University of Waterloo Financial Analysis _ Risk Management

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					  University of Waterloo
 Financial Analysis & Risk
   Management Student
       Association
            John Wolfe MBA, CFP, CFA
            VP & Investment Counsellor
RBC Phillips, Hager & North Investment Counsel Inc.
                    Agenda
•   Educational & Employment Background
•   Obtaining the CFA Charter holder designation
•   Stats about the CFA
•   Obtaining the CFP designation
•   Stats about the CFP
•   What do you want to do with your designation?
•   Questions?
     Educational Background
• Dalhousie University - Bachelor of Commerce
  (Concentration in Finance) 1991
• St. Mary’s University – MBA 1993
• Canadian Securities Course 1992
• Chartered Financial Analyst (CFA) 1998
• Professional Financial Planning Course 2003
• Certified Financial Planner (CFP) 2003
• Partners, Directors & Officers Course 2004
     Employment Background
• Royal Trust – Client Service Officer 1993–1994
• Royal Trust – Regional Marketing Manager
  Atlantic Canada 1994–1996
• RBC – Manager Deposit & Investment Products
  & Regional Compliance Officer Atlantic Canada
  1996–1998
• RBC Phillips, Hager & North Investment
  Counsel Inc. 1998–Present (originally called RT
  Investment Counsel, then RBC Private Counsel
  and now as above)
 CFA Charter Holder Designation
• Studying involved
  – Studied from January to exam time (beginning
    of June) each year
  – 2 hrs 3 nights per week plus 3 to 4 hrs on
    each of Sat. and Sun. – this allowed me to
    complete all readings
  – Reviewed all of May with Schweser notes
  – Took last week before exam off from work
    each year for final preparation
 CFA Charter Holder Designation
• My Personal Advice
  – Complete all readings
  – Do not believe you are smart enough to write
    with minimal preparation – I did the first time
    when I failed Level I
  – Ideal to complete Level I when you are taking
    courses in university that contain the body of
    knowledge or shortly thereafter
               CFA Level I Stats
      Year             # of Candidates   Level I Pass Rate
                        (all levels)
     1998                 36,689              59%
    2007 A                71,897              40%
    2007 B                37,573              39%
    2008 A                92,081              35%
    2008 B                49,797              35%
    2009 A               104,116              46%
    2009 B                44,209              34%
    2010 A               111,731              42%
Source CFA Institute
     CFA Compensation Stats
• 2005 Median US compensation was
  $170,000/ with 5+ yrs of experience
  $200,000/with 10+ $240,000
• 54% more than those working in similar
  jobs without the designation
• 18% compensation premium over MBA’s



 Source CFA 2005 Compensation Survey
              CFA Stats
• Where do many CFA charter holders
  work?
  – Investment Companies/Mutual Funds 25%
  – Private Wealth Management Advisors 11%
  – Hedge Funds 6%
  – Banks 7%
  – Insurance Companies 4%
  – Pensions and Foundations 4%
  – Investment Bank/Broker Dealer 16%
          CFP Designation
• At the time I wrote the CFP exam you
  could challenge it so long as you have the
  CFA Charter Holder designation
• However, I took the Professional Financial
  Planning Course offered through the
  Canadian Securities Institute (CSI)
• I then wrote the CFP exam after
  completing the PFP CSI course
           CFP Designation
• Prepared for the CFP exam in a weekend
  – Approximately 6 hours of study required
  – Another 10 hours for the PFP
• Contents
  – More insurance than expected
  – More tax accounting than expected
  – Minimal investment content on exam
• Work background in trust and banking was
  helpful
      CFP Compensation Stats
• As of March 31, 2010
  – < $50,000                   14%
  – $50 – 74,999                18%
  – $75 – 99,999                16%
  – $100 – 149,999              21%
  – $150,000 +                  31%




 Source Financial Planning Standards Council
                 CFP Stats
• Top Employers of CFP’s
  Assante           Investors Group
  BMO               CIBC
  Dundee            Manulife
  Edward Jones      Raymond James
  RBC               Scotiabank
  HSBC              TD
  Sunlife           IPC
  Desjardins        Freedom 55
 What do you want to do with your
          designation?
• CFA
  – Discretionary money management/fund
    management/security analysts/financial analysts -
    qualifies with work experience to be registered with
    provincial securities commissions. Used with
    individuals, institutional and corporate clients
• CFP
  – Fee based financial planning or selling financial
    products. Focused on serving individual clients
Questions?




Thank You

				
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posted:4/26/2011
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