MIT Press has exclusively engaged Jack Farrell & Associates to find the winning candidate for this position. Interested candidates should contact Jack Farrell (email@example.com). Thank you.
The MIT Press, a business unit of the Massachusetts Institute of Technology, is widely considered the most innovative university press in operation today. We have exclusively engaged Jack Farrell & Associates to find its new Director of Finance. The Director of Finance reports to the Press’s Director and Publisher. Key job functions include:
Directs all aspects of financial reporting and analysis and/or the budget cycle for the MIT Press.
Assists the Director of the Press with both long-term strategic planning and with daily general management issues.
Oversees the Finance & Accounting department.
Represents the financial interests of the Press with distribution & sales partner, Penguin Random-House Publisher Services (PRHPS).
Develops financial policies and strategies in support of key initiatives.
Leads development of financial analyses, studies and modeling.
Oversees the development of routine and ad hoc decision support analysis.
Oversees the administrative budget proposal and forecasting analysis processes, including quarterly reporting, position budgeting, policy implementation and the end of year report.
Ensures that budget reports are consistent with accounting principles and with MIT’s published financial statements.
Evaluates budget vs. actual performance and recommends budget adjustments and other efficiency and effectiveness improvements.
Duties as assigned.
Financial control. Manage accurate & appropriate accounting systems and practices, oversee Press general ledger, financial reporting, cost accounting and royalty accounting functions. Work with Production departments to ensure effective purchasing for all manufacturing, which includes fulfillment systems for book sales and journals subscriptions. Manage London office accounting and benefits. Responsible for all grant administration and reporting. Handle all real estate leases and capital equipment purchasing and leasing.
Budget. Prepare Press annual operating and capital budgets. Oversee budget re-projections as appropriate. Work with budget center managers to plan & control departmental expenses. Provide regular analysis of performance vs. budget or plan and identify action steps to improve performance. Devise and implement new budget transparency practices to support managers in ongoing departmental budget management.
Business analysis and planning. Create, implement, and regularly revise criteria for publishing decisions such as pricing formulas, profitability targets, and inventory guidelines. Analyze margins and profitability of business segments and individual titles as appropriate. Devise new financial business models for new ventures. Review selected major author contracts and review all major agreements with licensees and vendors. Working with the Press director, develop and revise long-term financial plans and for the Press and work to implement such plans.
General Press management. Assists Director with management of major business partnerships for books, journals, platforms, and the MIT Press Bookstore.
Supervision exercised: Finance & Accounting department (7 people, 1 or 2 direct reports)
CPA or MBA degree preferred. Bachelors Degree required.
Minimum 10 years financial management experience required. Strong communication, analysis and organizational skills required.
Demonstrated skills and proven experience in most or all of the key finance functions described above.
Strong knowledge of and experience in books and journals publishing, financial planning and analysis, and accounting.