The summer after Grant Kernaghan won the gold medal for scoring top marks on the 1996 Uniform Final Exam, he hopped on a plane to Dublin to visit the land of his ancestors. Once there, the adventurous CA decided to take on a novel challenge, perhaps more trying than the UFE itself. During the country's rainiest season, he endeavoured to cycle his way around Ireland's wildly rugged coastline, first southward, then north again to Donegal - "till a fierce gale blew in off the Atlantic and forced me to throw in the towel." Like all successful people, he knew when to persevere and when to quit and move on to something new. The following year, Kernaghan divined his career path and decided to pursue investment banking overseas.

Kernaghan is one of 13 chartered accountants in Canada - among some 30,000 UFE writers during the 1990s - who received the Governor General's Award for their outstanding achievement on what most CAs state unequivocally to be a killer exam. He is also one of nearly a third of the medalists who have chosen investment banking for their livelihood. A whopping five are still in public practice, one just recently started his own practice, and one's happily growing his father's family business.

A little digging into the lives of the profession's acclaimed "best and brightest" has unearthed some other, more peculiar, truths. For a group of people who aced one of the toughest exams around, these CAs are an awfully modest bunch. Upon hearing news of their success, several were convinced a prank was being played on them; one actually thought he was being fired, then took up smoking while waiting for the final verdict. Not a single CA among them dared to dream of the pot of gold at the end of the rainbow.

For a number of these chartered accountants, the memory of winning the gold medal is a distant one; yet, they still think of it as an Aladdin's lamp of sorts: rub it a little and only good can come of it. Most spoke of the confidence, credibility and newfound respect the award brought them, and of the doors it opened, stressing that you can't rest on your laurels forever. You've got to keep proving your mettle. Regardless, Kernaghan is certain that if it wasn't for the gold, he "definitely wouldn't be sitting here in an office at Schroder Salomon Smith Barney in London, England."

As for where, exactly, the majority of the gold medalists are sitting today, the following vignettes will reveal something perhaps unexpected. Their permanent dwelling place may come as a surprise, as might the fact that the careers of these UFE dynamos aren't so very different from those of most other CAs. (Still, for a relatively small group, there seems to be a disproportionately high number of MBAs, CPAs, and the like.) Another intriguing discovery lies in the numbers - of men versus women, that is. Compared with the 1980s, when most of the gold medalists were women, this decade shows a dramatic flip to the other side of the gender coin.

ELLEN BREEN (née Pinchin), CA
Medal Year: 1990
Articled at: Peat Marwick Thorne, Ottawa
Present Title: Senior Principal, KPMG, Calgary
The Account: When she won the gold, Ellen Breen never imagined she'd still be in public practice a decade later. "I thought I'd end up in industry but the longer I stayed with the firm, the better it got." As senior principal in KPMG's assurance practice, and the mother of three boys, she has summers off, working full-time only during the busy seasons. Breen has been running the local UFE program at KPMG since 1994.

Great Expectations: "I was so shocked, I didn't have any specific thoughts [about what the gold medal would do for me]. It was a huge event in my life back then, something I am real proud of."

The Payback: "Lots of times, from a career point of view, it comes in handy and still opens doors. I don't pull it out of my hat too often, but when I do, my students listen."

BARRY REMAI, CA
Medal Year: 1991
Articled at: Price Waterhouse, Calgary
Present Title: Vice-President, Remai Construction Group Inc., Saskatoon
The Account: Odd as it may seem, a fax machine helped Barry Remai decide his career direction. "Back in 1992-'93, when I was articling at PW, my father bought me a fax, so he could send me information on the deals he was working on and get some advice. Advising him started to feel like a second job, so I had to decide whether to stay the route or make a choice." The opportunity to get in on the front lines of the family business was too good to pass up. Remai also served on the Education Re-engineering Task Force.

Great Expectations:"You go into the day hoping to pass. When you pass with flying colours, it's a shock. When you're 24 or 25, you don't necessarily know what opportunities are available to you. I thought there would be increased opportunities within Price Waterhouse.

