INVESTMENT OFFICER, TREASURY (M36)
In New Jersey, Investment Officer, Treasury is filled through the competitive process: candidates take a civil service exam and are hired off a ranked list, not picked at will.
The stated bar is a master's degree, but candidates can swap in added experience for the diploma. Its salary schedule (frozen at an older rate) lists $87,368 to $122,298, though managerial and exempt titles like this are usually paid individually rather than on the step schedule.
How to apply
This title is filled by competitive examination.
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See where to apply for this title →Official job specification
The text below is the official specification published by the New Jersey Civil Service Commission. The plain-language summary and analysis above are derived from it by NJ Civil Service Navigator. Source: the official specification page at NJ CSC.
Definition
Under the direction of the Director or other executive in a division or agency within the Department of the Treasury, develops and implements portfolio strategy, subject to the approval of the Director and guidelines provided by any investment committee appointed by the Director; supervises investment transactions recommended by the Portfolio Managers for approval by the various investment committees, including the purchase, sale and exchange of securities for the numerous funds invested by the division or agency; has administrative responsibility for supervising the work programs and activities of the Portfolio Management Section; maintains PFRSNJ's (Police and Fireman's Retirement System of New Jersey) relationship contacts; does other related work as required.
Examples of work
Supervises and formulates investment programs for various state agencies, including various state pension funds, trusts, demands, and temporary reserve funds. Determines the weighting of available funds for the common stock and fixed income programs. Conducts regular meetings with the Portfolio Managers and Traders responsible for investments within the assigned portfolio(s) to discuss and formulate investment policy for the funds. Formulates and reviews the allocation program for stock and bond portfolios to ensure conformity with Investment Council guidelines. Supervises and reviews investment portfolios with Portfolio Managers within the assigned portfolio(s). Reviews offering circulars and bond resolutions of various state financing agencies. Consults with economists, investment bankers, commercial bankers, and brokers to review available investment services for use in the state investment program. Reviews the quality, cost and utility of investment services provided to the division. Reviews the legality of potential investments, formulates recommendations for changes or additions to the state laws. Manages work operations and/or functional programs and responsible for employee evaluations to effectively recommend the hiring, firing, promoting, demoting, and/or disciplining of employees. As an agent for the State Treasurer, signs and approves voucher forms for the investment of money, and for vouchers covering out-of-pocket disbursements by custodian institutions for the various State of New Jersey Investment Funds. Maintains PFRSNJ's relationships with investment advisors, general partners, consultants, and service providers within their assigned asset classes. Conducts and/or attends meetings and seminars to keep abreast of current information, or to acquire additional information relevant to investment programs and policies. Attends monthly meetings of the State Investment Council to report on activities of the assigned portfolio(s). As required, represents the Division Director or Deputy Director at various committee meetings. As assigned, may function in the absence of the Director of Deputy Director. Prepares and supervises the preparation of detailed technical correspondence in the course of official duties. Prepares clear, technically sound, accurate and informative financial, statistical, and other reports of investment matters containing findings, conclusions, and recommendations. Directs the maintenance of essential records and files. May be required to learn how to utilize various types of electronic and/or manual recording and information systems and software programs used by the agency, office, or related units.
