Skip to main content

Type of Role: Investments

Experience Level: Analyst/Associate

Location: Sacramento , California

Salary: $49K - $94K

The California State Teachers’ Retirement System (CalSTRS) has $309 billion in AUM and provides retirement, disability and survivor benefits for California’s 965,000 prekindergarten through community college educators and their families. Details below.

The CalSTRS Investments Branch is seeking an experienced individual to work as an Investment Officer I on the Fixed Income team.

The Fixed Income Unit is dedicated to maximizing risk-adjusted total return within a multi-asset class portfolio. They provide value through innovative/active asset allocation and bond selection by taking advantage of internally and externally managed strategies. The fixed income portfolio is managed using both enhanced and active strategies. In addition, several portfolios and programs including Treasury Inflation Protected Securities, RMS Long Duration Treasuries, Cash Management, Securities Lending and Currency Management reside within the Fixed Income unit.

Under the direction of the Portfolio Manager, the Investment Officer I is responsible for assisting in the analysis and trading of Commercial Mortgage-Backed Securities (CMBS) and agency Mortgage-Backed Securities (MBS) within the Structured Products Sector of the Fixed Income Portfolio. At this level, the incumbent is given their first delegation of trading authority (based on the strategy developed by the Portfolio Manager).

The ideal candidate will possess the following skills:

  • Undergraduate degree in finance, economics, mathematics, or other similar technical field
  • Experience trading and/or analyzing Commercial Mortgage-Backed Securities and agency Mortgage-Backed Securities
  • Knowledge of investment principles
  • Strong understanding of financial statements and accounting concepts.
  • Strong mathematical and economic skills including statistics.
  • Ability to communicate with tact, sensitivity, and personal awareness with internal and external customers during stressful working conditions (e.g., noise, tight deadlines, workload, and large transactions).
  • Ability to communicate ideas, thoughts, and facts orally and in writing; organizes ideas clearly; tailors communications to effectively reach an audience.
  • Ability to work effectively as an individual and as part of a team to support team, unit, and Investments Branch goals.
  • Ability to acquire, filter, cleanse and analyze complex data sets.
  • Ability to carry out open-ended assignments where there are no written instructions and solve problems that have no precedent.
  • Demonstrated ability to work effectively on a team, communicate workload management issues, and escalate problems that pose potential risk.
  • Ability to ensure work and information are complete and accurate; carefully prepare for meetings and presentations; follow up with others to ensure that agreements and commitments have been fulfilled
  • Ability to effectively work with Microsoft Outlook, Excel, and to quickly learn other software.

An incumbent who possesses a professional certification as a Chartered Financial Analyst (CFA) may receive a 5% monthly base pay differential.

Every 12 months, based on performance evaluation, employees may receive a 5% salary increase until they reach the maximum salary for the position.

ESSENTIAL FUNCTIONS

Responsible for producing analysis of commercial real estate (CRE) valuations and cash flows including multi-family, office, hospitality, industrial and retail properties, among others. Utilize various tools such as Bloomberg, Microsoft Excel, industry data, etc. to independently underwrite collateral and arrive at estimations of probability of default, loss given default, early payoffs, maturity extensions and time lags for recoveries on defaulted assets.

Develop, analyze, and maintain a range of scenarios for collateral performance and based on the cash flows produced by each scenario, provide the team with a range of probable outcomes for specific bonds issued by a CMBS trust. Prepare risk/return analyses on new CMBS structures for the Portfolio in order to determine the suitability for CalSTRS’ investment program.

Produce oral and written reports for the Structured Products team. Assist in the maintenance of databases and tools used by the team. Analyze and summarize material developments in CRE markets and conduct ongoing surveillance of the portfolio’s underlying collateral. Assist with portfolio attribution as needed to determine drivers of performance and variations versus benchmarks. Assist in the implementation of the team’s investment decisions in primary and secondary markets.

Assist with evaluating relative value of the various sectors and collateral stories within the agency MBS market. Assist the Structured Products team with the trading and position management of mortgage pass-throughs and TBA/Dollar Rolls. Analyze the float composition of all coupons for the 15-, 20- and 30-year mortgage market.

Act as a general resource to the Fixed Income Unit, providing ad-hoc research and analysis as needed. Provide assistance in the implementation of policies, guidelines and risk controls to manage the Fixed Income Assets consistent with the Investment Management Plan adopted by the Investment Committee.

MARGINAL FUNCTIONS

Represent CalSTRS at various broker/analyst meetings and prepare written summaries for the PM.

COMPETENCIES
Core Competencies. All employees are responsible for understanding and demonstrating CalSTRS’ core competencies:
• Adaptability/Flexibility
• Communication
• Customer/Client Focus
• Teamwork
• Work Standards/Quality Orientation

Classification Competencies. All employees are expected to understand and demonstrate their position’s CalSTRS class competencies:
• Adaptability and Change Participation
• Investment Focus and Component Performance
• Communication, Negotiation and Relationship Development
• Teamwork
• Quality Work Standards and Initiative
• Ethical Decision Making and Risk Management
• Strategic Thinking and Implementation
• Investment Landscape and Organizational Awareness

CONDUCT AND ATTENDANCE EXPECTATIONS
• Communicate effectively with individuals from varied experiences, perspectives and backgrounds
• Deal with individuals in a tactful, congenial, personable manner
• Must maintain consistent and regular attendance
• Adhere to CalSTRS policies and procedures
• Ability to support and model CalSTRS Core Values

WORKING CONDITIONS AND PHYSICAL ABILITIES REQUIRED OF THE JOB
• Must be able to begin work at 6:30 a.m.
• Work in a high-rise building, in an open space environment
• Work in a fast paced, high volume, sometimes noisy atmosphere
• Ability to use a computer keyboard several hours of the day
• Read from a computer screen several hours of the day
• Ability to move up to 10 pounds
• Occasional overnight interstate travel