The Golden Effect "The gold medal is certainly a feather in your cap. My level of responsibility was upped a notch when I won. But I don't think it made a difference as far as my career choice goes. It could have opened doors that weren't there before, but those were ones I never intended to go through anyway."

The Payback: "Ultimately, winning the gold can only take you so far. Performance, delivery and results are what determine your success."

ELIZABETH WILSON, CA, CPA
Medal Year: 1992
Articled at: KPMG, Toronto
Present Title: Partner, KPMG, North York, ON
The Account: Once set on being a dentist, Beth Wilson is now sinking her teeth into the business of electronics manufacturers and startups: she's a member of the technology group at KPMG. "I always saw myself in a long-term career with the firm," says Wilson.

Great Expectations:: "I expected it to open a lot of doors, help me establish technical credibility, and raise my visibility within the firm."

The Golden Effect "My responsibilities were increased, I received more challenging clients. It also accelerated my transfer into the department of professional practice." The gold also secured her a position at the University of Toronto teaching accounting, and made it possible for her to get involved almost immediately with the Institute of Chartered Accountants of Ontario. Throughout her career, Wilson has been actively involved in education, and is a member of the CICA Board of Examiners. While she believes changes to the UFE will be great for the system, she says its strong points will survive in the new version.

The Payback: "It came pretty close [to meeting my career expectations]."

PAUL VAN BAKEL, CA
Medal Year: 1993
Articled at: Ernst & Young, Kitchener, ON
Present Title: Controller, Ledco Ltd., Kitchener, ON
The Account:: Paul Van Bakel always thought he'd work in a small CA office, in a rural setting. Instead, he's busy revving up the financial engine of Ledco, an automotive parts manufacturer. "As the senior financial person, my position is the same as that of a CFO. I like being hands on, and being able to make a difference." Van Bakel also marks UFE exams.

Great Expectations:: "It made me think of Andy Warhol's 15 minutes. I knew there would be a lot of notoriety. It was both exciting and scary."

The Golden Effect "It was a lot of fun. Because of the recognition, I got to meet a number of senior partners at E & Y and many people from the provincial institute and the CICA, and was asked to be part of the UFE prep process - which was great. As well, I got to talk to a senior partner and express my interest in becoming a tax specialist. Actually, I was in the process of transferring to tax, when I got an offer from Dalsa, one of the firm's high-tech clients."

The Payback: "I'm pleased with the opportunities that have arisen from it."

KATE HORRICKS (née Burgoin), CA,MBA, CFA (Level III)
Medal Year: 1994
Articled at: Deloitte & Touche, Ottawa
Present Title: Associate, Goldman Sachs, High-technology Investment Banking Division, Menlo Park, California
The Account: After working at Deloitte & Touche and Nortel, Kate Horricks spent two years at Stanford acquiring an MBA before heading off to sunny Silicon Valley, where she recently landed a job at Goldman Sachs as an investment banker. "When I was at Deloitte & Touche and Nortel, I was in a purely accounting role. I thought that doing my MBA would broaden my opportunities."

Great Expectations: "It sort of made me realize personally that I could do anything." It also inspired her to think about doing her MBA.

The Golden Effect "Winning the gold certainly didn't hurt on my application [to Stanford]." She's also sure that it got her the transfer to the national office while she was working at Deloitte & Touche.

GREG MELIGREGORIS, CA
Medal Year: 1995
Articled at: Ernst & Young, Montreal
Present: Candidate for MBA, 2002, Richard Ivey School of Business, University of Western Ontario
The Account: Greg Meligregoris left Ernst & Young to enter the MBA program in 2000 because he thought that "a general management program would be a good complement to my quantitative skills."

Great Expectations: "I knew that it would not be difficult to get an interview with pretty much any firm I wanted."

The Golden Effect "I used the gold to transfer to corporate finance at Ernst & Young after I finished my 24-month articling period." Normally, CAs work at least four years in audit. "You do indeed get more offers, along with a newfound respect. Senior partners listen more readily to what you have to say." Meligregoris was invited by McGill University to teach the Financial Accounting IV course to candidates for the Graduate Diploma in Public Accounting; in the summer of 1996, he also participated in Concordia's Summer School in Chartered Accounting.

