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Working Title: Senior Investment Officer – Fund Accounting

Job Class: Investment Officer/Portfolio Manager

Agency: MN State Board of Investment

+ **Job ID** : 89048

+ **Location** : St. Paul

+ **Telework Eligible** : Yes, up to 3 days per week, subject to the discretion of the Executive Director and CIO

+ **Full/Part Time** : Full-Time

+ **Regular/Temporary** : Unlimited

+ **Who May Apply** : Open to all qualified job seekers

+ **Date Posted** : 09/19/2025

+ **Closing Date** : 10/13/2025

+ **Hiring Agency/Seniority Unit** : Investment Board / Investment Board-Managerial

+ **Division/Unit** : State Board Of Investment (SBI) / Financial Operation

+ **Work Shift/Work Hours** : Day Shift

+ **Days of Work** : Monday - Friday

+ **Travel Required** : Yes - Up to 5% of the time

+ **Salary Range:**

+ Investment Officer Classification: $162,843 – $230,808 annually

+ Portfolio Manager Classification: $185,895 - $274,888 annually

+ **Classified Status** : Unclassified

+ **Bargaining Unit/Union** : 220 - Manager/Unrep

+ **FLSA Status** : Exempt - Executive

+ Designated in Connect 700 Program for Applicants with Disabilities (https://mn.gov/mmb/careers/diverse-workforce/people-with-disabilities/connect700/) : Yes

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.

The Minnesota State Board of Investment (SBI), established by Article XI of the Minnesota Constitution, is responsible for investing all state funds. Its membership, as specified in the Constitution, consists of the Governor (who serves as chair), the State Auditor, the Secretary of State, and the Attorney General. Under the direction of the Director of Financial Services and Operations and in conjunction with the SBI’s Controller, the Senior Investment Officer, Fund Accounting will ensure the accuracy and integrity of financial records and reporting related to investment administration. This includes investment accounting, custodial record-keeping, budgetary management, and internal financial operations for the SBI.

As of December 31, 2024, the SBI was responsible for the management of assets totaling $149.7 billion across the State’s retirement funds, cash accounts, and other pools and trusts. These assets are invested across multiple strategies, including public and private equity, fixed income, real assets, and private credit. The SBI invests both directly and through external managers, with the goal of generating attractive long-term returns without taking undue risk.

This is a critical leadership role for a qualified individual with deep expertise in fund accounting, financial reporting, investment operations, and financial controls. The successful candidate will be highly motivated, detail-oriented, and a strategic, forward-thinking leader. This position will be responsible for the supervision and oversight of other Financial Services staff.

Key Responsibilities

+ **Investment Accounting & Reporting:** Manage fund accounting and financial reporting for a complex, multi-asset-class investment portfolio including private markets investments, ensuring compliance with GAAP, GASB, and other applicable regulations.

+ **Operations & Controls:** Oversee investment operations processes, including trade settlements, reconciliations, valuation, performance reporting, and cash management.

+ **External & Internal Partnerships:** Collaborate with investment teams, custodians, fund administrators, and external managers to enhance accounting and operational efficiency.

+ **Technology & Process Improvement:** Identify opportunities to increase automation, streamline workflows, and improve data integrity in investment accounting and reporting systems.

+ **Governance & Risk Management:** Establish and maintain strong internal controls to mitigate operational and accounting risks.

+ **Annual Legislative Audit:** Assist with the annual audit process, including preparation of supporting schedules, resolution of auditor inquiries, and timely delivery of required documentation.

+ **Leadership & Team Development:** Mentor and develop a high-performing team, fostering a culture of excellence, accountability, and innovation.

Minimum Qualifications

+ 5+ years of progressively senior experience in fund accounting, including fee calculations, offsets, waivers, and carried interest.

+ 5+ years in investment operations or financial reporting within an investment manager, pension fund, endowment, bank, or asset allocator, including experience with private markets fund investments.

+ Strong technical expertise in GAAP, GASB, investment performance reporting, valuation methodologies, and financial statement preparation.

+ Deep understanding of investment structures and asset classes, with experience in fund structures, complex financial instruments, alternative investments, and multi-asset-class portfolios.

+ Proven collaboration and communication skills, with the ability to lead teams, work cross-functionally with investment and finance staff, and communicate effectively with external stakeholders such as custodians, auditors, and investment partners.

Preferred Qualifications

+ 7+ years of progressively senior experience in fund accounting, including private markets fee calculations, offsets, waivers, carried interest, and fund accounting processes.

+ 7+ years in investment operations or financial reporting within an investment manager, pension fund, endowment, bank, or asset allocator.

+ CPA, CFA, CIPM, and/or advanced degree preferred.

+ Familiarity with third-party investment accounting systems.

+ Demonstrated track record of improving accounting systems and leveraging technology for process automation and efficiency.

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.

AN EQUAL OPPORTUNITY EMPLOYER

Minnesota State Colleges and Universities is an Equal Opportunity employer/educator committed to the principles of diversity. We prohibit discrimination against qualified individuals based on their race, sex, color, creed, religion, age, national origin, disability, protected veteran status, marital status, status with regard to public assistance, sexual orientation, gender identity, gender expression, or membership in a local commission as defined by law. As an affirmative action employer, we actively seek and encourage applications from women, minorities, persons with disabilities, and individuals with protected veteran status.

Reasonable accommodations will be made to all qualified applicants with disabilities. If you are an individual with a disability who needs assistance or cannot access the online job application system, please contact the job information line at 651-259-3637 or email [email protected] . Please indicate what assistance is needed.