In 2022, 25 candidates, which was seventeen fewer than last year, participated in the Oral Board of Examination. Of these candidates, 21 were challenging the Board for the first time, while 4 were returning candidates. This year, the Office of the Superintendent of Bankruptcy (OSB) also implemented a pilot project to offer the option to sit an Oral Board for a licence limited to either consumer or corporate matters.
Due to the COVID-19 pandemic and the restrictions imposed in various jurisdictions, all oral Board examinations were held virtually again this year. Candidates were able to adapt and many appreciated the virtual nature of the examination, although a few candidates indicated a preference for an in-person Oral Board.
The members of the Board recommended that trustee licences be issued to 16 candidates. This corresponds to a success rate of 64% for the 2022 Oral Board Examinations. Of the 16 candidates who succeeded, one was issued a limited licence with conditions, one was issued a licence with conditions and one was issued a limited licence. Two candidates who opted for an Oral Board for a limited consumer licence both succeeded.
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 nine candidates who did not receive a recommendation for a licence:
- Two did not successfully demonstrate any of the three competencies;
- Two did not successfully demonstrate two of the three competencies;
- Five did not successfully demonstrate Effective Judgment and Strategic Thinking;
- Five did not successfully demonstrate Business Ethics and Professional Skills;
- Four did not successfully demonstrate the Ability to Communicate Orally.
All the returning candidates received a positive recommendation this year.
Over the past five years, 178 candidates have challenged the Oral Board of Examination. During this period, 128 licences were issued, representing a success rate of 72%.
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 73% 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.
The highest success rate was achieved by candidates under 30 years of age.
Candidate success rates at the Oral Board of Examination generally increases with the level of education.
Experience in Insolvency
The highest success rate was achieved by candidates who had between five and nine years of work experience in insolvency.
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 2022.
The employment equity groups were fairly well represented in this year’s candidate cohort. Of the 25 candidates, 75% were women and 33% self-identified as visible minorities. In order to protect the confidentiality of the personal information of the candidates who self-identified as persons with disabilities 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.
It is very encouraging to note that a high percentage of candidates were successful. 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, which features an OSB information session on the Oral Board Examinations process. It is also recommended that candidates attend the virtual candidate orientation session, which explains the methodology for the Oral Board 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.