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Mutual Opportunities

Man Smiling

Head of Balance Sheet Management

Boston, Massachusetts; Springfield, Massachusetts
Job Category Finance & Accounting ID R16814
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Overview

Finance and Accounting is at MassMutual’s core, and our team is ushering in an era of growth. We are looking for bold ideas, creative solutions, and comfort embracing change. We strive to build a diverse team and leverage different points of view to optimize processes and build strong relationships.

Our team is motivated by challenging work that delivers substantial impact in a culture of accountability and collaboration. We treat policyowners and customers fairly and prioritize financial stability. Being part of a mutual company means that our teams can think long-term, and employees can dive deep into the complex structure of products and the organization.

Our finance teams are experts in their field and thrive in fast-paced environments. They balance the needs of the business and invest in the long term, while always putting the customer first. They align their work with our live mutual philosophy and strive to always make the right choice for our policyowners. We are building a team that truly embodies ‘together we move forward.’

Person working in front of pie chart
Betsy Ward
Betsy WardChief Financial Officer
“Our finance team brings an incredible suite of skills to the table and they are applying that expertise to company-wide analysis and strategy. Right now, we have a lot of opportunities where people can make a difference. We’re looking for people who can help write our next chapter.“

Job Description

The Opportunity

As the Head of Balance Sheet Management, you will work in a fast paced, innovative and collaborative environment driving regulatory capital, financing and liquidity strategies to maximize MassMutual’s policyowners value.  This role will report directly to the Treasurer and is a key role in MassMutual’s Treasury Organization.

The Head of Balance Sheet Management will have the opportunity to lead a team that will:

·Develop strategies to manage regulatory capital, debt and liquidity positions to ensure efficient use of balance sheet resources, working closely with other finance functions and business areas across MassMutual

·Manage MassMutual’s subsidiary dividends policy, including documenting decision-making framework to ensure adequate process governance. Lead quarterly dividend declaration and funding process

·Manage all aspects of regulatory capital and operating liquidity modeling, reporting and documentation to ensure adequate governance and controls

·Own and refine key performance management methodologies to measure efficiency of u se of balance sheet, including capital, leverage and liquidity efficiency metrics

·Work with members of the Treasury organization, Investment Management and ERM to identify strategies to enhance our projected regulatory capital, leverage and operating liquidity positions

·Drive agenda for Capital Committee meetings, working with Treasurer and CFO to develop analysis and recommendations in support of strategic decision making

·Recommend optimal financing mix and secure the company’s financing and capital raising options, including leading all aspects of internal and external debt administration

·Coordinate with Internal Audit, Enterprise Risk Management and other relevant control functions to ensure effective controls are in place

·Engage industry peers with respect to regulatory capital and liquidity to better understand best practices and industry trends

·Actively contribute as a senior leader across Company in the development and delivery of strategic priorities within areas of accountability

·Proactively focuses on self and team development (e.g. research of capital markets, capital frameworks, product impacts, market developments, MassMutual businesses, value creation metrics, etc.)

The Team

The Head of Balance Sheet Management is a member of Treasury organization (direct report of the Treasurer) which is a dynamic team of individuals with diverse backgrounds that are focused on:

·Understanding actual and projected trends of regulatory capital, operating liquidity, financial flexibility and earnings levels so that they may develop strategies to improve financial performance to support maximizing value

·Being expert at various capital frameworks and serving as an advocate for the Company in various industry or internal groups

·Minimizing time spent on production and data manipulation activities by transforming our modeling, analytic, and reporting capabilities and implementing automation and technology where possible

The Impact:

·Proactively identifies balance sheet risks and opportunities and translates that into strategic recommendations to optimize use of capital and liquidity and increase financial flexibility, while maximizing actual and projected returns

·Produce quarterly regulatory capital projections and scenarios (both short and long-term range), including detailed analytics to support strategic decision making

·Drives transformation of modeling & reporting capabilities to produce timely capital and liquidity forecasts and scenario analysis

·Regularly presents the capital and liquidity position, forecast, risks and opportunities to the Capital Committee and other internal forums. Makes recommendations to senior management to optimize the use of regulatory capital, operating liquidity and leverage to maximize financial flexibility

·Serves as expert on regulatory capital planning and allocation and regularly provides sound financial advice to businesses or other departments, anticipating the financial impact from decisions relative to sales, investments, expenses and other strategic priorities

·Recommend optimal financing mix and secure the company’s financing and capital raising options including commercial paper, surplus notes, contingent capital facilities, sale leasebacks and aviation leasing. Manage overall compliance requirements on all financial commitments.

