Senior Associate, Budget & Expense Analysis

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 16 Aug 17

Senior Associate, 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.

This role will be a critical member of the Budget, Accounting & Management Reporting team. Position will perform analysis of expense spends against budgets and forecasts. The individual will be responsible for expense analysis and management reporting around select corporate budgets, and face off with corporate senior management.


  • Responsible for interacting with departmental contacts and building out budget/forecasts, providing monthly Actual vs. Budget analysis, and responding to budget and ad-hoc questions as needed
  • Act as the budget liaison to corporate departments by providing guidance and governance around departmental expenses
  • Develop monthly expense presentations with commentary to present to senior management
  • Respond to ad hoc requests from Finance business partners regarding detailed expense analysis to understand trends, allocation drivers. Develop Expense query's through SAP and the Budget application
  • Review deliverables from the offshore team and supply feedback as needed
  • Facilitates monthly close: Oversee, review and approve monthly journal entries
  • Assist in headcount and labor analysis
  • Consolidate proposed Corporate department Budgets for presentation to Senior Management
  • Work with internal and external auditors to satisfy SOX, compliance and audit requirements
  • Perform responsibilities of Records Management Coordinator for the division


  • 7+ years of experience with Expense/Budgeting/Forecasting
  • SAP knowledge
  • Strong ability to build relationship to support initiatives
  • Strong communication skills
  • Advanced knowledge of Excel (pivot tables, v-lookups, etc.) and PowerPoint
  • Understanding of Insurance and Asset Management products
  • Strong attention to detail

Business Knowledge

  • A good understanding of the Financial Services industry will assist the role in developing appropriate expense frameworks with adequate levels of detail
  • Basic knowledge of Insurance and Asset Management products is helpful. The role requires enough cross functional knowledge to effectively develop meaningful analytics and thoroughly understand the underlying expense structures and resource needs for each area.



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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.