Canadian Interest in CFA Soars May 27 2008 Jonathan Berr The ranks of Charter Financial Analysts in Canada are growing. More than 9,990 are registered to take the CFA exam in June, up 68 percent from 5,914 in 2006. Bob Johnson, deputy chief executive of the non-profit CFA Institute, says that’s a sign of growing interest in the certification by employers, and the greater availability of training at colleges. Moreover, Johnson says, the number of candidates taking the exam for the first time soared 41 percent this year, surpassing the 29 percent growth seen in the U.S. Canada ranks fifth in the world in the number of CFAs per capita, behind Bermuda, the Cayman Islands, Singapore and Hong Kong, according to the latest data from the CFA Institute. The U.S. is in eighth place. Growing Reputation “I think it is becoming better known in Canada,” Johnson tells eFinancialCareers News. “As more and more obtain the charter and get into positions of responsibility, they want to hire more and more of their own. Our best marketing is when people who have earned the credential either recommend the program to their co-workers or people who report to them.” C. Ross Healy, head of the Toronto-based financial research firm Strategic Analysis Corp., says candidates without the CFA are at a disadvantage against those who have it. “If you fail to have a CFA, then you better have very good credentials above and beyond that,” Healy says. “They really would like you to have both (an MBA and a CFA) … If you come in with an MBA, one of the first ten questions is ‘are you working on your CFA?’” The CFA’s popularity in Canada has been bolstered by a strong network of local societies in Toronto, Montreal, Calgary, Edmonton, Ottawa, Vancouver and Quebec City, Healy adds. Membership in the Toronto organization, the world’s second largest behind New York, has risen from 5,800 a few years ago to more than 7,000 today, according to the society. Employers’ Eye In addition, employers are increasingly seeking candidates with the CFA, something Johnson noticed while reading the want ads in local newspapers while he was in Canada for an institute conference not long ago. In fact, many people with MBA degrees also are earning their CFA certification to gain an edge, since job postings often require candidates have one or the other to be considered. “We are seeing more and more employer either require - or very much encourage - the charter,” Johnson says. “We have really strong support from colleges and universities in Canada. We have three Canadian universities (Laval, Sherbrooke and Concordia) which imbed the CFA curriculum in their degree program. When their students graduate, they are in very strong shape to sit for the examination.” The CFA Institute prides itself on the rigor of its certification process. Candidates need to pass a three-part test that requires a detailed knowledge of corporate finance, accounting, investing and economics. Only 20 percent of the applicants for the exam complete all three levels, and the average candidate needs four tries to pass. “We believe candidates need to commit to a minimum of 250 hours reading and reviewing the curriculum and taking online sample and mock exams to master the material,” says the institute’s Web site. “This recommendation, however, may substantially underestimate the hours needed for appropriate exam preparation depending on individual circumstances and academic background.”
And this is why I left the country.
Not the cold winters?
Lack of which is a definate added benefit.
Agreed. Even here in Nova Scotia, the furthest thing from an investment hotbed it seems every fourth year finance and often accounting or economics grad is doing this des. It’s definetly a bubble. All the same, statistics tell us roughly one in five won’t finish…as long as I can stay on the right side of that I’m happy! That said, the problem is by far the most severe in Toronto…places like Calgary from what I understand are still somewhat undersupplied with charterholders and CFA wannabes like myself. Or so I’m hoping…
Im curious of how many AF participants are Canadian.
Does this mean I can Blame Canada if I fail?
Can you say Commoditization. When you need a Charter just to get a BOM job, you know something is wrong.
I ran into two cab drivers in Toronto who were both CFA charter holders. So it appears that the charter has broad appeal there and is recognized far beyond the investment profession.
