Working Title: Chief Financial Officer (CFO)/Director of Financial Services
Job Class: Managing Director, Administration and Operations -OR- Managing Director, Investments
Agency: Minnesota State Board of Investment (SBI)
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Job ID: 95776
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Location: St. Paul
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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.
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Full/Part Time: Full Time
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Who May Apply: Open to all qualified job seekers
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Date Posted: 07/24/2026
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Closing Date: 08/21/2026
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Hiring Agency/Seniority Unit: Investment Board
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Division/Unit: State Board of Investment(SBI) / Executive
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Work Shift/Work Hours: Shift
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Days of Work: Monday - Friday
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Travel Required: Up to 5%
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Salary Range(s):
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Managing Director, Administration and Operations: $255,467 - $346,650 annually
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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 positions are not eligible for incentive compensation.
- Classified Status: Unclassified
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Bargaining Unit/Union: Managerial
- Work Area: St. Paul
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Designated in Connect 700 Program for Applicants with Disabilities: No
At the State of Minnesota, employees play a critical role in developing policies, providing essential services, and working to improve the well-being and quality of life for all Minnesotans. The State of Minnesota is committed to equity and inclusion, and invests in employees by providing benefits, support resources, and training and development opportunities.
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 $160 billion in assets, making it one of the largest public pension fund investors in the United States. Governed by the four constitutional officers of the State of Minnesota, the SBI is widely regarded as a model of sound public investment management, operating with a small, highly skilled professional staff and a strong culture of fiduciary excellence, integrity, and innovation.
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 public sector finance leader to assume a critical 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:
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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.
Candidates must meet all of the following minimum qualifications to be considered for this position:
Education:
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Bachelor's degree in Accounting, Finance, Business Administration, or a closely related field.
Experience:
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Minimum of ten (10) years of progressively responsible professional experience in accounting, finance, or public fund financial management.
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Minimum of seven (7) years in a senior management or executive leadership role with direct supervisory responsibility.
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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).
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Demonstrated experience managing custodial banking relationships, investment accounting, and financial systems.
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Experience with budget development, administration, and long-range financial planning within a complex accounting structure.
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Experience designing, maintaining, and evaluating internal controls and risk management programs.
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Demonstrated ability to communicate complex financial matters clearly in writing and in oral presentations to senior executives.
Preference will be given to candidates who possess one or more of the following:
Education and Credentials:
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Master's degree (MBA, MPA, or equivalent) in Accounting, Finance, Business Administration, or a related field.
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Certified Public Accountant (CPA) designation — strongly preferred.
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Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA), Certified Government Financial Manager (CGFM), or other relevant professional certification.
Experience:
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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.
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Experience managing financial system conversions, enterprise risk management programs, and/or technology modernization initiatives.
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Experience with international investment operations, including foreign market settlements, sub-custodian relationships, and FX management.
It is the policy of the State Board of Investment that all employees submit to a 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
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Driver's License Check
The State Board of Investment will not sponsor applicants for work visas. All applicants must be legally authorized to work in the US.
Select “Apply for Job” at the top of this page. If you have questions about applying for jobs, contact the Careers Help Desk at 651-259-3637 or email [email protected]. For additional information about the application process, go to http://www.mn.gov/careers.
As part of the application process, please include a cover letter detailing your interest in the position.
If you have questions about this position, contact Aneda Sivongsay at [email protected] or 651-284-7878.
The SBI offers a professional, mission-driven work environment with a highly collegial team dedicated to excellence in public investment management. The CFO / Director of Financial Services will work at the SBI's offices in St. Paul, Minnesota, with hybrid telework arrangements subject to organizational policy.
The State of Minnesota offers a competitive total compensation package including:
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Competitive salary commensurate with qualifications and experience
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Comprehensive health, dental, and vision insurance coverage
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Defined benefit pension plan through the Minnesota State Retirement System (MSRS) or relevant plan
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Deferred compensation and supplemental retirement savings plans
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Generous paid vacation, sick leave, and holiday schedule
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Paid parental leave
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Professional development and training opportunities
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Public Service Loan Forgiveness (PSLF) eligibility (subject to federal program requirements)
What do Minnesota's State employees have in common?
- A sense of purpose in their work
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Connection with their coworkers and communities
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Opportunities for personal and professional growth
As an employee, you'll have access to one of the most affordable health insurance plans in Minnesota, along with other benefits to help you and your family be well.
- Paid vacation and sick leave
- 12 paid holidays each year
- Low-cost medical, dental, vision, and prescription drug plans
- Fertility care, including IVF
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Diabetes care
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Dental and orthodontic care for adults and children
- 6 weeks paid leave for parents of newborn or newly adopted children
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Pension plan that provides income when you retire (after working at least three years)
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Employer paid life insurance to provide support for your family in the event of death
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Short-term and long-term disability insurance that can provide income if you are unable to work due to illness or injury
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Tax-free expense accounts for health, dental, and dependent care
- Resources that provide support and promote physical, emotional, social, and financial well-being
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Training, classes, and professional development
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Tuition reimbursement
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Federal Public Service Loan Forgiveness Program (Some positions may qualify for the Public Service Loan Forgiveness Program. For more information, visit the Federal Student Aid website at studentaid.gov)
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A voluntary confidential program that helps employees and their families with life challenges that may impact overall health, personal well-being, or job performance
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Common sources of stress can be addressed through the EAP: mental health, relationship challenges (personal and work), grief and loss, finances, and legal issues
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Daily Living/Convenience Services: Chore services, home repair, trip planning, child/elder care
Programs, resources and benefits eligibility varies based on type of employment, agency, funding availability, union/collective bargaining agreement, location, and length of service with the State of Minnesota.
EQUAL OPPORTUNITY EMPLOYERS
Minnesota state agencies are equal opportunity, affirmative action, and veteran-friendly employers. State agencies are committed to creating a workforce that reflects the diversity of the state and strongly encourages persons of color and Indigenous communities, members of the LGBTQIA2S+ community, individuals with disabilities, women, and veterans to apply. The varied experiences and perspectives of employees strengthen the work we do together and our ability to best serve Minnesotans.
All qualified applicants will receive consideration for employment without regard to race, color, creed, religion, national origin, sex (including pregnancy, childbirth, and disabilities related to pregnancy or childbirth), gender identity, gender expression, marital status, familial status, age, sexual orientation, status regarding public assistance, disability, veteran status or activity in a local Human Rights Commission or any other characteristic protected by law.
APPLICANTS WITH DISABILITIES
Minnesota state agencies make reasonable accommodations to their employees and applicants with disabilities. If you have a disability and need assistance in searching or applying for jobs with the State of Minnesota, call the Careers Help Desk at 651-259-3637 or email [email protected] and let us know the support you need.
