Purchase of security, accrual of expense, subscription/redemption. What is US GAAP / IFRS difference in fund accounting? How NAV is calculated? Explain realized vs. unrealized gains. What is fair value hierarchy (Level 1, 2, 3 under GAAP)? What are primary/secondary financial markets? --- 🔹 2. Manager Round Topics: Financial Market, MTM, Derivatives Likely Questions Explain Mark-to-Market (MTM) and its impact on NAV. Example: You hold futures – how is daily MTM accounted for? How do derivatives (forwards, swaps, options) get valued? Walk through a trade lifecycle (trade date → settlement date). How do corporate actions (dividend, split) affect NAV? If market data missing, how do you handle valuation? --- 🔹 3. HR Round Topics: Expectations & “Tell me about yourself”