Requirements
License
Appointees will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
Knowledge, skills and abilities
Knowledge of the brokerage firms engaged in the securities business in the metropolitan area including New York, Philadelphia, and New Jersey. Knowledge of the fields of money, banking and the preparation, analysis, and interpretation of varied types of financial statements, including income statements and balance sheet items. Knowledge of the current methods and procedures of underwriting syndicates and joint accounts in both primary and secondary markets. Knowledge of the Federal Tax Code as it relates to the corporate sector. Knowledge of the current practices of investment banking, and the procedures of the New York Stock Exchange and other security trading platforms. Knowledge of interest rates, comparative and relative yields, maturities, spreads, bids and asking prices, and the terminology peculiar to investment practices. Knowledge of foreign currency exchange and its impact on investment activity. Knowledge of prospectuses, proxy statements and bond indentures to recommend an appropriate course of action to the Director and Deputy Director. Knowledge and understanding of the methods and techniques used by companies to finance growth, both short and long term, involving bank borrowing, commercial paper, sale of debt and/or equity, including the resulting impact on corporate financial strength and earnings. Knowledge of modern accounting practices and their impact on corporate balance sheets, earnings, and cash flows. Knowledge of the role of fiscal and monetary policy on interest rates, overall economic growth, and inflation. Knowledge of supervisory methods and techniques. Knowledge of the typical business activities and operations of publicly and privately owned companies. Knowledge of the quality of credit of bond holdings and new issue bonds. Ability to read, interpret and apply the laws of the State of New Jersey relevant to the administration and investment of various state funds, and the rules, regulations, and procedures of the Department of the Treasury and the State Investment Council relevant to state investments and fund analyses. Ability to establish and maintain cooperative working relationships with the representatives of banks, investment houses, and with those groups and individuals engaged in the securities business and/or any other related business. Ability to place and arrange orders for the purchase and/or sale of securities. Ability to assign, instruct, and supervise the work of Portfolio Managers, Traders, and other staff members. Ability to plan and direct portfolio management activities and projects. Ability to monitor and evaluate the quality of credit, bond holdings and new issue bonds, and assist in the development of methods to further improve this function. Ability to analyze and evaluate high risk investments. Ability to supervise support staff in the use of proper judgement in the maintenance of essential files and records applicable to monitoring the fundamental outlook for stocks or bonds. When assigned to PFRSNJ, ability to maintain PFRSNJ's relationships with investment advisors, general partners, consultants, and service providers within their assigned asset classes. Ability to prepare formal recommendations for the Director concerning investment strategy and operations. Ability to prepare detailed and technical correspondence. Ability to prepare detailed statistical, financial, and other reports containing findings, conclusions, and recommendations. Ability to learn how to utilize various types of electronic and/or manual recording and information systems and software programs used by the agency, office, or related units. Ability to read, write, speak, understand, and communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication. Persons with mental or physical disabilities are eligible if they can perform the essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible.
Note
The examples of work for this title are for illustrative purposes only. A position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed. Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience. Eleven (11) years of professional experience with an investing entity such as a bank, insurance company, public or private pension fund or professional money management organization with primary accountability and authority for the management of a least $300 million. Three (3) of these seven (7) years shall have been within the most recent eight (8) year period. Three (3) of the seven (7) years shall have included membership on an investment committee or management group which sets the investment strategy and policy guidelines of the investing entity. One (1) of the seven (7) years shall have included, not necessarily in the same year: Management of a least $100 million invested in equities, and Management of a least $100 million invested in long-term fixed income securities, and Management of a least $100 million invested in short-term fixed income securities. OR Possession of a bachelor's degree from an accredited college or university; and seven (7) years of the above-mentioned professional experience, including or supplemented by eighteen (18) semester hour credits in any one or combination of the following areas: accounting, finance, money, and banking, statistics, economics, or investments; three (3) years of the seven (7) shall have included membership on an investment committee or management group which sets the investment strategy and policy guidelines of the investing entity; one (1) year of the seven (7) shall have included, not necessarily in the same year: Management of a least $100 million invested in equities, and Management of a least $100 million invested in long-term fixed income securities, and Management of a least $100 million invested in short-term fixed income securities. OR Possession of a master's degree in in Business Administration (M.B.A.), Accounting, Finance, Economics, or related field; and six (6) years of the above-mentioned professional experience; three (3) years of the six (6) shall have included membership on an investment committee or management group which sets the investment strategy and policy guidelines of the investing entity; one (1) year of the six (6) shall have included, not necessarily in the same year: Management of a least $100 million invested in equities, and Management of a least $100 million invested in long-term fixed income securities, and Management of a least $100 million invested in short-term fixed income securities. Experience involving retail investment and retail research will not be accepted. Experience as a registered representative for individuals will not be accepted. "Professional experience" refers to work that is creative, analytical, evaluative, and interpretive; requires a range and depth of specialized knowledge of the profession's principles, concepts, theories, and practices; and is performed with the authority to act according to one's own judgment and make accurate and informed decisions.