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INVESTMENT OFFICER II, STATE TEACHERS' RETIREMENT SYSTEM

State Teachers' Retirement System
Yolo, CA Full Time
POSTED ON 5/11/2026
AVAILABLE BEFORE 5/18/2026



The Investment Officer II position is eligible for incentive compensation and has a maximum incentive opportunity of 10% of base salary.

The CalSTRS Investments Branch is seeking an experienced individual to work as an Investment Officer II (IO II) and is willing to consider an Investment Officer I (IO I) on the Fixed Income team.

The Fixed Income division is dedicated to maximizing risk-adjusted total return within a multi-asset class portfolio. Fixed Income is managed internally and externally using lower-risk enhanced, and higher-risk active mandates that provide value through innovative/active strategies. These strategies incorporate fundamental and systematic factor-based methods of security selection and asset-allocation in order to generate returns that exceed benchmarks. In addition, the team manages several strategies and programs that reside in other divisions or serve the total fund including Treasury Inflation Protected Securities (TIPS), Long Duration Treasuries, Cash Management, Reverse Repo execution, and Currency/FX management and execution services.

Under the general direction of the Associate Portfolio Manager (APM) of Fixed Income, the Investment Officer II assists in the management of the Credit Portfolios (Investment Grade, High Yield, Emerging Markets, Private Credit, etc.). The incumbent must be knowledgeable of the credit markets and be able to evaluate relative value of securities under consideration. At the Investment Officer II level, incumbents provide a high level of investment expertise and conducts in-depth credit research and financial analysis to assess issuer risk, support informed investment decisions, and execute sector-specific trading activities that align with CalSTRS’ portfolio strategy.

The ideal candidate will possess the following skills:
  • Knowledge of credit markets, including Investment Grade, High Yield, Emerging Markets, and Private Credit.
  • Demonstrated ability to conduct in-depth credit research and financial analysis to assess issuer risk.
  • Experience preparing and analyzing financial statements using credit rating reports, sell-side research, news sources, market data, internal tracking systems, and financial software.
  • Strong proficiency with market data and investment software platforms such as Bloomberg and BlackRock Solutions.
  • Ability to evaluate relative value and total return opportunities and implement investment decisions aligned with portfolio strategy.
  • Experience with portfolio construction, trading activities, and maintaining counterparty trading relationships.
  • Skill in developing comprehensive strategies for credit exposure based on economic and market forecasts, including interest rates, economic growth, corporate earnings, and credit spreads.
  • Bachelor’s degree in finance, economics, business, or a related field; advanced degree or relevant professional certifications (such as CFA) preferred.
  • Excellent written and oral communication skills for preparing updates and recommendations on issuer credit quality and performance.

Duties will be adjusted at the Investment Officer I (IO I) level.

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.


In July 2025, the State of California implemented the Personal Leave Program 2025. This program reduces employees’ monthly base pay in exchange for paid leave credits. This position is subject to PLP 2025 and will have a monthly base pay reduction of 3% in exchange for 5 hours of leave credits for the duration of the program. The salary ranges shown on this job posting do not reflect the reduced amounts.

Does this opportunity seem right for you? If so, see the Application Instructions section below and apply now.


You will find additional information about the job in the Duty Statement.

CalSTRS offers a hybrid approach including in-office and remote work solutions based on business needs.


All staff of CalSTRS are employees of the State of California and subject to California employment taxes and withholdings. Upon appointment, staff are required to provide a current California address to CalSTRS Human Resources to be used as a remote work location.

 

This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for visa sponsorship by the start date of employment with CalSTRS.

