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Source: http://www.doksinet National CFA® Charterholder Compensation Study 2015 11 August 2015 CFA Societies Canada 1 Source: http://www.doksinet Contents CFA Societies Canada Summary Respondent Profile 3 Summary Compensation Measures 4 Summary Employment Profile 12 Methodology 17 Media Inquiries/Contact Info 18 22 Source: http://www.doksinet Respondent Profile Gender Age Compensation <35 17% 83% Top Designations 35% 35-39 20% 40-44 17% 45-49 13% 50+ 15% MBA 22% Other Masters Average : $280,454 17% CIM 7% CA 6% Average Age: 39.7 Society Years of Experience Atlantic 2% Québec 2% Montréal Ottawa <$100 Mn 5-7 years 17% 8-10 years 18% 48% 3% Saskatchewan 2% Edmonton 3% Calgary 10% 1% Vancouver 11-13 years CFA Societies Canada 19% $1 Bn-<$5 Bn 11% $5+ Bn 11% 14-16 years 17-19 years 47% 11% 14% Employee Count 10% <100 20-24 years 13% 25+ years 15% 9% 1% 12% Not applicable 3% Winnipeg

Victoria 3% $100 Mn-<$1 Bn 16% Toronto Okanagan 1-4 years Self-Managed AUM Average : 15.1 years 21% 100-499 500-999 14% 7% 1000-4999 15% 5000+ Don’t know 41% 1% 3 Source: http://www.doksinet Compensation Measures Summary • Average total compensation reported by CFA® charterholders for 2014 now stands at $280,454, up from $233,780 in 2013, and from $214,885 reported for 2010 in the 2012 survey. • Mean total compensation is significantly higher than median compensation ($147,550), indicating a small proportion of CFA charterholders receive very high compensation. The top 25% of charterholders have compensation of at least $275,000, rising to over $10 million. • Total compensation varies by region, sector and position held. These details are provided in the full report. A few highlights include higher compensation in Calgary ($387,987), Winnipeg ($357,667) and Okanagan ($370,440) than in Montréal ($206,938), Atlantic Canada ($177,559), and Ottawa

($212,901). Unfortunately, several from the Québec chapter entered $0 values, resulting in a mean compensation of $88,611 across all, rising to $132,599 among those who provided more complete information. • By position, total compensation is highest for equity PMs ($619,559), CEO/CAO/COOs/CIOs ($518,072), and multi-asset PMs ($496,374); and is lower for portfolio analysts ($99,075), buy-side risk analysts ($144,060), compliance/regulatory ($147,958), and those in marketing and product development ($154,883). • Those with longer tenure/more senior positions derive a larger proportion of their compensation from commissions and sales bonuses, as well as performance bonuses and profit sharing than from base salaries. • Top benefits received include CFA Professional Membership Dues (97% - higher than the 48% who receive coverage for other professional associations) and various forms of insurance including health (95%), dental (94%), long-term disability (92%), life (91%), short-term

disability (90%), and vision (88%). 69% receive pension benefits Just under half (45%) say their employer pays for 100% of CE credits, while 12% say it pays for some but not all, and 8% pay only for mandatory credits. 43% do not pay for any. CFA Societies Canada 4 Source: http://www.doksinet 2010-2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders by Year $300,000 $280,454 $239,215 $250,000 $214,885 $200,000 $233,780 $8,915 $17,175 $15,069 $21,209 $12,792 $18,010 $58,935 $61,299 $150,000 $19,038 $47,131 $55,373 $32,647 $26,410 $14,529 $100,000 $50,000 $109,026 $118,919 $118,756 $128,467 2011 2013 2014 $0 2010 2012 Survey Other Compensation as Board Director Deferred/multi-year incentive compensation Stock Awards Performance Bonuses Base Salary CFA Societies Canada 2015 Survey Consulting Fees Dividends from employer company shares held Stock Options Profit Sharing Commissions/Sales Bonuses 55 Source:

