Arbitrage Magazine - Summer 2009 by Arbitrage Magazine

Summer 2009

www.nfsa.ca

In the Wake of Corporate Excess Can Public Excess Save Us? P a t h s t o Su c c e s s C a re e r P e r s p e c t i v e s

Popping Your Cherry Landing Your First I n t er n s h i p

S u r v iv a l G e a r Passing Your CSC & CFA Me I n c Selling Yourself in the C o m p e t i t i ve M ar k et

D.T.

You offer employers unmatched energy and enthusiasm and in return you're offered entry-level positions. You can put your time in somewhere else before realizing the benefits of running a business, OR you can get a head start on your peers and begin building a business today! Edward Jones Financial Advisors specialize in helping individual investors and small business owners achieve their long-term financial objectives. The firm's financial advisors do this from single broker offices located in the communities where their clients live and work. These convenient locations enable financial advisors to meet and work with their clients face-to-face and build lasting relationships with them. The firm believes that only by knowing clients on a local, personal level can its brokers effectively provide the appropriate investments and services to help their investors achieve their financial goals. Career Opportunities Available for You:

Financial Advisor: Who are we looking for? Select recent university/college graduates with financial services or sales experience or who possess top-level abilities and proven track record for success.

Apprentice Program: Who are we looking for? This program is for recent university/college graduates who want to work in their local market with an experienced Financial Advisor mentor. Ideal candidates are those who have shown demonstrated abilities and a proven track record for success, but lack financial services or sales experience. There are three opportunities to start this program in 2009: January, June, and September. Visit www.careers.edwardjones.com OR, contact our Recruiting Department at 1.800.380.4517 for more information

Edward Jones ranked No. 4 on the 2009 list of the â&#x20AC;&#x153;50 Best Employers in Canadaâ&#x20AC;? by the Globe and Mail's Report on Business magazine and La Presse. The firm has appeared on the list seven consecutive years. (December 2008)

CONTENTS FEATURES

COVER STORY

PATHS TO SUCCESS CAREER PERSPECTIVES 7

POPPING YOUR CHERRY LANDING YOUR FIRST INTERNSHIP 12

COLUMNS

SURVIVAL GEAR PASSING YOUR CSC & CFA 17

HOW TO CAPITALIZE ON A BEAR MARKET 11 MY FAVE 5

ET CETERA

PRESIDENT’S NOTE NFSA HIGHLIGHTS AFFILIATIONS

FINANCE DIRECTORY

4 The NFSA Arbitrage Summer 2009 NFSA.ca

ME INC SELLING YOURSELF IN THE COMPETITIVE MARKET 7

HALF PAGE CMA AD

ATTN: NFSA members enrolled to write the December 2009 CFA® Exams:

Two complimentary events have been scheduled for candidates who are enrolled to write the December 2009 CFA Level I Exam.

I. A strategy session that will discuss successful preparation strategies for the CFA® Exam. Recently, the pass rate for the Level I Exam has only averaged around 35%! Consequently, proper preparation for the CFA® Exam is critical. Date and Time: Saturday July 18th, 2009 (9:30am – 11:30am) Place: UofT-OISE Building: 252 Bloor St. W. (atop the St. George subway), Rm#: 2212 II. Two CFA prep classes on perhaps the toughest sections of the CFA curriculum. Dates and Subjects: Saturday August 1st, 2009 (Quantitative Methods) Saturday August 8th, 2009 (Derivatives) Time: 9:30am – 4:30pm (with one hour lunch break) Place: UofT-OISE Building: 252 Bloor St. W. (atop the St. George subway), Rm#: 2212

All sessions will be hosted by Krikor Ghanaghounian, CFA, Finance Instructor at the Schulich MBA Program, as well as the principal instructor at PASSMAX, an entity which prepares candidates for the CFA® Exams.

While these events are free of charge, seating will be limited. We ask that you reserve your seating by emailing your name to info@passmax.org. (Please indicate if you will be attending either or both events).

PRESIDENT’S NOTE

Dear friends,

hank you for your interest in reading the NFSA’s inaugural magazine. To those unfamiliar with our magazine’s namesake, arbitrage is a financial practice whereby one takes advantage of a price differential between two or more markets in order to achieve risk-free profit. We felt this was appropriate as we envision our magazine, and the NFSA overall, to be a vehicle that brings together finance students from across the nation, to provide them with an opportunity to connect, learn and grow from and with their peers. Through this dynamic, we hope our membership will profit ‘risk-free’ by way of knowledge that they can ultimately capitalize on in both their careers and academics. To do this, our magazine will also serve as a mechanism to connect students with people currently working in the industry, in addition to those in academia. This will enable our readers to gain a broader perspective on a broad range of financial issues and learn from the experiences of those professionals who began as students and progressed to where they are today. As a national association, the NFSA will strive to provide a base for bright and creative minds to contribute their thoughts and share their ideas. But more importantly, we are looking to build supportive relationships with finance students nationwide through universities, faculties and clubs, in order to provide them with valued opportunities that will support their future aspirations. Our events will further bring together students and executives from various organizations, providing our sponsors an opportunity to network with promising students and individuals from other organizations and industry sectors. Lastly, I would like to take this opportunity to thank those who contributed and participated in this magazine, especially the editorial team who worked tirelessly to maximize the content. Regards,

Alex Lee Founding President and Chairman

EDITOR-IN-CHIEF David Alexander

MANAGING EDITOR David Fung

EDITORIAL ARTS EDITOR David Alexander & DIRECTOR ASSOCIATE Anvesh Shetty EDITORS

STAFF WRITERS David Tal Anvesh Shetty PROOFREADER Clark Kent

PRODUCTION David Alexander COORDINATOR PRODUCTION David Alexander DESIGN David Fung Rustem Safin

ILLUSTRATOR David Tal

PHOTOGRAPHERS David Tal David Fung CONTRIBUTORS Alex Lee Wallie Seto Derrick Fung Sandra Wasch

MEDIA PARTNERS Career Insider Magazines (http://careerinsider.ca/) Derrick Fung (www.fungmoney.com) SPECIAL THANKS Patricia Tiralongo Jonathan Rivard Jason Liu Neema Vyas Muz Parkhani Kedar Rindani

SALES & MARKETING David Alexander DIRECTOR SALES & MARKETING David Fung COORDINATOR

CONTACT Arbitrage.Advert.Promo@nfsa.ca

Founded October 31, 2008

Electronic versions of the NFSA ARBITRAGE are available free of charge at www.nfsa.ca, but can be purchased as a subscription by contacting: Arbitrage.Sales@nfsa.ca LETTERS TO THE EDITOR: The NFSA ARBITRAGE welcomes letters to the editor. They must be signed by the writer and include contact info. Names will be withheld on request. All letters submitted may be published by the NFSA, unless expressly forbidden by the sender. These letters may be edited for length and not all will be published. Email: Arbitrage.LettersToTheEditor@nfsa.ca SUBMISSIONS: The NFSA ARBITRAGE welcomes submissions from writers and photographers. If interested, please refer to our submissions ad on page 21 Other queries, contact: Arbitrage.Query@nfsa.ca

JOIN THE NFSA: If you are part of a university finance/business club or other finance related organziation interested in affiliating yourself with the NFSA, please contact us using the appropriate email provided below: Inquiries regarding club relations: clubrelations@nfsa.ca Inquiries regarding sponsorship: corporaterelations@nfsa.ca

6 The NFSA Arbitrage Summer 2009 NFSA.ca

TORONTO

LONDON

Paths to Success Career Perspectives

NEW YORK

TOKYO

Written by: David Tal

Design by: David Tal & David Fung

he countless hours of lost sleep, the slavish internships, the panic-inducing designation exams, they all lead someplace. Exactly where is limited only by your drive, persistence, and vision. In this edition of the NFSA Arbitrage, we’ve brought together two successful examples of where your hard work has the potential to take you, and through their answers to our questions, we hope you’ll not so much follow exactly in their footsteps but feel inspired to claim your own path to success, wherever that may lead.

