Senior Associate, Finance Operations in New York, New York | DiversityInc Careers
 
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Senior Associate, Finance Operations

New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 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 independent rating agency commentary as of 8/1/17).

 

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.

 

 

New York Life’s primary distribution channel is the career Agency sales force of more than 12,000 agents, operating in virtually every major city in the United States.  Every agent is affiliated with one of our 117 General Offices. These offices are operated by Agency management teams responsible for agent and management recruiting, development, and sales.  Approximately half our agents operate their businesses out of our General Offices, while the other half maintains independent office locations. 

 

Our General Offices are divided up among four Zones. In addition to our Zone offices, an Agency Home Office team responsible for strategy, finance, administration, standards, training, marketing and communications supports our agents and field managers.  The Agency operation also comprises teams charged with growing our business in key market segments, including the middle-income market, the advanced (high-net-worth) market, select cultural markets, and the women’s markets. Agents sell individual life insurance, individual annuities, and long-term care insurance products, as well as mutual funds.

 

Role Overview:

  • Develop all Partner & Senior Partner proformas (schedule of expectations/projections), which are used to determine our managers' current and future goals and compensation.
  • Administer the Partner & Senior Partner proforma tracking process.
  • Create all Partner and Senior Partner compensation projections.
  • Build financial models to design and scenario test changes to our managers' compensation plans.
  • Assist in the calculation, verification, and payment of Partner & Senior Partner compensation.
  • Calculate and verify incentive compensation payments to our Zone management team.
  • Coordinate efforts with our IT team to test and implement changes to our Partner and Senior Partner compensation systems.
  • Prepare ad hoc financial/statistical analyses for senior management.
  • Educate and answer questions from our field managers regarding their compensation plans.
  • Reconcile Partner & Senior Partner budget accounts on a monthly basis.
  • Assist with the annual updating of the Partner and Senior Partner compensation plans.
  • Assist with the review and approval of year-end adjustments.
  • Assist with the annual budget process.
  • Run and reconcile our bi-weekly payroll as well assist in the development and payment of Zone Incentive & Cultural Market Incentive plans.

 

Qualifications:

  • Bachelor’s Degree (Business, Finance, Economics, Mathematics)
  • Minimum 3-5 years of relevant experience
  • Microsoft Office (Word, PPT, Advanced Excel, Access)
  • Advanced financial and analytic skills
  • Thorough and detailed knowledge of field manager compensation and Agency’s goals

 

EOE M/F/D/V

 

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