Leads the investment staff of a state or municipal retirement system, managing the assets that pay pensions for teachers, police and public workers. National Association of State Retirement Administrators (via Chief Investment Officer magazine) puts typical pay at $331,000 a year (2021). BLS does not publish separate figures for investment fund managers; it counts them within investment fund manager (SOC 11-3031), whose median pay is $166,570 a year (BLS OEWS, May 2025). Typical entry-level education: Bachelor's degree.
- SOC 11-3031
- Management
- Last updated October 9, 2026
At a glance
Public Pension Chief Investment Officer in four numbers
- Median pay
- $166,570a year, or $80.08/hrBLS OEWS, May 2025Lowest 10% $94KTop 10% $323K
US median, all jobs: $50,980
- Projected growth
- +9.7%Much faster than averageBLS EP, 2025–2035This career+9.7%All jobs+3.5%
Projected employment change, 2025–2035 Item Value This career +9.7% All jobs +3.5% - Openings a year
- 65,600879,700 jobs todayBLS EP, 2025–2035
- Jobs in 2025879.7K
- Projected 2035964.6K
Employment, 2025–2035 Item Value Jobs in 2025 879.7K Projected 2035 964.6K - Typical education
- Bachelor'sneeded to enterBLS EP, 2025–2035; mix: O*NET
- Bachelor's32.7%
- Master's63.3%
- Post-master’s certificate2%
- Professional degree2%
Highest education held by investment fund managers Segment Value Bachelor's 32.7% Master's 63.3% Post-master’s certificate 2% Professional degree 2%
Also advertised as: Pension Fund CIO, Chief Investment Officer, Retirement System, State Pension Chief Investment Officer, Public Fund CIO, Retirement System Investment Director.
Pay
How much do Investment Fund Managers make?
Industry-reported pay
$331,000
Median compensation of US public pension chief investment officers, as reported by the National Association of State Retirement Administrators.
Source: National Association of State Retirement Administrators (via Chief Investment Officer magazine), 2021 (estimate from several industry sources). This is not a BLS figure: BLS counts investment fund managers within investment fund manager, whose pay is shown below. Chief Investment Officer magazine: The new Kentucky investment chief just got a pay boost (citing NASRA) · Binfare and Harris, Paying Managers of Complex Portfolios: Evidence on Compensation and Performance from Endowments, Journal of Financial and Quantitative Analysis
Every public pension chief investment officer in the US, by percentile of annual wage
Median
$166,570
Middle half earn $125,490 to $219,980
- 10th
- $94,310
- 25th
- $125,490
- 75th
- $219,980
- 90th
- $323,270
All US occupations: $50,980
| Percentile | Value |
|---|---|
| 10th | $94,310 |
| 25th | $125,490 |
| Median | $166,570 |
| 75th | $219,980 |
| 90th | $323,270 |
| All US occupations | $50,980 |
Source: BLS OEWS, May 2025
- Median annual wage
- $166,570
- Median hourly wage
- $80.08/hr
- Mean annual wage
- $186,910
- People employed
- 841,710
Versus all US occupations
At $166,570, Investment Fund Managers earn 227% above the $50,980 median across all US occupations, a difference of $115,590 a year.
Versus management occupations
Inside the Management group, where the middle occupation pays $126,060, this is 32% above the group median.
Pay range
The top 10% earn $323,270 or more while the bottom 10% earn $94,310, a gap of 3.4×. That is an unusually wide spread, which usually tracks specialisation, employer type and years of experience.
Rank in the bank
This median pays more than 94% of the 1,741 occupations in the NueCareer career bank.
Highest-paying state
New York pays the most at $219,880, and still leads at $203,742 once local prices are taken into account.
Pay by state
Which states pay Investment Fund Managers the most?
State medians come from the same OEWS release as the national figures. The cost-of-living column divides each state median by that state's BEA Regional Price Parity, restating pay in national-average dollars so a high-cost state and a low-cost one can be compared directly.
| State | Median | COL-adjusted | Employed |
|---|---|---|---|
| 1New York | $219,880 | $203,742 | 80,810 |
| 2Massachusetts | $206,760 | $195,505 | 26,150 |
| 3New Jersey | $199,110 | $182,997 | 32,510 |
| 4District of Columbia | $188,880 | $171,864 | 8,930 |
| 5Virginia | $185,220 | $183,197 | 20,850 |
| 6Colorado | $182,690 | $177,279 | 10,640 |
| 7Delaware | $181,580 | $181,929 | 2,810 |
| 8California | $180,770 | $163,268 | 93,310 |
| 9Washington | $174,840 | $163,382 | 12,930 |
| 10Connecticut | $174,830 | $168,739 | 20,040 |
Job outlook
Is Public Pension Chief Investment Officer a growing career?