Patricia Tiralongo

I come from a family of bankers, and I have worked in the Banking and finance industries since the age of 16. In 1999, I received my Honours B.A., Specialist in Management, at the University of Toronto. During the time I was in school I was an active member of MESA (a business club in UTSC); I worked as a Teacher’s Assistant from my second to fourth year for a variety of business courses. I’ve been at TD Asset Management Inc since July 1999, starting out as a Research Associate for an internal hedge fund portfolio, before moving on to work as a member of TDAM’s Quantitative Portfolio Management team. Since then, I joined the Relationship Management group in the fall of 2008, and currently operate as the Vice President in Relationship Management of TD Asset Management Inc. My responsibilities include the servicing of and prospecting to institutional clients, which includes overseeing pension plans, endowments, foundations, corporate and insurance companies. What professional designations do you possess? I completed the Canadian Securities Course in November 1996, as well as the Conduct & Practices Handbook Course in February 2007 from the Canadian Securities Institute. In 2004, I was also awarded the CFA Charter, after completing all three levels and the required work experience.

How is a CFA designation viewed in the Finance Industry? Since Toronto has the highest CFA per capita, it is absolutely necessary if you know you’re going to be in the Finance Industry. If you want to be in this industry, it’s simply something you must do. You don’t want to be the one person applying to a job that hasn’t at least enrolled in Level 1.

What was the most challenging part of getting your CFA? The most challenging part was staying motivated and disciplined enough to sit each day in the spring and study for 8 The NFSA Arbitrage Summer 2009 NFSA.ca

hours after work and on the week-end. After working a long day at the office and trying to excel at your career, the last thing you want to do is go home to study. However, it’s necessary and there’s lots of different ways to keep on track. I found prep courses helpful to keep me focused and on track with the large volume of material covered in each year of the exam.

What are some of the skills that you developed or possessed that helped you progress in this industry? As an undergraduate, technical skills are important and it will often be what gets you your first role. However, it is your ability to be proactive, strong communication and presentation skills, and good common sense judgment will be what help you excel as you move through your career. Also, understanding or knowing that you ‘don’t stop learning,’ the ability to multi-task and to organize are all critical. Often working or being involved in extracurricular activities while studying in university helps develop these critical attributes. Finally, absorb as much as knowledge of technical skills as you can to give you a more strategic understanding of the issues, the ‘big picture.’

What is it that you enjoy the most in your current position? I enjoy the ability to truly build relationships, interacting with my clients, as well as many different internal partners on a day-to-day basis. Despite the challenges and frustrations that come with each role you take on in your career, my role gives me the opportunity to have a direct impact on my organization’s goals of growth.

What organizations are you involved with outside of work? I am a member of the Toronto CFA Society, but the majority of my time is devoted to charity work, specifically working on the United Way Toronto’s GenNext Cabinet. There I focus my efforts on enhancing volunteerism within the GenNext age bracket.

What advice would you provide to recent graduates in regards to their career? You can’t lose sight of the bigger picture, even when your initial position after graduation isn’t ideal or perhaps at the level of what you initially desired. Learn everything you can, from everyone you can, do well at your job, and put your hand up to try new opportunities and challenges. Just

because you don’t start at the highest point of the curve, doesn’t mean you can’t get there. Everyone can be successful with a little luck, a good attitude and a lot of hard work.

that I take great pride in. Being able to help a new Financial Advisor get their first big account is very rewarding!

What are some of the barriers that you faced as a young FA? Jonathan Rivard It can be a challenging experience beginning work as a new I grew up in Sault Ste Marie graduate in an industry dominated by older individuals. It is Ontario. I completed my BAH of very easy to feel devalued by the public because of age and Commerce in Finance and a lack of professional experience. Economics at the University of Some people you meet doubt your ability to last in Windsor. While in university, I the industry. They feel you may not be mature enough or recompleted co-op placements in latable to people in their retirement years. If someone is givthe Treasury Department at ing you their savings, they need to trust you with their life Canadian Tire, worked in the and their family’s life. They may be concerned that you Treasury at The Ontario Lottery aren't capable of handling that kind of responsibility. and Gaming Corporation, worked as a Business Analyst at Marsh Canada and in Business Development at National What are some of the skills that you developed or possessed Bank. This gave me the experience to realize I did not want that helped you progress in this industry? to work for someone else! Leadership skills have helped me advance professionally Since then I have gained my FMA designation, and within the organization and also in growing my investment currently I work as a Financial Advisor at Edward Jones, practice. To work successfully in a sales based career, you managing money for some very wealthy people and some need to be genuine, honest, sincere and possess industry who are just starting their financial plan. I am responsible for knowledge. You need all those skills to be successful in this helping to manage the growth of our firm in Toronto’s north business. You can be the most knowledgeable person in the end, and also mentor and train new Financial business, but unless people trust you and know you are lookAdvisors. ing after their best interest (especially in tough economic environment) you won't have too many clients. I would advise spending time reading self development books and gathering as much information as you can on fostering and maintainDescribe your career path for our readers. The career path of a Financial Advisor at Edward Jones ing professional relationships. varies depending on someone’s desire to lead. You can remain a Financial Advisor during your entire career if you Hearkening back to your days as a student, can you dechoose to. Once you experience success as a Financial Ad- scribe your goals for your career at that time? Has your visor and are ready to accept additional responsibilities career progressed as planned? within the firm, you can be invited to work on a Leadership When I was a student, I had a vision of making a lot of Team. You continue to be a Financial Advisor and manage money, doing something meaningful and taking a lot of time your clients, but you are also taking time to help lead, inspire off! There were only a few areas that would offer me the and coach a group of Financial Advisors. Some individuals lifestyle I wanted, financial services was one of them. My from the Leadership Team may later be selected to become career has exceeded my expectations; however one thing is a General Partner at Edward Jones. This would be a senior less important to me than I thought it would be. Money. Money is nice, and it affords you the things you management role where you help guide the future direction want, but it doesn't fulfill your emotional desires for someof the firm. thing bigger. I get more value and benefit out of seeing other What is it that you enjoy the most in your current position? people succeed than I do making money. As an example, I enjoy working with my clients one on one. The greatest my most rewarding experience was not making x amount of thing is when a client sends in a thank you card or calls and dollars in a month. It was a phone call I got from another Fisays ‘I appreciate all the hard work you and your assistant are nancial Advisor I trained last year. He said that because of doing for me.’ It is rewarding to deal with hundreds of peo- the advice I gave him, he was able to secure some very large ple who all rely on you to help them achieve goals from buy- accounts. As a result, he was able to take his family on a trip ing a cottage, taking that once in a lifetime trip, or buying a to the Cayman Islands. I will never forget that phone call and how grateful he was. It is far more rewarding than havhouse; the list goes on. I also take great pleasure in helping other Financial- ing a few more dollars in the bank. Advisors to be successful. Mentoring new people is an area NFSA.ca Summer 2009 The NFSA Arbitrage 9

Seize the Opportunity

RBC is giving you the chance to showcase your resume for the CA Program NOW!

Our recruitment cycle begins in September however, RBC is allowing a selection of qualified candidates to showcase their resume NOW – This includes YOU if … .

·You will be starting your 4th and final year of your undergraduate program in September with a B+ average ·You are working towards 51 credit hours ·You have the ability to bridge the gap between your university education and a practical working environment ·You have demonstrated leadership potential and have proven relationship-building experience ·Strong written and verbal communication skills and a diverse range of extracurricular activities Apply your talents and expertise to:

·Be a part of an audit team that delivers assurance services to our audit clients ·Assist with financial reporting requirements in the areas of Head Office Finance, Capital Markets Finance or Canadian Banking Finance ·Take advantage of our UFE preparation initiatives through study programs and experience in CA competencies ·Gain in-depth, specialized training in the diversified finance industry sector Take Action!

If you are interested please go directly to the RBC Careers Website (www.rbc.com/careers) 1) Hit "How to Apply" 2) Then “Search for Jobs” 3) Then "Submit Resume" 4) Create account 5) Include requisition number #104793 on resume and cover letter Deadline is June 30, 2009

Please note that the position is not posted on the RBC careers website. It is important for students to indicate the requisition number of the position on their resumes. * The Actual recruiting for this program begins in September and all candidates will have to reapply at that time to be considered. For information about the program and details about this process please contact, Nikki Simone at nikki.simone@rbc.com.

