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):

• SENIOR PORTFOLIO MANAGER - Open

For all Classifications, once you have participated in any of the following examinations, you may not recompete for 12 months:

Exam Code(s):

2723

For SENIOR PORTFOLIO MANAGER, once you have participated in any of the following examinations, you may not recompete for 12 months:

Exam Code(s):

• EX-02723

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.

Education
Equivalent to graduation from college with a bachelor's degree. (Additional qualifying experience may be substituted for the required education on a year-for-year basis). AND

Experience
Six years of progressively responsible investment management experience within a pension system, financial institution or firm, government agency, or similar public, private or non-governmental organization including experience in leading or supporting a large portfolio. At least one year of experience must be equivalent to a Portfolio Manager or two years to an Associate Portfolio Manager. (Possession of an advanced degree 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).

This examination consists of the following component(s):

Components that are due with your application will be scored and will count toward your final examination result. Failure to submit these items may result in disqualification or elimination from the examination.

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. Knowledge of economic principles and trends and their impact on investment portfolio.
2. Knowledge of various markets and the roles of various industry participants.
3. Knowledge of management techniques related to institutional investment portfolios, including design and construction of an investment portfolio, policy development, asset allocation, risk management, due diligence, negotiation and closure, monitoring, reporting restructuring, and exiting.
4. Knowledge of sources of information and data, analytical and research techniques, and methods to evaluate, analyze, and value various investment alternatives.
5. Knowledge of the contents, interrelationships and working of balance sheets, income statements, and cash flow statements.
6. Knowledge of computer applications used in investment management operations.
7. Knowledge of practices for contracting for and overseeing services of external investment consultants and managers.
8. Knowledge of monitoring techniques for adherence to fiduciary and prudence guidelines and restrictions.
9. Knowledge of laws, regulations, and procedures covering investment agreements and transactions, rules and regulations of the Securities Exchange Commission.
10. Knowledge of laws, rules, policies, and procedures impacting investment policy, procedures, and requirements.
11. Knowledge of social and political issues affecting public pension investment programs.
12. Knowledge of corporate governance and sustainability issues.
13. Knowledge of cash management, securities clearance and settlement, asset transfers, custodial relations.
14. Knowledge of investment compliance.
15. Knowledge of performance attribution analysis, and best practices.
16. Knowledge of principles and practices of supervision, including the manager’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.
17. Knowledge of laws governing the administration of public pension funds.
18. Knowledge of legal structures including partnerships and strategic planning, leadership techniques and coordination of people, resources, and principles.

Ability to:
1. Ability to gather and analyze a broad range of economic and investment information and synthesize it into concise and coherent conclusions and recommendations.
2. Ability to participate in the development of tactical and strategic portfolio allocation guidelines.
3. Ability to prepare and present reports to the board.
4. Ability to evaluate a broad variety of investment options and reach prudent investment management decisions.
5. Ability to accurately monitor, measure and report investment performance.
6. Ability to manage pricing and valuation strategies and control processes.
7. Ability to measure and monitor risk within and across investment types.
8. Ability to evaluate investment actions and results for conformance with established performance standards and policies.
9. Ability to maintain an up-to-date knowledge of economic and investment trends and ideas, and use that knowledge to develop innovative investment strategies.
10. Ability to adapt effectively to changing market conditions.
11. Ability to communicate effectively.
12. Ability to establish and maintain cooperative relations with those contacted in the course of work.
13. Ability to plan and direct the work of subordinate staff while effectively promoting equal opportunity in employment and maintaining a work environment that is free of discrimination and harassment.
14. Ability to work effectively with executive management and Investment Branch Senior Management.
15. Ability to work effectively with the Board and gain its confidence.
16. Ability to act independently in making decisions and leading projects and assignments in delegated areas and implementing strategy and policy.
17. Ability to act as a lead on large and/or complex projects and assignments.
18. Ability to evaluate and integrate complex investment information, analyses, and alternatives.
19. Ability to work effectively and build relationships with a broad variety of external contacts, such as external consultants and investment partners.
20. Ability to make clear and concise verbal and written presentations.
21. Ability to manage a major functional investment area with large and/or significantly complex portfolios, accounts, strategies, partnership relationships, and/or investment programs with specialized or unique characteristics or risk exposures.
22. Ability to negotiate investment agreements.

A Departmental Open eligible list for the SENIOR PORTFOLIO MANAGER 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 24 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.

• State Teachers' Retirement System

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.