·Maintain and enhance the intercompany borrowing programs to maximize the use of excess liquidity, providing an optimal liquidity funding mechanism, with a goal of increasing overall portfolio yield

·Responsible for oversight and compliance with Operating Liquidity Policy, including regular reporting, policy compliance testing, projections, recommendation of mitigation strategies working with Investment Management and Enterprise Risk Management

·Lead initiative to identify trapped cash within the total company, maximize its liquidity and yield by identify and implementing tools/agreements to easily transfer funds between legal entities

·Establish, enhance and maintain internal controls and consistently improve upon a strong control environment

The Minimum Qualifications

·BS in accounting, finance or actuarial science

·15+ years of experience in capital management, financial analysis, risk management or accounting in the financial services sector, preferably in life insurance

·Deep understating of various capital markets and investments

·Deep knowledge of financing strategies with proven experience in structuring complex transactions

·Proven experience in management of committees or industry / regulatory groups

·Detail-oriented with excellent oral and written communication skills

·Proven experience leading teams in periods of change

·Strong multi-tasking skills and ability to adapt to change

·Ability to proactively take ownership of projects and drive them through to completion

The Ideal Qualifications

·In-depth knowledge Statutory accounting and Capital frameworks (U.S. risk-based capital, rating agency capital frameworks, Solvency 2, etc)

·Prior experience in balance sheet management

·Investment banking experience

What to Expect as Part of MassMutual and the Team

·Regular meetings with the Treasury and other Financial Planning & Analysis teams

·Focused one-on-one meetings with your manager

·Access to mentorship and development opportunities

·Access to a collaborative network within the team with connected objectives

·Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran and disability-focused Business Resource Groups

·Access to learning content on Degreed and other informational platforms

·Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

#LI-IZ1

MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.
EEO Statement (Opens in new window)

MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment.

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment.

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Hiring Process

Explore

Explore our open jobs by clicking 'search jobs' to find a position that aligns with your experience and skills. You may also consider joining our Talent Network.

Apply

Click the “apply” button on that job posting to complete and submit your application. Your application will be reviewed by a recruiter, which, due to the volume of applications received, may take some time as we carefully consider each application.

Screen

After your application has been reviewed, if you meet the qualifications for the role, a recruiter will reach out to you to start a conversation.

Interview

If you are invited for an interview, you will be scheduled to meet with the hiring manager and hiring team.

Offer

If you are extended an offer to join MassMutual and accept, your start will be contingent upon a satisfactory background check.

Hire

If you accept the offer, we will be so excited to welcome you to the MassMutual community!

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.

By the numbers*

  • 88% of employee respondents say they are proud to work at MassMutual
  • 90
    %
    of employee respondents say they feel encouraged to bring forth new ideas
  • 86% of employee respondents say MassMutual cares about and supports the well-being of their employees

*Source: 2024 MassMutual employee engagement survey

Award-Winning Culture

MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company operated for the benefit of our members and participating policyowners, we are defined by mutuality and our vision to provide financial well-being for all Americans. It’s more than our company structure—it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources and rely on each other when it counts.

We strive to embrace diversity in every sense, focusing on building a thriving community where everyone is valued, included, and feels that they belong.

At MassMutual, we Live Mutual.

How We Work

MassMutual’s flexible workplace approach combines the importance of connecting in person and the flexibility of working remotely. Our hybrid model puts collaboration first with employees coming in at least three days per week to our spectacular campus settings and also enjoying the flexibility of remote Fridays, company-wide remote weeks, and a bank of flexible remote weeks to use throughout the year.

Benefits for the whole you (and your loved ones)

There’s more to your life than your job and there’s more to your aspirations than a paycheck. We take a holistic view of compensation and benefits that provides the flexibility to create a healthy balance in your life for work, family, and community. We offer the benefits you’d expect, like medical, dental, 401(k), and generous vacation time, but we also offer ones you might not expect, like three paid days for volunteering, a $1,250 annual Well-Being Wallet, and up to 320 hours of caregiver leave.

Explore some of our offerings below. Benefit details can be found here.

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Paid Time Off

  • In addition to generous vacation time, paid holidays, and flexible holidays, MassMutual offers 'take care' time to care for yourself or someone you love—whether for physical illness or mental health.
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Health & Well-Being

In addition to top-line medical and dental coverage, personalized mental health solutions, on-site and virtual health coaching, and much more, MassMutual reimburses employees up to $1,250 per year for eligible expenses supporting mental, physical, and financial well-being.

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Financial Well-Being

In addition to competitive salaries and bonuses, educational assistance programs, and much more, MassMutual offers up to a 10% total 401(k) benefit, consisting of a 5% company match and a 5% annual contribution.

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Taking Care

MassMutual offers generous maternity and parental leaves, as well as bereavement leave to mourn the loss of a loved one (and the employee defines 'loved one'). In addition, we offer up to 320 hours of caregiver leave to help employees support loved ones in times of need.

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Giving Back

MassMutual offers three paid days for employees to volunteer with eligible nonprofits of their choice, and the MassMutual Foundation matches employee donation dollars to eligible nonprofit organizations up to $5,000 annually.

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Commuter Benefits

MassMutual offers a Qualified Commuter Program through which eligible employees can pay qualified workplace commuting expenses with before-tax dollars, as well as a commuter wallet option for employees based at Boston and NYC campuses.

where we work

Springfield Office

Springfield Office

1295 State Street, Springfield, MA

Boston Office

Boston Office

10 Fan Pier Blvd, Boston, MA

New York Office

New York Office

2 Park Ave,
New York, NY

Virtual

Virtual

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