"There are very few groups like Internal Audit that have an enterprise-wide view of their roles. And I appreciate that Internal Audit Services takes full advantage of this wide-angle lens to provide an honest picture of our operations so it can give the best advice to our business leaders and Group Executive. " — Gordon Nixon, President and CEO, RBC Financial Group

How to Capitalize on a Bear Market

Contributed by Derreck Fung - www.fungmoney.com

A bear market is defined as a prolonged period of falling stock prices and pessimism, usually caused by high unemployment or high inflation. Bear markets usually take place during a Recession - defined as two consecutive quarters of negative GDP growth. Many people lose money during a bear market. However, there also exist people who are making money by betting in the fall of the market. There are a couple of ways to do this: 1) Short Selling: An investor who short sells a stock is betting that the price will go down. The investor essentially sells a stock that they don’t own, with the promise of returning it later on, hopefully when the stock price is lower. Here’s an example: Let’s say a short-seller is looking to borrow 100 shares of Company ABC stock currently selling at $60 per share. The seller borrows the 100 shares of Company ABC from their broker and immediately sells the shares on the market for $60 per share x 100 shares or $6,000. Let’s assume that at a future point in time the price of Company ABC stock drops to $40 per share. The short-seller would then buy back the 100 shares of Company X at $40 per share or $4,000 and make $2,000 in profit. The theoretical limit of profitability in this example occurs if the price of Company X’s stock falls to $0 per share. At that point, the short seller purchases the stock of Company ABC for $0 and makes a profit of $6,000. On the other hand, if the price of Company ABC’s stock were to rise to $1,000 per share, then the short seller would be forced to pay $1,000 per share x 100 shares or $100,000 and realize a loss of $94,000 on the transaction. 2) Buying an Inverse ETF: An Inverse Exchange Traded Fund (ETF) is is constructed by using derivatives for the purpose of profiting from a decline in the value of an underlying benchmark. Investing in these ETFs is similar to holding a short position. These investment vehicles are good for times when stock markets and indices are free falling - kind of like what we’re experiencing today. These ETFs may allow you to bet that certain index is falling, a certain industry ProShares UltraShort S&P500 (NYSE:SDS). If you think that the TSX will be heading in a downward direction, you may purchase the Horizons BetaPro S&P/TSX 60 Bear (TSX:HXD). If you think the U.S. Financial stocks are going to tank (if you invested in this in early 2007, you would probably be rich by now), you may purchase the ProShares UltraShort Financials (NYSE: SKF) ETF. As you can see, the fact that the market is falling isn’t necessarily a bad thing. It’s how you play the game that matters! I recently took part in the NFSA Stock Challenge 2009 on www.updown.com against the executives from NFSA, and finished first place with 20.92% return for a month period: April 7, 2009 - May 7th, 2009. My Favourite picks from the red hot financial markets from the month of April Showers were: BMO, Citi, and JP Morgan. At the time of the purchase, BMO was under 28 dollars, and with 70 cents dividends paid quarterly alone, it was a bargain (considering dividend yield). Citi Group was under $ 1 at one point, and it was one of the biggest bargains from the financial market. Ex-World’s largest bank shrunk quite greatly in their market cap, and it will take years for the company to rebuild, but the prestigious reputation they have worldwide cannot be overlooked. JP Morgan bough Bear Stearns for a bargain for $2 a share, the company used to trade for more than $150 a share. With the purchase of Bear Stearns, JP Morgan strengthened their Investment Banking Division, and JP Morgan demonstrated their strength throughout the Financial crisis posting positive net income. PG is another favourite stock of mine, they are well diversified in the consumer goods they sell worldwide, and have consistent net earnings. It is hard to miss their product at the grocery store, and their dividends have been consistently growing. RIM stock has been volatile in price with 52 week High of $148.13 and Low of $35.05. There is an increasing demand for smart phones, and the company can increase their sales if they can successfully expand their brand outside of North America. NFSA.ca Summer 2009 The NFSA Arbitrage 11

PPopping opping YYour our CCherry herry Landing Your First I nt er ns hi p

Written by: David Tal

Photography by: David Tal

ou’ll always remember your first. How can you not? You spend so much time preparing for it. You spend so much time stressing over how you’ll perform. You’re eager to please, and eager to leave behind good enough impressions so that you’ll be asked back for more. But invariably, your first time will always teach you at least three humbling lessons, how not everything you need to know is taught in school, how you’re nowhere near as amazing as you imagined yourself to be, and ultimately how much you have yet to learn and grow … professionally. We at the NFSA Arbitrage are talking about internships of course. How to land that first one, and what to expect during your stay with the organization. To help us answers these questions, we’ve found two bright students who were willing to share their experiences in the hopes that you too can pop your cherry … internship-wise. My name is Jason Liu and I’ve just finished my third year in the Honours Bachelor of Commerce program at McMaster University. During the year, I work as the president of McMaster’s finance association and co-founder its investment club, as well as a teaching assistant for a few accounting courses and have also worked at the educational trading floor. Currently, I am working as an investment banking summer analyst at UBS Toronto. All things considered, it should come as no surprise that I see myself in investment banking when I graduate. Beyond that it is difficult to say. Things change fairly rapidly so I am hardly going to pigeonhole myself into one career when I’m just 19. However, one notion that I have always played around with was to eventually go into teaching later in my career. I might as well pass down what I learn to somebody.

My name is Neema Vyas. I am a 4th year Finance student at York University. I love being involved in student run organizations as I feel that they give you the experience for the real world that cannot be received from you books or the classroom. I am Treasurer of McLaughlin Sport and Recreation for my second consecutive year, and recently I was appointed VP Marketing of NFSA. I am currently an intern for TD Securities in Trading Risk Services, and have learned more than I could have even hoped for. I want to complete my CFA upon graduation while working in the investment world. I hope to one day work in the realm of Portfolio Management, but I am definitely keeping my options open.

What strategies did you utilize while searching? Jason: Going into the application process, I had decent grades, work experience and extra-curricular activities. But what I think really helped me land both my interviews and offers, was networking. I went through all possible resources—the career center, alumni publications, LinkedIn.com, Bloomberg, to contacting McMaster alumni and other people in investment banking—not just to get a job but to learn more about investment banking and what I was getting myself into. It also helped that along the way I met some fascinating people of which have remained friends with until now. Neema: I simply searched everywhere I could for any glimmer of an opportunity. I attended networking events and would look up online to find different strategies. The way I found my current internship was simply through York’s Career Centre. I was constantly checking the site around December and January and voila there it was.

Can you explain the application process for attaining an internship and how you went about planning for yours? Jason: In any application process there are two phases to go through, the resume-screening and the interview process. In investment banking, there are usually two rounds of interviews, the first one is like any other interview you have been for while the second one is a series of interviews (speaking from experience, they usually ranged from two to five). The resume screening process alone is a difficult hurdle to cross. Most investment banks get thousands of applications to screen making it difficult to stand out if you are not from a target university. Your experience is what it is and there is not much you can do here beyond running your resume through your friends, the career center and pretty much anybody who is able to help. I was lucky enough to get interviews at most of the places I applied to. With regards to interviewing, one thing that I was told time and again was to practice. Similar to the résumé NFSA.ca Summer 2009 The NFSA Arbitrage 13

process, I had mock interviews with friends, the career center, and others who I thought would be able to help. In all, it definitely gave me the confidence to answer a lot of the questions they through at me. Neema: I first had to submit my cover letter, resume and transcript to their HR department. I then received a phone call for an interview, had two thirty minute interviews with an HR manager and a department manager and then received a call about two weeks later that I had been accepted. I planned for the entire process through research of what makes a good cover letter, resume and how to do well in an interview. I also attended a couple of workshops offered through York’s Career Centre to enhance my skills. Speaking to recent graduates who received their full-time offer and those who had internships in the past also helped me by build on my own previous experience.

What was your interview like? Interrogation or open dialogue? Jason: Oddly enough, I found the second interviewing round for UBS to be rather enjoyable. Some of the interviewers asked rather unique questions which were both challenging and entertaining to answer, while others were just interesting people to talk to. As you can guess, it was mostly an open dialog. Even when it wasn’t, I would try to make it one. Be warned, not all interviews are as pleasant. I did receive my fair share of interrogations and those require you to get straight to your strongest points as you will never be given the opportunity to spend more than thirty seconds on an answer. Neema: The interview was open dialogue for me. And since it was my first big interview, let’s just say I was extremely nervous. The first thirty minute interview with the HR manager helped build my confidence within the first two minutes as she was very responsive in telling me that she was pleased with my responses. That helped me in feeling more comfortable for the rest of the interview, including for the second thirty minute interview with the department manager.

