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Financial Planning and Budgeting
- 1. Junior Achievement – Economics of Success Facilitated by: Kwan Ho Fok
- 2. Agenda • What is Financial Literacy? • What is a Chartered Accountant (CA) Designation? • A Snapshot of your Life • Financial Planning
- 4. What is Financial Literacy? • Knowledge, skills, and confidence to make responsible financial decisions Financial Literacy Chartered Accountant Snapshot Financial Planning
- 5. Why Financial Literacy? • 30% feel they will not be able to retire at 65 • 49% don’t do any research regarding their investments • 53% do not contribute to their Registered Retirement Savings Plans annually • 58% do not have a financial plan Financial Literacy Chartered Accountant Snapshot Financial Planning
- 6. Lacking Financial Literacy Debt-to-Income Ratio Personal Savings Rate Financial Literacy Chartered Accountant Snapshot Financial Planning
- 7. Someone like a CA! Financial Literacy Chartered Accountant Snapshot Financial Planning
- 8. What is a CA Designation? • Internationally recognized professional designation • All forms of businesses and finance – Audit, taxation, finance, assurance • Opportunities to work abroad Financial Literacy Chartered Accountant Snapshot Financial Planning
- 9. Where are CA Professionals? Public Accounting Firms Industry Financial Literacy Chartered Accountant Snapshot Financial Planning
- 10. Characteristics of a CA 1. Interest in organizations as a whole 2. Strong interpersonal, leadership, and teamwork skills 3. Broad knowledge 4. Flexibility – practical and theoretical Financial Literacy Chartered Accountant Snapshot Financial Planning
- 11. A Snapshot of your Life 1. Graduate High School and Enter University 2. Graduate from an Accredited University Program 3. CA Training 4. Take the ICAO Professional Program 5. Obtain CA Designation 6. Repay your Student Loan 7. Investments 8. Retirement 9. Death Financial Literacy Chartered Accountant Snapshot Financial Planning
- 12. Activity 2: Financial Planning and Budgeting Financial Literacy Chartered Accountant Snapshot Financial Planning
- 13. Graduate High School and Enter University Variety of Extra-Curricular Courses Activities Find the right University Financial Literacy Chartered Accountant Snapshot Financial Planning
- 14. Graduate from an Recognized Accounting Program Academics Extra-curriculars Financial Literacy Chartered Accountant Snapshot Financial Planning
- 15. CA Training Financial Literacy Chartered Accountant Snapshot Financial Planning
- 16. Take the ICAO Professional Program Financial Literacy Chartered Accountant Snapshot Financial Planning
- 17. Obtain CA Designation Financial Literacy Chartered Accountant Snapshot Financial Planning
- 18. Repay your Student Loan • Average Domestic Tuition at: – Rotman Commerce: $46939.27 – Schulich School of Business: $33457.20 – Queen’s School of Business: $52811.00 • Average First-Year CA Salary: $74,400 Financial Literacy Chartered Accountant Snapshot Financial Planning
- 19. Investments Financial Literacy Chartered Accountant Snapshot Financial Planning
- 20. Retirement Financial Literacy Chartered Accountant Snapshot Financial Planning
- 21. Death Financial Literacy Chartered Accountant Snapshot Financial Planning
- 22. Activity 3: Financial Planning and Budgeting Financial Literacy Chartered Accountant Snapshot Financial Planning
- 23. Activity 4: Checklist to be a CA Financial Literacy Chartered Accountant Snapshot Financial Planning
- 24. Information and Inquiries • http://jafinancialplanningandbudgeting.weebly.com Kwan Ho Fok kwanho.fok@utoronto.ca Financial Literacy Chartered Accountant Snapshot Financial Planning
- 25. “Financial literacy is a critical issue that is becoming increasingly important in Canada and around the world. Canadians must acquire and enhance their financial life skills.” Ursula Menke, Commissioner, FCAC
- 26. Learn from the Past, Think in the Present, Plan for the Future.
