New York Life

CVP, Budget & Expense Analysis

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 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion.  As of year-end 2016, New York Life’s surplus was $23.336 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 8/17/16).

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.

Reporting to the Head of Budget, Accounting & Management Reporting, this role is responsible for the creation, communication and management of the budgeting and expense process for New York Life.  The successful candidate will take a critical view of the current budget process, partner and collaborate with various stakeholders, and refine and standardize the process across the Enterprise.  The CVP will be a hands-on leader responsible for organizing, administering and continually improving all aspects of budget preparation, reporting and analysis including collection, review and consolidation of company-wide budget submissions.

Key Responsibilities

  • Orchestrate the budgeting and expense planning processes for New York Life including development of the annual calendar
  • Develop annual budget methodology, assumptions and guidelines
  • Develop and drive consistent processes and deliverables
  • Drive effective communication with budget coordinators and expense analysts
  • Establish and maintain relationships with the SAP systems team to drive enhancements and new functionality required as part of the budget process refinement
  • Develop annual expense budgets for the Executive Office, and corporate departments, including Technology
  • Update Forecasts to reflect management expectations and changing business requirements
  • Lead financial consolidation efforts for corporate expense budgets, forecasts and actuals
  • 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
    • Develop monthly and quarterly budget and expense presentations and commentary
    • Critically analyze financial data, draw conclusions and effectively articulate recommendations and results to stakeholders
    • Provide visibility into costs and drivers by functional areas
  • Proactively identify efficiencies and opportunities that promote the control over New York Life’s expense base
  • Support development of Allocations methodology and communication with business to the business
  • Ensure systems and processes are appropriately managed and a governance structure is setup to support cost allocations process
  • Lead and manage a team of both internal and external labor


  • A minimum of 10 years of progressively responsible experience in budget and expense management, and experience with cost allocation
  • A track record of organizing, driving and implementing best-in-practice business processes
  • Strong business process acumen and process improvement
  • Understanding of enterprise-wide reporting platforms/tools
  • Proven experience with problem-solving, leading and managing projects
  • Ability to work collaboratively in a matrix environment, while developing effective relationships and achieving results
  • Excellent oral and written communication skills, and expertise in persuasion, negotiation, meeting management, and oral presentations
  • Proven abilities directing, leading and motivating others
  • 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.


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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016.  See  for methodology.

**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.

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.

If you are interested in this position, please contact Tammy Mata (

Internal Wholesaler

New York Life Investments, a division of New York Life Insurance Company, is one of the world's largest global asset managers. With more than $500 billion in assets under management, the Investments Group manages premiums paid by the company's six million policyholders, and a global asset management business. New York Life Investments offers a full suite of guaranteed products and annuities, as well as institutional and retail asset management products. It also oversees ten independent investment management boutiques responsible for managing the company's third party assets.

A full-service retail investment and distribution platform serving financial professionals and their clients, offering investors access to investment managers through MainStay Funds, exchange-traded funds, closed-end funds, non-traditional strategies, and separately managed accounts. At the core of the MainStay success story is a multi-boutique structure that consists of autonomous institutional asset managers, whose expertise span across multiple asset classes and provide breadth and depth across investment styles and disciplines.

Job Function and Key Responsibilities:
• Manage territory with external partner to meet or exceed goals
• Conduct consultative, relationship-building sales calls via the telephone with financial advisors and other licensed professionals
• Develop and execute sales plan strategies with members of both external & internal sales teams
• Articulate Mutual fund & ETF objectives while also processing strong capital markets (domestic and international) knowledge
• Identify sales opportunities and advisor needs, cross-sell ideas and introduce new concepts
• Develop asset allocation strategies based on client objectives and risk tolerances
• Ability to consistently have high volume of proactive phone activity
• Handle daily territory management tasks to ensure maximum business efficiency, i.e. update and maintain CRM system
• Generate hypothetical/proposals, for advisors for MainStay Mutual Funds, ETF’s and SMA accounts.
• Assist with the planning and overall coordination of conferences/seminars/plan participant meetings.
• Quarterly travel within territory and or partner conferences preferred

Required Qualifications:
• Understanding of the financial/capital markets; mutual funds, ETF’s and SMA’s
• Wholesaling experience preferred.
• Build and expand relationships with predetermined opportunistic list of prospects and clients.
• Fluid relationship and communication skills
• Excellent presentation and organizational skills.
• State Insurance License(s) for resident state within 90 days of hire.
• FINRA Series 7 and 63 licenses required. Need to obtain 65/66 license within 90 days of hire/promotion.
• Ability to work independently in a fast paced environment.
• Bachelor’s degree is required – specifically Finance/Business major preferred.

For more information and to apply, click here.