What were the types of questions that were asked? And how did you answer those questions that, in your opinion, made you stand out from other applicants? Jason: As you will find out from any guide, investment banking interviews have two types of questions, (1) technical and (2) fit. A lot of the time people focus far too much on technical questions, but in the end, the questions you just cannot afford to screw up on are your fit questions. What made me stand out? You could ask five people the same question and get ten different answers. It’s an intangible that’s really difficult to identify. I put it down to the fact that I was relaxed and was always willing to talk to the interviewee, but really it was probably an amalgamation of 14 The NFSA Arbitrage Summer 2009 NFSA.ca

different factors. Neema: Most of the questions were situational and behavioural. They wanted to see how you have solved certain issues in the past and handled obstacles. Your leadership and team work skills are what they gauge. I answered those questions by thinking of a time when I had to deal with that issue, how I handled it and what the outcome of my action was. I also had questions asking me why I wanted to work for them and that particular position. For those questions, as lame as it may sound, I answered straight from the heart and how I really felt. They like to see you being genuine— they will read right through you if you’re lying or being a phoney. I suppose I stood out from other applicants by being honest and myself. I am a very outgoing person who loves to interact with others, and I am passionate about the field of finance. Through this personality trait, I connected with the interviewers beyond just the questions. With both of them, I talked to them about subjects that they did not even ask about. Also, it’s very important that you ask good questions at the end. They like that.

Did you feel nervous? If so, what techniques did you employ to overcome that? If not, how come? Jason: I’m always nervous before an interview. You don’t know what to expect, what the competition is like, whether you know the right answers to their questions. But I’m lucky in a way that I don’t have problems dealing with it during the actual interview. When you’re in there, all you can do is just treat it as a challenge, enjoy the experience and do your best. What did you learn or hope to learn from this internship opportunity? Jason: This in itself was an interview question I received many times. And when it comes down to it, I want to learn what you always learn in an internship, a practical experience of the technical skills required in that job and whether or not I can foresee myself working in investment banking for the rest of my career. Neema: Thus far in my internship, I have already learned so much about the banking world. I am lucky that TD Securities offers a Lunch and Learn program, which provides summer students with a bi-weekly opportunity to explore various arenas in TD Securities. It helps give you a feel for each department. Also, I hope to learn even more about Sales and Trading through my experience, as I am currently part of a team that creates Profit and Loss statements for the North American funding and currency portfolios. It’s been very exciting so far, and I absolutely cannot wait to continue to learn something new each and every day!

NFSA

Op-Ed Contributer

Opinion

After all, a government’s primary and fundamental objective is to stay in power. Always. Democratic or auHow we can make grow from our mistakes thoritarian, the laws, the regulations, the actions governby David Tal ments take invariably work to meet that aim; and for the public, History’s pendulum has swung again. this is both an opportunity to exFrom right to left after the 1930’s deploit and a weakness to fear. A pression, then back again during the weakness, since this trait lends it1980’s era of Reaganomics and self to abuses in the form of corThatcherism, it would be easy to beruption, when politicians choose lieve that 2008’s economic meltdown their political survival through the has at last broken the rollercoaster deep pockets of corporations and decisively into big government’s lap. financial institutions, ultimately That is … until the next market resulting in a regime of corpocrash. A more likely scenario would ratism. An opportunity however, entail finding a middle path, where since when scandals or crisis’ future growth in the financial markets erupt—usually as a result of the will be encouraged by the proper aforementioned weakness—the amounts of risk, while tempered by public can use these events to rethe new catchword of the day: smart mind politicians where their true regulation. power derives from, and in so That said, make no mistake; doing, push through far more the era of Friedman and Hayek’s pure sweeping reforms then would othlaissez-faire economics, that triumvierwise be the case. rate of prudence-defying deregulaHence the measures governments the world over tion, government-stripping privatization, and have taken recently by passing these very visible bailouts poverty-inducing social disinvestment, what the west asso- and straightjacket regulations is not so much a measure of ciates with neo-conservatism, what Europe calls neo-liber- their will to perfect the system (otherwise they would have alism, and what for the so long ago), but more a reMake no mistake; the era of pure done corporations and public alike simaction to their fear being overply represents Financial Darwin- laissez-faire economics ... is dead. thrown, either by the vote or the ism, is dead. It fact, this ideology dug its own grave by fist. perpetuating the financial industry’s myth that financial servWhatever the reason though, it no longer matters; ices alone generated wealth; when in reality, they merely what does is where we go from here, how we find that function as a conduit, a middleman who aggregates capital middle path discussed earlier. Are the bailouts and new and apportions it strategically to productive or creative in- domestic and international regulations currently planned dustries that generate returns to their investors. This false merely short term, knee jerk fixes, or will they prove to be self-image, if not caused, certainly added fuel to excessive solutions that ensure long term prosperity and most of all, risk taking that ultimately crippled the financial industry. stability? Sure, the future may see attempts by vested interests My view is that bailouts alone won’t meet these to loosen the financial shackles tightened during the gov- latter goals. The most we can hope of them is that they ernment’s recent bailout and regulation frenzy. But with the stop the market bleeding—preferably in a cost effective government now forced to clean up yet another free market manner—long enough until more effective interventions caused disaster (the last major one being the Great Depres- can take hold. This is where that smart regulation comes sion, with the government saving the day with far greater into play. Examples may include: tighter accounting strucbailouts in the form of the New Deal, and arguably WWII) tures that inhibit fraudulent asset reporting, a locking shut it is difficult to see how free governments the world over can of the ‘revolving-door’ conflicts of interest between the risk allowing the financial sector to ever again self-regulate. heads of regulators and leading financial institutions, an

Removing the bust from the boom:

NFSA.ca Summer 2009 The NFSA Arbitrage 15

centers have been crumbling for more than a few years now and this is particularly evident with stories of collapsing bridges, buildings, decrepit roads, etc. This isn’t limited to just the US, here in Toronto there are plenty of stories of broken water manes, faulty sewage systems, not to mention the crumbling Gardiner expressway. If the money allocated for bailouts and stimulus packages were instead allocated to the rebuilding of critical infrastructure, it will provide a long term benefit by speeding up the flow of goods and reducing maintenance costs. Now even an infrastructure investment program will have its own drawbacks, namely the issue of inflation. Consider the fact that the US is already a debtor nation with an out of control deficit, which is the result of exorbitant spendOp-Ed Contributer ing. The US, Europe & the UK simply do not have the Worldwide bailouts: A word of caution money to be able to just give it to financial institutions, unless it was borrowed from a respective central bank or anby Anvesh Shetty other nation, and would later have to be paid back through Although many economists and experts in the field of fi- inflation. However, something that I find to be the height of nance have openly supported the idea of bailouts for finanridiculousness is the notion that certain companies are too cial institutions and industries alike, they have seemingly misinterpreted or simply omitted the long term consequences big to fail. If a company has made bad decisions that cause of taking such vast actions. John-Maynard Keynes himself them to incur losses and subsequently to become insolvent, the market should be allowed seemed to have disregarded That’s the saddest part, that these policies to correct itself. This can be the long-run effects of his strategies as he has been risk setting us up for yet another fall. done by letting the company be bought out or liquidated to quoted “in the long run, we any public firm; this would then result in a more accurate will all be dead.” Of course, this bailout phenomenon is not limited to representation of the actual value of the company in quesjust Obama’s United States. Governments around the world tion. The result of this strategy would reward the surviving from the European Union and the United Kingdom, amongst firms for having their affairs in order. The most egregious consequence of these governothers, have instituted many of the same ambitious “prevenment policies is that businesses will continue to operate in an tative” measures by guaranteeing the integrity of the respecunsustainable fashion by taking too many risks, simply betive financial systems. cause the precedent has shown that the government will step These methods stem from the Keynesian ideal that when a nation is in a prolonged recession or depression, the in and shore up any sustained losses. If certain companies government must step in to stimulate the economy through happen to reach a size deemed to be “too big to fail”, execspending on certain programs in order to provide jobs for utives now have reason to believe they will be bailed out those who are unemployed. Theoretically, this is beneficial with taxpayer funds. And that’s the saddest part, that these to the economy in the short term as it will reduce the unem- policies risk setting us up for yet another fall. As recently as April 2009, Bloomberg has reported ployment rate as well as give people a living that they can save or spend. However, when governments administer jobs that “the total amount spent, lent or committed by the US for unemployed people, the nature of these jobs is short term. government and the Federal Reserve is $12.8 trillion.” To Once the project(s) is complete, those that were given work put that into perspective, that amount is almost equal to the total US GDP from 2008. By injecting that level of public will be unemployed yet again. Now some of these spending programs initiated by (taxpayer) funds into private firms, it will only prolong the government do have some validity if they provided some economic downturn and will have a severely negative imform of future benefit. For example, if western governments, pact on the recovery of economy in the long term. I believe particularly in North America, chose to spend the same the result of such actions will be the nightmare scenario: negamount that they have given to banks and other industries ative growth in the economy over the coming years along on infrastructure instead, it may provide some tangible ben- with hyperinflation, otherwise known as stagflation. However, in this case I believe a more appropriate term is in efits in the long run to justify the increase in spending. order: hyper-stagflation. As it is well known, many of the major US urban update of antitrust watchdog powers to ensure companies never again grow too large to fail, and finally, an elimination of all reward systems—both for the execs and rankand-file—that favour short-term gains over of long-term profits and solvency. In the end, we are our own safety net. The proposals offered above are but a few of the many suggested recently that if not heeded now out of altruism, will likely be implemented out of necessity in the years ahead. Meanwhile, we find ourselves stuck within the birth pains of a future economic age, those birth pains being the present recession; where it will lead, only the pendulum can tell.

