As an esteemed educator and leader in capital markets, Dana Boyko, CFA, provides insight on her pursuit of success, and discusses how the educational landscape has evolved over the years.

With an accomplished career in capital markets and portfolio management, what inspired you to transition to the academic field?

During my career in capital markets, teaching was always been there in the background. I taught CFA exam preparation classes in a program sponsored by CFA Society Toronto for ten years, covering a range of topics at all three levels. Around the same time, on a part-time basis, I completed a diploma in adult training and development from the Ontario Institute for Studies in Education [OISE] at the University of Toronto. I taught a few classes at Ryerson University, and also conducted corporate training sessions on various investment topics.

As well, when you get down to it, there’s a lot of teaching that happens at client meetings. As a private client portfolio manager, I managed client funds and also helped clients understand economic and market conditions and the impact on their portfolios. Client service requires strong communication skills and the ability to explain complex topics in terms that your client will understand.

So, you could say that transitioning to the academic field was a natural next step.

What are some of the challenges you have faced in your career, and how did you overcome them?

Cultivating a positive attitude is important to overcoming challenges. The good news is that a positive attitude can be acquired by actively practicing it on a daily basis.

There were a few times in my career when I wished to advance to a different job role, but these opportunities were not available to me at the organization where I worked. After considering my options, I applied for positions at other organizations and achieved my goal. Moving to a new role at a different firm broadened my perspective and introduced me to new colleagues.

Other times I was able to advance internally, by not only performing required job tasks excellently and quickly but also by looking for opportunities to take on new projects, and working with other parts of the organization. I learned to incorporate the perspectives of other areas— such as sales, marketing, operations, and compliance—to create successful investment products. Having these connections expanded my understanding and helped to manage projects effectively.

With financial technology becoming more prevalent in investment management, how has machine learning and big data transformed the educational landscape in finance?

The educational landscape is being transformed in several ways, through new course offerings at both the graduate and undergraduate levels, new research initiatives, new majors in existing programs, and new degree programs. Machine learning and big data are relevant not only for finance, but also for other areas of business education such as operations, marketing, and accounting. The Rotman School now offers a major in management analytics in the MBA program, as well as a master of management analytics (MMA) program.

At the Rotman School, there has been a large commitment to give students the ability to access, organize, and use big data. In the past few years, the school created the TD Management and Data Analytics Lab and FinHub. Both are dedicated to research related to business and data analytics, and to facilitate initiatives related to their mandate. FinHub is carrying out research on various applications of machine learning to derivatives and risk management. It is also involved in research concerned with blockchain.

The new graduate finance course in machine learning and financial innovation teaches the tools of machine learning—using Python—as they can be applied to various financial innovations, including payment systems, blockchain, and peer-to-peer lending. The objective is to put students in a position where they can work productively with data scientists. Rotman commerce, the undergraduate program, also introduced a course in machine learning this year

What motivated you to become a CFA charterholder?

First of all, I was impressed by the all-encompassing nature of the topics covered by the designation. Attaining the CFA charter required acquiring knowledge about a variety of areas, such as equity analysis, fixed income, derivatives, portfolio management, accounting, economics, and ethics. I saw this as a chance to broaden my areas of expertise and provide greater flexibility in potential future careers.

I was also attracted by the fact that the CFA charter is recognized globally. If I wanted to work in capital markets in the U.S. or the U.K., for example, a potential employer would understand what the CFA charter represents. I saw this as expanding my potential career options.

Keep learning: The investment landscape is continuously evolving. In addition to staying current in your area of specialization, make it a practice to include topics outside your direct area of expertise. Do not be afraid to venture outside your comfort zone.

Actively manage your career: Update your resume annually. Observing changes in responsibilities and accomplishments from the previous year is a good way to monitor your career progression and identify plateaus early.

What made you pursue your Chartered Alternative Investment Analyst (CAIA) designation and how did it differ from the CFA? 

I’m a lifelong learner, so when the CAIA designation was created I saw it as an opportunity to learn about an area of the capital markets that I was not directly involved in at the time. Achieving the designation when I was already well-established in my career signalled to my employer and others that I was continuing to learn and grow.

As for differences between the CAIA designation and the CFA charter, a key difference was in the scope of topics covered. CAIA focused on the alternative investments space, whereas the CFA exams covered a broader range of topics. I wrote the CAIA exams close to 15 years ago, and the CFA exams well before then. Interestingly, I wrote my CFA exams on the University of Toronto campus, not far from where I now teach.

How has continuing education, such as your CFA and CAIA, helped to contribute to your success?

Continuing education is a requirement to keep current in a field that is continuously changing. Professional associations, such as the CFA Institute or the CAIA Association, provide opportunities to remain up to date on knowledge and areas of practice—even those that are not in your direct area of work.

With all the different financial programs and designations out there, what advice do you have for professionals who are unsure on what to pursue?

My advice is to consider the question from multiple perspectives.