Vice President & CFO -- Financial Management Group

262293 Requisition #

The Federal Reserve Bank of Minneapolis is one of twelve Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation’s central bank. It is part of the Federal Reserve System, which was established by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary system.

The Federal Reserve Bank of Minneapolis is located in Minneapolis, Minnesota, and has a branch office in Helena, Montana. The Bank represents the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Bank participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government. The Bank currently operates with a staff of approximately 1,000 employees.

Role Description


The Federal Reserve Bank of Minneapolis (Bank) seeks a Vice President (VP) and Chief Financial Officer (CFO) for its Financial Management Group (FMG).  The VP/CFO provides outstanding leadership to the Bank and ensures that its financial and other FMG-related functions meet stakeholder needs and are effective, efficient, and compliant.   


Reporting to senior management, , this executive level position has primary day-to-day leadership responsibility for financial and managerial accounting, financial planning and analysis, accounts payable, and procurement.   The VP/CFO will also participate in, and in some cases lead, financial and strategic efforts throughout the Federal Reserve System as a key member of the System-wide finance committee. 


The FMG VP/CFO will also provide thought leadership and forward-leaning practices that support creativity and innovation. The VP/CFO will work effectively across the diverse organization with a Bank-wide and System-wide perspective and an emphasis on service quality, collaboration and consensus building. 


The successful candidate will have a minimum of 10 years of demonstrated, progressive, and relevant leadership experience in a complex environment, as evidenced by an established record of achievement. The candidate will also have a proven ability to think and act strategically and critically while interacting with a diverse group of executives, managers, and professionals. They must have the ability to deliver customer-focused services, meet critical deadlines, manage ambiguity, work across business units, and deal with difficult situations as routine. The ability to conduct oneself, at all times consistent with the Bank values of service, integrity, inclusion, initiative, accountability, and objectivity is paramount.


Overview of Responsibilities

Directly accountable to the President, First Vice President, and Board of Directors (including its Audit Committee) for the accuracy and integrity of the Bank’s financial information.  Asserts to the fair presentation of the Bank’s financial statements and the effectiveness of internal controls over financial reporting to the Bank’s external auditors, Board of Directors, Audit Committee, and senior management.


Coordinates and advances financial planning efforts throughout the Bank, working closely with the Bank’s First Vice President and Chief Operating Officer, often times leveraging resources outside their reporting structure to do so.  Directs the preparation of the Bank’s budgets, plans, and forecast; ensuring alignment of financial resources with the Bank’s strategic priorities.


Proposes, reviews, and adopts System accounting changes as necessary and/or appropriate.  Ensures that accounting changes are understood and properly applied by staff.  Reviews Bank policies for areas of responsibility to ensure they remain current; seeks interpretation and clarification where necessary.


Oversees and directs the activities of the FMG (e.g. procurement, accounts payable, financial accounting and reporting, cost accounting, financial planning, and financial analysis) through the direct supervision of Assistant Vice Presidents, Directors, Managers and other supervisory personnel within those areas.


Leads FMG through regular meetings and correspondence with reporting officers and staff.  Communicates strategies, responsibilities, duties, tasks, and plans to others.  Appraises performance against position responsibilities and department strategies, plans, and standards.  Provides effective coaching and development to these supervisory personnel and other staff.


Represents the Bank as member of various Federal Reserve System leadership groups, including executive level groups for financial management and procurement, and related work groups.  

Oversees management of the vendors providing food, duplicating, and travel agency services to the Bank.


Responsible for driving the increase of supplier diversity (e.g., minority and women owned businesses), which supports the Bank’s mission of working for all and impacting the communities we serve.


Promotes an environment where all employees feel they belong and can contribute to the Bank's work. In addition, model and enhance an organizational culture that encourages strong employee engagement, fosters a diverse and inclusive workplace, and reduces barriers to productive work.


Collaborates with Federal Reserve System Financial Support Office (FSO) Operations Officer and FMG FSO staff to support the System responsibilities and strategic initiatives fulfilled by the Bank while promoting a cohesive and inclusive environment for all employees.     


The VP/CFO will also be responsible for other specific duties and responsibilities that may be assigned, as needed.




Education and Experience - Bachelor's degree required. Graduate degree and/or CPA preferred.10 or more years of relevant leadership experience in a complex business environment, as evidenced by an established record of achievement, with at least 5-7 years of experience in finance, accounting and/or procurement.  Experience in transitioning operations to cloud-based enterprise FMP preferred.


Business Expertise - Superior business acumen, strategic planning skills and experience with an emphasis on innovation and automation.


Results - Demonstrated organizational skills with the ability to identify priorities, drive performance, and execute plans effectively and on schedule.


Communications - Excellent communication skills (written and oral), as well as effective presentation and persuasion capabilities, and management presence that demonstrates confidence and credibility.


Strategy and Innovation - Resourceful, flexible, and open to new ways of thinking, with the ability to drive change.  Focus on leadership of finance/accounting innovation efforts, particularly those that utilize a risk-focused compliance approach. Demonstrated strategic and critical thinker with the analytical skills necessary to evaluate, organize, and direct complex projects and programs. Ability to identify key strategic issues affecting areas of responsibility and demonstrate an understanding of their implications.


Leadership Skills - Excellent interpersonal, leadership, and negotiation skills.  Proven direct management and leadership experience. Excellent judgment when deciding which issues to resolve directly and which require senior management attention. Discretion and sensitivity in handling confidential, varied and complex issues. Strong leader, who operates in a transparent manner, manages and motivates the FMG and encourages team cooperation across the organization and functions.


Service:  Commitment to public service with a personal and professional value system consistent with the culture and values of the Bank and the Federal Reserve System.  Ability to handle sensitive and confidential matters with judgment and discretion.

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