16 The NFSA Arbitrage Summer 2009 NFSA.ca

SURVIVAL GEAR Passing Your CSC & CFA

Written by: David Tal

Photography by: David Fung

he finance industry is competitive, and for a fresh-faced finance student hoping to enter into that fray, attaining your CFA and CSC designations may be your most valuable keys to both achieving industry respect and opening the right doors for your climbing the corporate ladder. But as with all worthwhile things in life, attaining these designations is horrendously challenging, and only a special few will have the commitment necessary to claim them. In this section of the NFSA Arbitrage, weâ&#x20AC;&#x2122;ve assembled two such students. Together they will explain the strategies they used to prepare for and perform successfully in the weighty exams of these two designations. Can you give us a brief background of yourself? Muz: My name is Muz Parkhani and I have graduated from York University. I completed my Bachelor of Administrative Studies and specialized in Finance. I passed my Level 1 CFA in June 2008 and scored over 70% in all ten areas and am a candidate for the Level 2 exam (June 2009). My short-term goal is to land a job in a rotational program. This would help me learn more about the business and gain valuable experience. In the long run though, I hope to start my own independent investment management firm. Kedar: My name is Kedar Rindani, and I attained an Honours Commerce at McMaster University, specializing in Accounting. I am currently working towards my CA designation while working at EY.

How long did you prepare for exams? Muz: 6 weeks. (That was only possible because of the finance courses I took in my final year at York) Kedar: Three to four weeks for each exam.

What supplementary source did you find most helpful in writing your exam? Muz: The best source to prepare for the exam is the official curriculum. The key is to focus only on the LOS and therefore a candidate should be able to identify and master the examinable concepts. Kedar: None

What courses did you find most helpful in preparation for your exams? Muz: I took most of the CFA prep courses offered at York. As we all know, CFA exams test your knowledge in ten areas. Hence, I would say all the courses I took helped me excel in the ten areas. The following is the list of courses I took in my final year: (1) Personal Investment Management, (2) Advance Portfolio Management, (3) Fixed Income, NFSA.ca Summer 2009 The NFSA Arbitrage 17

(4) Derivatives Securities, (5) Security Valuation, (6) Finan- the concepts/quantitative parts well. cial Statement Analysis, (7) Advance Corporate Finance, and Kedar: Combination of both. (8) Professional Investment Management. What strategies did you use on a MC question where all Kedar: Financial Times Newspaper the answers seem reasonable? What would you recommend that students focus on exten- Muz: I learned this strategy from one of my professors and it works! You never look at the answer choices till you finsively? Muz: The entire curriculum I would say. There is not one ish solving the question. Because when you do, you get inarea or LOS a candidate should ignore. They do test you on fluenced by the choices. Kedar: Circle C. almost the entire curriculum. Kedar: The books and questions they provide. Make sure to practice cause there is so much you can remember theory How was your experience on writing the exam? Muz: It was amazing and I can never forget that moment. It wise. was the first time I was writing a common exam in a single room with not just hundreds but a few thousand candidates, Did you work at the same time while studying for the exam? If so, did the firm you were with assist you in any who all have the same goal. Kedar: It was good. I learned a few things, but at the end of way? Muz: Yes, I was working full time (like I did all throughout the day it was just to get the certification. I think all these my under graduation program). They did allow me two courses are a formality. The real learning happens at the job.

weeks off from work before the exam. Kedar: I was in school taking full course load while working part time, so I was able to book some time off to do the test.

What did you find most surprising on the exam? Muz: Nothing! I knew the exam will be challenging and therefore I prepared accordingly. A candidate should know not only the material but also the structure of the exam (like the weights, the order of the questions, etc, as I think it makes What did you do to diffuse the tension/stress that you may a big difference). My goal was to take uncertainty out of the have experienced while studying/writing the exam? equation. Muz: I avoided talking to a lot of other candidates especially Kedar: I don’t remember to be frank, so probably not much. a few weeks before the exam. I knew what I had to do and just stuck to my study plan. The last thing one can do is What do you think most students lack the most when it worry about things that are beyond my control. comes to preparing for their designations? Kedar: It helped me most to focus on your goal of passing. Muz: In my personal opinion, a lot of students lack the discipline, a study plan and the endurance. One has to underWhat is the pace of the exam? Do you need to be quick stand, the exam is 6 hours long. Therefore, one should be or can you take your time on certain questions? able to maintain the same level of intensity and concentration Muz: Level 1 has 240 questions that are broken down in two to do well on the exam. A lot of candidates I know, who sessions. There are 120 questions in the morning session knew the content well just could not focus for the second and 120 in the afternoon. Like I said earlier, a candidate re- half of the exam. A lot of them said, they were tired and they ally needs to know it all as the exam tests you on almost could not focus even if they wanted to. every LOS. I would say you need to pace yourself during the Kedar: They listen to other people. If you want something exam. Doing a few MOC exams before the big day definitely just go for it, everything else is in the details. helps. Kedar: It’s fairly reasonable if you stay confident. There are What would be the one piece of advice you’d give for a figoing to be questions that you won’t know the answers to, so nance student considering going after a designation such as yours? circle something and move on. Muz: Take the exam only if you are passionate about the inWhat were the questions like in your exams (theoretical vestment industry. If you are, preparing for the exam will actually be fun and you will learn a lot. Basically, you or practical, or a combination)? Muz: Most of the questions on the exam were qualitative should want to study instead of forcing yourself. (only a few required calculations). The difference here is the Kedar: Just do it, keep it simple and stay committed. Don’t only way a candidate will be able answer these qualitative listen to people because everyone will have a different exquestions (which actually indirectly test your analytical and perience and lot of people like to talk. computation ability) is if he/she understands 18 The NFSA Arbitrage Summer 2009 NFSA.ca

By: Sandra Wasch

s you finish school, you should start thinking of yourself differently. You are now the CEO of a multi-million dollar corporation called Me Inc. You sell a great product — all the skills, education, and work experiences you have to offer an employer. But it’s a competitive world out there. Companies like Me Inc. are a dime-a-dozen today, with many highprofile graduates competing for the same jobs. So, like all businesses, you need to find a way to sell your product and stay in the game. With careful planning, you can come up with a strategy to differentiate yourself from your competition, and learn how to close deals with prospective employers who will welcome your skills and reward you with a great salary. Are you up for the challenge? Start managing your career like a business.

DRESS FOR SUCCESS Don’t overlook the power of a good first impression. In business, people often make assumptions about your professional credibility and potential performance, based only upon your appearance during a first meeting. It’s very difficult to overcome a poor first impression, regardless of your knowledge or expertise, so learn

Contributed by: Career Insider http://careerinsider.ca/

how to dress the part.interview, unless you are instructed by the interviewer not to. Don’t worry if the interviewers themselves are not. TIP: Always wear a suit to an interview, unless you are instructed by the interviewer not to. Don’t worry if the interviewers themselves are not.