http://www.doksinet 2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders Avg. compensation among all As Percentage of members Sum of Compensation Findings • To create a picture of the aggregate, average compensation structure, the adjacent tables show the average compensation by category for all CFA charterholders. Thus, across all members, including those who receive each type or not, base salaries account for 45 percent of total compensation, while performance bonuses account for 21 percent. • While stock awards/phantom shares and stock options represent a smaller percentage of total compensation across all members together, among the small proportion who receive them, they represent much higher average values. • The slides that follow show breakdowns of total aggregate average compensation structures by total professional tenure, CFA Society and occupational role. 2014 Base Salary Commissions/Sales Bonuses Performance Bonuses Profit

Sharing Stock Awards Stock Options Deferred/multi-year incentive compensation Dividends from employer company shares held Compensation as Board Director Consulting Fees Total Compensation Summary 2013 2010 2014 2013 2011 2010 $119k $18k $61k $21k $15k $9k - $109k $15k $55k $18k $13k $7k - 45% 12% 21% 6% 3% 1% 3% 7% <0.5% 1% 51% 11% 20% 5% 3% 1% 3% 4% <0.5% 1% 49% 7% 25% 9% 6% 4% - 50% 7% 25% 8% 6% 3% - $280k $239k $215k - - - - $234k Aggregate Average Compensation Among Recipients Avg. compensation among Avg. compensation among those receiving each type those receiving each type Base Salary Commissions/Sales Bonuses Performance Bonuses Profit Sharing Stock Awards Stock Options Deferred/multi-year incentive compensation Dividends from employer company shares held Compensation as Board Director Consulting Fees Total Compensation CFA Societies Canada 2011 $128K $119K $33K $26K $59K $47K $17K $13K $9K $6K $2K $1K $9K $7K $19K $10K $<0.5K $<05K $2K $2K

2014 2011 2014 2011 94% 14% 77% 13% 15% 7% 12% 7% <0.5% 1% 95% 14% 77% 15% 16% 8% - $138k $219k $77k $150k $60k $41k $84k $187k $25k $104k $126k $139k $80k $145k $118k $100k - - - $280k $240k 66 Source: http://www.doksinet 2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders by Total Professional Experience $672,451 $29,736 $54,193 $11,277 $600,000 $488,683 $500,000 $444,489 $53,612 $21,650 $19,202 $32,310 $400,000 $300,000 $280,454 $200,000 $19,038 $8,915 $17,175 $58,935 $269,383 $204,831 $149,738 $32,647 $86,549 $128,467 $14,680 $100,000 $32,293 $4,623 $8,985 $18,311 $62,978 $52,389 $15,787 $27,352 $132,314 15-19 years $68,750 $94,806 $113,320 <5 years 5-9 years 10-14 years $52,332 $20,762 $21,119 $51,548 $86,693 $113,437 $55,695 $42,606 $170,204 $165,112 20-24 years 25-29 years $515,136 $23,382 $21,895 $15,495 $27,887 $85,522 $73,787 $70,851 $136,830 $218,338 $204,967 $187,282 30-34

years 35+ $0 Total Professional Experience (years) Other Compensation as Board Director Deferred/multi-year incentive compensation Stock Awards Performance Bonuses Base Salary CFA Societies Canada Consulting Fees Dividends from employer company shares held Stock Options Profit Sharing Commissions/Sales Bonuses 77 Source: http://www.doksinet 2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders by CFA Society $400,000 $370,440 $350,000 $15,400 $300,000 $250,000 $200,000 $150,000 $326,480 $387,987 $357,667 $77,523 $35,463 $300,280 $280,454 $17,964 $19,038 $50,588 $8,915 $17,175 $58,935 $89,982 $287,400 $47,830 $261,370 $16,512 $16,190 $30,315 $167,733 $37,839 $226,759 $64,093 $21,732 $80,916 $87,267 $42,463 $44,137 $14,493 $0 $97,272 $212,901 $206,938 $72,252 $8,065 $26,211 $5,561 $25,028 $34,899 $53,394 $177,559 $40,179 $10,779 $88,611 $100,000 $50,000 $11,192 $11,357 $21,402 $14,352 $39,729 $35,650

