Exam Bulletin - Investment Manager, PERS

Public Employees Retirement System

Exam Code: EX-1769

Examination Plans Included:

  • INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM - Open

Final Filing Date: Applications are accepted on a continuous basis.

Classification Details

INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM: $15,250.00 - $25,416.67 per Month

View the INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM classification specification.

Application Instructions

This is not a timed examination. If you request a Reasonable Accommodation, your account will be locked and you will not be able to proceed with the examination until the request is processed.

Applications are accepted on a continuous basis.

Who Should Apply:

The information below will help you determine which classification(s) is(are) appropriate for you. Applicants must meet the Minimum Qualifications as stated on this bulletin to compete in this examination.

Open and Open, Non-Promotional Examination(s):

  • INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM - Open

For all Classifications, once you have participated in any of the following examinations, you may not recompete for 6 months:

Exam Code(s):

    1769

For INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM, once you have participated in any of the following examinations, you may not recompete for 6 months:

Exam Code(s):

  • EX-01769

How To Apply:

Submit an Examination/Employment Application (STD 678) to apply for this examination.

Electronic applications can be submitted through your account at www.CalCareers.ca.gov.

Special Testing Arrangements:

If you require assistance or alternative testing arrangements due to a disability, indicate on your application that you need reasonable accommodation. You will be contacted by a representative of the testing department to make the necessary arrangements. If you have not been contacted by the time you receive notification of testing, please contact the testing department listed in the Contact section of this bulletin.

If you are unable to submit your application or complete the test due to a disability, please contact the testing department listed in the Contact section of this bulletin.

Minimum Qualifications

All applicants must meet the education and/or experience requirements as stated on this exam bulletin to be accepted to the examination.

Unless otherwise stated in the Minimum Qualifications, qualifying experience may be combined on a proportionate basis if the requirements stated below include more than one pattern and are distinguished as "Either" 1, "or" 2, "or" 3, etc. For example, applicants possessing qualifying experience amounting to 50% of the required time of Pattern 1 and additional experience amounting to 50% of the required time of Pattern 2 may be accepted to an examination as meeting 100% of the overall experience requirement.

00104637 - INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

The following education is required when non-California State service is used to qualify at any level:

Education: Equivalent to graduation from college with major work in business administration, economics, finance, or a closely related field.

Either 1

Experience: One year of experience in the California state service performing the duties of an Associate Investment Manager, Public Employees’ Retirement System, or two years of experience in the California state service performing the duties of an Investment Officer III, Public Employees’ Retirement System.

Or 2

Experience: Five years of broad and extensive investment management experience for a major financial institution or firm, or governmental agency, including some experience in leading or coordinating professional staff, and review of a large and varied investment portfolio and/or investment program. Qualifying State experience must be at a level comparable to that of an Investment Officer II, Public Employees’ Retirement System.

(Possession of an advanced degree in one of the fields included above in the education requirement, or certification as a Chartered Financial Analyst or other equivalent financial or accounting certification such as a Certified Public Accountant, may be substituted for one year of the required experience.)
Special Requirement

Must be able to qualify for a surety bond.

Position Description

00104637 - INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

Incumbents in this class are responsible for the management of a major investment asset class, program, or function. In this capacity, incumbents may plan, supervise, and evaluate the work of subordinate staff and managers, typically in the Investment Officer and Associate Investment Manager class series, or function as subject matter experts or individual contributors with significant investment expertise in one or more specialized investment areas. Incumbents are responsible for the day-to-day management and implementation of a major segment of an asset class, or a major investment program function that supports the investment program and requires specialized investment industry knowledge; ensure appropriate processes, controls, systems, and risk management are in place within their area of responsibility to enable investment performance and assure control of operations; act as lead on large and/or complex projects or assignments; interpret complex computerized diagnostic and analytical text; manage performance attribution analysis, monitor and analyze benchmark performance, establish asset valuation and pricing policies; oversee investment performance reporting, analytics and analysis; provide expert consultation to the Board and staff in their assigned area; may prepare and/or give presentations to the CalPERS Board; actively participate in the recruitment, selection, and development of investment staff; act or serve as backup to Investment Directors. Incumbents also play a significant role in recommending new and innovative investment policies and strategies, and are expected to make significant contributions to overall investment policy decision-making.

Special Personal Characteristics

Acts in a professional manner and demonstrates a high degree of integrity, honesty, and ethical behavior; demonstrates openness and trust; establishes and builds rapport by modeling values-based behaviors; exhibits strong interpersonal and mentoring skills; promotes teamwork and cross functional collaboration and communication in support of CalPERS strategic goals, and promotes a high-performance culture where employees are encouraged and enabled to perform to their greatest potential.

Additional Desirable Qualifications

Education: Possession of an advanced degree, such as MBA, JD, or certifications such as CFA, CPA, CAIA, or other equivalent financial or accounting certification.

Experience: At least 8 years of broad and extensive experience in investment or financial management, public policy or corporate governance; operations, control or servicing; (focusing on any of the following: global equity and global fixed income strategy and trading, management of external investment managers, investment risk management, asset allocation strategies, investment research, or defined contribution and affiliate fund administration) for a major financial institution, institutional investor, or firm.

