Nora Jones, CFA, CA, MBA, CFP, TEP
Private Banker, RBC Wealth Management

Khalid Elhaj, P.Eng., CFA
Manager, Financial Analysis and Treasury, Northgate Minerals Corporation

Tajeshwar (Taj) Sidhu, CFA
Associate, Quantitative Equities, OMERS Capital Markets

What was your background before enrolling in the CFA program?

Nora: I initially did an undergraduate degree (BA) in languages–German, French, and Russian–and, when I realized that I did not want to teach or translate, I did an MBA in Finance. After working for roughly 10 years in corporate finance with one of the Big Five banks, I decided that I would stay home with our three children. That turned out to be a much harder job that anything in the world of business so I returned to work on a part-time basis within a few months, this time with an accounting firm, which allowed me complete flexibility with respect to working hours. During this “quasi-dormant” stage, I completed the courses/exams/work experience requirements that I needed for my CA designation.

Roughly 10 years ago, I went back to work full-time and spent the first five years with one of the Big Four accounting firms (which had been the Big Eight when I started in business). I practiced in the personal tax planning area and then moved over to RBC, where I am currently a private banker at RBC Plaza. At some point during the years, I also completed the Canadian Securities Course, the CICA In-depth Tax Course, and the Partners, Directors and Senior Officers Exam for the Canadian Securities Institute, became a Fellow of the Institute of Canadian Bankers, and acquired the CFP as well as the Trust and Estate Practitioner (TEP) designations.

Khalid: I graduated from the Engineering Science program at the University of Toronto, where I specialized in manufacturing systems engineering.

Taj: Before completing the CFA designation, I attained an MBA, graduate diploma in financial engineering, and bachelor of engineering. I worked in treasury for Tata Housing Development Co. Ltd. (a fully owned subsidiary of Tata Sons Ltd.) and in market risk management for CIBC.

What led you to sign up for the CFA designation?

Nora: Curiosity. I had always been a keen student of the investment field and wondered what additional knowledge the CFA program would provide.

Khalid: For my 16-month engineering co-op term, I worked for a company that designed and manufactured industrial thermal control systems. While I gained valuable engineering experience, I was more intrigued with the financing and economics of engineering projects than with the technical design process. The economic feasibility of a new design, and the ability to fund its development costs, are equally as important as its practical application. It was then that I set my sight on acquiring academic training in finance upon graduating from engineering, and the CFA program seemed like the natural choice.

Taj: I always wanted to be in portfolio management. A CFA charter almost seems to be minimum requirement to be in the industry. When I started working at OMERS Capital Markets in quantitative equities, it was expected that I would complete the CFA designation.

What did you find hardest about getting the designation/what did you enjoy most?

Nora: I truly enjoyed the challenge of mastering the breadth of material that is presented. Many of my previous endeavours involved steep learning curves but this was more like a gently sloping incline that never ended!

Khalid: Committing 15 to 20 hours a week for five months in preparation for writing each of the CFA exams required running on a stringent schedule and opting out of a few snowboarding trips! But the rewards for having earned the CFA designation are numerous, and I now have the opportunity to apply what I learned from the CFA Candidate Body of Knowledge regularly in my current role.

Taj: Hardest – Balancing work and study together.

Enjoy – Relevance of what I learned in my daily work life.

What does having the CFA designation mean to you personally?

Nora: It means that I feel more competent when I am advising clients. And, when you are meeting others in the industry, it quickly establishes some credibility.

Khalid: Putting together a multi-year plan to complete the CFA exams and earn the designation required commitment, organizational skills, and a vision for my career path. It brings me a great sense of pride to have seen my plan come to fruition.

Taj: Recognition of peers and meeting the minimum standard in the industry.

Do you have any advice for CFA candidates preparing for next year’s exam?

Nora: Do every practice exam that you can find. And don’t lose confidence if you are failing many of them at first. That is normal.

Khalid: Set up a study plan that gives you enough time to cover all areas of the CFA Candidate Body of Knowledge, and practice with sample exams, while adhering to the same time limits set in actual exams.

Taj: Work hard–it is worth every bit.

Where do you see yourself in 5 or 10 years? How will having the designation help?

Khalid: Within the next 10 years, I want to start a firm that provides investment consulting services to non-profit organizations. With the CFA designation and capital markets experience, I will have both the experience and credentials to achieve this.

Taj: I want to manage my own portfolio. The CFA charter is almost the minimum requirement to grow in my firm.

What’s going to be the most significant change our industry will see in the next 10 years and why?

Nora: The world is becoming a smaller place and clients want an advisor who can talk to them about multiple issues–investing, lending arrangements, funds transfers, setting up banking in other countries, counselling their children, etc.–and they want to do all of these things in a coordinated and tax efficient manner. We will still need specialists with deep investment knowledge and experience but the ability to discover and meet clients’ other financial needs will be a real differentiator in the industry.

Khalid: The fast spread of information has made investors more knowledgeable and aware of capital markets, and I believe we will continue to see a proliferation in the activist investor mindset. However, adhering to the CFA Institute’s Code of Ethics and Standards of Professional Conduct will ensure a solid trust is maintained between investors and investment professionals.

Taj: More regulation, slower innovation as government clamps down due to the recent crisis.

Name an investor who inspires you and explain why.

Khalid: Nassim Nicholas Taleb: His investment strategy is designed to profit from Black Swan events (high-impact, rare, and retrospective in nature) by exploiting positive events and being robust to negative ones. His out-of-the-box and unconventional style shows the breadth of choices one has when putting together an investment strategy.

Taj: Warren Buffet and George Soros: Both have very different terms and styles of investing⎯both understand markets and economy extremely well.

What’s your top stock pick for 2015 and your investment thesis?

Khalid: I like to invest based on fundamentals and I try my best to reduce noise that at times could plague our most rational strategies. Companies with desirable products or services that have not reached a global tipping point yet can yield better-than-market returns over the long term.

Taj: Potash Corp.–The world will continue to grow, especially the emerging markets, and demand for food will increase.

What’s the last book you read? (non-required reading only!)

Nora: A Night at the Opera by Sir Denis Forman. It is an irreverent guide to the most famous operas and it would make you laugh, whether you were a novice or an expert. I am also part way through Graham and Dodd’s Security Analysis–the sixth edition with the forward by Warren Buffett. Not expecting to finish that anytime soon.

Khalid: The Sun Also Rises by Ernest Hemmingway.

Taj: Inside the House of Money

CHARTERHOLDER PROFILE is a regular feature of The Analyst. Do you have suggestions for members that we should profile? Email us with the member’s name and a few sentences about who he/she is and why this person would make an interesting choice for a profile. TheAnalyst@torontocfa.ca