As one of the youngest people in the world to earn the CFA charter at age 22, Maximillian Robson defies the image of a typical finance professional. While he is dedicated to his career in investing, Max’s true essence lies in his adventurous spirit and commitment to personal growth. He is an avid camper, adventurer, and advocate for sustainability. Max’s ultimate goal is to travel the world and make a positive impact by excelling in his career and hobbies. In this interview, he offers valuable advice to aspiring CFA candidates and emphasizes the importance of self-care and mental well-being.

EDUCATION HIGHLIGHTS:

• Completion of the Canadian Securities Course at age 16, 2016
• Certificate in Advanced Investment, Canadian Securities Institute, 2019
• Bachelor of Commerce, with a specialty in finance and economics and a minor in environmental economics, University of Toronto, 2021
• Chartered Financial Analyst, CFA Institute, 2022
• Certificate in ESG Investing, CFA Institute, 2022

What inspired you to pursue a career in finance, and how did you decide to pursue the CFA designation?

I was drawn to the field due to my knack for numbers and math. Finance offers practicality and applicability across various industries, allowing me to make a real impact by connecting profit and positive change. Choosing the CFA designation was an obvious decision as it is a representation of rigour and integrity, in accordance with my dedication to the industry. I have always enjoyed the thrill of overcoming challenges, and the CFA Program provided exactly that.  

Can you tell us about your experience studying for and passing the CFA exams at such a young age?

Becoming one of the youngest people to obtain the charter wasn’t my initial plan. However, it evolved naturally from my desire to continuously progress toward my goals and to avoid having idle hands. I focused on certifications and university applications, using a goal-oriented approach that has positioned me for success in my career and broader journey. It was a great surprise to become the first 22-year-old to obtain the charter.

I completed various Canadian Securities Institute (CSI) courses, including the Canadian Securities Course (CSC) at 16, Conduct and Practices Handbook Course (CPH) at 18, Wealth Management Essentials (WME) and Associate in Insurance (AIS) at 19, earning the CSI’s Certificate in Advanced Investment Advice. Although I understood that certifications without practical experience held limited value, I believed it might provide some leeway in meeting the CFA Level 1 prerequisites early—it didn’t. Because the December 2020 exams were postponed due to the pandemic, I completed Level 1 in February 2021, followed by Level 2 in November 2021 and Level 3 in May 2022.

How did you approach studying for the CFA exams, and what strategies did you find most effective?

When studying for the CFA exams, I found that having a structured approach was key to my success. Here are the strategies that worked best for me:

Recognize that it’s about trade-offs: I accepted that each exam would require serious study time and commitment. Sacrifices would have to be made in other areas of my life. You’ll have to manage your time in the evenings, turn down invitations, and repriotize other aspects of your life to focus on this rigorous exam. That was by far the hardest part.

Take practice questions seriously: I approached each practice question with equal dedication to accurately assess my skill level and understanding. Be honest when you’re wrong and practice how you play.

Focus on reviewing incorrect answers: I took difficult questions as learning opportunities. I spent the most time reviewing incorrect practice answers, as this helped strengthen my weaker areas. Make flash cards of everything you don’t know and aim to shrink that pile over time.

Accept knowledge limitations: I understood that it’s impossible to know everything well, so I strategically decided where to voluntarily accept knowledge limitations based on exam weight, difficulty, and rarity of topics.

Balance rest and work: I recognized the importance of downtime and rest to prevent burnout, as it is detrimental to learning and progress. Distraction is not procrastination. Rest is still progress.

There is no perfect approach: Be introspective when following advice, recognizing that you are unique and someone else’s best advice or approach may not resonate with you.

How has the CFA charter helped your career, and what advice would you give those pursuing the designation?

A significant benefit of completing the CFA Program is its recognition in the job market, which is as important as the content itself. It broadens your knowledge in various finance areas and helps identify your interests. The commitment it requires demonstrates your ambition and can open doors to opportunities in the industry.

My advice is to take a step back to ensure that you’re maintaining perspective and prioritizing a balanced life. Remember that there are other important things, such as your health, relationships, and personal growth that you’ll have to balance. While the CFA certification process may be demanding, good time management will serve you well. Everyone’s experience will differ. Embrace the challenge and embark on your unique journey!

Can you discuss your current role and responsibilities and how you see your career progressing?

