National CFA® Charterholder

Compensation Study 2015

11 August 2015

CFA Societies Canada 1

Contents

Summary Respondent Profile 3

Summary Compensation Measures 4

Summary Employment Profile 12

Methodology 17

Media Inquiries/Contact Info 18

CFA Societies Canada 22

Respondent Profile
Gender Age Compensation Top Designations
<35 35%
MBA 22%
17% 35-39 20%
Other Masters 17%
40-44 17%
45-49 13% CIM 7%
Average : $280,454
83% 50+ 15% CA 6%
Average Age: 39.7
Society Years of Experience Self-Managed AUM

1-4 years 3% <$100 Mn 12%

Atlantic 2%
$100 Mn-<$1 Bn 19%
Québec 2% 5-7 years 17% $1 Bn-<$5 Bn 11%
Montréal 16% $5+ Bn 11%
8-10 years 18%
Ottawa 3% Not applicable 47%
11-13 years 11%
Toronto 48%
Winnipeg 3% 14-16 years 14%
Employee Count
Saskatchewan 2%
17-19 years 10%
Edmonton 3% <100 21%
Calgary 10% 20-24 years 13% 100-499 14%
Okanagan 1% 500-999 7%
25+ years 15%
1000-4999 15%
Vancouver 9%
5000+ 41%
Victoria 1% Average : 15.1 years
Don’t know 1%

CFA Societies Canada 3

Compensation Measures Summary
• Average total compensation reported by CFA® charterholders for 2014 now stands at $280,454, up
from $233,780 in 2013, and from $214,885 reported for 2010 in the 2012 survey.
• Mean total compensation is significantly higher than median compensation ($147,550), indicating a
small proportion of CFA charterholders receive very high compensation. The top 25% of
charterholders have compensation of at least $275,000, rising to over $10 million.
• Total compensation varies by region, sector and position held. These details are provided in the full
report. A few highlights include higher compensation in Calgary ($387,987), Winnipeg ($357,667) and
Okanagan ($370,440) than in Montréal ($206,938), Atlantic Canada ($177,559), and Ottawa
($212,901). Unfortunately, several from the Québec chapter entered $0 values, resulting in a mean
compensation of $88,611 across all, rising to $132,599 among those who provided more complete
information.
• By position, total compensation is highest for equity PMs ($619,559), CEO/CAO/COOs/CIOs
($518,072), and multi-asset PMs ($496,374); and is lower for portfolio analysts ($99,075), buy-side
risk analysts ($144,060), compliance/regulatory ($147,958), and those in marketing and product
development ($154,883).
• Those with longer tenure/more senior positions derive a larger proportion of their compensation
from commissions and sales bonuses, as well as performance bonuses and profit sharing than from
base salaries.
• Top benefits received include CFA Professional Membership Dues (97% - higher than the 48% who
receive coverage for other professional associations) and various forms of insurance including health
(95%), dental (94%), long-term disability (92%), life (91%), short-term disability (90%), and vision
(88%). 69% receive pension benefits. Just under half (45%) say their employer pays for 100% of CE
credits, while 12% say it pays for some but not all, and 8% pay only for mandatory credits. 43% do
not pay for any.

CFA Societies Canada 4

2010-2014 Aggregate Compensation
Aggregate Average Compensation across all
CFA Charterholders by Year
$300,000 $280,454
$19,038
$239,215
$250,000 $233,780
$8,915
$214,885 $15,069 $17,175
$12,792 $21,209
$200,000
$18,010 $58,935
$61,299 $47,131
$150,000 $55,373
$32,647
$26,410
$14,529
$100,000

$118,919 $118,756 $128,467

$50,000 $109,026

$0
2010 2011 2013 2014
2012 Survey 2015 Survey
Other Consulting Fees
Compensation as Board Director Dividends from employer company shares held
Deferred/multi-year incentive compensation Stock Options
Stock Awards Profit Sharing
Performance Bonuses Commissions/Sales Bonuses
Base Salary

