VP, Finance - Budget & Expense Management
New York , New York
April 12, 2017

New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.


New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2015 operating earnings of $1.875 billion. Total assets under management at year end 2015, with affiliates, totaled $528 billion. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/11/15).


Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.


This role provides management and oversight over the budgeting and expense functions for New York Life.  The position will focus on planning, forecasting, financial reporting & analysis for several corporate departments including technology, and assist with developing multi-year expense forecasts.  A core part of the responsibilities will be to coordinate the annual budget process through partnership, collaboration and interface with various stakeholders including Insurance, Investments, Corporate Departments, Corporate Finance, Controllers, and CoE leads.  In addition, the position will define, own, improve and drive standard processes among all budget and expense analysts, provide thought leadership and analytical rigor, develop standard practices over the development of unit costs, consumption allocation based models, and fixed and variable models to that support and provide transparency to the Lines of Business.


Key Responsibilities:

  • Orchestrate the budgeting and expense planning processes for New York Life
  • Manage the process and produce the quarterly calculation for both the Short Term Incentive and the Long Term Incentive Plans
  • Develop and drive consistent processes and deliverables for the budgeting and expense analyst teams
  • Update Forecasts/Budgets to reflect management expectations and changing business requirements
  • Lead financial consolidation efforts for corporate expense budgets and forecasts
  • Develop reporting processes, standard reports, financial/utilization models and ad hoc financial analysis
  • Critically analyze financial data, draw conclusions and effectively articulate recommendations and results to stakeholders
  • Provide insightful financial analyses and presentations (standard and ad-hoc) to leadership, which contribute to their effectiveness and the oversight of New York Life’s expense base
  • Lead and manage a team of both internally and externally sourced labor
  • Oversee and monitor work co-sourced to the finance 3rd party provider  
  • Apply superior written and verbal communication skills including presentations
  • Proactively identify efficiencies and opportunities that promote the control over New York Life’s expense base
  • Develop cost allocation methodology that is defined, documented and repeatable
    • Provide financial transparency and demonstrate reasonable connection between services consumed and allocated costs
    • Communicate and educate business partners and Senior management on allocation methodologies
    • Implement data gathering tools/processes to capture activities to support allocations
  • Provide visibility into costs and drivers by functional areas
  • Establish unit costs by functional domain to support industry benchmarking initiatives
  • Develop key enterprise-level spending and staffing metrics


  • A minimum of 12 years of progressively responsible experience performing sophisticated financial analytics and report development, including at least 5 years of lead or management experience
  • Proven experience with problem-solving, leading and managing projects
  • Ability to recognize risks and opportunities impacting the business and their implications as well as communicate recommendations effectively to senior leaders in the organization
  • Understanding of enterprise-wide reporting platforms/tools
  • Proven abilities directing, leading and motivating others
  • Strong business process acumen and process improvement
  • Ability to work collaboratively in a matrix environment, while developing effective relationships and achieving results
  • Excellent verbal and written communication skills, and expertise in persuasion, negotiation, meeting management, and oral presentations
  • A minimum of a Bachelor's degree required, preferably with a major in Accounting or Finance. Advance degree and financial/accounting/business certification is preferred.


  • This position provides direct and indirect oversight over a $1.5 billion expense base
  • Manage a direct organization of 14 and provide influence management to all budget and expense analysts





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*Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 15, 2015.  See http://fortune.com/fortune500/2015/  for methodology.

1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US(GAAP), with certain adjustments Company believes to be appropriate as a measurement approach ( non GAAP), primarily the removal of gains or losses on investments and related adjustments.

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.

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