DISCUSS YOUR COMPETITIVE ADVANTAGE What have you got to offer your future employer that no one else can offer? What makes you better than your competitors? In business, you need to be able to clearly discuss your competencies, and what differentiates you from your competitors. TIP: Think outside of the box if you’re struggling for ideas here. If your technical skills don’t differentiate you, focus on soft skills such as your ability to communicate, your listening skills, or your amazing ability to connect with clients, just to name a few. SHOW A RECORD OF SUCCESS Word-of-mouth advertising is said to be the most effective form of adverting in business. There’s no better way to market yourself than to supply references from your existing customers. TIP: Back up the work experiences in your résumé with at least three powerful business references

that are willing to promote your good work.

HIGHLIGHT YOUR ROI Return on investment (ROI) is what a business can expect in return for their investment. What can employers expect by hiring you? If they are willing to invest significant time and money in training you, what can you bring to the table? TIP: Back up your proposals by discussing how you previously improved something at school, or at work, and how you executed this. PERFECT YOUR SALES SKILLS Businesses are in business because they fill a need. But if you can’t discuss the need you fill, it’s going to be a hard sell. Think about how many businesses bombard you with advertisements everyday to buy their products. The first thing you ask yourself is “Do I need this product?”. Employers are no different. They’re bombarded by hundreds of résumé applications, and ask themselves if they need this person to work for their company? TIP: Take the guesswork out of you. Tell employers what needs youfill by including a clear career profile, so they know which department to send your résumé to, or what position

NFSA.ca Summer 2009 The NFSA Arbitrage 19

(or needs) you are seeking to fill.

KNOW YOUR TARGET MARKET How can you sell to your customers if you don’t know who they are? Like any business, Me Inc. needs to take the time to identify who needs their product. What employers are interested in the skills, education, and experiences you are offering? What types of industries? What cities? It is a waste of your time, and advertising dollars, to market yourself to someone who is not interested.

TIP: Stop sending mass résumés to employers who may not be offering jobs suitable to you. Take the time to research employers through their websites, or by reading news and press releases, and target who you send your résumé to. EXPLORE AN UNTAPPED MARKET When a market is saturated, businesses look for a new market to sell their products to, or they pursue the long-and-bumpy road of trying to

beat the competition to gain a greater market share. Can Me Inc. afford to explore other markets? Could you pursue employers in another geographic region? Do your skills and experiences easily transfer to another industry? TIP: If everyone is looking to move to the big city for a job, could you move to a small town to gain more experience? Remember, nothing is forever.

NFSA Highlights

Finance Graduates and the Current Financial Crisis" Seminar By: Alex Lee, NFSA Founding President

I had the pleasure to organize and attend the “Finance Graduates and the Current Financial Crisis” Seminar as the President of National Finance Students Association (NFSA) with my Executive team and Lois King. The NFSA is a student-led organization that serves to encourage and enhance leadership in finance. Through seminars, workshops, networking sessions and competitions, we provide students with the opportunity to advance their knowledge and skills. This was the first event hosted by NFSA through the ACORN Funding provided by Atkinson. We had two great speakers from the Finance industry: Laura Wallace (Managing Director and Portfolio Manager, Coleford Investments Ltd), and David Prince (President, Harbinger Capital Research), and Finance Instructor at York University, Lois King. Many students were looking for an opportunity to obtain various perspectives on the current market situation, and most importantly ask questions. Despite the disruptions from the York University strike, a large number of students attended the event with great questions prepared for the speakers. The speakers addressed the current Financial Crisis from various perspectives, analyzing the real estate market, government policies, historical figures, and technical analysis. The three speakers utilized many charts and graphs to help students easily comprehend their materials . Lois King addressed the implication of the current financial situation for students. Her tips included staying in school (MBA programs), looking for jobs outside Finance industry, obtaining professional designations including CFP, FRM, and CBV, and lastly staying optimistic! David Prince demonstrated the importance of technical skills and analyzed various charts including commodities, currency market, and S&P 500 to illustrate patterns and correlations. Furthermore, Laura Wallace explained the cause of the current financial crisis, covering Home Ownership in United States, US Debt levels, Corporate Bond Spreads, and S&P valuation. This event challenged students to have a wider perspective in the economy, not just the stock market. There was an encouragement of hope, along with a lesson to follow the news regularly as students. To learn more about the NFSA, please visit our website www.nfsa.ca and join us on Facebook. 20 The NFSA Arbitrage Summer 2009 NFSA.ca

Be Part Of The

LETTERS TO THE EDITOR: Suggestions for future issues? Kudos? Criticisms? The NFSA ARBITRAGE welcomes letters to the editor. They must be signed by the writer and include city of origin. Email: Arbitrage.LettersToTheEditor@nfsa.ca

SUBMISSIONS: The NFSA ARBITRAGE welcomes submissions from writers and photographers. Please first send a query to ARBITRAGE's editors at: Arbitrage.Submission@nfsa.ca

David Alexander Editor-In-Chief

Do not trust people. They are capable of greatness. Stanislaw Lem

LEGAL NOTE: All letters or pictures submitted may be published by the NFSA ARBITRAGE, unless expressly forbidden by the sender. Names will be withheld on request. ARBITRAGE cannot be held responsible for the return of unsolicited material. All submissions may be edited for length, style and content. Not all may be published. EVENTS: If you are an NFSA affiliate or sponsor interested in promoting your finance related event for free in our upcoming issue, please contact: Arbitrage.Query@nfsa.ca

INTERVIEW: If you are a finance student of merit, or a professor or industry professional related to the finance industry, and you are willing to graciously lend your time to be interviewed for one of the ARBITRAGE’s future columns, please contact: Arbitrage.Interview@nfsa.ca

EMPLOYMENT: At present, we are actively searching for new editors, writers and illustrators to work for the NFSA ARBITRAGE, Canada’s first student-run finance magazine. If interested, please send a cover letter, résumé (and sample work if applicable) to: HR@nfsa.ca OTHER QUERIES, contact: Arbitrage.Query@nfsa.ca

THANK YOU TO OUR SPONSORS

ACORN FUND (STARS)

SEE YOUR LOGO HERE! If you or your organization is interested in sponsoring the NFSA, Canada’s first studentrun finance magazine, please contact: vipul.dudani@nfsa.ca OR PublicRelations@nfsa.ca

22 The NFSA Arbitrage Summer 2009 NFSA.ca

THANK YOU TO OUR AFFILIATES

York Business Network

Degroote Finance Association

Ryerson University Finance Society

Management and Economics Students Association

York University Finance and Industry Club

SEE YOUR LOGO HERE! If your organization is interested in affiliating with the NFSA, Canada’s first student-run finance magazine, please contact: vipul.dudani@nfsa.ca OR CorporateRelations@nfsa.ca

SEE YOUR LOGO HERE! If your organization is interested in affiliating with the NFSA, Canada’s first student-run finance magazine, please contact: vipul.dudani@nfsa.ca OR CorporateRelations@nfsa.ca NFSA.ca Summer 2009 The NFSA Arbitrage 23

DIRECTORY

OTHERS - STUDENT CLUBS - COLLEGES - UNIVERSITIES - EMPLOYERS - ASSOCIATION -

ASSOCIATIONS

Advocis 390 Queens Quay West Suite 209 Toronto, Ontario M5V 3A2 Tel: (416) 444-5251 or (800) 5635822 Fax: (416)444-8031 www.advocis.ca

Association for Financial Professionals of Canada 4520 East West Highway, Suite 750 Bethesda, Maryland 20814 Tel: (301) 907-2862 Fax: (301) 907-2864 www.afponline.org CFA Institute 560 Ray C. Hunt Drive Charlottesville, Virginia 22903-2981 Tel: (800) 247-8132 Fax: (434) 951-5262 E-mail: info@cfainstitute.org www.cfainstitute.org

CGA-Canada 4200 North Fraser Way, Suite 100 Burnaby, British Columbia V5J 5K7 Tel: (604) 669-3555 or (800) 663-1529 Fax: (604) 689-5845 E-mail: public@cga-canada.org www.cga-canada.org

