Job description

The Chief Financial Officer (CFO) will provide executive leadership and strategic oversight of the Agency’s financial operations. The CFO will plan, organize, and direct the financial management, budgeting and accounting functions of the Authority. The CFO will also oversee the reconciliation and accounting of all revenue generated through system operations and due to the Authority through contractual agreements. The CFO coordinates the development of fare collection controls and methods to strengthen financial oversight and maximize revenues. The CFO will collaborate with external financial advisors, financial institutions, underwriters, auditors, boards, government agencies, labor unions and other key stakeholders. This position operates under the general direction of the Chief Administrative Officer. The CFO will oversee a team of highly skilled professionals and provides counsel to MBTA Leadership as the Agency develops and implements long-term funding solutions while supporting and advancing system-wide transformation and improvement. This work encompasses financial planning including the development of budgets, financial plans, accounting, treasury operations, capital finance and accounting and risk management. The CFO will conduct and lead clear communication of financial analysis to provide the Agency’s leadership and Board with information to make sound management and budgetary decisions. Working across departments, the CFO will ensure that departments and leaders have access to finance information that will assist the Agency to make fiscally responsible business decisions. • Directs and oversees the financial management, treasury, risk management, capital finance and accounting, and controllership functions of the Authority through management, professional and administrative personnel, including revenue recognition, debt issuance, investment management, cash management, risk management, tax matters, inventory and property controls, payroll, general accounting, and internal and external audit functions. • Serves as the Authority’s senior financial advisor and provides financial counsel to the Chief Administrative Officer, the General Manager and the Board of Directors. Provides governance and executive oversight of the Financial Management Information System (FMIS), including successful implementation of the capital cost accounting system • Leads the development of a strategic, multi-year pro forma financial projection to guide long term financial planning and organizational decision making and consults with external financial advisors, consultants, and underwriters in the development of the most cost-effective financial plans and strategies for the Authority. • Directs and oversees the planning, preparation, development, consolidation and monitoring of the operating and capital budget providing timely and accurate data necessary for the formulation of the Authority’s fiscal programs and plans • Oversees the establishment of enterprise wide financial policies and procedures and ensures rigorous compliance across all departments and ensures adherence to those policies and procedures. • Coordinates with senior leadership to safeguard and optimize the Authority’s financial resources; works through the Chief Administrative Officer to align financial strategy with the General Manager, Chief Operating Officer, and Chief of Capital Programs; and engages with Federal, State, and local agencies on all financial matters affecting the Authority. • Collaborate with the Labor Relations team to align CBA negotiations with contract expiration dates and legal requirements. Analyzes and models the short- and long-term financial impacts of proposed CBA terms—including wages, benefits, pensions, and other post-employment benefits —to inform negotiation strategies. Directs treasury operations and debt administration, including bond issuance, debt service planning, tax-exempt financing, lease financing, and cash management including relations with banks, investors, financial advisors, and rating agencies. • Oversees Treasury to create new business opportunities including access to private capital markets, public-private partnerships and others. • Collaborate with the Real Estate department to maintain oversight of real estate portfolios, including financing acquisitions, leases, and sales, • Evaluates and optimizes fare payment systems, ensures efficient cash collection systems, and supervises internal control frameworks and financial policy enforcement. • Oversees implementation and monitors compliance with GAAP, GASB, federal, state, and local funding and regulatory requirements (e.g., FTA), and manages pension fund strategies. • Reviews and oversees investment manager performance, insurance and risk management policies, and maintains transparency for public and board stakeholders. • Represents the Authority externally—with boards, legislative bodies, regulatory agencies, and community partners—and participate on internal committees such as MBTA Main Retirement Fund Board, Headcount Committee, and others • Drives high level benchmarking initiatives to evaluate performance against peer transit agencies and inform strategic improvements • Partners with procurement leadership to identify and execute cost optimization strategies and reduction initiatives • Leads and develops the Agency’s finance organization, establishing organizational structure, performance expectations, professional standards, and succession planning for financial management personnel. • Perform all other duties and projects that may be assigned. Additional responsibilities may include focus on one or more departments or locations. See applicable addendum for department or location specific functions. Supervision • Directly supervises an internal team of finance professionals at various levels • A bachelor's degree in finance, accounting, economics, business administration or a related field • A minimum of fifteen (15) years of progressively responsible financial leadership experience in public or private sector financial and accounting management • Minimum of seven (7) years of related experience in a leadership capacity. • Demonstrated experience leading a complex finance organization, including managing senior-level professionals and developing high-performing teams. • Demonstrated experience overseeing large, complex operating and capital budgets, including budget development, forecasting, monitoring, variance analysis, and long-range financial planning. • Extensive experience with financial reporting, accounting, internal controls, audits, and regulatory compliance, with demonstrated knowledge of GAAP and applicable governmental accounting standards. • Demonstrated experience in treasury management, cash and liquidity management, debt financing, investments, and/or capital markets. • Experience developing multi-year financial forecasts, scenario analyses, and financial strategies to support executive-level decision-making and long-term fiscal sustainability. • Strong executive leadership, communication, negotiation, analytical, and decision-making skills, with the ability to exercise sound judgment on complex and sensitive financial matters. • Demonstrated ability to identify and manage significant financial and enterprise risks and develop strategies to mitigate financial exposure. • Ability to plan, organize, and manage highly complex financial accounting processes • Experience providing strategic financial advice to executive leadership, Board of Directors, Advisory Board, various governmental regulatory bodies, and other interested parties in the effectiveness of the Authority’s financial management functions, including presenting complex financial information in a clear and actionable manner. • The ability to pass background screenings: a Criminal Offender Record Information (CORI) check; and the MBTA's medical requirements, including a physical examination and drug and alcohol screening. • Have a satisfactory work record including overall employment, job performance, discipline and safety records. For internal candidates, the aforementioned applies to the two (2) years immediately prior to the closing date of the posting. Infractions and/or offenses occurring after the closing of the posting and before the filling of a vacancy may preclude a candidate from consideration. The ability to supervise and work effectively with a diverse workforce Substitutions • A high school diploma or GED with an additional seven (7) years of directly related experience substitutes for the bachelor’s degree requirement. • An associate’s degree from an accredited institution and an additional three (3) years of directly related experience substitutes for the bachelor’s degree requirement. • A master’s degree in a related subject substitutes for two (2) years of general experience. • A nationally recognized certification, or statewide/professional certification in a related field substitutes for one year of experience. • Master's Degree in Finance, Accounting, Economics, Business Administration or a related field • Certified Public Accountant (CPA) • A minimum of ten years' experience in public sector financial and accounting management in Massachusetts government or large public transit systems