For information regarding position location(s), please refer to the Eligible List Information section.

Examination Information

We recommend using Chrome, Firefox, or Edge for optimal performance when accessing the examination.

This examination consists of the following component(s):

Component OrderComponent TypeComponent DuePercentage of Final Score
1CalHR Online ExamN/A100%

A final score of 70% must be attained to be placed on the eligible list.

In addition to evaluating the applicant's relative knowledge, skill and ability as demonstrated by quality and breadth of education/experience, emphasis in each test component will be on measuring competitively, relative to job demands, each applicant's:

Knowledge of:
  1. Management techniques and practices related to institutional investments, including portfolio design and construction, asset allocation, risk management, due diligence and financial analysis, and acquisition and sale of investments
  2. Various types of investments and their characteristics, and their markets and methods of purchase and financing
  3. Fiduciary principles and ethics
  4. Economic principles and trends and their impact on investment portfolios
  5. Sources of data and analytical techniques used to analyze and value investments
  6. Quantitative techniques used to analyze investments
  7. Principles and practices of supervision, including the manager’s and supervisor’s responsibility for promoting equal opportunity in hiring and employee development and promotion, and for maintaining a work environment that is free of discrimination and harassment
  8. Types and uses of various investment styles, strategies, and legal structures, including partnerships
  9. External management and consulting resources
  10. Economic data, institutions, and analytical methods
  11. Assessment tools to evaluate political risks as it affects investment environment and currency markets and their fluctuation
  12. Management techniques and practices related to institutional investments in multiple asset classes, including portfolio design and construction
  13. Management techniques and practices related to institutional investments within assigned asset class, including risk management
  14. Management process, tools and procedures, security measures and appropriate investment technology security policies
Ability to:
  1. Organize complex investment information, analyses, and alternatives and create written and oral presentations that can be understood by the target audience, irrespective of their level of understanding of investments and their markets
  2. Establish and maintain cooperative relations with those contacted in the course of work
  3. Maintain an up-to-date knowledge of economic and investment trends and ideas, and use that knowledge to develop innovative and effective investment strategies
  4. Accurately monitor measure and report investment performance
  5. Manage pricing and valuation strategies and control processes
  6. Act as lead on projects or team assignments
  7. Provide expert policy-level consultation to the Board
  8. Assist in the recruitment, selection, and development of investment staff
  9. Evaluate and integrate complex investment information, analyses, and alternatives, weighing the effects those decisions might have on the specific area of investment they are directly involved
  10. Understand, plan, and direct the work of subordinate staff in a manner that adheres to and supports organizational goals and workplace guidelines, including effectively promoting equal opportunity in employment and maintaining a work environment that is free of discrimination and harassment
  11. Gather and analyze a broad range of economic and investment information, and synthesize it into concise and coherent conclusions and recommendations
  12. Work effectively with the CalPERS Board of Administration
  13. Use a variety of investment and financial analysis techniques to reach decisions on the purchase and sale of investments
  14. Set reasonable benchmarks and performance criteria for investments, and manage assigned portfolios consistent with risk and return objectives
  15. Understand, develop, oversee and use a variety of analytical and quantitative techniques and tools to develop asset allocation recommendations and to measure and monitor risk within and across investment types
  16. Work effectively with a broad variety of external contacts, such as consultants, investment managers, and investment partners, and negotiate agreements that are consistent with CalPERS interests
  17. Perform various investment management and internal administrative functions to ensure investment policies and objectives are met
  18. Understand and use technology applications related to investment management
  19. Question legal interpretation of complex legislative, regulatory or business matters
  20. Interpret complex computerized diagnostic and analytical text to bring into comprehensive decision making for investment purposes
  21. Work effectively with CalPERS enterprise executive management, Investment Office Senior Management, and the CalPERS Board of Administration
  22. Manage performance attribution analysis, monitor and analyze benchmark performance, establish asset valuation and pricing policies, manage the internal staff incentive compensation calculation process
  23. Oversee investment performance reporting, analytics and analysis
  24. Oversee daily performance attribution analysis and reconciliations
  25. Act independently in making decisions and leading projects and assignments in their delegated areas and implementing strategy and policy
  26. Act as lead on large and/or complex projects or assignments
  27. Evaluate and integrate complex investment information, analyses, and alternatives, weighing the effects those decisions might have on their functional area

Eligible List Information

A Departmental Open eligible list for the INVESTMENT MANAGER, PUBLIC EMPLOYEES' RETIREMENT SYSTEM Classification will be established for:

  • Public Employees Retirement System

The names of successful competitors will be merged onto the eligible list(s) in order of final score regardless of test date. Eligibility expires 12 months after it is established. Applicants must then retake the examination to reestablish eligibility.

Resulting Eligibility List(s) will be used to fill vacancies throughout the State of California.

Veterans' Preference will be granted for this examination. Veterans' Preference is an assistance program for veterans, veteran widows and widowers, and spouses of 100% disabled veterans who seek employment with the state. Veterans' Preference is also extended to currently serving military members nearing their retirement or separation date.