CFA Societies Canada 55

2014 Aggregate Compensation
Aggregate Average Compensation across all CFA Charterholders
Findings Avg. compensation among all As Percentage of
members Sum of Compensation
• To create a picture of the 2014 2013 2011 2010 2014 2013 2011 2010
aggregate, average compensation Base Salary $128K $119K $119k $109k 45% 51% 49% 50%
structure, the adjacent tables Commissions/Sales Bonuses $33K $26K $18k $15k 12% 11% 7% 7%
show the average compensation Performance Bonuses $59K $47K $61k $55k 21% 20% 25% 25%
Profit Sharing $17K $13K $21k $18k 6% 5% 9% 8%
by category for all CFA
Stock Awards $9K $6K $15k $13k 3% 3% 6% 6%
charterholders. Thus, across all Stock Options $2K $1K $9k $7k 1% 1% 4% 3%
members, including those who Deferred/multi-year incentive compensation $9K $7K - - 3% 3% - -
receive each type or not, base Dividends from employer company shares held $19K $10K - - 7% 4% - -
salaries account for 45 percent of Compensation as Board Director $<0.5K $<0.5K - - <0.5% <0.5% - -
Consulting Fees $2K $2K - - 1% 1% - -
total compensation, while
performance bonuses account for Total Compensation $280k $234k $239k $215k - - - -
21 percent.
• While stock awards/phantom Aggregate Average Compensation Among Recipients
shares and stock options represent Avg. compensation among Avg. compensation among
a smaller percentage of total those receiving each type those receiving each type
compensation across all members 2014 2011 2014 2011
together, among the small Base Salary 94% 95% $138k $126k
Commissions/Sales Bonuses 14% 14% $219k $139k
proportion who receive them,
Performance Bonuses 77% 77% $77k $80k
they represent much higher Profit Sharing 13% 15% $150k $145k
average values. Stock Awards 15% 16% $60k $118k
• The slides that follow show Stock Options 7% 8% $41k $100k
breakdowns of total aggregate Deferred/multi-year incentive compensation 12% - $84k -
average compensation structures Dividends from employer company shares held 7% - $187k -
Compensation as Board Director <0.5% - $25k -
by total professional tenure, CFA
Consulting Fees 1% - $104k -
Society and occupational role.
Total Compensation - - $280k $240k

CFA Societies Canada Summary 66

2014 Aggregate Compensation
Aggregate Average Compensation across all
CFA Charterholders by Total Professional Experience
$672,451
$29,736
$600,000 $54,193
$11,277
$515,136
$488,683 $85,522
$500,000 $23,382
$444,489 $21,895
$52,332 $15,495 $73,787
$53,612 $27,887
$400,000 $20,762
$21,650 $21,119 $70,851
$19,202 $51,548
$32,310
$300,000 $280,454 $269,383 $218,338
$19,038 $86,693 $113,437 $136,830
$8,915 $204,831 $8,985
$17,175 $18,311
$200,000 $58,935 $149,738 $62,978 $55,695 $42,606
$32,647 $52,389 $27,352
$86,549
$32,293 $15,787
$100,000 $4,623 $170,204
$204,967 $187,282
$14,680 $165,112
$128,467 $113,320 $132,314
$68,750 $94,806
$0
Total <5 years 5-9 years 10-14 years 15-19 years 20-24 years 25-29 years 30-34 years 35+
Professional Experience (years)
Other Consulting Fees
Compensation as Board Director Dividends from employer company shares held
Deferred/multi-year incentive compensation Stock Options
Stock Awards Profit Sharing
Performance Bonuses Commissions/Sales Bonuses
Base Salary

CFA Societies Canada 77

2014 Aggregate Compensation
Aggregate Average Compensation across all
CFA Charterholders by CFA Society
$387,987
$400,000 $370,440
$357,667
$350,000 $15,400
$326,480 $77,523 $35,463
$300,280
$287,400
$300,000 $280,454 $17,964
$47,830
$41,264
$16,512 $261,370
$19,038 $167,733 $11,192
$250,000 $16,190 $37,839 $11,357
$8,915 $50,588 $226,759 $21,402
$17,175 $30,315 $43,864 $212,901
$97,272 $206,938
$200,000 $64,093 $21,732 $177,559
$58,935 $14,352 $72,252 $8,065
$26,211 $5,561
$89,982 $80,916 $39,729 $42,463 $53,394
$150,000 $32,647 $35,650
$25,028 $34,899 $40,179
$87,267 $44,137 $14,493
$10,779 $18,634
$100,000 $88,611
$170,340
$128,467 $129,210 $137,091 $134,865 $126,297 $130,866 $131,201 $119,207 $111,926
$50,000 $91,600 $105,757
$69,775

