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)

Job ID: 95776
Location: St. Paul
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.
Full/Part Time: Full Time
Who May Apply: Open to all qualified job seekers
Date Posted: 07/24/2026
Closing Date: 08/21/2026
Hiring Agency/Seniority Unit: Investment Board
Division/Unit: State Board Of Investment(SBI) / Executive
Work Shift/Work Hours: Shift
Days of Work: Monday - Friday
Travel Required: 5-15%
Salary Range(s):
- Managing Director, Administration and Operations: $255,467 - $346,650 annually
- Managing Director, Investments: $327,357 - $423,655 annually
- The State of Minnesota 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
- Bargaining Unit/Union: Managerial
- Work Area: St. Paul
- Designated in Connect 700 Program for Applicants with Disabilities: No

The work you'll do is more than just a job.

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 investment organization.

Reporting to the Deputy Executive Director and serving as a member of the Senior Leadership Team, this position carries full accountability for financial and accounting operations, investment compliance, 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 serves as a trusted advisor to the Executive Director, the Board, legislative bodies, and external stakeholders.

Primary Responsibilities

The CFO / Director of Financial Services will be responsible for the following primary areas:

Custody Banking and Asset Safekeeping (20%): Direct custodian banking relationships, manage asset safekeeping compliance, oversee custodian bank selection and RFP processes, 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 (10%): Provide executive oversight of all financial and investment systems, including reconciliation, plan accounting, and reporting platforms. 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.
Investment Compliance Program (15%): Develop and maintain a comprehensive investment-related compliance program; oversee investment guideline monitoring, broker commission tracking, foreign tax compliance, and cash flow/liquidity management to meet benefit obligations and asset allocation targets.
Risk Management and Internal Controls (10%): Oversee the enterprise risk management program; review and approve annual internal control plans; direct business continuity planning and anti-fraud controls; liaise with internal audit and external auditors.
Budgetary Process and Financial Planning (10%): Lead the development, presentation, and monitoring of the annual and biennial operating budgets; prepare long-range financial plans and projections; administer appropriated funds within a complex accounting structure.
Executive and Strategic Leadership (10%): Serve on the Senior Leadership Team, contribute to enterprise strategy, represent the SBI at industry forums, present to the Board and legislative bodies, and provide mentorship and professional development to staff.
Annual Workplan and Agency Expectations (10%): Contribute to and evaluate the SBI's annual workplan; model the SBI's core values of integrity, professionalism, and collegiality; promote a high-performance, inclusive workplace culture.

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 senior management or executive leadership role with direct supervisory responsibility.
Demonstrated experience overseeing the preparation of Annual Comprehensive Financial Reports (ACFR) and compliance with GASB and GAAP standards.
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 risk management programs.
Demonstrated ability to communicate complex financial matters clearly in writing and in oral presentations to senior executives, governing boards, or legislative bodies.

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 — strongly preferred.
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, or large governmental investment organization.
Experience overseeing investment compliance programs, including monitoring manager guidelines, broker commissions, and foreign tax obligations.
Experience with state legislative and government budgetary processes
Experience managing financial system conversions, enterprise risk management programs, and/or technology modernization initiatives.
Familiarity with actuarial concepts and their application to public pension fund financial reporting.
Experience with international investment operations, including foreign market settlements, sub-custodian relationships, and FX management.

Additional Requirements

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
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.

How To Apply

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 careers@state.mn.us. 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.

Contact

If you have questions about this position, contact Aneda Sivongsay at aneda.sivongsay@mnretire.gov or 651-284-7878.

Why Work for Us:

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:

Competitive salary commensurate with qualifications and experience
Comprehensive health, dental, and vision insurance coverage
Defined benefit pension plan through the Minnesota State Retirement System (MSRS) or relevant plan
Deferred compensation and supplemental retirement savings plans
Generous paid vacation, sick leave, and holiday schedule
Paid parental leave
Professional development and training opportunities
Public Service Loan Forgiveness (PSLF) eligibility (subject to federal program requirements)

Working together to improve the state we love.

What do Minnesota's State employees have in common?

A sense of purpose in their work
Connection with their coworkers and communities
Opportunities for personal and professional growth

Benefits

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.

Your benefits may include:

Paid vacation and sick leave
12 paid holidays each year
Low-cost medical, dental, vision, and prescription drug plans
- Fertility care, including IVF
- Diabetes care
- Dental and orthodontic care for adults and children
6 weeks paid leave for parents of newborn or newly adopted children
Pension plan that provides income when you retire (after working at least three years)
Employer paid life insurance to provide support for your family in the event of death
Short-term and long-term disability insurance that can provide income if you are unable to work due to illness or injury
Tax-free expense accounts for health, dental, and dependent care
Resources that provide support and promote physical, emotional, social, and financial well-being

Support to help you reach your career goals:

Training, classes, and professional development
Tuition reimbursement
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)

Employee Assistance Program (EAP) for work/life support:

A voluntary confidential program that helps employees and their families with life challenges that may impact overall health, personal well-being, or job performance
Common sources of stress can be addressed through the EAP: mental health, relationship challenges (personal and work), grief and loss, finances, and legal issues
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 careers@state.mn.us and let us know the support you need.

Minnesota State Board of Investment

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CFO/Director of Financial Services