For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 2 million members in the CalPERS retirement system and administers benefits for more than 1.5 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S.

Industry: Government Administration
Company Size: 1,001-5,000 employees

CalPERS

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**Equal Opportunity Employer**

The State of California is an equal opportunity employer to all, regardless of age, ancestry, color, disability (mental and physical), exercising the right to family care and medical leave, gender, gender expression, gender identity, genetic information, marital status, medical condition, military or veteran status, national origin, political affiliation, race, religious creed, sex (includes pregnancy, childbirth, breastfeeding and related medical conditions), and sexual orientation.

It is an objective of the State of California to achieve a drug-free work place. Any applicant for state employment will be expected to behave in accordance with this objective because the use of illegal drugs is inconsistent with the law of the State, the rules governing Civil Service, and the special trust placed in public servants.

**Position Details**

**Job Code #:**

JC-510660

**Position #(s):**

275-625-4695-027

**Working Title:**

**Market Risk Investment Analyst**

**Classification:**

INVESTMENT OFFICER III, PUBLIC EMPLOYEES RETIREMENT SYSTEM

$10,681.00 - $12,738.00

This position is eligible for an annual incentive award and Charter Financial Analyst (CFA) pay differential. The annual incentive opportunity is 0- 20% of salary and is based on the level of achievement against several quantitative and qualitative measures. Permanent full-time employees who possess certification as a CFA may receive a 5% monthly base pay differential.

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 II, PUBLIC EMPLOYEES' RETIREMENT SYSTEM

$7,993.00 - $10,004.00

This position is eligible for an annual incentive award and Charter Financial Analyst (CFA) pay differential. The annual incentive opportunity is 0- 10% of salary and is based on the level of achievement against several quantitative and qualitative measures. Permanent full-time employees who possess certification as a CFA may receive a 5% monthly base pay differential.

**# of Positions:**

1

**Work Location:**

Sacramento County

**Telework:**

Hybrid

**Job Type:**

Permanent, Full Time

**Department Information**

California Public Employees’ Retirement System (CalPERS) is a global institutional investor and the nation’s largest public pension fund, with assets of approximately $604.49 billion as of March 9, 2026. Headquartered in downtown Sacramento, we are a destination employer with an international reputation for leadership and innovation. At CalPERS, we’re committed to people – the people we serve, our team members, and the larger community around us. CalPERS is situated near Napa Valley, San Francisco, Lake Tahoe, and other desirable destinations, and we offer competitive benefit packages, compensation, and opportunities for advancement. Our people are deeply committed to our Mission & Vision and their decisions and actions are guided by our Investment Beliefs .

If you are interested in becoming part of a diverse and inclusive workforce where talent, experience, and expertise are valued, CalPERS invites you to apply for this employment opportunity. To find out more about our Diversity, Equity, and Inclusion efforts, visit our website !

To take a look at CalPERS as a destination employer, view this YouTube video .

**Job Description And Duties**

**Anticipated Interview Dates: ** We anticipate holding interviews two weeks after the cutoff date. We look forward to meeting with you!

**This position is being re-advertised. If you previously applied, your application is still being considered and you do not need to re-apply.**

Our Investment Office is currently seeking an Investment Officer (IO) II or III for enhancing and developing asset allocation and risk analytics tools to support the management of the total portfolio. Under the direction of the Associate Investment Manager, the IO conducts quantitative analyses to evaluate the impact of investment strategies, oversees the use of statistical and optimization models, and prepares data-driven reports for portfolio management teams.

The role includes developing and applying liquidity models, simulating cash flows under various scenarios, and analyzing the portfolio’s overall liquidity position. Additionally, the position streamlines and automates analytics using programming tools such as Python, SQL, and Power BI, integrates artificial intelligence solutions, and implements data visualization best practices.

**Telework Information: ** This position is eligible for a hybrid work schedule, with up to two days of remote work and three days or more onsite, per week.

**Sponsorship: **This position is not eligible for visa sponsorship. Applicants must be authorized to work in the US without the need for a visa sponsorship now or in the future. CalPERS does not participate in E-Verify for employment authorization purposes.

**Effective July 1, 2025, The California Department of Human Resources (CalHR) implemented the Personal Leave Program 2025 (PLP 2025). PLP 2025 directs that each employee shall receive a 3 percent reduction in pay in exchange for 5 hours PLP 2025 leave credits, monthly. The salary range(s) included in the job advertisement do not reflect the 3 percent reduction in pay.**

How did you hear about this position? Tell us in this brief survey .

