Yash Jhavar, CFA
CAREER HIGHLIGHTS

• Started as an audit trainee at Deloitte in 1996
• Obtained his CA designation in 1999, in India
• Earned a CPA in 2003, in Delaware
• Earned his CFA in 2006, in Toronto
• Senior director, corporate treasury, at RBC since March 2017

What are your responsibilities as senior director, corporate treasury, at RBC?

I’m responsible for the policy framework for funds transfer pricing, as well as for ensuring that costs incurred by the bank for meeting its funding and liquidity targets are correctly attributed to the underlying businesses.

As funds transfer pricing has evolved significantly since the 2008 financial crisis and is increasingly impacted by the regulatory environment and focus from senior management, my role increasingly demands active communication with stakeholders, and transparency in funds transfer pricing practices and attribution of costs.

What do you like best and least about your job?

I particularly enjoy the strategic side of the role and the learning opportunity it has presented. There’s a direct linkage between funds transfer pricing and how our balance sheet evolves. On the flip side, I find proofreading documentation and prettying up presentations rather tedious. I must add, though, that I’m still relatively new to this role, so I’m probably still in the exploring stage.

How did you learn about the CFA program?

The CFA designation was, and still is, well recognized in India. It has always been perceived to be the gold standard in investment education. Even when I was pursuing my CA in India, I was fascinated by valuation, complex financial products, and portfolio management. I wanted to have more in-depth knowledge in these areas. This is what attracted me to the program.

How should someone choose between a CFA, a CPA, or an MBA? What advice do you have?

For me, the MBA route was too big of an investment of time and money. Therefore, I chose the more economical routes: namely, the CPA and the CFA.

I find the CPA and CFA programs to be much more practical than most MBA programs. Leadership and interpersonal skills are very important, and they’re best picked up through on-the-job experience and development over time.

What advice do you have for newcomers to Canada who are charterholders (or potential charterholders)?

First, identify areas of interest and growth and actively pursue those areas. Don’t simply stick with the proven career paths.

Second, actively socialize with people not similar to yourself and learn new approaches and ways of thinking. Toronto is a very diverse city and is rich in different cultures and ideas. Build professional relationships with people from different backgrounds.

Third, immigrants, especially Asian immigrants, don’t lack academic qualifications. But, in most cases, they do have to make conscious efforts to overcome language and cultural barriers. As an immigrant myself, I recognized that I needed to overcome these barriers when I first landed in Canada in late 2001. For example, I used to play cricket but now I play golf. I joined Toastmasters to improve my public speaking and English language skills. This requires stepping out of your comfort zone, but it does present significant learning opportunities and long-term benefits.

Are you aware that the CFA Institute launched the Investment Foundations Program a few years ago?

Yes, I did hear about it. But it seems to me that more people are taking CFA Level I instead of taking the Investment Foundations Program. Personally, I believe there could be more interest in the Investment Foundations Program if it could be used as a substitute for the university degree requirement for the CFA program.

Should there be mandatory professional development requirements for CFA charterholders? What professional development activities have you pursued?

Professional development is definitely necessary, but making it mandatory might not be effective in terms of increasing genuine involvement.

One should never stop learning. I have had the opportunity to join several leadership courses and regular technical development updates through my workplace. Also, every three to four years I find myself in a completely new department at the bank. This kind of job rotation presents phenomenal learning opportunities and also helps to develop an enterprise mindset, which is very valuable.