$32,647 $43,864 $41,264 $18,634 $170,340 $129,210 $128,467 $137,091 $134,865 $91,600 Total Victoria Vancouver Okanagan $105,757 $126,297 $130,866 $131,201 $119,207 $111,926 $69,775 SaskWinni Calgary Edmonton atchewan -peg Toronto Ottawa Montréal Québec Atlantic Other Consulting Fees Compensation as Board Director Dividends from employer company shares held Deferred/multi-year incentive compensation Stock Options Stock Awards Profit Sharing Performance Bonuses Commissions/Sales Bonuses Base Salary CFA Societies Canada 88 Source: http://www.doksinet 2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders by Job Category $700,000 $619,559 $600,000 $103,668 $496,374 $500,000 $112,432 $400,000 $376,222 $356,640 $300,000 $280,454 $275,290 $26,171 $200,000 $19,038 $17,175 $58,935 $32,647 $100,000 $35,212 $27,419 $32,015 $186,300 $29,874 $136,286 $128,467 $314,170 $66,693 $147,503 $24,920 $161,394 $69,850

$235,542 $243,238 $40,846 $43,411 $197,314 $131,640 $99,702 $0 $11,409 $206,014 $131,863 $109,065 $33,533 $22,931 $185,107 $138,080 Total Finan. or Invest. Invest. Adv/ Counsel/ Broker Private Client Portfolio Man. (Equity) Findings: • In the asset management world, Equity PMs earn more than fixed income or multi-asset. • Portfolio Analysts are lowest in total compensation. CFA Societies Canada Portfolio Man. (Fixed Income) $18,729 $59,789 Portfolio Man. (Multi-asset) Portfolio Man. (Other) Manager of Managers Portfolio Analyst $15,385 $32,397 Risk Management $108,269 $85,131 Buy-Side R.A (Equity) Buy-Side R.A (Other) $154,883 $36,221 $47,936 $176,242 $76,455 $41,974 $0 $144,060 $99,075 $164,340 $197,297 $121,657 Invest. Strateg./ Economist $91,523 Market. and Product Develop. Other Consulting Fees Compensation as Board Director Dividends from employer company shares held Deferred/multi-year incentive compensation Stock options Stock

awards/phantom shares Profit sharing bonuses Performance bonuses Commissions/sales bonuses Base salary 99 Source: http://www.doksinet 2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders by Job Category $600,000 $518,072 $500,000 $59,563 $19,764 $20,286 $18,717 $400,000 $338,654 $300,000 $280,454 $19,038 $200,000 $17,175 $58,935 $75,867 $68,396 $233,124 $18,227 $9,758 $81,474 $32,647 $9,517 $147,958 $277,838 $287,457 $13,534 $25,307 $16,474 $194,618 $100,926 $181,642 $38,517 $24,821 $43,617 $26,350 $109,638 $108,587 $104,789 $123,957 Sell-Side Securities Analyst Trading & Sales $90,762 $23,367 $194,433 $13,258 $28,860 $125,757 $122,996 $187,072 $200,931 $44,612 $32,807 $126,483 $144,214 $54,426 $170,679 $26,031 $217,297 $100,000 $128,467 $96,515 $136,891 $161,367 $110,490 $0 Total Relationship Compliance/ Management Regulatory Findings: • C-Suite level executives reign supreme. •