CGA-Alberta E-mail: general@cga-alberta.org www.cga-alberta.org CGA-British Columbia E-mail: info@cga-bc.org www.cgabc.org CGA-Manitoba E-mail: info@cga-manitoba.org www.cga-manitoba.org CGA-New Brunswick E-mail: cganb@nbnet.nb.ca www.cga-nb.org

CGA-Newfoundland E-mail: office@cganl.org www.cganl.org/cga

CGA-Northwest Territories/ Nunavut E-mail: admin@cga-nwt-nu.org www.cga-nwt-nu.org

CGA-Ontario 240 Eglinton Avenue East Toronto, Ontario M4P1K8 Tel: (416) 322-6520 or (800) 668-1454 Fax: (416) 322-5594 E-mail: info@cga-ontario.org www.cga-ontario.org

CGA-Prince Edward Island E-mail: contact@cga-pei.org www.cga-pei.org

Ordre des CGA du Quebec E-mail: ordre@cga-quebec.org www.cga-quebec.org

CGA-Saskatchewan E-mail: general@cgasaskatchewan.org www.cga-saskatchewan.org

CMA Canada Mississauga Executive Centre One Robert Speck Parkway, Suite 1400 Mississauga, Ontario L4Z 3M3 General Information: Tel: (905) 949-4200 or (800) 263-7622 E-mail: info@cma-canada.org www.cma-canada.org

Certified Management Accountants of Alberta E-mail: info@cma-alberta.com www.cma-alberta.com

Certified Management Accountants of British Columbia E-mail: cmabc@cmabc.com www.cmabc.com

24 The NFSA Arbitrage Summer 2009 NFSA.ca

Certified Management Accountants of Manitoba E-mail: cmamb@cma-canada.org www.cma-manitoba.com

Certified Management Accountants of New Brunswick E-mail: cmanb.admin@nb.aibn.com www.cmanb.com Certified Management Accountants of Newfoundland E-mail: atilley@cma-nl.com www.cma-nl.com

Certified Management Accountants of Northwest Territories www.cma-canada.org/nwt.asp

CMA Nova Scotia, Prince Edward Island, Bermuda, and the Caribbean E-mail: lmurphy@cma-ns.com www.cma-ns.com Certified Management Accountants of Ontario 70 University Avenue, Suite 300 Toronto, Ontario M5J 2M4 Tel: (416) 977-7741 or (800) 387-2991

EMPLOYERS

Accenture www.accenture.com

Bank of Canada 234 Wellington Street Ottawa, Ontario K1AOG9 Tel: (613) 782-8111 www.bankofcanada.ca

BearingPoint www.bearingpoint.com Barclays Global Investors Brookfield Place 161 Bay Street Suite 2500 Toronto, Ontario M5J 2S1

Boston Consulting Group Brookfield Place 181 Bay Street Suite 2400 Toronto, Ontario M5J 2T3 Tel: (416) 955-4200 Fax: (416) 9554201 www.bcg.com Capgemini www.capgemini.com CIBC Mellon www.cibcmellon.ca

CIBC World Markets Brookfield Place, 161 Bay St. P.O. Box 500 Toronto, Ontario M5J 2S8 Tel: (416) 594-7000 www.cibcwm.com

Citigroup 123 Front Street West Toronto, Ontario M5J 2M3 Tel: (416) 947-5500 www.citigroup.com

Credit Suisse 1 First Canadian Place 100 King Street West, Suite 2900 Toronto, Ontario M5X 1C9 Tel: (416) 352-4500 www.credit-suisse.com Deloitte National Office 2 Queen Street East, Suite 1200 P.O. Box 8 Toronto, Ontario M5C 3G7 Tel: (416) 874-3875

Dundee Securities Corporation 1 Adelaide Street East 27th Floor Toronto, Ontario M5C 2V9 Tel: (416) 350-3250 www.dundeewealth.com

Genuity Capital Markets Scotia Plaza, Suite 4900 40 King Street West P.O. Box 1007 Toronto, Ontario M5H 3Y2 Tel: (416) 603-6000 www.genuitycm.com

Goldman Sachs Canada 77 King Street West Suite 3400, P.O. Box 38 Toronto, Ontario M5K 1B7 www2.goldmansachs.com

HSBC Global Asset Management (Canada) 70 York Street, Suite 600 Toronto, Ontario M5J 1S9 Tel: (416) 868-8500 www.hsbc.ca

IBM Global Business Services Jarislowsky Fraser Limited 1010 Sherbrooke St. West Suite 2005 Montreal, Quebec H3A2R7 Tel: (514) 842-2727 Fax: (514) 842-1882 www.ibm.com/services Calgary 140 4th Avenue SW Suite 1640 Calgary, Alberta T2P3N3 Tel: (403) 233-9117 Fax: (403) 233-9144

Toronto 20 Queen Street West, Suite 3100 Toronto, Ontario

M5H 3R3 Tel: (416)363-7417 Fax: (416) 363-8079

Vancouver 555 West Hastings Street, Suite 2080 P.O. Box 12129 Vancouver, British Columbia V6B 4N6 Tel: (604) 676-3612 Fax: (604) 676-3616 www.jfl.ca J.P. Morgan www.jpmorgan.com

McKinsey & Company 110 Charles Street West Toronto, Ontario M5S 1K9 Tel: (416) 313-3700 Fax: (416) 313-2999 www.mckinsey.com

Merrill Lynch Canada Brookfield Place 181 Bay Street, Suite 400 Toronto, Ontario M5J 2V8 Tel: (416) 369-7400 http://gmi.ml.com/canada

Morgan Stanley Canada Brookfield Place 181 Bay Street, Suite 3700 Toronto, Ontario M5J 2T3 Tel: (416) 943-8400 www.morganstanley.com Royal Sun Alliance 10 Wellington St. East Toronto, Ontario M5E 1L5 Tel: (416) 366-7600 Fax: (416) 367-9869 E-mail: info@rsagroup.ca www.rsagroup.ca

Scotia Capital Scotia Plaza 40 King St. West, 64th Floor

NFSA.ca Summer 2009 The NFSA Arbitrage 25

DIRECTORY

BMONesbitt Burns 1 First Canadian Place 100 King Street West 49th Floor Toronto, Ontario M5X 1H3 Tel: (416) 359-4000 www.bmonb.com

Fax:(416)874-3888 www.deloitte.ca

OTHERS - STUDENT CLUBS - COLLEGES - UNIVERSITIES - EMPLOYERS - ASSOCIATION -

Tel: (416) 643-4000 www.barclaysglobal.com

DIRECTORY

OTHERS - STUDENT CLUBS - COLLEGES - UNIVERSITIES - EMPLOYERS - ASSOCIATION -

P.O. Box 4085, Station A Toronto, Ontario M5W 2X6 Tel: (416) 863-7411 www.scotiacapital.com State Street Canada www.statestreet.ca

TD Bank Financial Group 100 Wellington Street West, 3rd Floor Toronto, Ontario M5K 1A2 www.td .com/experience UBS Securities Canada www.ubs.com

UNIVERSITIES Acadia University www.acadiau.ca

University of Alberta www.bus.ualberta.ca

University of British Columbia Sauder School of Business 2053 Main Mall Vancouver, British Columbia V6T 1Z2 Tel: (604) 822-8500 Fax: (604) 8228521 E-mail: bcom@sauder.ubc.ca www.sauder.ubc.ca Brock University www.bus.brocku.ca

Dalhousie University www.dal.ca

Laurentian University www.laurentian.ca

University of Manitoba www.umanitoba.ca

McGill University www.mcgill.ca/desautels

McMaster University www.degroote.mcmaster.ca Memorial University of Newfoundland www.business.mun.ca

Mount Allison University www.mta.ca

University of New Brunswick www.unb.ca Nipissing University www.nipissingu.ca/business University of Ottawa www.telfer.uottawa.ca

Queen's University http://business.queensu.ca Ryerson University www.ryerson.ca

University of Calgary www.haskayne.ucalgary.ca

University of Saskatchewan www.commerce.usask.ca

Concordia University The John Molson School of Business 1455 de Maisonneuve Blvd. West Suite GM 403 Montreal, Quebec H3G IMS Tel: (514) 848-2424 ext. 2779 Fax: (514) 848-4502 http://johnmolson.concordia.ca

