Anybody have any opinions on the quality of education of the CSI vs the CFA. As in the Canadian Securites Course Financial Management Advisor (FMA) Canadian Investment Manager (CIM) Fellow of the Canadian Securities Institute (FCSI) Now I am aware that that programs are not near as comprehensive as the CFA but it is not completely without relevance either. So its clearly not a 10 out of ten but its not a 0 out of 10 either.
i’ve got the csc and the cph of course. but my boss has taken a bunch of the more “advanced” ones and says they’re a load of crap. the whole institute is just a cash grab, nothing else. you don’t need any of the above if you have a cfa. they’re all a waste of time. the csc and and the cph was a super-waste of time and money. they jacked $1600 from me just so i could get a job in this industry. i’ve seen the books for the FMA and the CIM and they’re absolute jokes. its sad that people as stupid as plastic stools can do most of the jobs i qualify for in until i’ve got the cfa… though this statement is smothered in overexaggeration.
I concur with Matt that it’s all a cash grab just for the privilage of working in the Canadian Finance industry. I basically read only 4 of the 22 or so chapters which I was less familiar with (e.g. Listing Requirements) and wrote the CSC during an extended lunch break. It was a piece of cake. On the flip side it does contain operations material specific to the Canada that isn’t covered in the CFA material that would be good/required to know.
Thanks for the comments. I was more interested in the qualities of the advanced designations because I have seen the draft docs from the CSA which if approved with let a CIM with a few more years of experience be an ICPM the same as a CFA. Even now through IROC you can be a PM with only a CIM.
To become a discretionary manager, I believe you need the CIM. But I do not know that for sure.
You need the CIM through IROC but if you want to register with the local Securites Commission you need CFA or CIM and level one CFA. Plus there is an experience requirement.
Do you have a website for the requirements to become discretionary manager? Thanks
Thank you
The actual proposed rule which is said to be in by September is http://osc.gov.on.ca/Regulation/Rulemaking/Current/Part3/rule_20080424_31-103_proposed-regreq.pdf
i believe the courses are good. for people who are not as career driven, they provide them with some educational insights that they will require. is a mutual fund salesperson made worst off cause they took the course? no.
CSC is good for breaking into entry level positions especially in back office of financial services firms in Canada (my opinion). Also if you want to work in trading, I think it is a requirement, kind of like those Series 7 or whatever license in U.S. (someone confirm?)
FrankArabia Wrote: ------------------------------------------------------- > i believe the courses are good. > > for people who are not as career driven, they > provide them with some educational insights that > they will require. > > is a mutual fund salesperson made worst off cause > they took the course? no. With the limited educational requirements (esp previously) to sell mutual funds any education would be an improvement.
I get the impression that the education is more geared towwards giving retail sales people a bit of knowledge/education and maybe some credability.
kblade Wrote: ------------------------------------------------------- > CSC is good for breaking into entry level > positions especially in back office of financial > services firms in Canada (my opinion). Also if you > want to work in trading, I think it is a > requirement, kind of like those Series 7 or > whatever license in U.S. (someone confirm?) yes. to register under an investment dealer and trade you must have both the csc and cph.
flynnch Wrote: ------------------------------------------------------- > I get the impression that the education is more > geared towwards giving retail sales people a bit > of knowledge/education and maybe some credability. ^Agreed. I think some of the courses have value from a canadian perspective and some of them I think you need to have if you are on the retail side .
If you look on IIROC’s website many of the introductory courses can be used to register for a variety of different jobs. Then again, the CFA also satisfies all of these requirements. I am not sure how many people decide to take 2-3 CSI courses instead of 3 CFA courses. If my employer is paying for it and I have the choice, it seems pretty clear the CFA is going to have the most value.
I only know from my own experience but the CSI courses don’t seem that difficult. I mean there is a lot of information and you have to study it but from what I have heard of the CFA the CSI courses don’t seem to be as difficult. But for example for the IMT course I had to memorize and apply a 13 page formula sheet. Basic stuff on stats and equity and bond analysis like calucualtion of returns, sd, variance, eps, roe, pv, fv, bond durations, sharpe alpha beta etc. They have various courses other than the basic CSC and CPH. Courses on Professional Financial Planning, Wealth Management, Investment Management, Portfolio Management which also grant you advanced standing if you what to do an MBA.
Hi, I’m new here. I note with interest that some persons have claimed that Canadian education is inferior to that obtained in the US. Said persons have also referred to Canadians as being inferior to Americans. I think that is absolute rubbish. Coming from The Bahamas, we use the British and Canadian educational models (pretty much all former colonies - (Jamaica, Trinidad, and Barbados also) are included.
I have done the CSC and passed with a 73 (much higher than someone claiming to have just ‘run through’ the studies and exam in an effort to obtain the 60-needed, and achieved 66 instead). I have never attended college or university I might add, and have been assessed with IQs of 153 and 172 (at different times). I have also successfully completed the Conduct & Practices Handbook Course - (both of which are prerequisites to register with the IIROC as an Investment Advisor.
It is a common fact that CPAs and MBAs have failed this exam, as much as one may try and discount their relevance and levels of difficulty. Here in The Bahamas, it is a private joke that persons incapable (especially those with degrees earned from American universities) of passing the CSC, take and pass the Series 7, because it is less comprehensive.
Currently, The Canadian Securities Institute and Moody’s Analytics are partnered. This merger no doubt is designed to ensure a level ‘playing field’ with respect to training. It should also be noted for those wishing to discount the Canadian Education System vis-a vis Financial Services and Investments, that, unlike the U.S. having slipped and slid in its own proverbial dung re the sub-prime crisis and recent great recession, Canada was one of the few countries globally that was not affected to the extent that was experienced within the US and by dependent economies of the US. This in and of itself speaks highly of the level of regulatory discipline and highly ethical behavior practiced by its advisers and investment dealers on Canda’s various exchanges, and over the counter markets, compared to the US.
Bahamians and persons from the Caribbean who would have passed through the high school system and successfully completed general secondary certificates of education and advanced level certificates in various disciplines from the University of London, as a matter of form, enrol into US, Canadian, and British Universities and do well. However, they tend to dominate their peers intellectually in US colleges and universities. These are very easily verified facts.
The CFA does not wish to extend reciprocity to persons that have successfully completed various financial courses (the CSC included), because of their wanting to obtain greater revenue. In other words, it is a business decision. A careful analysis of many of the courses on offer by the CSI would reveal that in many cases, the same subject matters are covered using similar teaching techniques, to arrive at the same learning objectives.
Many years ago when I decided to pursue a CFA (back in the '90s), I discovered that, in my view, it made absolutely no sense in having to take the same types of courses over, that I had covered in previous professional courses.
So then, let us be fair and objective in our assessment (s) of these courses and not seek to disseminate knowledge based on intellectual dishonesty, that we know to be incorrect.
^ Do you work for the CSI?