NEWS RELEASE
Compensation survey shows Chartered Financial Analysts earn excellent
compensation averaging $239,000 in Canada
Highest pay reported in Calgary and Toronto
Toronto, July 11, 2012 – Canadian professionals holding the Chartered Financial Analyst (CFA)
designation earned an average of $239,215 and saw their total compensation rise by 11% in 2011,
according to the results of a compensation survey released by CFA Societies Canada. Notably, the
median compensation level among survey participants was $157,500, indicating a relatively wide
variation in compensation depending on the region, sector and position held.
“The findings show that obtaining the CFA designation is well worth the time and effort. The CFA
designation is highly respected by employers and is valuable in terms of both compensation and career
advancement opportunities for financial professionals,” said Janine Guenther, CFA, Vice-President &
Managing Director for BMO Harris Private Banking in British Columbia. “According to the survey,
Canadian CFA members are well paid in general and can earn very high incomes as they advance to
more senior positions,” added Ms. Guenther, who is also CFA Institute’s Presidents Council
Representative for Canada.
Total average compensation reported by the sample group reflects CFA members’ high levels of
experience, education and responsibility. Respondents averaged 15 years of experience and almost 40%
held senior positions ranging from portfolio managers up to and including CEOs. Two-thirds of
respondents held other degrees and designations in addition to the CFA designation (including MBA
(26%)) and more than half (53%) said they manage assets averaging $3.5 billion.
Key survey findings:
Average compensation among recipients
Type of compensation
Proportion
receiving each
type
Base salary
95%
Commissions/sales bonuses
14%
Performance bonuses
77%
Profit sharing
15%
Stock awards/phantom shares
16%
Stock options
8%
Total average compensation across all CFA
members surveyed

Average compensation among those
receiving each type
2011
$125,999
$130,867
$80,067
$145,215
$118,491
$100,343
$239,215
2010
$115,517
$108,257
$72,326
$123,314
$96,577
$85,183
$214,885
Those with longer tenure and more senior positions derive a larger proportion of their
compensation from profit sharing and performance bonuses, as well as stock options and
awards, than from base salaries. Those in roles of financial advisors/brokers or private
banker/client advisor receive larger shares from commissions/sales bonuses.

According to the survey, total compensation increased 11% in 2011 for this sample group. Base
salaries increased an average of 9.1%.

The top quarter of income earners in this sample group start with incomes of $260,000, rising to
over $3.5 million. The bottom quarter reported average incomes of $105,000, approximately in
line with reported compensation for those with less than five years of experience.

Those in Calgary ($269,684), Toronto ($250,138) and Vancouver $230,910 reported higher total
compensation than those in Montreal ($210,750), Atlantic Canada ($163,699), Winnipeg
($164,390) and Ottawa ($170,750).

Across all respondents, 49% of compensation is derived from base salary and 25% comes from
performance bonuses, according to the survey. Top forms of compensation include base salaries
(95%) and performance bonuses (77%), with a few receiving stock awards/phantom shares
(16%, profit sharing 15%), commissions/sales bonuses (14%), and stock options (8%).
More than one-third (36%) of those surveyed work for banks, insurance firms, and large pension plans –
the remaining 64% work for other organizations. Top roles performed include financial analysis (65%),
client relationship management (53%), portfolio management/stock selection (49%), general
management (44%), strategy development and planning (41%), performance management (36%) and
internal control and risk management (36%). A wide range of positions are held and a combined 8% of
the sample group fall into roles of CEO/CAO/COO (3%), CFO (2%), or chief investment officers (3%).
The results are based on input from 2,135 CFA members invited to participate in an online survey
between April 19 and May 11, 2012. It is considered accurate to within +/-2.1 percentage points, 19 times
out of 20. The self-reported data included in this report covers broadly defined positions and, as such,
provides a useful reference for pay levels. It should also be noted that because the survey includes only
data from a sample of Canadian CFA members, it is not necessarily representative of the full CFA
Institute membership or the total population of individuals in these positions.
A summary of the results is available on www.cfatoronto.ca.
About CFA Societies Canada
CFA Societies Canada is affiliated with CFA Institute, the global body that administers the Chartered
Financial Analyst curriculum and sets voluntary, ethics-based performance-reporting standards for the
investment industry. CFA Institute is a non-profit professional association of more than 110,000
investment practitioners and educators in 135 member societies.
CFA Societies Canada consists of 12 CFA Institute member societies with nearly 13,000 members
combined. CFA Institute and its member societies work together to achieve a common vision - to advance
ethical decision making and rigorous educational standards throughout the financial industry, along with
protecting and promoting the CFA designation.
Media contact:
Carol Dunsmore
CFA Society Toronto
416-938-1881
[email protected]