Simon Fraser University http://business.sfu.ca Master of Financial Risk Management Program http://business.sfu.ca/mfrm Global Asset and Wealth Management MBA http://business.sfu.ca/gawm

Carleton University www.sprott.carleton.ca

St. Francis Xavier University www.stfx.ca

26 The NFSA Arbitrage Summer 2009 NFSA.ca

University of Toronto Rotman Commerce E-mail: rotmancommerce.info@utoronto.ca www.rotmancommerce.utoronto.ca/si te3.aspx University of Toronto at Mississauga Department of Management E-mail: mgt.utm@utoronto.ca wwwl.utm.utoronto.ca/management Master of Management & Professional Accounting Program www.utoronto.ca/mmpa

University of Toronto at Scarborough Department of Management E-mail: admissions@scar.utoronto.ca www.utsc.utoronto.ca/~mgmt University of Victoria www.business.uvic.ca

York University http://www.yorku.ca/web/futurestudents/programs/template.asp?id=332

COLLEGES

Algonquin College www.algonquincollege.com Canadore College www.canadorec.on.ca

Centennial College www.centennialcollege.ca/business

Conestoga College Institute of Technology and Advanced Learning www.conestogac.on.ca

George Brown College www.georgebrown.ca Georgian College www.georgianc.on.ca Humber College www.humber.ca Loyalist College

Seneca College www.senecac.on.ca

Sheridan College wwwl.sheridaninstitute.ca

STUDENT CLUBS

Acadia University Business Society http://business.acadiau.ca/BusLSchoo l/ home/ABS/index.htm

University of Alberta Business Students' Association School of Business Building Office 2-06 Tel: (780) 492-2454 Fax: (780) 492-7413 E-mail: bsa@ualberta.ca www.bsaonline.ca

University of British Columbia Commerce Undergraduate Society www.cus.sauder.ubc.ca UBC Consulting Club E-mail: Consult! ngclub@club.ams.ubc.ca www.cus.sauder.ubc.ca/clubs/consulting UBC Finance Club E-mail: ubcfinanceclub@gmail.com www.ubcfinance.com

Brock University Business Students' Association Email: admin@brockbsa.com www.brockbsa.com Finance & Investment Group (BFIG) E-mail: president@brockfinance.com www.brockfinance.com University of Calgary Commerce Undergraduate Society E-mail: cus@ucalgary.ca www.ucalgary.ca/-cus

Carleton University Sprott Business Students' Society 829 Dunton Tower 1125 Colonel By Drive Ottawa, Ontario K1S 5B6 Tel: (613) 520-2600 ext. 2708 Fax: (613) 520-4427 E-mail: sbss@sprott.carleton.ca www.carleton.ca/sbss

Concordia University Commerce & Administration Students' Association (CASA) www.casa-jmsb.ca Commerce Graduate Students' Association www.cgsa-concordia.com Finance & Investment Students' Association 1455 de Maisonneuve Blvd. W. Suite GM 211-06 Montreal, Quebec H3G 1M8 Tel.: (514) 848-2424 ext. 7437 Fax: (514) 848-7436 E-mail: fisa@jmsb.concordia.ca http://fisaonline.ca

Dalhousie University Commerce Society 6152 Coburg Road Halifax, Nova Scotia B3H 3J5 Tel: (902) 494-2427 E-mail: commerce@dal.ca www.dalcommerce.com

Fax: (204) 269-0861 E-mail: admin@csaweb.ca www.csaweb.ca University of Manitoba Finance Organization www.umfo.com

McGill University Management Undergraduate Society 1001 Sherbrooke St. West, Suite 016 Montreal, Quebec H3A 1G5 Tel: (514) 398-7292 Fax: (514) 398-8362 www.musonline.mcgill.ca

McMaster University DeGroote Commerce Society Michael G. DeGroote, Room 133 1280 Main Street West Hamilton, ON L8S 4M4 Tel: (905) 525-9140 ext. 23451 www.business.mcmaster.ca/commsoc DeGroote Finance Association Email: degrootefinanceassociation .com MBA Association Tel: (905) 525-9140 ext. 24206 E-mail: mbaassn@mcmaster.ca www.business.mcmaster.ca/MBAA/a rtman/ publish/index.shtml University of New Brunswick Business Society Tilley Hall, Room 308 Tel: (506) 453-3521 E-mail: bbasoc@unb.ca http://www.unbf.ca/clubs/bizsociety

Nipissing University Business Community www.nubc.ca

University of Manitoba Commerce Students' Association 181 Freedman Crescent, Room 144 Winnipeg, Manitoba R3T 5V4 Tel: (204) 474-7363

University of Ottawa Finance Society www.financesociety.ca MBA Student Association (MBASA) www.management.uottawa.ca/mbasa Ottawa Student Investment Club www.admin.uottawa.ca/osic

NFSA.ca Summer 2009 The NFSA Arbitrage 27

DIRECTORY

Mohawk College of Applied Arts and Technology www.mohawkcollege.ca

Financial Management Group Tel: (403) 220-6777 E-mail: fmg@ucalgary.ca www.ucalgary.ca/~fmg/index.html MBA Consulting Alliance www.mbaca.com MBA Society www.ucalgary.ca/mbasociety

OTHERS - STUDENT CLUBS - COLLEGES - UNIVERSITIES - EMPLOYERS - ASSOCIATION -

www.loyalistcollege.com

DIRECTORY

OTHERS - STUDENT CLUBS - COLLEGES - UNIVERSITIES - EMPLOYERS - ASSOCIATION -

Queen's University Commerce Society http://comsoc.queensu.ca

Ryerson University Business Students Association (BSA) Tel: (416) 979-5000 ext. 7394 Email: bsa@ryerson.ca Ryerson Commerce Society Tel: (416) 979-5000 ext. 4217 E-mail: rcs@ryerson.ca www.rcsonline.ca Finance Society 575 Bay St., RBB1-137 Toronto, Ontario M5G 2C5 Tel: (416) 979-5000 ext. 7394 E-mail: rufs@ryerson.ca www.rufs.ca

University of Saskatchewan Finance Students' Society www.edwards.usask.ca/studentclubs/finance Simon Fraser University Finance Club 8888 University Drive Burnaby, B.C. V5A 1S6 E-mail: finclub@sfu.ca www.financeclub.ca

University of Toronto Rotman Commerce Finance Association E-mail: rcfa@utoronto.ca www.utoronto.ca/commercegroups/uf a/ Undergraduate Commerce Society www.utmucs.ca Management and Economics Students' Association www.mesa.ca

University of Victoria UVic Commerce Students' Society Business and Economics Building Room 113 P.O. Box 1700 Station CSC Victoria, British Columbia V8W 2Y2 Tel: (250) 721-6432 Fax: (250) 472-4509

www.uviccss.com

University of Western Ontario HBA Association (HBAA) http://hbaa.ivey.ca Western Investment Club E-mail: wic.executive@gmail.com www.usc.uwo.ca/clubs/investment Wilfrid Laurier University SBE Students' Council Tel: (519) 884-1970 ext. 3253 E-mail: 000sbesc@machl.wlu.ca

University of Windsor Commerce Society Tel: (519) 253-3000 ext. 3487 http://web2.uwindsor.ca/clubs/comsoc

York University Schulich Finance Association http://sfa.schulich.yorku.ca/default.as p York Investment Club www.yorkinvestmentclub.com York University Finance & Industry Club (YUFIC) www.yufic.com York Business Network http://www.yorkbusinessnetwork.com

OTHERS

Daily Bread Food Bank www.dailybread.ca United Way of Canada www.unitedway.ca Volunteer Canada www.volunteer.ca

World Wildlife Fund www.wwf.org

WSPA Canada E-mail: wspa@wspa.ca www.wspa.ca Fax: (416) 977-6079 E-mail: info@cma-ontario.org www.cma-ontario.org

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Certified Management Accountants of Quebec E-mail: admission@cma-quebec.org www.cma-quebec.org Certified Management Accountants of Saskatchewan E-mail: info@cma-sask.org www.cma-saskatchewan.com

Financial Planners Standards Council 902 - 375 University Avenue Toronto, Ontario M5G 2J5 Tel: (416) 593-8587 or (800) 305-9886 Fax: (416) 593-6903 E-mail: inform@fpsccanada.org www.fpsccanada.org

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