>I ran into two cab drivers in Toronto who were both CFA charter holders. Those poor drivers probably did not have infamous “Canadian Experience”. Employers here oftentimes do not recognize experience outside Canada. Add that to lack of contacts, if you are newcomer, then you would be driving cab or serving at Tim Hortons.
gaoyao Wrote: ------------------------------------------------------- > I ran into two cab drivers in Toronto who were > both CFA charter holders. So it appears that the > charter has broad appeal there and is recognized > far beyond the investment profession. This seems rather ridiculous…
zigy Wrote: ------------------------------------------------------- > >I ran into two cab drivers in Toronto who were > both CFA charter holders. > > Those poor drivers probably did not have infamous > “Canadian Experience”. Employers here oftentimes > do not recognize experience outside Canada. Add > that to lack of contacts, if you are newcomer, > then you would be driving cab or serving at Tim > Hortons. Like those government commercials making fun of this by using the Indian guys. I normally hate govt crap, but those commercials are really spot on to a terrible attribute we have in this country.
We believe candidates need to commit to a minimum of 250 hours reading and reviewing the curriculum and taking online sample and mock exams to master the material," that is such a cash grab …$ 60 and you cant even review the questions once your done
CFABLACKBELT Wrote: ------------------------------------------------------- > gaoyao Wrote: > -------------------------------------------------- > ----- > > I ran into two cab drivers in Toronto who were > > both CFA charter holders. So it appears that > the > > charter has broad appeal there and is > recognized > > far beyond the investment profession. > > > This seems rather ridiculous… I don’t doubt it, most of the cab drivers I met were doctors or engineers in their home country. Its part of our immigration system, we generally only let the most qualified in telling them we’re desperate for their skills but when they get here no one recognizes their abilities. However the general attitude on their part is that it dosn’t really matter as long as my children have an opportunity. As for the interest in CFA, I wouldn’t be concerned a lot of people with dollar signs in their eyes take the first level underestimating the level of commitment it takes, then end up giving up. I know ALOT of people who have done that. Its surprising the attitude a lot of people have towards the exams, they’d don’t realize that their life is pretty much over. Im currently also pursuing a CA designation and when people ask about the test I say “well, level one is a lot like taking everything you learned in undergrad and then being tested on it over six hours.” The reactions are pretty hilarious, there is a lot of work involved in getting those three letters.
in addition to the above a lot of people i come across are just doing it because "its cheaper than an MBA " and have no idea what they want to do with the knowledge apart from “get a better job” … >I ran into two cab drivers in Toronto who were > > both CFA charter holders. So it appears that > the > > charter has broad appeal there and is > recognized > > far beyond the investment profession. > There is no way in hell that is true …
Is this why we are starting to see… “Wanted, intermediate front desk clerk” “Mandate: fill printer with fresh paper, ensure coffee machines are full and sign purolator invoices promptly” “Experience: ten to 15 years of successful venture capitalist experiece managing a staff of no less than 55 in no fewer than 10 countries” “Education: CFA” “Compensation structure: a highly competitive and growth-oriented $45,000” Willy
Rudeboi Wrote: ------------------------------------------------------- > in addition to the above a lot of people i come > across are just doing it because "its cheaper than > an MBA " and have no idea what they want to do > with the knowledge apart from “get a better job” > … > > > >I ran into two cab drivers in Toronto who were > > > both CFA charter holders. So it appears that > > the > > > charter has broad appeal there and is > > recognized > > > far beyond the investment profession. > > > > There is no way in hell that is true … … Yeah just like all the cabbies and waitresses who are really doctors but cant get their credentials translated…
I thought every waitress is in fact an actress.
>… Yeah just like all the cabbies and waitresses who are really doctors but cant get their credentials translated… Yeah not only experience, they often do not recognize education and even reference. One time I was going for this analyst role for a asset mgt firm. When I told the interviewer, fund mgr, I had MBA from US state univ. (not top tier, but considered to be very good program for price), he told me that’s like B. Comm in Canada. He also asked me who I could provide as reference. I told him I could provide my ex-bosses in US and Canada. He did not want to talked to US guy because I was a trader there and the role was analyst…irrelevant! But he wanted to talk to Canada guy…even though I was in fund marketing there. I did not know marketing was more relevant to equity analysis than equity trading. No , I did not get that job…he did not even have to talk to my ex-boss. I probably screwed up written test, among other things I can think of. None of his analysts have charter, by the way. If I did not have a charter, I did not even get a call. So charter still works…for now at least.
charter definitely gets attention on resumes here (calgary). and no, we don’t have the problem of toronto, where everyone and the mother seems to have the charter. the cab thing was a joke people, good god.