One night in January, a long, winding journey ended for 250 new CFA charterholders. The graduates—along with their family, friends, and three guest speakers—joined together for a night of recognition and celebration.

A Momentous Occasion

Anish Chopra, CFA, Chair of CFA Society Toronto, put the remarkable accomplishments of the graduates into perspective. To become CFA charterholders, he said, these graduates went through one of the most rigorous processes in the investment profession: 48 months of work experience; four years, on average, to pass three required exams; and more than 300 hours of study preparation for each level.

Of the 15,000 global candidates who passed the Level III exam last June, 364 of those who met the requirements to become a charterholder were from Toronto. In addition, of the 147 local societies in 71 different countries, CFA Society Toronto is the second-largest.

Leading the Change

John Bowman, CFA, Managing Director, Americas, of CFA Institute, delivered the keynote speech. It began with a reminder of the diverse range of challenges candidates must overcome to complete the exams and the numerous hoops they must jump through to arrive at the final destination. We can all relate to these stories, which range from comical (an overflowing desk) to inspiring (persevering through serious injuries).

Passing the CFA exams demonstrates intelligence, hard work, and dedication. For many candidates, the support of others throughout the journey was crucial to their successes. The sheer number of family and friends in the audience that night was a testament to this. However, despite the numerous accomplishments in the rear-view mirror, there’s still a lot of work to be done. Our industry is changing rapidly, and we must actively lead the change, not simply adapt to it. We all have a role to play in reinvigorating the investment industry, and what better time to start than on the night we’re formally welcomed into it.

Citizens and businesses around the world will need our expertise more than ever in the years to come. Predictions suggest that between 2010 and 2020 an additional one billion middle-class consumers will emerge globally. And global investable assets are expected to increase to more than US$100 trillion by 2020, representing a six percent per annum growth rate over the next five years. Unfortunately, over the last few years, investment management has become disconnected from the real world, and many people don’t see the value of investment professionals, a serious problem we must address.

We are the thread that links those who need capital with those who can loan it, and many hopes and dreams are also tied up in this connection: new businesses, mortgages, retirement, and education. We need to gain back the credibility and trust of the public. If we fail to do so, regulators will overreach and disintermediation will be our fate. We’re seeing upheavals in other industries all around us, and our industry is not immune. The status quo is not an option, and there’s something we can all do to promote positive change: return to the origins of the profession and use our knowledge to make the world a better place.

We must continue to promote professionalism and ethical conduct, and to uphold the integrity of capital markets. We must hold to our fiduciary duty to clients without wavering and never compromise this standard. Finally, we can commit to be personally involved and engaged in the community through volunteering.

Lifelong Support Network

Paul Smith, CFA, President and CEO of CFA Institute, presented the graduates with their charters. This event was a milestone for everyone in the room. For existing charterholders, it was an opportunity to remember why they became charterholders in the first place. For those newly crowned, it was the first step to being part of a global community.

From now on, whatever you do and wherever you go, there’ll be a network to support you throughout your career. As one journey ends, another one—more challenging, uncertain, and exciting—begins.