Recently retired CEO of CFA Society Toronto, Sue Lemon, CFA, helped lead the Society in becoming the world’s largest during her nine-year tenure. Before that, she held progressively senior roles in fixed income portfolio management and global capital markets at top Canadian bond houses. And she’s not done yet! Sue shares her thoughts on the development of CFA Society Toronto, the industry, and what the future holds. 

Sue Lemon, CFA
CAREER HIGHLIGHTS

CURRENT:
• Director, Toronto Investment Board 
• Member, CFA Institute Disciplinary Review Committee (global) 

FORMER:
• 2014–2022: CEO and Board Member, CFA Society Toronto 
• 2006–2008: Head of Global Distribution (Fixed Income), CIBC World Markets 

What accomplishments are you most proud of during your tenure as CEO of CFA Society Toronto? 

We’re proud of being the largest CFA society globally and celebrating that milestone at the TMX with our volunteers, new charterholders, and staff. I’m grateful to have had the opportunity to work with such a dedicated and talented team over the years. They’re very committed to the cause and work exceptionally well with the volunteers. 

In 2016, we established the 25-member advisory council—some of the largest employers of CFA charterholders in capital markets, alternative assets, pension, and wealth management. The council meets biannually to address significant industry trends and was central to setting up the Society’s ESG Bootcamp. 

At the beginning of my time as CEO back in 2014, we began to work with IIROC (the Investment Industry Regulatory Organization of Canada) to win recognition of the CFA Program for certain investment professional licensing and registration requirements. We got a lot of help from CFA Institute and CFA Societies Canada along the way. It took our group until 2020, but it’s a significant accomplishment for employers and our members. It embeds the charter in the regulatory system and helps keep it self-perpetuating. 

How did CFA Society Toronto grow to be the biggest CFA society in the world? 

Over the years, CFA Society Toronto has had great support from financial sector employers in Toronto. Most of the senior investment leaders of those companies are charterholders and run global businesses. So, these senior leaders are great role models that local society members get access to. That’s our vision for our members —that they are the very best professionals in the financial services industry. 

CFA Society Toronto also has long-standing and strong relationships with local universities. We’ve had a University Relations Committee for many years that oversee a student ambassador program embedded within most of the schools to educate students and faculty about the CFA Program. The Society also supports a number of individual university programs as well. 

Overall, a hallmark of CFA Society Toronto is that we’ve been involved with regulatory and industry issues through various outreach efforts. As a result, we have established a powerful combination that supports the designation and Society, with senior employer role models, a flow of candidates from universities, and the regulators using different CFA levels for their qualifications. 

Above all, we strive to do an excellent job for our members. We are focused on providing services for them and constantly modernizing the delivery of those services. The digitization of our service delivery in the last couple of years during the pandemic was a key element in keeping our members engaged and connected with each other. 

What are the challenges and virtues of being the largest CFA society in the world? 

The challenge has been finding ways to serve a growing membership with needs at different career stages in a highly competitive and constantly changing industry. However, CFA Society Toronto has become widely regarded as an industry leader in professional education and standards. 

With such a large membership—including senior decision makers at significant global organizations—we can attract foremost experts globally and locally to participate in our programs to enhance our members’ professional development. We also have close partnerships in sharing best practices with other large CFA societies in the UK, Germany, Chicago, Boston, and New York. 

What drew you to fixed income? Were you able to apply any lessons from your time as a leader in fixed income to your work as CEO of CFA Society Toronto? 

It was actually pretty random—the first opportunity I got was as a junior bond trader, so that’s how it all began. 

Roles in fixed income require a macro perspective. World events impact fixed income in a way that may not necessarily impact an individual stock. That perspective allowed me to occasionally assist in advising Society professionals and volunteers on programming. I was also able to step into the moderator role for our ESG Bootcamp and enjoyed moderating a number of Society events with Bank of Canada officials. 

When I became CEO, I was terrified of public speaking, as I hadn’t had that kind of experience in my fixed income career. I did, however, get a good taste of it in my volunteer role as Society Vice Chair when I organized and spoke at the annual forecast dinner, then becoming Board President from 1992 to 1993. 

