping the accruals and capital activity; forgetting to mention independent review

Want the rest?

Full model answers, key points and common mistakes for all 16 questions are on the Fund Administrator interview questions page. The first five are free, no sign-up needed.