You are not eligible for Veteran's Preference if you are:

  • A veteran who has been dishonorably discharged or released.
  • A veteran, widow or widower of a veteran, or spouse of a 100 percent disabled veteran who currently has permanent civil service status. (Permanent civil service status is the status of an employee who is lawfully retained in his/her position after completion of the applicable probationary period. This does not include limited term).

Veterans' Preference is codified in Government Code Sections 18973 – 18979.

Veteran status is verified by the California Department of Human Resources (CalHR). Directions to apply for Veterans' Preference are on the Veterans' Preference Application (Std. Form 1093), which is available at www.CalCareers.ca.gov, and the Department of Veterans Affairs.

Career Credits are not granted for examination(s) administered on an Open basis or a Promotional basis.

Investment Manager, Public Employees’ Retirement System Training and Experience Examination Preview

Instructions:
Rate your experience performing specific job-related tasks.

Respond to each of the following statements by indicating how the statement applies to you. You are required to respond to every question and provide relevant examples. Also, indicate the references who can verify the information provided.

In responding to each statement, you may refer to your WORK EXPERIENCE, whether paid or volunteer, your EDUCATION, and/or FORMAL TRAINING COURSES you have completed.

PLEASE NOTE: This examination is designed to gain an overall assessment of your education, training, and experience as it directly relates to the duties and the knowledge, skills and abilities required for this position. Possession of specific education is not required to be successful in this examination; however, such achievements may substitute for desirable levels of experience. All components of this examination have been carefully validated by tying them directly to job requirements and documenting their relevance to the position.

Tasks:
  1. Directing analyses involving development and implementation of operational or investment risk management and/or investment program strategies.
  2. Conducting analyses of investment alternatives, terms and conditions, and/or adherence to policies and procedures to meet organizational objectives.
  3. Monitoring existing investments, portfolio compliance, or operational risks in order to meet organizational objectives.
  4. Recommending or executing investment transactions to meet organizational objectives consistent with policies and procedures.
  5. Evaluating investment performance, risks, processes, controls, or systems, to ensure adherence to the organization’s objectives, policies, and procedures.
  6. Communicating information to staff and management for investment and/or operational decisions.
  7. Supervising staff performing investment related duties to ensure adherence to the organization’s policies and procedures.
  8. Developing and implementing new programs, strategies, policies, processes, and/or systems, to meet organizational investment objectives.

Testing Departments

  • Public Employees Retirement System

Contact Information

Technical questions regarding this examination should be directed to:

California Department of Human Resources
CalCareer Service Center
1810 16th Street
Sacramento, CA 95811
Phone: (866) 844-8671
CalCareer@calhr.ca.gov

Administrative questions regarding this examination should be directed to:

Public Employees Retirement System
Human Resources Division
400 P Street, LPN, 3rd Floor, Room 3260
Sacramento, CA 95811
Phone: (916) 795-2444

California Relay Service: 1-800-735-2929 (TTY), 1-800-735-2922 (Voice). TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device.

Equal Opportunity Employer

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

Drug Free Statement

It is an objective of the State of California to achieve a drug-free State work place. Any applicant for State employment will be expected to behave in accordance with this objective, because the use of illegal drugs is inconsistent with the law of the State, the rules governing civil service, and the special trust placed in public servants.

General Information

Examination and/or Employment Application (STD 678) forms are available at the California Department of Human Resources, local offices of the Employment Development Department, and through your CalCareer Account (www.CalCareers.ca.gov).

If you meet the requirements stated on this examination bulletin, you may take this examination, which is competitive. Possession of the entrance requirements does not assure a place on the eligible list. Your performance in the examination described in this bulletin will be rated against a predetermined job-related rating, and all applicants who pass will be ranked according to their scores.

Public Employees Retirement System reserves the right to revise the examination plan to better meet the needs of the service, if the circumstances under which this examination was planned change. Such revision will be in accordance with civil service laws and rules and all applicants will be notified.

General Qualifications: Applicants must possess essential personal qualifications including integrity, initiative, dependability, good judgment, the ability to work cooperatively with others, and a state of health consistent with the ability to perform the assigned duties of the class. A medical examination may be required. In open examinations, investigation may be made of employment records and personal history and fingerprinting may be required.

Eligible Lists: Eligible lists established by competitive examination, regardless of date, must be used in the following order: 1) sub-divisional promotional, 2) departmental promotional, 3) multi-departmental promotional, 4) service-wide promotional, 5) departmental open, 6) open. When there are two lists of the same kind, the older must be used first. Eligible lists will expire in one to four years unless otherwise stated on the bulletin.

High School Equivalence: Equivalence to completion of the 12th grade may be demonstrated in any one of the following ways: 1) passing the General Education Development (GED) Test; 2) completion of 12 semester units of college-level work; 3) certification from the State Department of Education, a local school board, or high school authorities that the competitor is considered to have education equivalent to graduation from high school; or 4) for clerical and accounting classes, substitution of business college work in place of high school on a year-for-year basis.

Accepted applicants must provide proof of identification at each in-person test session. Acceptable identification consists of a photo identification card or two forms of signed identification.
Application Methods:
Electronic (Your CalCareer Account)