Why RBC Hires the Most CFAs
On May 1st, 2025, an email blast went out from the CFA Institute to RBC employees notifying them of the news; RBC is now the leader among employers in terms of the number of CFA Charterholders employed. 2,390 of the total 204,000 CFA Charterholders work at RBC, the highest number for any single employer worldwide.
Why does RBC hire so many CFA Charterholders?
The value of the CFA designation is a topic of endless debate, however, one thing is certain - obtaining the designation takes a tremendous amount of effort and displays a strong dedication and interest in working in the field of finance. As discussed in our Should You Pursue the CFA blog post, the CFA curriculum covers an extremely broad set of topics in terms of the general finance universe. The subject matter is so broad, in fact, that any one person is extremely unlikely to ever tap into all of it - but a large organization just might.
Consider that RBC has major divisions like:
RBC Capital Markets (investment banking, trading, and research)
RBC Global Asset Management (institutional and retail investment management)
RBC Wealth Management (high-net-worth client advisory)
These areas benefit greatly from the CFA curriculum, which emphasizes:
Financial analysis
Equity and fixed income valuation
Portfolio management
Ethical and professional standards
Why does a Canadian Bank lead the CFA charge?
Canada number of CFA charterholders per capita on the planet. As per 2022 statistics, there were just under 20,000 CFA exam takers in Canada compared to just under 40,000 in the United States. Given that Canada’s population is roughly 1/10th that of the United States, CFA charterholders are ~4-5x as common in Canada compared to south of the border.
This phenomenon is not limited to the CFA, but rather most academic/educational credentials in general (yes, including the CPA). This “credential inflation” is driven by a mix of competitive job markets, employer expectations, and industry dynamics. Toronto has many universities with strong business and finance programs (e.g., Rotman, Schulich, Queen’s, Western). As more students enter the finance field, the job market becomes saturated. The CFA becomes a way to stand out, even for entry-level roles. With Toronto being a top-tier financial hub, and the place to be in Canada, there’s strong competition not just locally, but also from international talent. Lastly, as the credential becomes more and more common, employers start to raise the bar, using the CFA as an easy screening tool to identify candidates with technical and ethical training.
