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Canadians, please advise

Little bit of my background:

Right after I obtained my CFA designation, I haven’t been employed for past few years. Previously I was working in a financial advisory firm. The work was more of project finance, business valuations etc 

For the long term I think, eventually, I will be starting my own business/my own fund or be an independent consultant/wealth planner.

I am in the process of getting Canadian PR. While waiting for its finalization, all I can do right now is educate myself further to be prepared for Canadian job market (I am targeting GTA market). That’s where I need an advice.

Is the Canadian market so bad right now that I should consider getting a Rotman MBA and hope that it open doors? I am not in a good shape professionally anyways due to work gap and non-Canadian Experience. 

OR

Should I consider taking CSI courses and apply for jobs right away?

OR

Also, I was just going through certificate courses from U of Toronto available in online and hybrid modes. Would those be of any use? I am just thinking that to broaden job prospects in finance and accounts, accounting courses might come handy as it would show I do have some knowledge of Canadian accounting system and taxation. 

CMA from IMA might not be much of a use in Canada. Canadian CPA will be another long-term process and would need years of accounting experience to get the charter and I don’t like accounting much. 

Broad guidance will be much appreciated.

Rotman MBA is considered one of the best in Canada.

I don’t think CSI will make much of a difference after you obtained the CFA charter. Only reason to take it is if you are offered employment already and bank reimburses you.

Never heard of CMA from IMA.

Ok so CMA is ruled out. 

So, no chance CSC course will give me any advantage. Means employer wouldnt need to wait for me to take those tests. I thought it might help. 

Leaves me with only MBA but then again that’s a long commitment and very costly 

Do US MBA if you can, Canadian ones are not that great outside of Canada. You can always go to Canada to find work after graduation from a US program. 

when in doubt —–MBA

when not in doubt —— MBA

you’re really smart and really want options —–MBA/JD 

you’re really smart and want security and guaranteed $300k income —– MD 

you’re really smart and want to make seven figures in 10 years —— MS/PhD in computer science, financial engineering

you’re really smart and patriotic —– MS/PhD in physics, math or some engineering 

not that smart but hope to have some options in finance —– CFA

Be yourself. The world worships the original.

I keep reading the title of this thread as “Cannabis, please help” and I’m like, yeah, it does.

infinitybenzo wrote:

you’re really smart and really want options —–MBA/JD 

Genuine question: are you saying getting a JD related to finance or just any JD? I usually like subjects with concrete right/wrong answers such as math but I took business law in university and was surprised at how much I liked it.

accurate.

If you come to Canada you will be underemployed but free

If you come to Canada and do an MBA you will make enough to live but not buy a place but you and your children will be free

My piece of advice, after following your story for a while is that for what you want to do, (consulting/start a fund/wealth planner) will be incredibly difficult for a new immigrant in the GTA, aka don’t come. Consulting gigs you will probably scrape by, starting a fund…. close to zero chance, money doesn’t flow to niche sectors here easily, had a classmate trying that for several years now and he has some serious BB pedigree. Wealth planner is saturated and being non-local does not help, the top 10% of managers control 80% of the city’s wealth. 

I know the situation is bad in whatever ME hole you’re in now but from the employment front this isn’t going to change much here. You will be under employed and struggling to get interviews, the charter holds little value in this city, L3 is like the new benchmark for BO interviews. I’ve written this to many people who have PMed me in the past but if you want to make it big this is not the place. If you are happy earning average (ie being underpaid) and want peace and safety then your expectations are in line. 

"Verdict: TRUE" - Fact Check

hei.so wrote:

infinitybenzo wrote:

you’re really smart and really want options —–MBA/JD 

Genuine question: are you saying getting a JD related to finance or just any JD? I usually like subjects with concrete right/wrong answers such as math but I took business law in university and was surprised at how much I liked it.

My former boss had dual JD/MBA from Stanford.  He said he had offers from both law firms and hedge funds.  He focused on taxation law.

But to answer your question it really doesn’t matter which area of law you study.  MBA/JD dual program is really tough to get into and people are very smart. So armed with MBA/JD out of NYU (full time and not some Langone PT MBA…) or Stanford, you have OPTIONS - law firm or hedge fund, either way you’ll be offered 250k all in first year.  

Be yourself. The world worships the original.

The six big banks will hire you instantly given you have a CFA.

Just apply more and network. It’s a numbers game. 

the CSC is an easy version of L1. You don’t even need to study for it. Just register for it and go for an exam. 

Nalbukhari wrote:

The six big banks will hire you instantly given you have a CFA.

Just apply more and network. It’s a numbers game. 

the CSC is an easy version of L1. You don’t even need to study for it. Just register for it and go for an exam. 

Instantly!! lmao

Be yourself. The world worships the original.

Nalbukhari wrote:

The six big banks will hire you instantly given you have a CFA.

Categorically untrue.

"Verdict: TRUE" - Fact Check

Maybe you can be a niche advisor and capture large market share among upper middle class ethnic immigrants. Those Indians have money, I mean.

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

Yes, I was thinking along the lines of being a ‘niche’ advisor. But I would seriously need related local work experience first but replies (though realistic) haven’t been encouraging :( don’t know what I will be doing upon landing there. Remaining unemployed will be the worst thing, even worse than being unemployed in middle east

i know this 58yo? canadian who has ~1m investable assets.  i literally rofled when i saw his portfolio. had like 25 mutual funds and pays 3% in fees.. if he decides to sell there are like back end fees up the ass like 7% unless he holds for like 7 yrs. he got royally fooked. so i think there is definitely a place for anyone. plus the performance was so ****. in an era of 20%, he received 4% net of fees. holy shizzzzzz.

also whats up with canadian mutual funds. these guys had like so much cash like 20 %+. were these guys literally charging 3% to hold cash. 

