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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: Oakland, California

Salary: $141K - $180K

The Alameda County Employees’ Retirement Association (ACERA) is the retirement pension plan for public employees in Alameda County, California who work for Alameda County and other agencies. ACERA was established in 1948 by the Alameda County Board of Supervisors to provide retirement, disability, and death benefits to Alameda County and member district employees.

The ACERA retirement plan provides lifetime benefits to members of the retirement system who meet the minimum age and length-of-service requirements or are eligible for disability retirement. The plan is a significant and fundamental part of the comprehensive benefits package that participating employers offer to eligible employees, allowing employees to collectively invest their deferred wages to receive a secure income after retirement. ACERA also administers retiree health care and supplemental cost-of-living benefits. Details below.


This classification specification describes the advanced level of the Investment Officer, ACERA, flexibly staffed series. Incumbents of this classification, under general direction of the Chief Investment Officer, conducts complex research and analysis related to the retirement fund’s investments; performs investment program oversight; assists with the administration of investment programs; and performs related duties as required.

Distinguishing Features

This classification is part of a three-level flexibly staffed class series of the Investment Officer, ACERA, series classifications. This position is located in the Office of the Alameda County Employees’ Retirement Association (ACERA) and reports to the Chief Investment Officer, ACERA. Incumbents in this classification are expected to perform in an independent and responsible support role in implementing parts of the ACERA investment program, with a focus on maximization of return on investment of ACERA funds while balancing overall risk exposure. The Investment Officer, ACERA, is distinguished from the lower-level classification of Investment Analyst, ACERA, in that the Investment Officer is also responsible for taking a mentor role to the Investment Analysts in managing investment assets and providing oversight on assigned assets while assisting in the various activities in the day-to-day functioning of the investment program.

Investment Officers, ACERA, are eligible to flexibly promote to the higher-level class of Senior Investment Officer, ACERA, after three (3) years and a successful job evaluation performance.

Example of Duties:

Note: The following are duties performed by employees in this classification. However, employees may perform other related duties at an equivalent level. Each individual in the classification does not necessarily perform all duties listed

• Reviews investment committee agendas and official minutes for accuracy and completeness.

• Develops written procedures to increase efficiency, reduce costs or both.

• Conducts investment manager due diligence activities, including on-site visits.

• Research, reviews and recommends investment strategies, products and managers.

• Provides administrative oversight over consultant(s) and asset managers within the assigned asset classes.

• Assumes primary responsibility for ACERA’s corporate governance program.

• Analyzes and votes proxies in accordance with Board adopted proxy voting policy or oversees such activity as performed by third-party vendors.

• Maintains accurate and timely records of votes cast and reports results of voting activity to Investment Committee.

• Uses a variety of contacts and/or resources to remain apprised of developments in the investment markets and corporate governance arenas and suggest appropriate changes to the relevant policies or procedures.

• Represents ACERA at investment’s seminars or conferences.

• Monitors account holdings for compliance with investment policy and guidelines; prepares and summarizes

Exception Reports for Chief Investment Officer’s review.

• Performs compliance audits in accordance with investment policy; contacts vendors directly to resolve deficiencies; reports problems to Chief Investment Officer.

• Prepares oral, written, and graphical presentations to key decision-makers by using a variety of applicable software.

• Researches and makes recommendations regarding investment policies or procedures, portfolio performance or management, asset classes, asset allocation, or other related topics.


Either I:


The equivalent of two (2) years of full-time experience in

the class of Investment Analyst, ACERA, in the Alameda

County classified service.

Or II:


Possession of a bachelor’s degree from an accredited college or university in Finance, Economics, or in Business Administration with an emphasis in Investments, Finance, Economics, Real Estate, or related field.



The equivalent of three (3) years of full-time professional level experience in a financial institution, which has included some combination of financial research and analysis, report preparation, compliance monitoring, relationship and/or program management.


A master’s degree in finance, public administration, business administration or a related field based on a two (2)-year curriculum may substitute for two (2) years of the required work experience.

Note: The Civil Service Commission may modify the above Minimum Qualifications in the announcement of an examination.

Knowledge and Skills:

Note: The level and scope of the following knowledge and abilities are related to duties listed under the “Examples of Duties” section of this specification.

Knowledge of

• Word processing, spreadsheets, database management, and other computer applications.

• Investment management procedures and practices.

• Principles of investment, finance, statistics, and administrative analysis.

• Statistical and computer techniques/programs applicable to financial data in evaluating investment managers and portfolios.

• Sources of data for analyzing securities and market trends.

• Diversified securities and available investment markets.

• Principles and practices of research methods and report preparation.

• The scientific method of solving problems.

Ability to

• Establish and maintain professional relationships with members of the Retirement Board, ACERA staff, members of the Retirement Association, other governmental agencies, legal and investment professionals, and consultants.

• Evaluate external investment managers’ and consultants’ performance.

• Write clearly, concisely, and persuasively about technical subject matter.

• Understand and assess the quality, accuracy, and reliability of manager and consultant reports.

• Exhibit strong interpersonal skills, and emotional intelligence.

• Use spreadsheets and databases for analysis and presentation of information.

• Communicate effectively orally and in writing.

• Plan, assign, direct and review the work of others on a project on day-to-day basis.

• Represent ACERA in meeting with others.

• Work effectively in situations involving change and uncertainty.

• Isolate critical investment data to assess financial risk of investment options.

• Problem solve, and be attentive to details.

Supplemental Questionnaire:

A properly completed Supplemental Questionnaire must be submitted with each resume by 03/08/2024. Resumes and Supplemental Questionnaires must be in the possession of the ACERA Human Resource Department by 5:00 p.m. on the Last Day of Filing. Failure to submit a resume or Supplemental Questionnaire will result in disqualification.

Supplemental Questions:

Investment Operations Officer

1. What are the major asset classes that public pension funds such as ACERA typically invested in? What pros and cons do you think these asset classes will bring to their investors such as ACERA? Please explain.

2. What is your favorite investment right now and why is it your favorite investment? How would you go about recommending this investment for ACERA’s consideration?

3. Please describe an investment or finance project you have worked on recently, including a summary of your analysis and conclusion. Please describe whether it was an individual

or a team project, and explain why you have chosen an individual approach vs a team approach to perform this project.

4. What do you consider to be the most important factor(s) in constructing public pension funds such as ACERA?

Please name up to five factors.

Resumes and the Supplemental Questionnaires must be in possession of ACERA Human Resources Department by 03/08/2024 at 5:00 p.m. Resumes and Supplemental

Questionnaires must be sent via email to Victoria Arruda, ACERA Human Resources Officer, at,

For questions regarding this recruitment, please contact:

Victoria Arruda, Human Resources Officer, ACERA


Ofelia Garrido, Human Resources Specialist, ACERA


Reginald Richardson, Administrative Specialist II