$0
Total Victoria Van- Okan- Calgary Edmon- Sask- Winni Toronto Ottawa Montréal Québec Atlantic
couver agan ton atchewan -peg

Other Consulting Fees Compensation as Board Director

Dividends from employer company shares held Deferred/multi-year incentive compensation Stock Options
Stock Awards Profit Sharing Performance Bonuses
Commissions/Sales Bonuses Base Salary

CFA Societies Canada 88

2014 Aggregate Compensation
Aggregate Average Compensation across all
CFA Charterholders by Job Category
$700,000

$619,559
$600,000
$103,668
$496,374
$500,000

$112,432
$376,222 $69,850
$400,000
$356,640
$35,212 $66,693 $314,170
$300,000 $280,454 $275,290 $147,503
$27,419 $33,533
$19,038 $186,300 $235,542 $243,238
$26,171 $32,015 $22,931
$17,175 $24,920 $29,874 $197,314 $197,297
$200,000 $58,935 $131,640 $99,702 $40,846 $43,411
$136,286 $144,060 $15,385 $154,883
$32,647 $0 $11,409 $99,075 $59,789 $32,397
$161,394 $47,936 $36,221
$100,000 $206,014 $185,107 $18,729
$164,340 $176,242
$128,467 $131,863 $138,080 $121,657
$109,065 $108,269 $85,131 $91,523
$76,455
$41,974
$0
Total Finan. or Invest. Portfolio Portfolio Portfolio Portfolio Manager of Portfolio Risk Buy-Side Buy-Side Invest. Market. and
Invest. Adv./ Counsel./ Man. Man. Man. Man. Managers Analyst Management R.A. R.A. Strateg./ Product
Broker Private Client (Equity) (Fixed (Multi-asset) (Other) (Equity) (Other) Economist Develop.
Income)

Findings: Other Consulting Fees

• In the asset management world, Equity PMs Compensation as Board Director Dividends from employer company shares held

earn more than fixed income or multi-asset. Deferred/multi-year incentive compensation Stock options
Stock awards/phantom shares Profit sharing bonuses
• Portfolio Analysts are lowest in total
Performance bonuses Commissions/sales bonuses
compensation.
Base salary

CFA Societies Canada 99

2014 Aggregate Compensation
Aggregate Average Compensation across all
CFA Charterholders by Job Category
$600,000

$518,072
$500,000
$59,563
$19,764
$20,286
$400,000 $18,717
$338,654 $75,867
$280,454 $68,396 $277,838 $287,457
$300,000
$19,038 $233,124 $13,534 $25,307 $96,515
$18,227 $16,474
$17,175 $9,758 $200,931
$9,517 $194,618 $194,433 $187,072
$200,000 $100,926 $181,642 $170,679
$58,935 $81,474 $13,258 $54,426
$147,958 $90,762 $24,821 $28,860 $44,612 $32,807
$32,647 $23,367 $26,350 $26,031
$38,517 $43,617
$100,000 $217,297
$136,891 $161,367 $144,214
$128,467 $125,757 $122,996 $109,638 $108,587 $104,789 $123,957 $126,483 $110,490

$0
Total Relationship Compliance/ Sell-Side Trading Corp. Fin./ Accountant/ Consultant/ CFO CEO/ CAO/ Corp./Comm. Treasury Other
Management Regulatory Securities & Sales Underwriter/ Auditor/ Invest. COO/ CIO/ Banking
Analyst M&A Other Consult. Pres.