Employment change over 2025–2035, against every US occupation
Much faster than average. +9.7% projected growth vs 3.5% for all occupations.
| Item | Value |
|---|---|
| Investment Fund Managers | +9.7% |
| All US occupations | +3.5% |
Source: BLS EP, 2025–2035
Much faster than average
BLS projects employment of Investment Fund Managers to change 9.7% over 2025–2035, roughly 2.8× the 3.5% projected for all occupations. That is 84,900 more jobs.
Annual openings
About 65,600 openings are projected each year, 7.5% of the 879,700 jobs that existed in 2025. Most come from workers leaving the occupation, not from growth alone.
Getting in
How to become a Public Pension Chief Investment Officer
Most public pension chief investment officers have long careers in institutional investing, rising through roles such as asset class director or deputy chief investment officer at a pension fund, or coming from asset management or consulting. A bachelor's degree is standard, and many hold an MBA, the CFA charter or the CAIA designation.
No license is required, but candidates must show experience running large, diversified portfolios and comfort with public oversight. Boards usually hire through national searches. NASRA and similar associations publish governance and investment practices that shape the role.
- 1
Typical entry-level education
Bachelor's degree
- 2
Work experience in a related occupation
5 years or more
- 3
Typical on-the-job training
None
- 4
Preparation needed (O*NET job zone)
Considerable preparation
BLS Employment Projections, 2025–2035; job zone from O*NET 31.0 Database.
What education people in the job have
O*NET incumbent survey: the highest level of education reported by people already working as investment fund managers.
- Master's Degree63.3%
- Bachelor's Degree32.7%
- Post-Master's Certificate2%
- First Professional Degree2%
| Item | Value |
|---|---|
| Master's Degree | 63.3% |
| Bachelor's Degree | 32.7% |
| Post-Master's Certificate | 2% |
| First Professional Degree | 2% |
Source: O*NET 31.0 Database
The work
What does a Public Pension Chief Investment Officer do?
Public pension chief investment officers oversee some of the largest pools of money in the country. They propose an asset allocation to the pension board that balances the need for returns against the risk of large losses, then oversee how the staff and outside managers carry it out across stocks, bonds, private equity, real estate, infrastructure and private credit.
The job is as much about governance as investing. Chief investment officers present to elected or appointed trustees in public meetings, work within state laws and procurement rules, and answer to legislators, auditors and the press. They manage relationships with consultants and fund managers, and they lead an investment staff that may run some portfolios in-house.
Day-to-day tasks
- Recommend asset allocation and investment policy to the pension board
- Oversee internal portfolio managers and external fund managers
- Present performance and risk reports in public board meetings
- Manage liquidity to meet monthly benefit payments
- Select investment consultants and new managers through formal procurement
- Ensure investments follow state law and board policy
- Lead and develop the investment staff
Typical tasks, researched by NueCareer from the sources below.
Working conditions and hours
Pension chief investment officers work in government or retirement system offices, often in state capitals, with travel to manager meetings and conferences. Board meetings are public and documents are often subject to open records laws. Hours are generally regular.
Where the work happens
Indoors, climate-controlled
NeverEvery dayIndoors, in a climate-controlled space, every day.
Outdoors in all weather
NeverEvery dayAlmost never works outdoors.
Physical demands
Sitting
NeverAlmost all the timeSeated for more than half the working day.
Standing
NeverAlmost all the timeBending or twisting
NeverAlmost all the time
Working with people
Contact with other people
NoneConstantFace-to-face discussions
NeverEvery dayFace-to-face discussions every day.
Dealing with the public
Not importantExtremely important
Pressure and stakes
Strict deadlines
NeverEvery dayMeeting strict deadlines at least weekly.
Conflict situations
NeverEvery dayCost of a mistake
Not seriousExtremely serious
Autonomy
Freedom to decide
NoneA lotA lot of freedom to make decisions without checking first.
Conditions: O*NET Work Context survey. Each item has its own scale, so each dot is read against the two answers that end its own line.
Core skills
O*NET importance, 1 to 5
- Reading Comprehension4.0
- Active Listening4.0
- Critical Thinking4.0
- Speaking3.9
- Active Learning3.8
- Writing3.6
- Monitoring3.5
- Mathematics3.4
| Item | Value |
|---|---|
| Reading Comprehension | 4.0 |
| Active Listening | 4.0 |
| Critical Thinking | 4.0 |
| Speaking | 3.9 |
| Active Learning | 3.8 |
| Writing | 3.6 |
| Monitoring | 3.5 |
| Mathematics | 3.4 |
Source: O*NET 31.0 Database
Transferable skills
O*NET importance, 1 to 5
- Judgment and Decision Making3.9
- Complex Problem Solving3.8
- Systems Analysis3.4
- Systems Evaluation3.3
- Time Management3.3
- Coordination3.1
- Persuasion3.1
- Social Perceptiveness3.0
| Item | Value |
|---|---|
| Judgment and Decision Making | 3.9 |
| Complex Problem Solving | 3.8 |
| Systems Analysis | 3.4 |
| Systems Evaluation | 3.3 |
| Time Management | 3.3 |
| Coordination | 3.1 |
| Persuasion | 3.1 |
| Social Perceptiveness | 3.0 |
Source: O*NET 31.0 Database
Tools and software
- Analytical or scientific software · in demand
- Business intelligence and data analysis software · in demand
- Data base user interface and query software · in demand
- Electronic mail software · in demand
- Enterprise resource planning ERP software · in demand
- Office suite software · in demand
- Presentation software · in demand
- Process mapping and design software · in demand
- Project management software · in demand
- Spreadsheet software · in demand
- Word processing software · in demand
- Accounting software
“In demand” marks an O*NET Employer-Based Hot Technology, software named in real job postings for this occupation.
