IF Perth needs another symbol of its coming of age as a major commercial centre, then the launch later this week of the CFA Society could be it.
The third chapter to operate in Australia, the society represents chartered financial analysts - qualified professionals who would normally be found working as fund managers, stock market researchers or investment bankers.
The Perth chapter’s inaugural president, Wesfarmers business development, business projects manager, Claire Mortoni, said the growth in numbers in Western Australia had helped make the case to establish the society here, as well as offer those aspiring to be CFAs more access to services offered directly by the CFA Institute, which manages the education program behind the qualification.
A former London-based analyst with Goldman Sachs, Ms Mortoni said there were between 50 and 60 charter holders in WA out of about 1,500 nationally.
She said many had gained their qualification elsewhere and had returned to Perth.
“We are looking at an interesting future when it comes to Perth,” Ms Mortoni told WA Business News.
“Because of globalisation it is easier for people to be located wherever they like.”
The institute in Perth had about 120 candidates at various stages of the three-level course, which is done in an individual’s own time. Each candidate must have four years’ relevant work experience before they start the course.
“It is actually entirely the MBA without the touchy feely stuff like change management,” Ms Mortoni said. “It is finance on steroids.”
The institute is also offering the Claritas Investment Certificate, which is for those seeking a more basic understanding of financial analysis.
Despite the loss of many significant Perth-based financial services businesses during the past two decades, recent growth in a number of major niche areas has provided a range of opportunities for financial analysts, including: specialist brokers with local funds management operations; more investment banking operations; more wealthy families opting to run their own investment portfolios; and more in-house financial analyst positions at major resources companies.
The board represents people from most of these disciplines, including KPMG corporate finance advisory director James Turnbull and Patersons Asset Management head of equities Jason Chesters.
Mr Turnbull said Perth’s resources sector had evolved into an unusual area of strength for financial analysts due to the complexity of analysing projects both internally and for mergers and acquisition opportunities.
“Perth is a real niche market,” he said, pointing to a concentration in skills around testing resource projects and their financing.
“Having management expertise to pull together projects in Africa, we are developing some IP (intellectual property) in this town, as opposed to just digging holes.
“That is developing a more sustainable market.”
Other inaugural board members are: Deloitte corporate finance partner Nicki Ivory; Rio Tinto Iron Ore senior commercial analyst Terry Dillon; Roberts-family linked Warburton Group and DR Capital chief investment officer Hugh Currie; and BHP Billiton Iron Ore head of operations research Ryan Hair.
Outside of the resources sector, Perth-based funds last year accounted for more $41 billion of superannuation assets, although much of that was simply due to the master trust administrator, Asgard, being based in WA.
State government employees superannuation fund GESB, with about $13 billion under management, accounts for the next biggest slice of WA’s market.