Findings: Other Consulting Fees

• C-Suite level executives reign Compensation as Board Director Dividends from employer company shares held
supreme. Deferred/multi-year incentive compensation Stock options
Stock awards/phantom shares Profit sharing bonuses
• Relationship Management also has Performance bonuses Commissions/sales bonuses
higher compensation. Base salary

CFA Societies Canada 10

10
2014 Aggregate Compensation
Aggregate Average Compensation across all
CFA Charterholders by Designations Held
$400,000
$356,396 $363,346
$336,425
$350,000
$30,011 $43,219
$301,184 $301,798
$300,000 $280,4541 $10,878 $279,297
$13,291 $17,849 $276,744
$17,832 $258,810 $28,078 $274,157 $8,970
$19,038 $31,139 $16,732 $10,237
$9,698 $240,004 $17,200 $19,769 $20,028
$250,000 $8,915 $21,748 $15,910 $39,067 $33,642
$17,175 $21,389 $16,347 $79,252 $17,204 $17,551
$86,263 $13,195
$200,000 $58,935
$63,214
$8,252 $57,588
$51,146 $60,444 $60,306
$121,509 $23,846 $135,014
$50,585 $26,815
$150,000 $32,647
$36,941
$34,309 $25,896 $33,230 $27,098
$24,268
$100,000
$162,294
$134,921 $145,172 $129,970 $129,969
$128,467 $115,873 $123,705 $126,225
$50,000 $108,677 $100,748

$0
Total Any No MBA No CIM No CIM CA No CA CFP No CFP
Desig. Desig. MBA
Findings: Other Consulting Fees
• Those with the top four industry Compensation as Board Director Dividends from employer company shares held
designations or degrees earn more than Deferred/multi-year incentive compensation Stock Options
those who do not hold the designations. Stock Awards Profit Sharing
• Those with any designation earn more Performance Bonuses Commissions/Sales Bonuses
Base Salary
than those with no designations.

CFA Societies Canada 11

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Employment Summary
Summary of Key Findings:
• CFA charterholders work for a wide range of employers including asset/fund management firms
(27%), investment counselling (11%), sell-side brokerages (7%), pension management (7%),
investment banking (5%), insurance (5%), financial services consulting (5%), and commercial
banking (5%).
• A quarter (26%) work for one of the 6 largest banks, 4% for one of the 3 largest insurance firms,
and 6% for one of the 10 largest pension plans – the remaining 64% work for other organizations.
These are unchanged from 2012. The average employee count is 2,834, up from 2,765 in 2012.
• A wide range of positions are held, including Investment counsellor/private client (7%), corporate
finance/underwriter/M&A (7%), risk management (6%), portfolio manager (equity) (6%), portfolio
manager (other) (6%), sell-side securities analyst (5%) and CEO/CAO/COO/CIO/President (4%).
• Top roles performed include financial analysis (65%), client relationship management (52%),
portfolio management/stock selection (45%), strategy development and planning (40%), general
management/admin. (37%), performance management (34%) and internal control and risk
management (31%). Most of these roles have declined slightly as lower incidence roles have
become more prevalent, including trading (26% vs. 20%), compliance/regulatory oversight (24%
vs. 14%), corporate finance (22% vs. 14%), senior management (20% vs. 12%), and HR (15% vs.
9%).
• More than half (53%) of CFA charterholders say they personally manage assets for their
employers, managing an average of $4.2 billion, up from $3.5 billion in 2012.
• Top designations held in addition to the CFA charter include MBA (22%, down slightly from 26%),
other Masters degrees (17%), CIM (7%), CA (6%), CFP (5%), FRM (5%) and FCSI (4%). One third
(34%) hold no other designations.

