Michael Hlinka, CFA
CAREER HIGHLIGHTS

• Tenured professor at George Brown College since 2000
• A CBC personality on CBC’s Metro Morning since 2002
• Developed Passing the CFA® Exam preparation program at the University of Toronto School of Continuing Studies

How did you discover your passion for teaching?

I started out as an investment advisor with HSBC Securities back in ’98 during one of the longest bull markets. Ironically, it’s much harder to gain clients when markets are up because they tend to re-evaluate their advisor relationship when markets turn sour. I decided that lecturing at a large Canadian institution would be a competitive advantage to attract more clients; soon I found out that my time spent in the classroom was the highlight of my week. When an opportunity opened up at George Brown College, I decided to shift gears and focus on doing what I love best.

Who were your role models while growing up?

Both my father and grandfather had a very strong hold on me because they were fierce entrepreneurs. They worked extremely hard, never complained, and were always good to the people around them. Seeing them run their businesses was very important in my formative years to internalize the value of hard work, and this pushed me to pursue my passion in the years that followed.

Are there any books that have had an impact on your work?

There are several. The Razor’s Edge by Somerset Maugham helped me direct my energies and focus on where I really wanted to go in life. This is a story of a man coming home from the Great War to begin a journey to discover what was meaningful in his life. The other book was Lila by Robert Pirsig, which is really half novel and half philosophical discussion about quality. This book explores the importance of balance between static and dynamic quality of life. Earlier in my life, I reread it every summer because it kept me focused.

Which accomplishment are you most proud of?

My greatest accomplishment was working with the University of Toronto’s School of Continuing Studies to develop the CFA preparation courses. When we began in 2005, our stretch target was 100 students for the entire program. Last year, 375 participants enrolled, and there would probably have been over 400 had we not capped Level II at 150. My course is structured in a very different way than the university model because I have one-on-one sessions with all my students to ensure their success. It’s very similar to an investment advisor model.

What made you want to collaborate with CBC?

I left the world of financial advising to pursue my passion for teaching, but I also love to write. I have published two books, and my passion is being a feature magazine writer. Nick Davis, a former client of mine, was a junior producer at CBC and rising through the organization quite rapidly. He was happy with my services, which helped his portfolio withstand the crash of the tech bubble. Shortly after I had decided to focus on teaching, we bumped into each other on Front Street. One thing led to another and in September 2002, I joined Metro Morning as a business commentator, and we are still going strong.

Do you see any educational gaps in the CFA curriculum?

I do quite a lot of textbook reviews, and I believe the readings chosen for the CFA curriculum cover capital markets in the best way possible. The Candidate Body of Knowledge served me well as a business commentator. For example, on CBC we recently covered the rise of underfunded pension plans. Armed with the knowledge from the CFA Institute Curriculum on Pension Accounting, you can objectively point to falling long-term bond yields and discount rates as a cause of this phenomenon.

How do you think the curriculum will evolve over the next five years?

We’re seeing a very important change in the investment community—a growing emphasis on passive investing. Mutual funds were the dominant investment model in the ’80s and ’90s, and now there is a greater shift to ETFs. As a result, I think there will be a greater emphasis on investment management fee analysis.

Fintech has been a hot topic lately. What impact do you think it will have on the investor community?

These technologies will make investing more efficient, but the underlying principles of capital allocation and wealth creation won’t change. Essential rules of investing will always stay the same.

What advice would you give to those considering teaching or mentorship?

You’ll find this can be a tremendously satisfying experience, but I have to say it’s also much harder work than you may expect. In order to deliver quality content, you need at least three to four hours of prep work for every hour of lecturing, so patience and dedication are very important.

Any final thought for our readers?

Do not lose sight of the most important aspect of your career building: forming strong relationships. I have frequently seen students with excellent technical skills who don’t make a systematic effort to actively work on relationships. Certainly, being competent at your job is required, but fostering relationships builds trust, which helps you unlock doors. I would say that becoming an active member of CFA Society Toronto is a great way to connect with your industry.