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.

If you have tested for the Investment Officer I, II, and/or III, CalSTRS classifications as part of the Investment Officer Series, CalSTRS exam in the previous 6 months, it may be too early for you to take this exam. Please check your CalCareer account for the retake date on your exam results notification for this classification BEFORE continuing this exam process. Retaking this exam under another or a new User I.D. and password, Social Security Number (voluntary, not required, information), or name is not allowed.

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 OFFICER III, STATE TEACHERS' 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):

1800

For INVESTMENT OFFICER III, STATE TEACHERS' RETIREMENT SYSTEM, once you have participated in any of the following examinations, you may not recompete for 6 months:

Exam Code(s):

• EX-01800

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.

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.

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.

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

Equivalent to graduation from college, preferably with specialization in economics, finance, accounting, or business administration (additional qualifying experience may be substituted for two years of the required education on a year-for-year basis).

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

This examination consists of the following component(s):

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:

1. Research techniques
2. Financial and accounting principles and practices, including the reporting of financial data
3. Principles and practices of institutional investments
4. A variety of automated tools and systems
5. Investment practices, rules and regulations and differences between fundamental and technical market analysis
6. Market conditions
7. Various kinds of securities and industry standards
8. Statistical principles and procedures
9. Account reconciliation and settlement
10. Laws governing the administration of public pension funds
11. Rules and regulations of the Securities Exchange Commission
12. Securities clearing operations
13. Changes in or new methods of trading
14. Corporate governance issues and best practices
15. Principles and practices of portfolio management and construction of investment policy
16. Methods used to calculate performance evaluations and attributions for assigned portfolios
17. Various portfolio strategies and their relative values
18. CalSTRS laws impacting investment policies, procedures, and requirements
19. Purchase and sale practices of a large public agency or private institution
20. Domestic and international markets
21. Policies and procedures for current applicability as well as implementation of changes for future requirements
22. Investment merit of domestic and international securities
23. Nontraditional income generating investment programs
24. Monitoring techniques for adherence to fiduciary and prudence guidelines and restrictions and global market practices and policies, including active management

1. Interact with public and private sector entities to carry out investment activities of a public pension fund
2. Compile, organize, and interpret written and numeric information
3. Evaluate data and situations, and make sound judgments and conclusions
4. Establish and maintain cooperative relationships with those contacted in the course of the work
5. Evaluate situations accurately and take effective action
6. Communicate effectively with individuals across a broad spectrum of disciplines and promote cross-functional collaboration efforts
7. Analyze and review investment portfolios
8. Perform evaluations of securities
9. Appear before various committees and Boards
10. Recommend advisability of future commitments
11. Provide leadership to lower-level staff, including organizing and reviewing work products, directing projects, mentoring, and training
12. Participate in the management of an assigned investment portfolio within prescribed objectives, and effectively execute transactions needed to comply with established standards, and participate in the development of tactical and strategic portfolio allocation guidelines

A Departmental Open eligible list for the INVESTMENT OFFICER III, STATE TEACHERS' RETIREMENT SYSTEM Classification will be established for:

• State Teachers' 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.

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.

Section 1:

Instructions:  

Using the rating scale(s) provided below, you will 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 statement by marking one option from the scale(s) provided. Also, indicate the references who can verify the information provided.

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

1. Performing research and analysis activities of investments and/or strategies to meet investment objectives.
2. Evaluating investment risks to meet investment objectives.
3. Maintaining and utilizing portfolio management systems to evaluate and monitor investments.
4. Processing and/or monitoring transactions for cash movement related to investment strategies.
5. Compiling investment returns and/or performance attributions to measure outcomes.
6. Monitoring investment market conditions related to investment strategies.
7. Establishing and maintaining professional contacts and working relationships within the investment community to develop market knowledge and promote investment programs.
8. Performing portfolio analysis relating to diversification and/or compliance to meet investment objectives.
9. Utilizing computer software (e.g., Microsoft Word, Excel, Publisher, Outlook, Access) to collect and/or disseminate investment information.
10. Utilizing investment software (e.g., Bloomberg, Black Rock Solutions, FactSet, Barra, Zephyr Style Advisor, MyStateStreet, eVestment Alliance, Private Edge, Portia) to meet investment objectives.

Section 2:

Instructions:  

Using the rating scale(s) provided below, you will rate your experience in accordance to specific job-related knowledge and abilities.

