Description
The Minnesota State Board of Investment is seeking a highly experienced and mission-driven Chief Financial Officer / Director of Financial Services to lead our Financial Services Division. This is a rare opportunity for a seasoned leader to play a critical role within a highly regarded, $170 billion public-sector institutional investment organization.
We are seeking a strategic, collaborative executive with deep expertise in financial leadership, operational excellence, and institutional investment governance. This role offers the opportunity to make a meaningful impact at an organization where fiduciary responsibility, purpose, and performance matter every day.
We offer an industry-competitive salary and a strong benefits package commensurate with experience.
About the SBI
Established in 1885, the Minnesota State Board of Investment (SBI) serves the State of Minnesota by investing the assets of state and local employee benefit plans, other public retirement savings plans, tax-advantaged savings plans, and non-retirement assets. The SBI manages more than $170 billion in assets, making it one of the largest public pension fund investors in the United States. Governed by a board consisting of the four constitutional officers of the State of Minnesota, the SBI is widely regarded as a best-in-class institutional investor and a model of sound public investment management, led by a highly skilled, dedicated, professional staff that operates with a strong culture of fiduciary excellence, integrity, and collaboration.
About the Opportunity
The SBI is conducting a search for a highly experienced and mission-driven Chief Financial Officer (CFO) / Director of Financial Services to lead its Financial Services Division. This senior executive position represents a unique opportunity for a seasoned leader to assume a crucial role within a leading public-sector institutional investment organization.
Reporting to the Deputy Executive Director and serving as a member of the Senior Leadership Team, this position is responsible and accountable for financial and accounting operations, custody banking, internal controls, financial technology systems, budgeting, and the annual financial audit. The CFO directs a team of finance, accounting, compliance, and investment operations professionals and is an important senior contributor to the SBI.
Primary Responsibilities
The CFO / Director of Financial Services will be responsible for the following primary areas:
Strategic and Executive Leadership (ongoing): Serve on the SBI’s Senior Leadership Team and contribute to enterprise strategy, organizational decision-making, and the development and execution of agency priorities. Represent the SBI with professionalism and an executive presence in meetings, presentations, and external forums, including with board, legislative, and member retirement organizations, as directed. Provide executive leadership for cross-functional initiatives and serve as a trusted advisor to the SBI’s Executive Director on strategic, financial, and operational matters.
Team Leadership and Development (ongoing): Lead, mentor, and support the Financial Services team, serving as a resource to staff and stewarding professional growth, development, and career progression across the department. Create and maintain a high-performing, collaborative team environment to advance the unit's initiatives. Model the SBI’s core values of integrity, professionalism, and collegiality, and promote an inclusive workplace culture.
Investment Accounting Activities (20%): Administer and maintain investment accounting records for investment accounts, funds, pools, and trusts. Oversee the calculation and reconciliation of relevant unit values, valuations, cash flows, etc. Establish valuation policies, oversee accounting for derivatives and other financial instruments. Support performance measurement and analytics by validating valuation and transaction data used in performance and risk reporting.
Custody Service and Related Investment Operations (20%): Direct custodian banking relationships, ensure effective controls over the safeguarding of assets, oversee custodian bank selection and RFP processes, ensure foreign tax compliance, and manage international market opening coordination with custodial banks and sub-custodians to ensure operational readiness for cross-border settlement and FX activity.
Annual Audit and Financial Oversight (15%): Oversee and support the annual audit process to ensure accuracy, transparency, and compliance with applicable standards. This includes coordinating with internal staff and the Office of the Legislative Auditor, ensuring timely preparation and review of financial statements, addressing audit findings, and maintaining strong internal controls. The role is accountable for promoting audit readiness throughout the year and ensuring that all reporting meets regulatory and fiduciary expectations.
Financial Systems Management and Reporting (15%): Provide executive oversight of all financial and accounting systems, including reconciliation, plan accounting, reporting platforms, and other activities related to investment accounting. Lead year-end financial statement preparation and ACFR production. Ensure compliance with all GASB pronouncements and GAAP standards applicable to governmental pension plans. Oversee implementation of financial system conversions and technology modernization initiatives.
Risk Management and Internal Controls (15%): Design and maintain the agency’s internal controls program, including business continuity planning and anti-fraud controls.
Budgetary Process and Financial Planning (15%): Lead the development, presentation, and monitoring of the annual and biennial operating budgets. Prepare long-range financial plans and projections, and administer appropriated funds within a complex accounting structure.
Classification: Managing Director, Administration and Operations; or Managing Director, Investments
Travel Required: up to 5%
Salary Range(s)*:
Managing Director, Administration and Operations: $255,467 - $346,650 annually
Managing Director, Investments: $327,357 - $423,655 annually
* The SBI offers an excellent and comprehensive benefits package. Listed salary ranges reflect total cash compensation. Note that the SBI compensation structure features a fixed, cash-based model that does not include incentive compensation.
Telework Eligible: SBI currently utilizes a hybrid model, with weekly anchor days required. This is subject to change at the discretion of the SBI Executive Director.
Note: the posting closes August 21, 2026
To apply, visit: https://www.msbi.us/employment-opportunities
As part of the application process, please include a cover letter detailing your interest in the position.
Requirements
Minimum Qualifications
Candidates must meet all of the following minimum qualifications to be considered for this position:
Education:
Bachelor's degree in Accounting, Finance, Business Administration, or a closely related field.
Experience:
Minimum of ten (10) years of progressively responsible professional experience in accounting, finance, or public fund financial management.
Minimum of seven (7) years in a relevant senior management or executive leadership role with direct supervisory responsibility.
Demonstrated experience overseeing the preparation of complex financial reports and ensuring compliance with applicable accounting and reporting standards (e.g., GAAP, GASB or other relevant frameworks).
Demonstrated experience managing custodial banking relationships, investment accounting, and financial systems.
Experience with budget development, administration, and long-range financial planning within a complex accounting structure.
Experience designing, maintaining, and evaluating internal controls and relevant risk management programs.
Demonstrated ability to communicate complex financial matters clearly in writing and in oral presentations to senior executives.
Preferred Qualifications
Preference will be given to candidates who possess one or more of the following:
Education and Credentials:
Master's degree (MBA, MPA, or equivalent) in Accounting, Finance, Business Administration, or a related field.
Certified Public Accountant (CPA) designation.
Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA), Certified Government Financial Manager (CGFM), or other relevant professional certification.
Experience:
Substantial experience in a public pension fund, state investment board, corporate investment manager, or other large institutional investment or financial organization of comparable scale and complexity.
Experience overseeing investment compliance programs, including monitoring manager guidelines, broker commissions, and foreign tax obligations.
Experience managing financial system conversions, enterprise risk management programs, and/or technology modernization initiatives.
Experience with international investment operations, including foreign market settlements, sub-custodian relationships, and FX management.
Additional Requirements:
All employees must successfully complete the SBI’s background investigation prior to employment. The background check may consist of the following components:
SEMA4 Records Check (applies to current and past State employees only)
Criminal History Check
Employment Reference Check
Social Security and Address Verification
Education Verification
Driver's License Check
The SBI does not sponsor applicants for work visas. All applicants must be legally authorized to work in the US.
