Investment Officer, California State Teachers' Retirement System Series

California State Personnel Board Specification

Series established July 24, 1990

Scope

This series specification describes four classes in the specialized field of investment operations, analysis, and management for the California State Teachers' Retirement System (CalSTRS).

Definition of Series

This series specification describes four classes in which employees utilize a variety of automated systems and tools to maintain portfolios, gather market information, and prepare reports related to investment activities; perform investment research, analysis, oversight and risk management activities; compile a variety of reports on investment activities using a broad array of systems and data; prepare investment data bases and spreadsheets and other manner of investment information; assist in the management of assigned investment portfolios; maintain a portfolio management system; gather information from a wide variety of sources to develop and maintain knowledge of investment market conditions and trends; evaluate investment returns for various types of portfolios; manage and prepare forecasts for determining cash needs and availability; prepare and confirm trade ticket information; provide analysis for purchase/sale decisions; monitor the selection, purchase, trade, and subsequent asset management of securities; formulate, recommend, and implement investment policies and strategies; perform credit and security analysis; complete security transactions for cash movement; develop investment policies, strategies, benchmarks, and procedures; make presentations to the CalSTRS Board, Investment Committee, CalSTRS management, and other internal and external interest groups; provide oversight and monitoring of external investment manager performance and business activities; and perform other related duties.

Entry Levels

Entry into this series may be at any classification level within the series.

Factors Affecting Position Allocation

The level, variety, and complexity of analysis; independence of action and decision; authority to commit funds, size, type, and complexity of the particular transaction; and the degree of supervision received and exercised are factors used to differentiate between levels.

Definition of Levels

Investment Officer I, California State Teachers' Retirement System

This is the entry and first working level. Incumbents learn to perform and complete security transactions; prepare detailed analysis of various types of securities and security market conditions; assist in the management of complex portfolios; analyze nontraditional investments (alternative investments); analyze real estate investments; analyze and recommend action on proposed corporate actions; conduct analysis of shareholder resolutions and proxy voting issues; resolve problems pertaining to the transactions of various master custodial services; assist in the coordination of activities between the internal and external investment managers, the Master Custodian, and various investment consultants to assure proper reporting of the System's assets; and maintain a cash management system.

Investment Officer II, California State Teachers' Retirement System

This is the full working level. Incumbents provide a high level of expertise; implement decisions regarding buy and sell strategies for securities and investments including real estate and alternative investments within the assigned portfolio; monitor the selection, purchasing, trading, and subsequent asset management of securities/investments; recommend strategies for portfolio weighting and resource allocation; and monitor programs, such as securities lending for compliance.

Incumbents at this level have no supervisory responsibility, but may serve as a lead to other investment staff.

Investment Officer III, California State Teachers' Retirement System

Incumbents at this level perform as high-level specialists. Incumbents recommend and implement domestic and international investment policies and strategies; and perform the most complex assignments requiring a high level of expertise in the assigned programs.

Incumbents at this level have no supervisory responsibility, but may serve as a lead to other investment staff.

Supervising Investment Officer, California State Teachers' Retirement

System

This is the working supervisor level. Incumbents plan, organize, develop, and direct the activities of staff in the research, analysis, and completion of transactions; select, train, and evaluate lower-level investment officers; as well as perform the most complex assignments requiring a high level of expertise in the assigned programs.

Minimum Qualifications

At All Levels:

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).

Investment Officer I, California State Teachers' Retirement System

Either I

Completion of a student internship involving at least 500 hours of investment analysis work involving assistance in the management of a large equity, fixed income, real estate or alternative investment, or operational support duties.

Or II

Six months of professional investment experience performing investment security analysis or closely related duties for a public agency or private institution, such as a bank, insurance company, pension and endowment fund, or securities dealer.

Or III

Possession of a Master's Degree with major work in business administration, economics, finance, mathematics, or a closely related field

Investment Officer II, California State Teachers' Retirement System

Either I

One year of experience in the California state service performing the duties of an Investment Officer I, Range D, California State Teachers' Retirement System.

Or II

Three years of increasingly responsible experience performing investment security analysis and management for a public agency or private institution, such as a bank, insurance company, pension and endowment fund, real estate development or investment firm, or securities dealer. Possession of an advanced degree in one of the fields included above in the education requirements, or a closely related 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.

Investment Officer III, California State Teachers' Retirement System

Either I

One year of experience in the California state service performing the duties of an Investment Officer II, California State Teachers' Retirement System.

Or II

Five years of broad and extensive experience performing investment security analysis and management for a public agency or private institution, such as a bank, insurance company, pension and endowment fund, real estate development or investment firm, or securities dealer. Possession of an advanced degree in one of the fields included above in the education requirement, or a closely related 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.

Supervising Investment Officer, California State Teachers' Retirement System

Either I

One year of experience in the California state service performing the duties of an Investment Officer II, California State Teachers' Retirement System.

Or II

Five years of broad and extensive experience performing investment security analysis and management for a public agency or private institution, such as a bank, insurance company, pension and endowment fund, or securities dealer, at least three years of which shall have included responsibility for continuing supervision and reviewing of an investment program.

Knowledge and Abilities

All Levels:

Knowledge of: Research techniques; financial and accounting principles and practices, including the reporting of financial data; principles and practices of institutional investments; a variety of automated tools and systems; investment practices, rules and regulations and differences between fundamental and technical market analysis; market conditions; various kinds of securities and industry standards; statistical principles and procedures; account reconciliation and settlement; laws governing the administration of public pension funds; rules and regulations of the Securities Exchange Commission; securities clearing operations; changes in or new methods of trading; and corporate governance issues and best practices.

Ability to: Interact with public and private sector entities to carry out investment activities of a public pension fund; compile, organize, and interpret written and numeric information; evaluate data and situations, and make sound judgments and conclusions; establish and maintain cooperative relationships with those contacted in the course of the work; evaluate situations accurately and take effective action; communicate effectively with individuals across a broad spectrum of disciplines and promote cross-functional collaboration efforts; analyze and review investment portfolios; and perform evaluations of securities.

Investment Officer II, California State Teachers' Retirement System

Knowledge of: All of the above, and principles and practices of portfolio management and construction of investment policy; methods used to calculate performance evaluations and attributions for assigned portfolios; various portfolio strategies and their relative values; CalSTRS laws impacting investment policies, procedures, and requirements; purchase and sale practices of a large public agency or private institution; domestic and international markets; policies and procedures for current applicability as well as implementation of changes for future requirements; investment merit of domestic and international securities; and nontraditional income generating investment programs.

Ability to: All of the above, and appear before various committees and Boards; and recommend advisability of future commitments.

Investment Officer III, California State Teachers' Retirement System

Knowledge of: All of the above, and monitoring techniques for adherence to fiduciary and prudence guidelines and restrictions and global market practices and policies, including active management.

Ability to: All of the above, and provide leadership to lower-level staff, including organizing and reviewing work products, directing projects, mentoring, and training; 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.

Supervising Investment Officer, California State Teachers' Retirement System

Knowledge of: All of the above, and principles and practices of effective supervision; and a manager's/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.

Ability to: All of the above, and plan, organize, and direct the work of others; and effectively promote equal opportunity in employment and maintain a work environment that is free of discrimination and harassment.

Special Requirements

All Levels:

Ability to qualify for a Surety or Fidelity Bond.

Class History