Relationship Management also has higher compensation. CFA Societies Canada Corp. Fin/ Accountant/ Consultant/ Underwriter/ Auditor/ Invest. M&A Other Consult. CFO CEO/ CAO/ Corp./Comm COO/ CIO/ Banking Pres. Treasury Other Other Consulting Fees Compensation as Board Director Dividends from employer company shares held Deferred/multi-year incentive compensation Stock options Stock awards/phantom shares Profit sharing bonuses Performance bonuses Commissions/sales bonuses Base salary 10 10 Source: http://www.doksinet 2014 Aggregate Compensation Aggregate Average Compensation across all CFA Charterholders by Designations Held $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $280,4541 $301,184 $17,832 $19,038 $8,915 $17,175 $58,935 $32,647 $9,698 $240,004 $21,748 $21,389 $63,214 $8,252 $36,941 $50,585 $356,396 $363,346 $30,011 $43,219 $13,291 $258,810 $31,139 $10,878 $28,078 $274,157 $17,200 $39,067 $15,910 $86,263 $26,815 $24,268 $16,347 $13,195

$51,146 $336,425 $60,444 $121,509 $34,309 $25,896 $123,705 $108,677 $129,970 No MBA CIM $301,798 $17,849 $276,744 $16,732 $19,769 $79,252 $23,846 $8,970 $10,237 $33,642 $279,297 $20,028 $17,551 $17,204 $57,588 $60,306 $135,014 $27,098 $33,230 $100,000 $50,000 $0 $128,467 Total $134,921 $115,873 No Any Desig. Desig. Findings: • Those with the top four industry designations or degrees earn more than those who do not hold the designations. • Those with any designation earn more than those with no designations. CFA Societies Canada $145,172 MBA No CIM Other Compensation as Board Director Deferred/multi-year incentive compensation Stock Awards Performance Bonuses Base Salary $162,294 $126,225 CA No CA $100,748 CFP $129,969 No CFP Consulting Fees Dividends from employer company shares held Stock Options Profit Sharing Commissions/Sales Bonuses 11 11 Source: http://www.doksinet Employment Summary Summary of Key Findings: • CFA charterholders work

for a wide range of employers including asset/fund management firms (27%), investment counselling (11%), sell-side brokerages (7%), pension management (7%), investment banking (5%), insurance (5%), financial services consulting (5%), and commercial banking (5%). • A quarter (26%) work for one of the 6 largest banks, 4% for one of the 3 largest insurance firms, and 6% for one of the 10 largest pension plans – the remaining 64% work for other organizations. These are unchanged from 2012. The average employee count is 2,834, up from 2,765 in 2012 • A wide range of positions are held, including Investment counsellor/private client (7%), corporate finance/underwriter/M&A (7%), risk management (6%), portfolio manager (equity) (6%), portfolio manager (other) (6%), sell-side securities analyst (5%) and CEO/CAO/COO/CIO/President (4%). • Top roles performed include financial analysis (65%), client relationship management (52%), portfolio management/stock selection (45%), strategy

development and planning (40%), general management/admin. (37%), performance management (34%) and internal control and risk management (31%). Most of these roles have declined slightly as lower incidence roles have become more prevalent, including trading (26% vs. 20%), compliance/regulatory oversight (24% vs. 14%), corporate finance (22% vs 14%), senior management (20% vs 12%), and HR (15% vs 9%). • More than half (53%) of CFA charterholders say they personally manage assets for their employers, managing an average of $4.2 billion, up from $35 billion in 2012 • Top designations held in addition to the CFA charter include MBA (22%, down slightly from 26%), other Masters degrees (17%), CIM (7%), CA (6%), CFP (5%), FRM (5%) and FCSI (4%). One third (34%) hold no other designations. CFA Societies Canada 12 Source: http://www.doksinet Employer Findings • One of the 6 largest chartered banks in Canada 26% 25% • One of the 3 largest insurance firms in Canada One of the 10

largest pension plans in Canada None of the above 4% Key Differences 4% 2015 • 2012 6% • 7% 64% • 64% • CFA Societies Canada A quarter of CFA charterholders work for one of the 6 largest chartered banks in Canada (26%) while only 4 percent work for one of the 3 largest insurance firms and 6 percent for one of the 10 largest pension plans. Nearly two-thirds (64%) work for none of these types of organizations. Those more likely to say one of the 6 largest chartered banks include those in Toronto (34%), English speakers (27%), those with 5,000+ employees (53%), those with $20B+ in company AUM (43%) and those with 51+ hours a week (32%). Those more likely to say one of the 3 largest insurance companies include those in Winnipeg (18%) or Toronto (6%) and those with 5,000+ employees (9%). Those more likely to say one of the 10 largest pension plans in Canada include those in Victoria (50%), Edmonton (25%) or Montréal (13%), French speakers (12%), those under the age of

