Exam Bulletin - Managing Investment Director, PERS

Public Employees Retirement System

Exam Code: EX-1912

Examination Plans Included:

  • MANAGING INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM - Open

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

Classification Details

MANAGING INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM: $25,750.00 - $42,916.67 per Month

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

Application Instructions

This is not a timed exam. If you request a Reasonable Accommodation your account will be locked and you will not be able to proceed with the exam 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):

  • MANAGING INVESTMENT DIRECTOR, 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):

    1912

For MANAGING INVESTMENT DIRECTOR, 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-01912

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.

00104639 - MANAGING INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

Either 1
Experience: Two years of experience in the California state service performing the duties of an Investment Director, Public Employees' Retirement System.

Or 2
Experience: Four years of experience in the California state service performing the duties of an Investment Manager, Public Employees' Retirement System.

Or 3
Experience: Seven years of broad and extensive investment management experience for a major financial institution or firm, or governmental agency, including some supervisory experience over 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 Manager, Public Employees' Retirement System. and

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

(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

00104639 - MANAGING INVESTMENT DIRECTOR, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

Incumbents in this class are the managers of the major functional investment areas, asset classes, and programs within the CalPERS Investment Office, reporting directly to the Chief Investment Officer. In this capacity, incumbents are responsible for the overall management of their assigned functional investment area/asset class/program; 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; make major investment or operational decisions that have a significant impact on the fund; develop and administer investment strategies, policies, and options consistent with CalPERS investment objectives; provide executive-level leadership, guidance, and oversight for subordinate staff and managers; promote a high-performance culture and development of investment staff; lead the recruitment, selection, and development of investment staff; participate as a member of the Investment Office senior management team in the development of overall CalPERS investment and operational strategies; have significant contact with and present to the CalPERS Board and key external stakeholders; and represent the CalPERS Board and the Investment Office before the Legislature, external investment community, and the media on issues relating to their area of responsibility.

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 15 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
  28. Assist in planning and directing a major functional area of the investment program, or a program that crosses investment types 
  29. Coordinate multiple major initiatives, including technology initiatives 
  30. Manage large-scale diverse work efforts and work force 
  31. Oversee and lead, as well as select and manage, external portfolio managers and consultants 
  32. Makes and influence decisions that have significant impact on the Fund 
  33. Be responsible for an entire asset class or investment program 
  34. Promote teamwork, collaboration and communication 
  35. Promote a high-performance culture
  36. Evaluate and integrate complex investment information, analyses, and alternatives, weighing the effects those decisions might have on their functional area, as well as other functional areas 
  37. Plan and schedule resources 
  38. Perform various investment management and internal administrative functions on behalf of the Managing Investment Director, and act as the Managing Investment Director in his/her absence
  39. Lead and manage a major functional investment area or large and diverse global investment program 
  40. Make difficult decisions at a strategic level, weighing the effects those decisions might have on their functional area and other functional areas, as well as to CALPERS as a whole 
  41. Regularly provide expert policy-level consultation and presentations to the Board of Administration, and develop investment options and strategies that are consistent with their investment objectives and policies 
  42. Select and manage external portfolio managers and consultants

Eligible List Information

A Departmental Open eligible list for the MANAGING INVESTMENT DIRECTOR, 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.

Managing Investment Director, PERS Trainin and Experience Exam 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.

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

PLEASE NOTE: This examination is designed to gain an overall assessment of your training, and experience as it directly relates to the duties, knowledge, and abilities required for this position. All components of this examination have been carefully validated by tying them directly to job requirements and documenting their relevance to the position.

  1. Providing analysis regarding development and implementation of various risk management and investment program strategies.
  2. Presenting investment reports to senior management/board using all available resources.
  3. Analyzing a wide variety of investment risks, processes and controls in order to meet the organizational investment objectives.
  4. Analyzing prospective investments with regard to their characteristics, financials, potential risks and returns.
  5. Developing and implementing new programs, strategies, policies, processes and/or systems with senior investment staff.
  6. Conducting economic, fundamental, or quantitative analysis in support of investment decision making processes.
  7. Analyzing reports including risk characteristics, historical performance, performance attribution, economic forecasts, and security analysis.
  8. Supervising and leading subordinate staff performing investment duties.

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 95814
Phone: (866) 844-8671
CalCareer@CalHR.CA.GOV

Administrative questions regarding this examination should be directed to:

Public Employees Retirement System
Human Resources Division
Public Employees' Retirement System
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)