Whether you’re a mentor or a protégé, the mentorship process can help build careers and foster future leaders. In this special report we look at the mentorship relationship from both sides to gain perspective on what works best. And we talk to Catalyst’s Alex Johnston to get her tips on the most effective ways to mentor — and be mentored.

CFA Society Toronto’s Mentorship Program, launched in 2007, aims to tap into the knowledge of more experienced charterholders and to encourage more members to become involved with the Society. CFA Institute acknowledged the program’s value to charterholders by honouring the Society with an award for innovation after the program’s inaugural year. Over the span of the program, we have seen many mentors return and many protégés evolve into the role of mentor.

Below is the perspective of a pairing from the second year of the program.

The Mentor: Marian Hoffman, CFA
Chair of the Mentorship Committee and Portfolio Manager, Sionna Investment Managers

When I originally joined the CFA Society Toronto Mentorship Program as a mentor in 2008, I was admittedly a reluctant participant. One of my co-workers knew the founder of the program, Deborah Lee Chang, CFA, and urged me to apply because the new program needed more mentors in its inaugural year. I distinctly remember thinking that my qualifications made me a more appropriate candidate for the protégé side of the relationship rather than the mentor side.

As a mentor, I was paired with John Ewing. John and I both worked in research at investment management firms. However, the similar nature of our work environments was not what made our pairing a success, in my opinion. Our pairing worked well because John asked insightful and pointed questions that made me think and led me to reflect more closely upon my own experiences. I believe in the value of mentorship because I have been fortunate to have excellent mentors. Professionally, I have had several mentors within my workplace who have been important guides—questioning, challenging, and encouraging me. Personally, I have drawn on my parents and my spouse as mentors, which illustrates how mentorship can develop in a variety of contexts. The mentors in my life have never had all the answers, but I trust their judgment and I value their opinions. I continue to look to my mentors for guidance on how to approach problems, as opposed to just asking for advice. After our year of formal pairing came to an end, John and I continued to meet for lunch, and we both ended up joining the CFA Toronto Mentorship Committee. The committee is made up of volunteers who feel strongly about the importance of mentorship and who want to create a program that helps others benefit from mentorship—from the perspectives of both the protégé and the mentor.

The Protégé: John Ewing, CFA
Mentorship Committee member and Co-Founder, Ewing Morris & Co. Investment Partners

When I read about CFA Society Toronto’s new Mentorship Program in 2007, I had just become an equity research analyst, having spent my first two years in the industry working in administrative roles. I applied because I knew very few people in the industry besides my co-workers and thought that impartial advice from someone outside the organization would help my career.

When I applied, I imagined being paired with my mental image of a mentor: an old, white-haired man. Marian was the opposite of that description, having only a few years more industry experience than I had, so I wasn’t sure what to expect from our dynamic as mentor and protégé. It turned out that a smaller age gap was really beneficial since Marian could still remember tackling the issues that were new for me. Marian helped me understand the challenges a portfolio manager faces and helped me learn how to make my portfolio manager’s life easier.

I was lucky to work for someone I admired and who seemed to have my best interests in mind, but I still think it is really helpful to have a sounding board outside your organization who can answer questions without adding notes to your personnel file. For example, most people find it really hard to discuss compensation with their own supervisor.

After the program ended, I re-enrolled in CFA Society Toronto’s Mentorship Program—this time as a mentor. I was also invited to help the CEO of my organization start an internal mentorship program. I was able to apply some of the listening and feedback skills I learned from Marian and had practised as a CFA mentor to make this internal program a success. This success contributed to my later selection as director of research, where one of my responsibilities was the development of young talent within the research department. I’m not sure this career opportunity would have been possible without the CFA Society Toronto Mentorship Program.

Possibly in spite of my advice, a number of people I’ve mentored have enjoyed terrific early career success, and it has been a lot of fun to see them grow. Pairings in the CFA Society Toronto’s Mentorship Program are designed to last for one year, but Marian and I decided to keep it going and still have lunch regularly seven years later.