Respond to each of the following statements by indicating how the statement applies to you. You are required to respond to every statement by marking one option from the scale(s) provided. Also, indicate the references who can verify the information provided.

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

11. Knowledge of research techniques and resources available to evaluate investment opportunities.
12. Knowledge of statistical principles and procedures to evaluate investment opportunities.
13. Ability to compile, interpret, and evaluate economic and numeric data to make investment decisions.
14. Ability to analyze and review opportunities and/or portfolios to meet investment objectives.

Section 3:

Instructions:  

Using the rating scale(s) provided below, you will 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 statement by marking one option from the scale(s) provided. Also, indicate the references who can verify the information provided.

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

15. Performing oversight of current and proposed assets or strategies to meet investment objectives.
16. Performing risk management assessment of investment assets and strategies.
17. Performing exception resolutions for current and proposed investment assets or strategies to meet investment objectives.
18. Analyzing the output of portfolio management systems to develop and implement strategies to meet investment objectives.
19. Analyzing the output of portfolio management systems to develop and manage assets to meet investment objectives.
20. Analyzing investment returns and/or performance attributions to measure outcomes.
21. Developing and implementing processes and procedures to monitor investment strategies.
22. Performing due diligence which may include site visits, review of market studies, and financial analysis to effectuate prudent investment decisions.
23. Performing portfolio analysis relating to diversification, leverage, investment style, or portfolio composition.
24. Negotiating transactions, contracts, legal documents, and manager fees to meet investment objectives.
25. Preparing documentation and information to assist in audit processes.

Section 4:

Instructions:  

Using the rating scale(s) provided below, you will rate your experience in accordance to specific job-related knowledge and abilities.

Respond to each of the following statements by indicating how the statement applies to you. You are required to respond to every statement by marking one option from the scale(s) provided. Also, indicate the references who can verify the information provided.

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

26. Knowledge of the market/economic conditions to implement investment strategies.
27. Knowledge of various types of assets, industry standards and regulations to ensure adherence to regulatory requirements.
28. Knowledge of fiduciary and prudence guidelines.
29. Knowledge of investment merit of domestic assets.
30. Knowledge of principles and practices of portfolio management to implement investment strategies.
31. Knowledge of methods used to calculate investment performance and attribution.
32. Ability to perform risk analysis for investments.

Section 5:

Instructions:  

Using the rating scale(s) provided below, you will 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 statement by marking one option from the scale(s) provided. Also, indicate the references who can verify the information provided.

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

33. Overseeing, reviewing, and/or evaluating investment research and analysis activities of assets or strategies to meet investment objectives.
34. Recommending the implementation of investment research and analysis activities on investment assets/securities and investment strategies.
35. Performing risk assessment of assets or strategies to meet investment objectives.
36. Recommending processes and procedures to monitor investment assets and strategies.
37. Recommending or providing guidance on exception resolutions for current and proposed investment assets or strategies to meet investment objectives.
38. Recommending the implementation of investment strategies based upon the portfolio management system outputs to meet investment objectives.
39. Overseeing the implementation of investment policies, processes, and procedures to monitor investment assets or strategies.
40. Developing reports to disseminate investment information.
41. Conducting studies as directed by trustees to meet investment or work-plan objectives.
42. Strategizing and providing input toward the development of the business plans to meet investment objectives.
43. Oversee investment reconciliations and cash-flow transactions with Master Custodians, portfolio management systems, or risk management tools.

Section 6:

Instructions:  

Using the rating scale(s) provided below, you will rate your experience in accordance to specific job-related knowledge and abilities.

Respond to each of the following statements by indicating how the statement applies to you. You are required to respond to every statement by marking one option from the scale(s) provided. Also, indicate the references who can verify the information provided.

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

44. Knowledge of investment merit of international assets.
45. Knowledge of principles and practices of developing investment policy.
46. Ability to present and disseminate investment information and recommendations to management and/or the public.
47. Ability to participate in the development of tactical and strategic portfolio allocation strategies.
48. Ability to provide leadership to staff, including organizing and reviewing work products, directing projects, mentoring and training.

• State Teachers' Retirement System

Technical questions regarding this examination should be directed to:

Administrative questions regarding this examination should be directed to:

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.

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.

State Teachers' 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.