30 (10%) and those with 100-499 (13%), 500-999 (29%) or 1,000-4,999 (11%) employees. Those more likely to say they work in none of the above include those in Vancouver (76%), Calgary (81%), Saskatchewan (89%), Winnipeg (76%), Ottawa (86%), Québec (80%) or Atlantic Canada (80%), those with fewer than 100 (96%), 100-499 (76%) or 1,000-4,999 (79%) employees and those operating only within their own province (90%). 13 13 Source: http://www.doksinet Responsibilities Financial Analysis 65% 65% Client relation. management 52% 53% 45% 49% 40% 44% 37% 41% 34% 36% 31% 36% 28% 32% 27% 28% 27% 23% 2015 26% 20% 2012 24% 14% 22% 14% 20% 12% 15% 9% 13% 8% 10% 7% 10% Portfolio Manage./Stock select/analysis Strategy Development and Planning General Management, Admin Performance Measurement Internal Control and Risk Manage. New Business/Product Development Budgeting/ Forecasting Financial Reporting Trading Compliance/Regulatory Oversight Corporate Finance (Financing, M&A) Senior

management Human Resources Other Business Advisory / Consulting Taxation Information Technology Audit (Internal Government) Management/Cost Accounting Other CFA Societies Canada 1% 6% 1% 6% 1% 2% Findings • • Top activities include financial analysis (65%), client relationship management (52%), portfolio management/stock selection/analysis (45%), strategy development and planning (40%), and general management/ administration (37%). Fewer are engaged in specialist activities like taxation, (10%), information technology (10%), audit (6%) or management/cost accounting (6%). Key Differences • • Those in Victoria (82%) and Calgary (74%) are more likely to conduct financial analysis, while those in Vancouver (65%) and Okanagan (87%) are more likely to conduct client relationship management; those in Okanagan are also more likely to conduct portfolio management/stock selection/analysis (80%) and trading (60%). Those in Calgary are more likely to conduct budgeting/forecasting

(40%) and corporate finance (36%). Those earning total compensation of $300k+ are more likely to be conducting client relationship management (72%), portfolio management/stock selection/analysis (61%), general management/administration (47%), strategy development and planning (47%), new business/product development (26%), trading (34%), senior management (38%), human resources (26%) and taxation (14%). Those earning a total compensation of less than $100k are more likely to be conducting financial reporting (30%). C3. Which of the following activities do you spend at least some of your work time on? 14 14 Source: http://www.doksinet Designations Findings 22% 26% MBA Other Masters CIM CA CFP FRM FCSI CMA CPA CAIA P.Eng PFP CGA FSA FCIA Masters of Tax Doctorate CBV/CA Others None CFA Societies Canada • 17% 14% 7% 7% 6% 9% 5% 5% 5% 3% 4% 5% 3% 3% 3% 2% 3% 2% 2% 3% 2% 3% 2% 2% 2% 1% 2% 1% 1% 1% 1% 1% 1% 1% 11% 14% • The MBA is the most frequently held designation, held by