Editor's Notes
- Relate to myself throughout this presentation, taking a personal approach on this and hoping you can learn more this way
- Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions
- Although Canadians often feel that they are well informed about the financial world, the findings clearly indicate otherwise.Many consumers do not know as much as they should about the products and services they use. In many cases, they lack even the basic financial knowledge necessary to make good decisions about their money30% of Canadians feel they will not be able to retire at age 6553% of Canadians do not contribute to their Registered Retirement Savings Plans each year80% of Canadians do not know their credit score.61% of Canadians do not have a financial advisor.52% of Canadians are not aware of any free credit or debt counselling services available in Canada.49% don’t do any homework regarding their investments.58% do not have a financial planFinancial Consumer Agency of Canada (FCAC)Financial Literacy Month (FLM)November 2011Best part: it’s a long-term, permanent benefit
- Canada’s debt-to-income ratio rose from 55% in 1983 to 105% in 2003.From 2001, total debt to disposable income has increased steadily in both countriesBy 2002 had surpassed disposable income. By 2005, for each dollar of disposable income, Canadians owed $1.16 and Americans $1.24. Some caused by low rates of interest, easy credit through home equity loans, and increased limits and incentives on credit cards issued by competing financial institutions
- 1. Pervasive qualities and skills which include:Ethical behaviour and professionalism,Personal attributes such as accountability, adaptability to change and the ability to self manage, take initiative and add value; andProfessional skills such as communication, problem solving and management.2. The specific competencies - in six categories:Governance, Strategy, and Risk ManagementPerformance Measurement and ReportingAssuranceFinanceManagement Decision Making; andTaxation
- Flexibility, open to experiences – practical and theoreticalKeeping these in mind, I will now bring you on a journey to success
- Remember to consider the expenses, revenues, who the payer is, and if you will be in debt at each stage
- Change colour
- Interest in examining organizations as a wholeStrong interpersonal, leadership, and teamwork skillsBroad knowledgeFlexibility – practical and theoreticalDo not only take business courses, take sciences, mathematics, languages, and art courses as well Work closely with students in non-business courses, learn from others’ experiences, and accept new chances and opportunities Broaden your knowledge, helps you meet students with a different focus for education – CAs always meet people from different industries and sectors Different kinds of field trips (e.g. visiting the Canadian Historic Archives in Ottawa, ROM, AGO, forests, learning first-hand) Obtain general information for each field of study that you can apply later onParticipate in extra-curricular activities Build on leadership skills by working with others for a unified goal – gaining experience in planning for events, communicating with external representatives Meet external representatives, learn more about operations in the real world Meeting new individuals, developing or working for a passion Senior executives of student groups are allowed to learn and operate the group at a high standardChoose the University that you fit best inOnes that provide a wide range of opportunities which enrich the overall experience
- Interest in examining organizations as a wholeStrong interpersonal, leadership, and teamwork skillsBroad knowledgeFlexibility – practical and theoreticalGraduate from an Accredited University Program that fulfills the offers the 17 specific courses known as the ‘51 credit-hour requirements’ for the CA designation Similar to high school, but expanding towards external opportunitiesE.g. Director of Corporate Relations, President of RCPA, Treasurer for UTERNParticipate in case competitions and conferences – internal or externalNetwork with firm representatives, learn how to work with new individuals and develop case presentations within time constraintsCase and conference topics change every time and they introduce and expose students to potentially new information that they do not know aboutAttend events that were not previous offered, provides them with new experiences by meeting new peopleCases often have an overview and provides background information about the whole organization to assist in case solvingWork-life balance between academics/extra-curriculars and family/social life Helps prepare students for CA designation
- Get an internship or full time position at a Big 4 Accounting firm or CATO firm to start gaining practical experience and completing the ________ hours
- 2. The specific competencies - in six categories:Governance, Strategy, and Risk ManagementPerformance Measurement and ReportingAssuranceFinanceManagement Decision Making; andTaxation
- car, house, children, pension funds, mutual funds49% don’t do any homework regarding their investments
- Senior homeGrandchildren
- Financial Consumer Agency of Canada