Jobs and the Investment IndustryChris Richard, CFAAssociate Portfolio Manager at BCV Asset ManagementNovember 4, 20151OverviewMy business career, and the many changes it hadOverview of education optionsWorking in the investment industryType of jobs (both traditional and non traditional finance positions)Registration and regulationsMONEY (how much people make in different positions)2My 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 poachedWas 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 20113My 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 analyticsJoined BCV Asset Management as Associate Portfolio Manager (Im not leaving)4MFDA vs. IIROCMFDACan sell Mutual FundsFirm concentrates on compliance and marketing collateral Can incorporate investment business IIROCCan 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-kindCan not incorporate the investment business5MFDA vs. IIROCMFDAMostly financial plannersThey will sub-out management services for people who want a SMA IIROCThe level of service ranges from broker to discretionary portfolioThey cant incorporate their investment business, but they can their insurance business6Discretionary Money MangerCan buy and sell security securities on behalf of clientsAs portfolio managers, I have a fiduciary duty to ensure that I put my clients interest firstWe charge based on assets under managementRegulated by the Manitoba Securities Commission 7EducationThis is only the beginningPost graduate options includeMBACFACIMCFPOther (CSC, PFP etc)8EducationNot only is education fun.. Its mandatoryIn order to sell mutual funds, at a minimum you need the Mutual Fund CourseIn order to sell other securities, you will need the Canadian Securities CourseIn order to be an Associate PM, you will need CFA Level 1 and have 24 months experience or your CIM and 24 months of experienceIn 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

9Designations

10What type of jobs CFA charter holders havePositions held by CFAs in Canada

11What other designations CFA charter holders have

12Thats fine, but what about the money13Aggregate Average Compensation across all CFA members by CFA Society2014 Aggregate CompensationSummary$274,731$300,280$326,480$370,440$387,987$226,759$261,370$357,667VictoriaVan-couverOkan-aganCalgaryEdmon-tonSask-atchewanWinni-pegTorontoOttawaMontrealQuebecTotalAtlantic$287,323$212,900$177,329$49,997$177,55914Summary2014 Aggregate CompensationAggregate 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$169,712Findings:C-Suite level executives reign supreme. Relationship Management also has higher compensation. 15Summary2014 Aggregate CompensationAggregate 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$153,286Findings:In the asset management world, Equity PMs earn more than fixed income or multi-asset. Portfolio Analysts are lowest in total compensation.16So where are the jobs here in Winnipeg?The majority of CFAs in Winnipeg work at GWL, IG or CCSBAfter that, a lot work in small to medium sized investment managementOthers works at:ITAdvertising firmMB HydroProvince of MB17So where are the jobs here in Winnipeg?

18Ways to get a jobNetwork, Network, NetworkAttend lunches and events with people in the IndustryLinkedInRealize your spot in the organizationThis will not be your last jobShow your interest in financeKnow about the companyMacro economic environmentRead the Globe and Mail

19Ways to get a jobThe courses you take really do matterSo does your GPAWhile you can sign up for CFA level 1 in your final year, I suggest not toKnow who youre interviewing withWhat fund do they manageRead their fund commentaryAsk QuestionsWork on your soft skills (number 1 differentiator for new grads)Eye contactNo Cell PhoneDont chew gumConfident and poisedDress for the job you want and not the one you have

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