CFA Societies Canada 12

Employer
Findings
• A quarter of CFA charterholders work for one of the 6 largest
One of the 6 largest 26% chartered banks in Canada (26%) while only 4 percent work for
chartered banks in one of the 3 largest insurance firms and 6 percent for one of
Canada 25% the 10 largest pension plans.
• Nearly two-thirds (64%) work for none of these types of
organizations.
One of the 3 largest 4%
insurance firms in
Canada 4% Key Differences
2015 • Those more likely to say one of the 6 largest chartered banks
2012 include those in Toronto (34%), English speakers (27%), those
One of the 10 largest 6% with 5,000+ employees (53%), those with $20B+ in company
pension plans in AUM (43%) and those with 51+ hours a week (32%).
7% • Those more likely to say one of the 3 largest insurance
Canada companies include those in Winnipeg (18%) or Toronto (6%)
and those with 5,000+ employees (9%).
• Those more likely to say one of the 10 largest pension plans in
64% Canada include those in Victoria (50%), Edmonton (25%) or
None of the above Montréal (13%), French speakers (12%), those under the age of
64% 30 (10%) and those with 100-499 (13%), 500-999 (29%) or
1,000-4,999 (11%) employees.
• Those more likely to say they work in none of the above
include those in Vancouver (76%), Calgary (81%),
Saskatchewan (89%), Winnipeg (76%), Ottawa (86%), Québec
(80%) or Atlantic Canada (80%), those with fewer than 100
(96%), 100-499 (76%) or 1,000-4,999 (79%) employees and
those operating only within their own province (90%).

CFA Societies Canada 13

13
 Responsibilities
Financial Analysis 65% Findings
65%
Client relation. management 52% • Top activities include financial analysis (65%), client relationship
53%
45% management (52%), portfolio management/stock
Portfolio Manage./Stock select./analysis 49% selection/analysis (45%), strategy development and planning
Strategy Development and Planning 40% (40%), and general management/ administration (37%).
44%
General Management, Admin 37% • Fewer are engaged in specialist activities like taxation, (10%),
41% information technology (10%), audit (6%) or management/cost
Performance Measurement 34% accounting (6%).
36%
Internal Control and Risk Manage. 31%
36%
New Business/Product Development 28% Key Differences
32%
Budgeting/ Forecasting 27%
28% • Those in Victoria (82%) and Calgary (74%) are more likely to
Financial Reporting 27% conduct financial analysis, while those in Vancouver (65%) and
23%
2015 Okanagan (87%) are more likely to conduct client relationship
Trading 26%
20% management; those in Okanagan are also more likely to conduct
2012
Compliance/Regulatory Oversight 24% portfolio management/stock selection/analysis (80%) and trading
14%
Corporate Finance (Financing, M&A) 22% (60%). Those in Calgary are more likely to conduct
14%
budgeting/forecasting (40%) and corporate finance (36%).
Senior management 20%
12% • Those earning total compensation of $300k+ are more likely to
Human Resources 15% be conducting client relationship management (72%), portfolio
9%
Other Business Advisory / Consulting 13% management/stock selection/analysis (61%), general
8%
management/administration (47%), strategy development and
Taxation 10%
7% planning (47%), new business/product development (26%),
Information Technology 10% trading (34%), senior management (38%), human resources
1%
6% (26%) and taxation (14%). Those earning a total compensation of
Audit (Internal Government) 1% less than $100k are more likely to be conducting financial
Management/Cost Accounting 6% reporting (30%).
1%
Other 2%

CFA Societies Canada C3. Which of the following activities do you spend at least some of your work time on? 14
14
Designations
Findings
MBA 22%
26% • The MBA is the most frequently held designation, held by two in
Other Master's 17%
14% ten CFA charterholders (22%). Other top designations include
CIM 7% other Master’s degrees (17%), the CIM designation (7%), the CA
7%
CA 6% (6%), the CFP (5%) and the FRM (5%).
9%
CFP 5% • One-third of CFA charterholders indicate they do not hold any
5%
other professional designations or post-graduate degrees (34%).
FRM 5%
3%
FCSI 4%
5%
CMA 3% Key Differences
3%
CPA 3% 2015 • Those more likely to have a MBA include those in Toronto (28%),
2%
3%
English speakers (24%), those ages 40-44 (27%), 45-49 (30%), 50-
CAIA 2012
2% 54 (33%) or 55+ (35%), those working in retail banking (34%),
P.Eng. 2% those who work 51 hours or more a week (28%), those earning
3%
PFP 2% $300k+ in total compensation (30%) and those in the role of
3% Equity Portfolio Manager (29%).
CGA 2%
2% • Those more likely to have an other Master’s degree include those
FSA 2% in Montréal (34%) or Québec (38%), those ages 35-39 (23%),
1%
FCIA 2% those working in government finance (33%) and those in the role
1% of Fixed Income Portfolio Manager (29%), Risk Management
Masters of Tax 1% (25%) or Investment Strategist/Economist (42%).
1%
Doctorate 1%
1% • Those more likely to say they have no professional designations
CBV/CA 1% include those in Vancouver (40%), Calgary (49%) or Winnipeg
1% (46%), those under the age of 30 (60%) or 30-34 (45%), those
Others 11% with <$100k in compensation (42%) and those in the position of
14%
None 34% Relationship Management (48%), Corporate
36%
Finance/Underwriter/Mergers & Acquisitions (41%) or
Corporate/Commercial Banking (48%).