two in ten CFA charterholders (22%). Other top designations include other Master’s degrees (17%), the CIM designation (7%), the CA (6%), the CFP (5%) and the FRM (5%). One-third of CFA charterholders indicate they do not hold any other professional designations or post-graduate degrees (34%). Key Differences 2015 • 2012 • • 34% 36% Those more likely to have a MBA include those in Toronto (28%), English speakers (24%), those ages 40-44 (27%), 45-49 (30%), 5054 (33%) or 55+ (35%), those working in retail banking (34%), those who work 51 hours or more a week (28%), those earning $300k+ in total compensation (30%) and those in the role of Equity Portfolio Manager (29%). Those more likely to have an other Master’s degree include those in Montréal (34%) or Québec (38%), those ages 35-39 (23%), those working in government finance (33%) and those in the role of Fixed Income Portfolio Manager (29%), Risk Management (25%) or Investment Strategist/Economist (42%). Those more

likely to say they have no professional designations include those in Vancouver (40%), Calgary (49%) or Winnipeg (46%), those under the age of 30 (60%) or 30-34 (45%), those with <$100k in compensation (42%) and those in the position of Relationship Management (48%), Corporate Finance/Underwriter/Mergers & Acquisitions (41%) or Corporate/Commercial Banking (48%). C4. Which of the following professional designations and post-graduate degrees do you currently hold? 15 15 Source: http://www.doksinet Hours Findings • 31% 27% 40 or less • 18% 18% 41-45 • 26% 29% 46-50 Key Differences • 23% 26% 51+ Dont Know 3% 2015 2012 • 2015 2012 Mean 47.6 hours/week 48.4 hours/week Median 46.0 hours/week 50.0 hours/week CFA Societies Canada CFA charterholders report working an average of 47.6 hours per week, down significantly from 48.4 hours per week in 2012 About a quarter (23%) say that, on average, they work 51+ hours a week and a further 26 percent work

46-50 hours. Three in ten work 40 hours or less (31%). Those working longer hours include those in Toronto (48.6 hours), men over women (48.0 vs 459), those under the age of 30 (50.0), those working in investment banking (560) or sell-side brokerage firm (53.4), those working for the six chartered banks (49.2), those operating in the US (485) or abroad (487), those with a total compensation of $300k+ (51.0), and those in the role of Equity Portfolio Manager (49.6), Relationship Management (49.2), Sell-side Securities Analyst (532) or CEO/CAO/COO/CIO/President (50.0) Those working fewer hours include those in Edmonton (44.7), Winnipeg (45.8), Ottawa (459), Montréal (464) or Québec (437), those age 55+ (45.8), those working in retail banking (453), insurance (43.4), pension management (458) or government finance (42.8), those with <$100K in compensation (455), and those in the role of Financial Advisor/Broker/Investment Advisor (45.3), Manager of Managers (442), Portfolio Analyst

(432), Risk Management (44.1), Compliance/Regulatory (431), Accountant/Auditor (44.9), Consultant/Investment Consultant (44.3) or Treasury (456) C6. On average, how many hours per week did you work in 2014? 16 16 Source: http://www.doksinet Methodology and Sampling Method E-mail invitation to complete an online survey Respondents Members of CFA Societies from across Canada Sample lists provided by each CFA Society No screening or attempts to set quotas by member type were made Timing April 28 – May 25, 2015 Median completion time of 17.4 minutes Sample Size n = 2,606, with a response rate of 19.3 percent Statistical Significance At the national level, results are considered accurate to within +/-1.7 percentage points, 19 times out of 20 The margin of error for subgroups will be wider. CFA Societies Canada 17 17 Source: http://www.doksinet Media Inquiries/Contact Info For media inquiries, please contact: For questions regarding the survey, please contact:

Patricia Stathi Candice Spencer Canadian Region, Relationship Manager CFA Society Toronto 120 Adelaide Street West, Suite 701 Toronto, ON M5H 1T1 Phone: 416.3665755 X 235 Fax: 416.3666716 Email: media@cfatoronto.ca CFA Society Toronto 120 Adelaide Street West, Suite 701 Toronto, ON M5H 1T1 Phone: 416.3665755 X 229 Fax: 416.3666716 Email: canadianrelations@cfatoronto.ca CFA® is a registered trademark owned by CFA Institute CFA Societies Canada 18 18