S&T in Canada: CFA vs CSI designations

The CSC is required to be able to take other courses from CSI. I don't know the specifics but I know you need to take these courses to be a certified investment adviser...not sure about other professions though

And what do you need to be a "certified investment adviser" for? Is this "certification" explicitly required either professionally or legally for anything at all?

Ahh, I should know this since I'm doing my CSC right now but I don't know it by heart lol. Basically, it's broken down something like this to legally be an investment adviser in Canada:

1. Do your CSC

2. Do another course offered by CSI, this will vary depending on what you eventually want to do (ie: start mutual fund, be investment adviser...)

3. Training period with a certified person for 90 days (this can vary).

4. Work on your own but under supervision of senior adviser (anywhere from 30-90 days)

Then, I think you're home free. Just, don't take this to a tee, if you REALLY REALLY want, I could go back through my notes and find the chapter that talks about exactly what you have to do lol. Might be good prep for my exam in 2 weeks anyway.

Okay, here I found my notes for investment adviser. You NEED this exact path to legally be an investment adviser in Canada.

1. Do the CSC.

2. Do the CSI Conduct and Practices Handbook Course

3. After being hired, participate in 90 day training program offered by the firm.

There, I wasn't too far off :P Let me know if you want information for other certifications (ie: to start mutual fund...)

It depends on the product, some areas require you to have the CSC. Also every junior on bay street is basically forced to get their CFA. The CFA is basically a minimum requirement now almost here.

Do you have to get the CFA before you go work, or do you get during training. Is that basically equivalent to the Series 7 they do in the States?

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I know there's a derivatives course offered by CSI. I'm not sure if it's legally required or if you need it to work at a BB in Canada, sorry.

The CFA is a equity research/portfolio management charter that is recognized worldwide. The reason I say it is a minimum is because Toronto has the most CFA candidates per capita. Most people on the sell-side have it or are getting, almost every buyside shop on Bay St if you want to move up the ranks. Most people do level one in their 4th year of university.

Most sell-side traders have it, while shops like OTPP almost all their PMs and Traders have it.

Investment advisor, is the dude at BMO who calls you. Each of the big5 banks has a retail side, where they do financial planning and deals with other products, thats what these guys do.

No sell-side jobs in banking, ECM, DCM or Private Equity do not require the CSC or CPH. If you want to be an equities or equity derivatives and some other instruments you need CSC and CPH. As well there is additional Trader Training, DFC and other tests.

Depending on the bank and the MD, they will see how many tests they want you to take. But most of the big5 will push you to do as many CSI courses as you can.

Your final question as to why people give the CSI all this money. Because banks pay for it usually, even if your a teller I think you can do the CIM or DFC. Most people in Toronto, think more designations and education is the way to do it. People think having 1500 cool letters behind your name, will make you go from back office to front office. Investment advisors and PWM people are different, more fancy letters the better for them.

Ok, I already know what the CFA is. Even in Toronto with all the per capita statistics, it isn't a legal or professional requirement for anything (though I agree that this qualification is looked upon favourably in certain sectors).

You said:

"No sell-side jobs in banking, ECM, DCM or Private Equity do not require the CSC or CPH."

Are you trying to say that all ECM, DCM and PE jobs require the CSC and/or CPH? Or were you trying to say CSC and CPH are not required for any ECM, DCM or PE job?

I know that there is a derivatives course, a securities course, and many other courses offered by the CSI, as they are all listed in plain sight on the website. However what isn't clear on the website is which of these is actually a LEGAL REQUIREMENT for anything at all. Basically, as an expat I'm not going to waste my time with country-specific qualifications which are worthless outside the rather small Canadian market, unless I am legally required to do so (or a future employer whose views I care about whines very loudly about me not having these "designations").