CFA Society Toronto - Members Only

The Analyst - March 2019

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2 © 2019 CFA Society Toronto THE ANALYST | March 2019 EDITORIAL BROOKE SMITH March 2019 Table of Contents EDITORIAL .......................................................... 2 BOARD CHAIR MESSAGE .................................. 3 FROM THE DESK OF THE CEO ............................ 4 UPFRONT BOOKS FOR BUSINESS ............................ 6 INVESTMENT NEWS THE DIVERSITY OF CHALLENGES TO THE INVESTMENT INDUSTRY .......... 10 DIVERSITY AND INCLUSION DRIVING CHANGE .................................... 12 CAREER ADVICE DIVERSITY'S OUR STRENGTH IN CANADA ................................................ 13 EVENTS THE NEW RULES TO ATTRACT AFFLUENT CLIENTS ................................. 14 A NEW STRUCTURE ................................ 16 2018 ANNUAL INVESTMENT DINNER ...................................................... 18 BREAKFAST WITH THE GOVERNOR .... 20 BLOCKCHAIN AND CRYPTOCURRENCIES FROM A PORTFOLIO PERSPECTIVE .... 22 CHARTERHOLDER PROFILE THE FOUNDER ......................................... 24 CONGRATULATIONS CFA CHARTERHOLDERS ........................ 26 CLOSING THE GAP Last year, I was stunned to hear that Canada had been ranked 35th by the World Economic Forum (WEF) in terms of gender inequality. The 2016 report released by the WEF indicated that, if current trends persist, the global gender pay gap won't be closed for another 170 years. South of the border, American men earn, on average, 24.1 percent more base pay than women, according to a recent survey by Glassdoor. Women in computer programming, dentistry, and the C-suite, for example, earn 72 cents for every dollar earned by men. The Glassdoor survey did indicate that there are some professions where women make slightly more than their male counterparts: women in social work and merchandising, for example, earn $1.08 to the dollar for men. Sports, too, has its salary highs and lows. On the positive side, the World Marathon Majors—Berlin, Boston, Chicago, London, New York, and Tokyo—offer $500,000 to each male and female winner. The same amount of prize money goes to the winners (male and female) of each of the four tennis Grand Slams. Unfortunately, this is not the case for golf, basketball, or soccer. On the 2018 PGA Tour, the 100th place male golfer earned $1.22 million, compared to the LPGA Tour's 100th place woman, who earned $113,000. In the 2015/16 basketball season, the maximum salary for WNBA players was $109,500; for NBA players, it was $16.4 million. And the U.S. Women's National Soccer Team won $2 million for winning the Women's World Cup in 2015. Germany's men's team received $35 million for its 2014 World Cup win. Of course, pay equity is only one part—albeit an important part—of the larger issue: gender diversity. And the majority of men and women agree that diversity is key for businesses. According to a KPMG report surveying 900 respondents in the alternative investments space, 76 percent of men and 84 percent of women agreed achieving gender diversity is a business imperative. For its part, CFA Institute released its diversity and inclusion report last fall. Robyn Graham looks at the report more closely and its 20 recommendations for organizations (page 12). Or, if you're struggling to close your workplace gender gap, That's What She Said by Joanne Lipman (page 8) offers solutions to help. In the meantime, we must all work to close the gender gap, because 170 years is just too long to wait. FOLLOW US ON TWITTER AND LINKEDIN Opinions expressed in The Analyst do not necessarily represent those of the authors' firms of employment or of CFA Society Toronto and do not constitute a solicitation for the purchase or sale of any financial instruments. Information herein is obtained from various sources and is not guaranteed for accuracy or completeness. The authors' firms and CFA Society Toronto therefore disclaim any liability arising from the use of information in this publication.

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