Jobs and the Investment Industry Chris Richard, CFA Associate Portfolio Manager at BCV Asset Management November 4, 2015

Overview My business career, and the many changes it had Overview of education options Working in the investment industry Type of jobs (both traditional and non traditional finance positions) Registration and regulations MONEY (how much people make in different positions)

My Career (I need 2 slides for this) Began career in accounting, joined Craig and Ross and started CGA program (lasted 16 months) Graduate from U of W, 4 year BA in Business and Criminology (odd I know) Joined Shindico, Lasted only 8 months because I was poached Was approached to join Mgroup CA, lasted 4 years (was introduced to CFA program) Joined GWL as an Investment Analyst (really accountant) Completed CFA Program in 2011

My Career (I need 2 slides for this) Joined Province of Manitoba, Sr Director Business Development and Finance (Lasted 16 Months) Promoted to Assistant Manager, moved to investment analytics Joined BCV Asset Management as Associate Portfolio Manager (I’m not leaving)

MFDA vs. IIROC MFDA Can sell Mutual Funds Firm concentrates on compliance and marketing collateral Can incorporate investment business IIROC Can sell Mutual Funds, stock, bonds, options etc (all depend on your education level) Can hold all securities on their books (can bring over stocks in-kind Can not incorporate the investment business

MFDA vs. IIROC MFDA Mostly financial planners They will sub-out management services for people who want a SMA IIROC The level of service ranges from broker to discretionary portfolio They can’t incorporate their investment business, but they can their insurance business

Discretionary Money Manger Can buy and sell security securities on behalf of clients As portfolio managers, I have a fiduciary duty to ensure that I put my clients interest first We charge based on assets under management Regulated by the Manitoba Securities Commission

Education This is only the beginning Post graduate options include MBA CFA CIM CFP Other (CSC, PFP etc)

Education Not only is education fun….. Its mandatory In order to sell mutual funds, at a minimum you need the Mutual Fund Course In order to sell other securities, you will need the Canadian Securities Course In order to be an Associate PM, you will need CFA Level 1 and have 24 months experience or your CIM and 24 months of experience In order to be a portfolio manager, you need your CFA and 12 months of relevant experience, within the past 36 months or CIM and 48 months of relevant experience of which 12 months are within the last 36 months

Designations

What type of jobs CFA charter holders have Positions held by CFA’s in Canada

What other designations CFA charter holders have

That’s fine, but what about the money

Aggregate Average Compensation across all CFA members by CFA Society 2014 Aggregate Compensation Summary $274,731 $300,280 $326,480 $370,440 $387,987 $226,759 $261,370 $357,667 Victoria Van- couver Okan- agan Calgary Edmon- ton Sask- atchewa n Winni -peg Toronto Ottawa Montreal QuebecTotal Atlantic $287,323 $212,900 $177,329 $49,997 $177,559

Summary 2014 Aggregate Compensation Aggregate Average Compensation across all CFA members by Job Category $274,731 $377,5419 $147,713 $229,667 $277,746 $191,128 $173,470 $178,115 $285,965 $516,024 $187,363 $197,913 $169,712 Findings: C-Suite level executives reign supreme. Relationship Management also has higher compensation.

Summary 2014 Aggregate Compensation Aggregate Average Compensation across all CFA members by Job Category $274,731$271,909 $350,373 $612,005 $370,861 $310,038 $488,942 $98,906 $180,511 $233,471 $195,568 $143,977 $197,020 $153,286 Findings: In the asset management world, Equity PMs earn more than fixed income or multi- asset. Portfolio Analysts are lowest in total compensation.

So where are the jobs here in Winnipeg? The majority of CFA’s in Winnipeg work at GWL, IG or CCSB After that, a lot work in small to medium sized investment management Others works at: IT Advertising firm MB Hydro Province of MB

So where are the jobs here in Winnipeg?

Ways to get a job Network, Network, Network Attend lunches and events with people in the Industry LinkedIn Realize your spot in the organization This will not be your last job Show your interest in finance Know about the company Macro economic environment Read the Globe and Mail

Ways to get a job The courses you take really do matter So does your GPA While you can sign up for CFA level 1 in your final year, I suggest not to Know who you’re interviewing with What fund do they manage Read their fund commentary Ask Questions Work on your soft skills (number 1 differentiator for new grads) Eye contact No Cell Phone Don’t chew gum Confident and poised Dress for the job you want and not the one you have