General
In 2023, 38 candidates, 13 more than last year, participated in the Oral Board of Examination. Of these candidates, 30 were challenging the Board for the first time, while 8 were returning candidates. The Office of the Superintendent of Bankruptcy (OSB) is continuing to offer the option to sit an Oral Board for a licence limited to either consumer or commercial matters.
Results
The Oral Board examinations were again held in a virtual setting. The members of the Board recommended that trustee licences be issued to 30 candidates. This corresponds to a success rate of 79% for the 2023 Oral Board Examinations, an increase of 15% from 2022. Of the 30 candidates who succeeded, six were issued a licence with conditions and three were issued a limited licence. Four candidates requested the limited licensing option - two consumer and two commercial. Three of four (75%) were successful.
Most candidates were well prepared and demonstrated the required skills assessed during the examination: Effective Judgment and Strategic Thinking, Business Ethics and Professional Skills, and Ability to Communicate Orally.
Of the eight candidates who did not receive a recommendation for a licence:
- Five did not successfully demonstrate any of the three competencies;
- Three did not successfully demonstrate two of the three competencies;
All of the eight returning candidates received a positive recommendation this year.
Observations
Over the past five years, 183 candidates have challenged the Oral Board of Examination. During this period, 133 licences were issued, representing a success rate of 73%.
In all, 25% of candidates have challenged the Oral Board of Examination on more than one occasion. Of these candidates, a licence was issued to 78% on a subsequent attempt.
The charts below provide information on the success rate of candidates over the past five years based on age, highest level of education and work experience in insolvency.
Age
The highest success rate was achieved by candidates less than 30 years of age.
Figure 1: Success Rate of Candidates by Age
Education
Candidate success rates at the Oral Board of Examination generally increases with the level of education.
Figure 2: Success Rate of Candidates by Education
Experience in Insolvency
The highest success rate was achieved by candidates who had between five and nine years of work experience in insolvency.
Figure 3: Success rate of Candidates by Work Experience
Employment Equity Groups
As published in the 2020 Oral Board Examination results and building on the OSB’s 2019-20 Business Plan priority, Representativeness in the Licensed Insolvency Trustee Profession, this section focuses on the representativeness of employment equity groups among the candidates who challenged the Oral Board in 2023.
The employment equity groups were fairly well represented in this year’s candidate cohort. Of the 38 candidates, 50% were women and 18% self-identified as a visible minority. In order to protect the confidentiality of the personal information of the candidates who self-identified as a person with a disability or an Indigenous person, these percentages are not included. It is important to note that self-identification with employment equity groups is optional and voluntary.
Conclusion
It is very encouraging to note that a high percentage of candidates were successful in 2023. This success rate supports the conclusion that the candidates felt comfortable taking the examination in a virtual environment. In preparation for the Oral Board of Examination, it is recommended that candidates participate in the Canadian Association of Insolvency and Restructuring Professionals’ Tutorial. It is also recommended that candidates attend the virtual candidate orientation session, which explains the methodology for the Oral Board of Examination.
The OSB encourages Oral Board candidates who belong to employment equity groups - that is, women, visible minorities, Indigenous peoples and persons with disabilities - to self-identify and thereby assist the OSB monitor success rates and improve Representativeness in the Licensed Insolvency Trustee profession.