Requirements

Must-haves

Oversees the establishment of enterprise wide financial policies and procedures and ensures rigorous compliance across all departments and ensures adherence to those policies and procedures.
Oversees Treasury to create new business opportunities including access to private capital markets, public-private partnerships and others.
Collaborate with the Real Estate department to maintain oversight of real estate portfolios, including financing acquisitions, leases, and sales,
Evaluates and optimizes fare payment systems, ensures efficient cash collection systems, and supervises internal control frameworks and financial policy enforcement.
Oversees implementation and monitors compliance with GAAP, GASB, federal, state, and local funding and regulatory requirements (e.g., FTA), and manages pension fund strategies.
Reviews and oversees investment manager performance, insurance and risk management policies, and maintains transparency for public and board stakeholders.
Drives high level benchmarking initiatives to evaluate performance against peer transit agencies and inform strategic improvements
Partners with procurement leadership to identify and execute cost optimization strategies and reduction initiatives
Leads and develops the Agency’s finance organization, establishing organizational structure, performance expectations, professional standards, and succession planning for financial management personnel.
Perform all other duties and projects that may be assigned.
Additional responsibilities may include focus on one or more departments or locations. See applicable addendum for department or location specific functions.
Directly supervises an internal team of finance professionals at various levels
A bachelor's degree in finance, accounting, economics, business administration or a related field
A minimum of fifteen (15) years of progressively responsible financial leadership experience in public or private sector financial and accounting management
Minimum of seven (7) years of related experience in a leadership capacity.
Demonstrated experience leading a complex finance organization, including managing senior-level professionals and developing high-performing teams.
Demonstrated experience overseeing large, complex operating and capital budgets, including budget development, forecasting, monitoring, variance analysis, and long-range financial planning.
Extensive experience with financial reporting, accounting, internal controls, audits, and regulatory compliance, with demonstrated knowledge of GAAP and applicable governmental accounting standards.
Demonstrated experience in treasury management, cash and liquidity management, debt financing, investments, and/or capital markets.
Experience developing multi-year financial forecasts, scenario analyses, and financial strategies to support executive-level decision-making and long-term fiscal sustainability.
Strong executive leadership, communication, negotiation, analytical, and decision-making skills, with the ability to exercise sound judgment on complex and sensitive financial matters.
Demonstrated ability to identify and manage significant financial and enterprise risks and develop strategies to mitigate financial exposure.
Ability to plan, organize, and manage highly complex financial accounting processes
The ability to pass background screenings: a Criminal Offender Record Information (CORI) check; and the MBTA's medical requirements, including a physical examination and drug and alcohol screening.

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