CFA Societies Canada C4. Which of the following professional designations and post-graduate degrees do you currently hold? 15
15
Hours
Findings
• CFA charterholders report working an average of 47.6 hours per
31%
40 or less week, down significantly from 48.4 hours per week in 2012.
27%
• About a quarter (23%) say that, on average, they work 51+ hours
18% a week and a further 26 percent work 46-50 hours.
41-45
18% • Three in ten work 40 hours or less (31%).

26%
46-50 Key Differences
29%
• Those working longer hours include those in Toronto (48.6 hours),
23% men over women (48.0 vs. 45.9), those under the age of 30
51+
26% (50.0), those working in investment banking (56.0) or sell-side
brokerage firm (53.4), those working for the six chartered banks
Don't 3% (49.2), those operating in the U.S. (48.5) or abroad (48.7), those
2015
Know with a total compensation of $300k+ (51.0), and those in the role
2012 of Equity Portfolio Manager (49.6), Relationship Management
(49.2), Sell-side Securities Analyst (53.2) or
CEO/CAO/COO/CIO/President (50.0).
• Those working fewer hours include those in Edmonton (44.7),
Winnipeg (45.8), Ottawa (45.9), Montréal (46.4) or Québec (43.7),
2015 2012 those age 55+ (45.8), those working in retail banking (45.3),
insurance (43.4), pension management (45.8) or government
Mean 47.6 hours/week 48.4 hours/week finance (42.8), those with <$100K in compensation (45.5), and
those in the role of Financial Advisor/Broker/Investment Advisor
Median 46.0 hours/week 50.0 hours/week (45.3), Manager of Managers (44.2), Portfolio Analyst (43.2), Risk
Management (44.1), Compliance/Regulatory (43.1),
Accountant/Auditor (44.9), Consultant/Investment Consultant
(44.3) or Treasury (45.6).

CFA Societies Canada C6. On average, how many hours per week did you work in 2014? 16
16
Methodology and Sampling

Method E-mail invitation to complete an online survey

Members of CFA Societies from across Canada

Respondents Sample lists provided by each CFA Society
No screening or attempts to set quotas by member type were made

April 28 – May 25, 2015

Timing
Median completion time of 17.4 minutes

Sample Size n = 2,606, with a response rate of 19.3 percent

Statistical At the national level, results are considered accurate to within

Significance +/-1.7 percentage points, 19 times out of 20. The margin of
error for subgroups will be wider.

CFA Societies Canada 17

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Media Inquiries/Contact Info

For media inquiries, please contact: For questions regarding the survey, please contact:

Patricia Stathi Candice Spencer

Canadian Region, Relationship Manager
CFA Society Toronto
120 Adelaide Street West, Suite 701 CFA Society Toronto
Toronto, ON M5H 1T1 120 Adelaide Street West, Suite 701
Phone: 416.366.5755 X 235 Toronto, ON M5H 1T1
Fax: 416.366.6716 Phone: 416.366.5755 X 229
Email: media@cfatoronto.ca Fax: 416.366.6716
Email: canadianrelations@cfatoronto.ca

CFA® is a registered trademark owned by CFA Institute

CFA Societies Canada 18

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