CFO​/Director of Financial Services

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
• 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:
  
  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 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

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.

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.

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.

• 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…