What are your thoughts on how women have been able to advance in, and what advice do you have for women targeting leadership roles in the in the investment industry? 

I think employers are focused on the hiring, retaining, and development of women in our industry, and many have gotten into leadership positions. Look at (President of CFA Institute and former President of CFA Society Toronto) Marg Franklin. Still, it’s disappointing that only 20 percent of the membership globally and in Toronto are women. The good news is that 30 percent of those who write the CFA exams are women, so over time, we should be able to move the needle higher on that front. 

The COVID-19 pandemic may also have helped to advance the workplace regime. Employers understand that both men and women can work from home some of the time and that the demands of the home can be shared. The new flexibility in the five-day work week is having the desired impact at middle and senior levels. Women are also embracing their ambition and know that they must take some risks and be resilient when not everything they do works out as planned. 

Any words of advice for your successor as CEO of CFA Society Toronto? 

You have to be clear on who the key stakeholders are and how they support the mission of our members. Build strong partnerships with some of the large international societies around best practices and continue to bring an investment practitioner mindset to the society (and the staff) in advancing the professional development for our members. 

It’s such an incredible platform, but there are a lot of competing forces for your attention. The new person will be asked to do so much, and it will be easy to get blown off course. I was warned about that when I became CEO, and although I didn’t understand right away, I certainly did within the first six months. As an investment practitioner, understanding how a not-for-profit works was also a learning experience for me, as well as managing a whole business. You need to stay focused on what will advance the professional development services the Society offers for members. 

What’s next for you? 

I’ll definitely be a lot more physically active and get back into a more regular schedule of skiing and other outdoor activities beyond the hiking and gardening that I currently do. I may even find time to return to golf after a long hiatus of many years as well. Overall, my number one fun thing to do is being outdoors whenever possible. 

From an industry perspective, I’m already involved in some advisory roles, so I’ll have room to do a bit more there. In 2022, I joined CFA Institute’s Disciplinary Review Committee. The committee’s work underpins the Code of Ethics and Standards of Professional Conduct. I’ll be working with 26 other volunteers worldwide for a six-year term. It’s something I’ve wanted to do since I began as a staff member. I have a very deep passion for the designation and how it’s given me a career so full of opportunity. 

You’ve been involved with CFA Society Toronto since 1989. How different was it back then? 

In 1989, CFA Society Toronto had 1,013 members. We had one person in the office handling administration and event booking. We expanded and developed the Fixed Income Committee back then, held one of the first ever junk bond conferences (Michael Milken from Drexel Burnham Lambert was the speaker), and had 85 attendees turn up in a small hotel room. In one important sense, things haven’t changed. CFA Society Toronto has always been at the leading edge of emerging topics and issues. 

FUN FACTS 

What is the last interesting book you read? 

Red Notice by Bill Browder. I enjoyed the historical perspective it gives. It’s very relevant now (with the invasion of Ukraine). I’m currently reading his latest book, Freezing Order. 

On November 7, CFA Society Toronto’s 2022 Annual Investment Dinner featured Browder, Co-Founder and CEO of Hermitage Capital Markets, in conversation with CFA Society Toronto Board Chair Mari Jensen. 

What is your favourite inspirational quote? 

The impossible just takes a little longer. 

What is your morning routine? 

I start early, usually by 5 a.m. I like to be at my desk at 5:30, where I’ll tackle projects or finish emails. That’s the discipline from my capital markets days. You could never get in too early. The bond market never closes. By the same token, I’m not up until 11 or midnight—there’s no chance of that! 

What’s a fun thing people don’t know about you? 

While being mindful of re-purposing, I do like to clear out things that we’re not using at the farm, where we have a lot of storage space, so yes, I love going to the dump. I will be making more trips to the dump now with extra time to sort and organize, which horrifies my husband who likes to hold onto things. But those kinds of differences are always the case in marriages, aren’t they? 

This interview was edited for length and clarity.