As a Research Associate at Black Creek Investment Management, I support the firm’s investment and environmental, social, and governance (ESG) efforts across various departments and provide support (research, idea generation, and efficiency improvements) to my portfolio managers in the flagship fund. I’m dedicated to improving my investing skill set while making a positive impact, and I couldn’t ask for a better mentor or learning environment than I have today. I learn about different industries in depth, how to identify winning companies, and the intersection of leading-edge sustainability practices, the capital markets, and everyday life. 

Longer term, I’m focused on becoming a strong investor and continuing to immerse myself in the intersection of sustainability and finance.

How do you stay current with industry trends and developments, and what resources do you find most helpful?

I learn from others as much as possible, engaging with friends, coworkers, and mentors to learn from their perspectives and experiences. Online, I like the Financial Times  and Reddit as good places to start your research and continue learning. However, it is crucial to be aware of biases within publications and consider the author, any funding sources, and ownership of the outlet to discern potential influences on the information presented. Be aware of how others may shape your thoughts and emotions about specific topics. Any one resource is just one data point.

What skills or traits do you believe are most important for success in the finance industry, and how have you developed those skills?

Practice humility by acknowledging mistakes, not dropping your guard after experiencing successes, and managing stress during challenging times. Ask questions when faced with unfamiliar topics to expedite the learning process. Recognize the importance of the human aspect in finance. Developing the ability to learn from and get along with your peers will be invaluable throughout your career. While personal experience is irreplaceable, learning from the experiences of others comes as a close second.

I am still learning about my own biases and what kind of investor I will be longer-term. Growth can often feel uncomfortable or difficult, but it helps to consider that feeling a sign of an opportunity. 

Any advice for aspiring analysts trying to break into equity research?

Discover ways to align finance with your interests. Finance has a broad reach, touching every industry, occupation, and product. Whether you’re passionate about cars, fashion, environmentalism, cutting-edge technology, or anything else, there is a place for you to apply your interests in finance. Being well-informed about something that excites you makes it easier to be engaged.

There is no universally “correct” approach to equity research. It ultimately comes down to gaining knowledge and generating unique ideas. Some may argue that quantitative data and algorithms hold greater importance than idea generation or that you can’t outperform the market in the long term. This diversity of perspectives is why so many methodologies and styles exist in the field. Find the approach that resonates with you the most. If you aim to excel in an interview or break into a specific sector, explore ways to connect your stock pitches or desired job with your interests. Everything becomes more manageable and engaging when you enjoy what you’re doing.

I believe there is purpose in finding ways to contribute to the greater good and leaving a lasting impact on the world. I believe that through my work in finance, I can create a positive ripple effect beyond my immediate sphere of influence.

What do you do in your spare time?

I recently completed my first marathon and enjoy fencing, kickboxing, and Muay Thai; however, my greatest passions revolve around camping and creating camping gear, nature, travel, and fitness. 

I’ve recently begun researching and creating my own ultralight camping gear. From sewing clothing to packing cubes and dry bags, it brings creativity into my life to keep things balanced. My next goal is to make an ultralight backpack, which I’ll use on an upcoming 80 km backcountry trip in Killarney Provincial Park.

As for my recent travels, I have had the privilege of camping in Antarctica, hiking the desert trails of Sedona, and camping with my friends in -10°C temperatures in Frontenac Provincial Park.

Escaping to nature brings me joy and inspiration, away from the noise of downtown life. The first night in the backcountry is a humbling and meditative experience that I recommend everyone try at least once. I love to challenge myself in the backcountry alongside friends and travel to some of the most beautiful places on earth with my loved ones. Nature is for exploration, self-discovery, and healing, and it’s something that we should try to learn from and preserve for as long as we can.

FUN FACTS

Dream job when you were a kid?

As a kid, I dreamed of being an inventor, an architect, an engineer, and an astronaut. I was interested in so many different fields, and that curiosity was a significant factor in my choice to pursue generalist investing.

How do you unwind?

To unwind, nothing beats playing PC games in the evening. I’ve been playing League of Legends with my friends for over a decade now.

What was your most rewarding volunteer experience?

As a camp counsellor, I learned a valuable lesson from supervising campers freely at play as they follow their own imagination and interests. Children can embody unfiltered self-expression and a desire to explore the things that bring them joy. Although I didn’t fully appreciate it at the time, I’ve recently been inspired by the spirit of passion, curiosity, and unemcumbered authenticity and aim to apply it throughout my career and all aspects of my life.

This interview was edited for length and clarity.