CFA Society Toronto recently launched the Veterans’ Scholarship Program to support the transition of Canadian Armed Forces personnel into a civilian career in finance. To celebrate the launch of the scholarship program, The Analyst sat down for a virtual chat with Nick Papadakos, CFA, retired member of the Canadian Armed Forces. Nick works in the investment industry as a business strategy consultant with Franklin Templeton. He spoke about his experience serving in the military, skills that are transferrable to the financial industry, and what the CFA designation means to him.

What prompted you to join the armed forces?
I’ve always believed that serving your country in the military is a noble calling. I have great respect for military veterans and hold Canadian Armed Forces personnel in very high regard. My grandfather, Thomas Francis Burke, served in the Canadian Army during the Second World War.

However, joining the military was not something that I planned to do. The opportunity came about entirely by chance. As I approached the end of high school, I was introduced to the idea of joining the Canadian Army Reserve, and I found it appealing for several reasons. First, it was a unique summer employment opportunity that would help pay for my university tuition while giving me a more impactful experience compared to traditional summer jobs. Second, I wanted to experience the challenge of completing basic training. Third, I was feeling adventurous and thought that military training would be a great personal development experience. So, at the age of eighteen, I enrolled and completed my infantry basic training during the summer of 1999 in Petawawa, Ontario. The experience was life changing. I really enjoyed the camaraderie and esprit de corps (spirit of solidarity) of army life, and I decided to continue serving as a reservist with the 48th Highlanders of Canada in Toronto for another eight years.

What were your responsibilities as a reservist?
My responsibilities mostly revolved around training with my regiment. Soldiers in the Army Reserve train on a part-time basis to develop and sharpen their skills so that they are ready to augment the Regular Force on domestic and international operations. This training covers a range of skills, including drill, physical fitness, proficiency in operating small arms, camouflage and concealment (along with other infantry tactics), marksmanship, winter warfare operations, and more.   

What made you decide to retire from the military and focus on your career in finance?
After finishing my undergraduate studies, I entered the investment industry while still serving as a reservist for a period of time. I continued to have many memorable experiences, including several training exercises in the U.S. I was able to complete a leadership course and achieve the rank of master corporal. However, after eight years in the military, I decided it was time to close that chapter and focus on my career in the investment industry and other life goals.

What are the differences between the military and the finance world?
The working environment is quite different. The military operates with strict rules and expectations regarding dress and deportment. Leadership and team management is very hands-on, and the communication style is more blunt and direct. The military is also often quite prescriptive and “by the book.” In contrast, the finance world allows for more freedom in selling your ideas by using persuasion and building mutually beneficial relationships with business partners.

Another difference is that soldiering is physically demanding, and operations can take place in dangerous environments. For this reason, soldiers will drill the same actions countless times, and you must become very good, almost perfect, at doing things the way that you’re supposed to do them. In contrast, things are more flexible in finance, where people collect and analyze data to come up with new ideas that disrupt or reinvent how business is done.

Are there any experiences or skills that you learned from military training that you find beneficial in your investment career?
Some of the skills I learned are not unique to the military, such as teamwork, communication, discipline, planning, and leadership. Over time, my training allowed me to substantially hone and develop these skills.

As an infantry soldier, teamwork is extremely important. All team members must work together as a single unit to accomplish their mission. Leaders need strong communication skills when working with their own team and when coordinating with other trades (such as the engineers, artillery, and armoured units). The ability to work well on a team and build interpersonal relationships is highly relevant to the investment industry, particularly in sales and client relationship roles.

Other relevant skills include the flexibility to adapt to changing conditions, as well as the ability to make quick decisions and take swift action. Circumstances can change quickly, and soldiers have to adjust and continually communicate new orders and instructions. These skills are very relevant in the investment industry, as market and business conditions can also change rapidly.

How has the CFA designation benefited your career?
The rigorous investment knowledge I gained from the CFA Program has helped me to deliver better results as my career has progressed. It allows me to work more effectively with clients and business partners in sales, portfolio management, business strategy, marketing, and product management across my organization. The investment industry’s recognition of the CFA designation is also very valuable. Finally, being a member of CFA Society Toronto has provided additional benefits, including access to education resources, industry events, and networking opportunities.

FUN FACTS
Dream job when you were a kid? Baseball player
How do you spend your spare time? I love staying active, whether it’s running along the Toronto waterfront, playing sports, or finding new hiking spots around the GTA
Can you share a pivotal moment from your career? My time with Franklin Templeton’s institutional business was a turning point in my career. I had the chance to make a lot of great connections and the opportunity to do a lot of challenging and rewarding work.
Special travel experience? Attending the 2004 Summer Olympic Games in Athens, Greece
Most rewarding volunteer experience? Co-chairing Franklin Templeton’s community giving campaign in Canada in 2017 and 2018

What is your recipe for success? 
• Build great relationships within your team and with anyone in your organization that you work with
• Prioritize personal development
• Be open to opportunities to gain new experience and meet new people
• Create a career plan with definite goals for where you want to be in five to ten years, and
• Be industrious and produce very high quality work