Personality fit
What personality type suits a Public Pension Chief Investment Officer?
NueCareer estimate (Holland code ECI) built on O*NET's Investment Fund Manager profile, scored 1 to 7
| Axis | Public Pension Chief Investment Officer |
|---|---|
| Realistic | 1 |
| Investigative | 4 |
| Artistic | 2 |
| Social | 3 |
| Enterprising | 7 |
| Conventional | 6 |
Source: O*NET 31.0 Database
What the work is built around
Day to day this is work built around leading, persuading, selling and making decisions, combined with organising, following procedures and working precisely with data.
- Enterprising7.0
- Conventional5.5
- Investigative4.4
- Social2.7
- Artistic1.6
- Realistic1.5
Closest MBTI types
NueCareer fit scores: cosine similarity between each MBTI type's interest vector and this occupation's O*NET interest profile. Not a BLS or O*NET figure; the method is documented on our methodology page.
Explore further
Careers related to Public Pension Chief Investment Officer
O*NET related occupations
- Management
- Business and Financial Operations
- Business and Financial Operations
- Business and Financial Operations
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$78,660median a year
Most earn $48K to $213K
+1.4%Bachelor's - Business and Financial Operations
More management careers
Median annual pay, with investment fund managers highlighted
- IT Manager$175,140
- Marketing Manager$166,790
- Financial Manager$166,570
- Public Pension Chief Investment Officer$166,570
- Human Resources Manager$149,280
- Sales Manager$148,270
- Construction Manager$114,990
- Supply Chain Manager$107,230
- Property, Real Estate, and Community Association Manager$69,990
| Item | Value |
|---|---|
| IT Manager | $175,140 |
| Marketing Manager | $166,790 |
| Financial Manager | $166,570 |
| Public Pension Chief Investment Officer | $166,570 |
| Human Resources Manager | $149,280 |
| Sales Manager | $148,270 |
| Construction Manager | $114,990 |
| Supply Chain Manager | $107,230 |
| Property, Real Estate, and Community Association Manager | $69,990 |
Source: BLS OEWS, May 2025
Lists Public Pension Chief Investment Officer appears on
Questions
Public Pension Chief Investment Officer: frequently asked questions
How much do Investment Fund Managers make?
National Association of State Retirement Administrators (via Chief Investment Officer magazine) reports $331,000 (median compensation of US public pension chief investment officers, as reported by the National Association of State Retirement Administrators, 2021). BLS does not publish a separate wage for investment fund managers. It counts them within investment fund manager, whose median pay is $166,570 a year (BLS OEWS, May 2025). The middle half of that occupation earn between $125,490 and $219,980, and the top 10% earn $323,270 or more.
Do you need a degree to become a Public Pension Chief Investment Officer?
Yes. BLS reports a bachelor's degree as the typical entry-level education for Investment Fund Managers, and O*NET rates the preparation needed as considerable preparation. Employers typically expect 5 years or more of related work experience first. In O*NET's survey of people already doing the job, 63.3% hold master's degree.
Is Public Pension Chief Investment Officer a growing career?
Yes, strongly. Employment is projected to grow 9.7% over 2025–2035, more than double the 3.5% projected for all occupations (BLS EP, 2025–2035). BLS still projects about 65,600 openings a year, mostly from workers retiring or moving to other work.
What does a Public Pension Chief Investment Officer do?
Public pension chief investment officers oversee some of the largest pools of money in the country. A typical task: recommend asset allocation and investment policy to the pension board. Employers most often ask for Analytical or scientific software, Business intelligence and data analysis software, Data base user interface and query software.
Which states pay Investment Fund Managers the most?
The highest state medians for Investment Fund Managers are New York ($219,880), Massachusetts ($206,760), New Jersey ($199,110) (BLS OEWS, May 2025).
What personality type suits a Public Pension Chief Investment Officer?
O*NET scores Investment Fund Managers highest on the Enterprising, Conventional and Investigative interest areas, so the work mixes leading, persuading, selling and making decisions with organising, following procedures and working precisely with data. On NueCareer's MBTI-to-interest mapping the closest types are ESTJ, ENTJ. Personality is a fit signal, not a gate. The free NueCareer quiz scores your own profile against all 1,731 careers in the bank.