Canadian Scholarship Trust is the nation's leading marketer of Registered Education Savings Plans (RESP), a special registered account that allows children to collect bonds and grants (free money) from the Federal Government of Canada to help cover the costs of their post-secondary education. CST Consultants Inc. (CST) is the marketing arm for the not-for-profit foundation.
According to EducationPlans.org, the CST RESP is the number one ranked Registered Education Savings Plan. The CST RESP is managed by BMO Asset Management, TD Asset Management, and CIBC Asset Management (and four additional investment firms). A complete review of the CST RESP is available here.
Founded: 1960
RESP Assets Under Management (AUM): $4.7 billion
Number of Children Assisted: 537,000+
National Presence: Yes
Industry Product Ranking: 1st (EducationPlans.org)
Compensation Rating: A- (high up-front earnings)
Clients Provided By The Firm: Yes
Up-Front Cost for Professional License: A+ (heavily subsidized by the firm)
The Opportunity
CST is currently expanding their operations in the Greater Toronto Area (GTA) and the Lower Mainland in British Columbia.
Qualified individuals receive comprehensive training and development. Client service experience is helpful, but not necessary.
Requirements
Candidates must have strong oral and written skills. English is required, with a second language being advantageous.
As CST is a financial services firm, provincial securities regulators require all applicants to have a clean criminal record and no bankruptcies.
Applicants with pleasant personalities tend to do well with the organization.
The Interview Process
Careers Canada interviews potential candidates (via EasyHire.me) before they are referred to a Hiring Manager of a national financial institution. Should a candidate prove to be a good fit for the CST opportunity we will refer the candidate, along with the appropriate hiring recommendations, to the local Hiring Manager.
Follow-up interviews are done locally, in person. CST offers a very relaxed work setting, with a strong focus on a healthy work/life balance. This is reflected in the interview process. Candidates who prefer a more rigid workplace would be advised to explore other options in financial services.
Licensing
The CST opportunity requires all individuals to hold an RESP License.
The RESP License is issued by the residing provincial securities commission (for example, the British Columbia Securities Commission or Ontario Securities Commission).
Training and study material (to pass the RESP exam) is provided by the local branch offices through online courses and in-house workshops.
The RESP License is the least difficult financial license to obtain, as the information is straight-forward and easy-to-understand. Most candidates receive their RESP License within 30 days of being accepted into the program.
The total cost of an RESP License (registered with the provincial regulatory body) is approximately $800. The company will cover 50% of this cost up-front, and has a bonus system in place to reimburse associates for the remainder of the licensing fee.
Responsibilities
CST RESP Representatives work closely with new parents to open special registered accounts (Registered Education Savings Plans) that allow children to capture their government entitlements - up to $10,400 in provincial and federal bonds/grants (free money).
Compensation
The average compensation is $500 per account that is opened. The amount varies depending on a number of factors (for example, the age of the child). An average CST RESP Representative will open 2-3 registered accounts during the course of the week. A part-time associate will typically open 1-2 registered accounts per week.
There are no quotas - qualified CST Representatives are encouraged to work at their own pace, promoting a healthy work/life balance.
Next Step
We have forwarded your contact information and virtual interview to CST. You will hear from a Hiring Manager via phone and/or email to arrange an in-person interview. Please direct any future questions about the opportunity to the Hiring Manager that connects with you.
Questions to Ask Your Hiring Manager
When exploring any opportunity in financial services, it is highly recommended that you develop a full understanding the of the opportunity being presented to you. Below are some questions that we strongly suggest you ask your Hiring Manager:
How long does it take to complete all of the training?
Who pays for the training?
If I have to pay for the training, how much does it cost?
What certificates/designations will I receive upon completion of the training?
Will I have an opportunity to shadow others who are successful with the same opportunity?
What are the skills that someone has who is typically successful with this opportunity?
Do I have to quit my job to enter the training program? (This is typically not a requirement)
What is my projected career path over the next 12 months, 24 months and 60 months?
Are there any ongoing costs associated with the opportunity (for example, a desk fee or software fees)?
Does this opportunity offer a healthy work/life balance?
During the exploration phase, may I speak with others who are currently working in the same opportunity?
The Hiring Manager will answer all of your questions. Firms are looking for the best fit for you AND for them. Communication is key in starting your new opportunity with the best possible chance of obtaining the success you desire.