You will find the Minimum Requirements in the Class Specification.
  • INVESTMENT OFFICER II, STATE TEACHERS' RETIREMENT SYSTEM
  • INVESTMENT OFFICER I, STATE TEACHERS' RETIREMENT SYSTEM
  • Job Application Package Checklist
  • Duty Statement
Job Code #:
JC-517080
Position #(s):
815-310-7339-141
Working Title:
Investment Officer II
Classification:
INVESTMENT OFFICER II, STATE TEACHERS' RETIREMENT SYSTEM
$7,993.00 - $10,004.00
New to State candidates will be hired into the minimum salary of the classification or minimum of alternate range when applicable.
Shall Consider:
INVESTMENT OFFICER I, STATE TEACHERS' RETIREMENT SYSTEM
$4,365.00 - $5,464.00 A
$5,014.00 - $6,276.00 B
$5,805.00 - $7,265.00 C
$6,623.00 - $8,290.00 D
# of Positions:
1
Work Location:
Yolo County
Telework:
Hybrid
Job Type:
Permanent, Full Time

CalSTRS: Securing the financial future and sustaining the trust of California’s educators

CalSTRS is the largest educator-only pension fund in the world, providing retirement, disability and survivor benefits to California's more than 1 million public school educators and their families. The Investments Branch manages a portfolio that is broadly diversified into seven asset categories with assets totaling approximately $389.5 billion as of November 30, 2025. In 2025, the CalSTRS Investments Branch was named one of the Best Places to Work in Money Management by the Pensions & Investments magazine for the eleventh time since 2013.

CalSTRS is committed to setting best practice precedents, implementing innovative diversity and inclusion principles, motivating positive change, and advancing the worlds investment markets. We do this by establishing collaborative relationships across a vast network of investment managers, portfolio companies and industry associations in order to maximize returns and leverage opportunities for positive change.

Our two U.S. Green Building LEED Platinum-certified headquarters buildings in West Sacramento, California, feature sustainable construction, abundant natural lighting, an organic garden, sustainable beekeeping and ergonomic functionally designed workspaces. We offer a variety of on-site amenities to our team members, including two full-service cafés, two free fitness centers, a bicycle rental library and a child care center with a covered playground. Team members enjoy walks along the Sacramento River and nearby seasonal farmers markets.

In addition to our state-of-the-art amenities, we offer thriving wellness and sustainability programs, an award-winning employee recognition program, and ongoing training, learning and development opportunities. We offer competitive benefits, flexible work hours and hybrid work options. We are committed to creating a workplace where our team members thrive.  

If you’re looking for a rewarding career and are interested in becoming part of a diverse and inclusive workforce where talent, expertise and wellness are valued, we encourage you to find out more about our many career options at CalSTRS.com/Careers.


Exam

This position requires a current Investment Officer II or Investment Officer I exam. If you need to take the exam or if your score has expired: 

 

Click here to gain list eligibility for  Investment Officer I.  

Click here to gain list eligibility for  Investment Officer II


 
CalSTRS Personal Trading Program

Investment Branch employees are required to participate in the CalSTRS Personal Trading Program which allows CalSTRS to monitor employees’ personal trading transactions in order to reduce risks associated with insider trading, front running, and misusing material non-public information. Upon accepting a position within the Investment Branch, you will be required to disclose your personal broker account information and be required to utilize a personal broker from a designated list as provided by CalSTRS.

Background Investigation

Prior to employment with CalSTRS, a background investigation (BI) will be conducted. The BI consists of a Personal History Statement and fingerprinting through the Department of Justice. The BI will check criminal and civil records and, if applicable, verify education and check driving records.

CalSTRS Disclosure Requirements 

This position may be subject to disclosure and disqualification requirements concerning economic conflict of interest in government work, including the Conflict of Interest Code that applies to CalSTRS team members and the Political Reform Act, which require disclosure of certain investment information and use of a designated trading platform for securities transactions, as well as filing a Statement of Economic Interest (Form 700).

Incompatible Activities

This position is subject to the provisions of Government Code Section 19990. Upon accepting a position at CalSTRS, you will also be required to comply with the CalSTRS Incompatible Activities Policy by ensuring that outside work or activities are compatible and align with your professional activities or workplace obligations.

Salary : $95,916 - $120,048

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