I love my cheese. I got to have my cheddar.

I’m going to start a fund based on quality companies that manudacture crab rangoons, laxatives, snake based food products, and of course, a sizeable allocation to Indian stocks. Given the quality of these ideas, it will be able to get a 3% management fee easily. If interested, please call me 885-6545, ask for Raj. Tank.

“Visit the Water Cooler forum on Analyst Forum. It is the best forum.”
- Everyone

speaking of indian in canada. prem watsa. what do you canadians think of the dude. i had to research about him before, and my feelings are mixed about the guy. 

I love my cheese. I got to have my cheddar.

Saw this thread and would like to comment and probably seek for more info.

I am a native African moving to Toronto some time in September. I am a Landed Immigrant and my family (wife and two kids) is already in Oakville-GTA. I am in the same predicament as the op…I hold a Master of Science degree in Economics from the University of London, I am CFA Charterholder, a US CPA and also have a wealth management certificate from the University of Manchester. I am currently a Portfolio Manager in an Offshore’s (a UK overseas territory) bank wealth management division. I however started my career in audit with a big 4 audit firm (3.25yrs) before joining the bank as an Investment Analyst (the role was more of portfolio analysis though). I then became a Senior Investment Analyst taking up some research role, investment compliance and bits of portfolio management. Currently, I am a Portfolio Manager managing a number of portfolios with <1m in holdings while still doing some investment compliance. Cumulative experience in investments is 6.5yrs…so total of 9-10yrs in Finance since my undergrad. 

I thought I could get a jon in Canada before I join my family in September. I have applied for a few jobs, some, which I feel, have requirements that dovetail well with my experience and qualifications….I have not been asked for an interview in any of them…I have actually received no responses in all but one (a regret message). With time, I have found myself losing hope of getting a quality job in Toronto, at least not one that will pay me $100k like I initially thought. 

Luckily for me, I have a personal portfolio worth US$ 620k from personal savings and investments…The last 4yrs I have earned a decent pay in the range of US$120-140k net p.a. even though the cost of living in this territory is over the roof. I am now thinking I should just continue trading on my portfolio instead of looking for a job in Canada. I am researching on other business opportunities as well…

I just didn’t know it’s that difficult to get a job in Toronto - in a city where thousands of Finance jobs are advertised every day. I however know I am disadvantaged given my origin…I mean, lets be honest, in a hierarchy of ‘who is who’, people who come from where I come from rank last…

i just wanna say congratulations!!!!!!!! you’ve saved a pretty amazing nest egg considering you are only early 30s prolly. also congrats on the amazing resume in terms of educ/jobs. i do agree with you that our industry is racist af and i dont mean in the sense that they feel one race is superior to another, but prolly they just prefer to hire people that look like their clients. minorities are super underrepresented as a percentage. but that is how the world works. everyone is just a tad biaseddd

https://www.washingtonpost.com/news/business/wp/2017/05/03/women-minorit...

http://www.businessinsider.com/wall-street-bank-diversity-2015-8

if you are just going to be dependent on portfolio there are other places where tit is cheaper to live. i know africa is dirt cheap but i imagine not your cup of tea despite coming from there. i think 600k is not enough to live in the us. i think a minimum of 1m is necessary esp right now as markets are expensive. so i think 1m during a regular market cycle.

anyways, what made you move to canada? wifey got a job im guessing?

I love my cheese. I got to have my cheddar.

Chizi, Oakville ON has some of the architecturally beautiful houses in N. America -  built by Bachly Construction.   I live in tudor brick house but would love them to design my future house some day.

http://www.bachly.com/homes/recent-projects/

Be yourself. The world worships the original.

Thanks a lot..

Nerdyblop wrote:

i just wanna say congratulations!!!!!!!! you’ve saved a pretty amazing nest egg considering you are only early 30s prolly. also congrats on the amazing resume in terms of educ/jobs. i do agree with you that our industry is racist af and i dont mean in the sense that they feel one race is superior to another, but prolly they just prefer to hire people that look like their clients. minorities are super underrepresented as a percentage. but that is how the world works. everyone is just a tad biaseddd

https://www.washingtonpost.com/news/business/wp/2017/05/03/women-minorit...

http://www.businessinsider.com/wall-street-bank-diversity-2015-8

if you are just going to be dependent on portfolio there are other places where tit is cheaper to live. i know africa is dirt cheap but i imagine not your cup of tea despite coming from there. i think 600k is not enough to live in the us. i think a minimum of 1m is necessary esp right now as markets are expensive. so i think 1m during a regular market cycle.

anyways, what made you move to canada? wifey got a job im guessing?

Thanks a lot…my wife and I left Africa 7yrs ago…we really would like to go back, but in the midst of getting kids, my wife never cemented a career to call her own…having left home one year after her undergrad, she is worried she may not be considered experienced enough to integrate back into the home market (where jobs are perhaps more competitive than in Canada) - she wouldn’t want to be managed by her former classmates..haha..

My wife managed to get job in Canada last year - after filing for PR. Our kids are Americans and so we thought it would be good for them. They are closer to their home….haha…

We will definitely go back to Africa, as soon as wifey is comfortable to go back.

^This guy hijacked my thread and eclipsed me with his achievements! indecision

Anyways, good luck in Canada buddy yes Keep us updated! I still have no solution for myself other than the idea of networking and playing with the idea of MBA.