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

**Special Requirements**

**Statement of Qualifications**

Please provide a Statement of Qualifications (SOQ) for the hiring manager’s review. Applications received without an SOQ or those that do not respond to the specific questions below **will not ** be considered.

The SOQ must be typed, titled “Statement of Qualifications,” and each response must be numbered and list all relevant experience, education, and training, including places of employment, dates, and duties performed. The SOQ must not exceed two pages in length. We ask that you not use Artificial Intelligence assistance when composing your written response. Written responses are an attempt to assess and gain an understanding of your personal writing and communication skills and abilities.

- Based on what you know about CalPERS and the duty statement for this position, please share your relevant skills, experience, and education. How will they help you to be successful in this position?

- Please describe applications and systems that you have hands-on experience with. Please explain how you used them in the past. Which ones do you think could be helpful for this job?

- Collaboration is crucial within a portfolio risk team. Can you describe a time when you had to work closely with others to address a complex issue? What was your role, and how did you contribute to the team's success?

**Minimum Qualifications**

All experience and education relating to the Minimum Qualifications (MQs) listed on the Classification Specification should be included in your application package to clearly demonstrate how you meet the MQs for this position. The Classification Specification is located on this Job Posting under "Minimum Requirements."

Please Note: You may need to pass an examination to establish list eligibility prior to any type of job offer. To find and take an exam, visit the CalHR’s CalCareers website .

**Career Services & Outreach**

**Need help with your state application, resume, Statement of Qualifications, or interview preparation?**

The CalPERS Career Services & Outreach (CSO) team provides comprehensive support throughout the CalPERS hiring process. Our services include one-on-one online consultations for application assistance, Statement of Qualification review, and interview preparation. To schedule an appointment and receive personalized guidance from our team, please use the following booking link: CalPERS Career Services Consultations .

**Application Instructions**

Completed applications and all required documents must be received or postmarked by the Final Filing Date in order to be considered. Dates printed on Mobile Bar Codes, such as the Quick Response (QR) Codes available at the USPS, are not considered Postmark dates for the purpose of determining timely filing of an application.

Final Filing Date: 5/15/2026

Who May Apply

Individuals who are currently in the classification, eligible for lateral transfer, eligible for reinstatement, have list or LEAP eligibility, are in the process of obtaining list eligibility, or have SROA and/or Surplus eligibility (please attach your letter, if available). SROA and Surplus candidates are given priority; therefore, individuals with other eligibility may be considered in the event no SROA or Surplus candidates apply. Individuals who are eligible for a Training and Development assignment may also be considered for this position(s).

Applications will be screened and only the most qualified applicants will be selected to move forward in the selection process. Applicants must meet the Minimum Qualifications stated in the Classification Specification(s).

How To Apply

Complete Application Packages (including Your Examination/Employment Application (STD 678) And Applicable Or Required Documents) Must Be Submitted To Apply For This Job Posting. Application Packages May Be Submitted Electronically Through Your CalCareer Account At Www.CalCareers.ca.gov. When Submitting Your Application In Hard Copy, a Completed Copy Of The Application Package Listing Must Be Included. If You Choose To Not Apply Electronically, a Hard Copy Application Package May Be Submitted Through An Alternative Method Listed Below:

Address for Mailing Application Packages

You may submit your application and any applicable or required documents to:

Public Employees Retirement System

Postal

Attn: JC-510660/IP

Human Resources Division, Recruitment

P. O. Box 942718

Sacramento , CA 94229-2718

Address for Drop-Off Application Packages

You may drop off your application and any applicable or required documents at:

Public Employees Retirement System

Drop-Off

HRSD, EIR JC-510660/IP

400 Q Street, Lincoln Plaza North

1st floor drop box by security desk

Sacramento , CA 95811

08:00 AM - 05:00 PM

Required Application Package Documents

The Following Items Are Required To Be Submitted With Your Application. Applicants Who Do Not Submit The Required Items Timely May Not Be Considered For This Job:

- Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.

- Resume is optional. It may be included, but is not required.

- Statement of Qualifications - In addition to completing your online job application, you must provide a Statement of Qualifications (SOQ) for the hiring manager’s review. Please see the Special Requirements section for instructions and questions for the SOQ. Applications received without an SOQ will not be considered. We ask that you not use Artificial Intelligence assistance when composing your written response. Written responses are an attempt to assess and gain an understanding of your personal writing and communication skills and abilities.

Applicants requiring reasonable accommodations for the hiring interview process must request the necessary accommodations if scheduled for a hiring interview. The request should be made at the time of contact to schedule the interview. Questions regarding reasonable accommodations may be directed to the EEO contact listed on this job posting.

Market Risk Investment Analyst

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