The Payback "I'm very satisfied with the way things have turned out. I am really happy that I stayed and got the learning that I got. The experience was fantastic."

BLAIR COOK, CA
Medal Year: 1995
Articled at: Grant Thornton, Kentville, Nova Scotia
Present Title: Financial Planning Manager, Sempre Atlantic Gas, Halifax
Present: Candidate for MBA, 2002
The Account: Last year, Blair Cook was seconded to Nova Scotia-based oil and gas company Sempra Atlantic Gas from Grant Thornton LLP, where he'd been for seven years. In December 1999, Sempra was awarded a franchise to distribute natural gas in Nova Scotia; they have seven years to lay 8,000 kilometres of pipe. "Natural gas is very new in this end of the country and I want to be the one to figure out how it's going to work out here." Cook's "retirement plan" is to teach full time at a university but, for now, he's busy pursuing an MBA, and striving to ensure his fellow Nova Scotians will be warm at night.

Great Expectations: "Everyone said I'd be recruited, and I would end up working in Toronto."

The Golden Effect: Winning the gold medal gave him a lot of confidence. "If you can get through the UFE, you can pretty much take on anything."

The Payback "I certainly wasn't disappointed. I never had expectations of making millions and living in a mansion in Toronto. I took what people said with a grain of salt. The gold never lived up to its billing in that respect. But it was a fantastic experience."

PATRICE OUIMET, CA
Medal Year: 1996
Articled at: Ernst & Young, Montreal
Present Title: Associate, CIBC World Banking, Montreal
The Account: Patrice Ouimet doesn't care too much for bright lights and big cities. When he started in investment banking after two years as an auditor at Ernst & Young, he chose Toronto over New York, London or Tokyo. "I've got to be able to get to the countryside easily and see some trees." After a year in TO, he's back in Montreal working on M&A deals. "I'm constantly bombarded with information, so I have to focus. The CA training and the UFE helped me prioritize."

Great Expectations: "I didn't have any wild fantasies because I am not an artist."
The Golden Effect "Winning the gold gives you an edge at the beginning. You get more attention internally - which can facilitate changing departments." And if your cap is not set on the firm, the medal works magic getting your foot in outside doors. "That's how I got the first interview with CIBC."

The Payback "Every day in the papers, you see journalists commenting on deals, some of which I've worked on. It's quite exciting. Actually, it's more exciting than I ever thought it would be!"
Photo: Paul Orenstein

GRANT KERNAGHAN, CA
Medal Year: 1996
Articled at: Deloitte & Touche, Toronto
Present Title: Associate, Investment Banking, Schroder Salomon Smith Barney London, England
Currently: working on completing CFA
The Account:: After traveling around Europe, Grant Kernaghan decided it was time to leave the firm, and Canada. Kernaghan now spends his 12-hour-plus days working in the European investment bank's mergers and acquisitions team, advising European companies. "It's such a dynamic organization. I really couldn't ask for anything more."

Great Expectations: "When I won the gold medal, I realized it opened more doors than I had ever imagined, and that I could pick and choose from among any finance careers."

The Golden Effect "The calls I received from headhunters rose dramatically. I was even getting job offers for which I was completely unqualified!"

The Payback: "I never would have thought that I would be working in a London bulge-bracket investment firm. It's turned out better than I would have expected."

DAN BUCHLER, CA, CPA
Medal Year: 1997
Articled at: Ernst & Young, Ottawa
Present Title: Manager, Ernst & Young, Ottawa
Currently: working toward CFA
The Account: The only door Dan Buchler wanted opened for him after he scored a perfect 400 on the UFE was already wide open: the door to the high-tech world where he'd been gradually gaining his expertise at E & Y. Now, much of his time in the mergers and acquisitions/due diligence practice is spent ferreting out the "skeletons" and "landmines" that attempt to threaten those clients he works so hard to service, as well as traveling to the States (the majority of target companies are US-based).

Great Expectations: "I knew it would open up opportunities inside and outside the firm."

The Payback: "I'm pretty happy with the way things have gone."

JETHRO BUSHENBAUM, CA
Medal Year: 1998
Articled at: Ernst & Young, Montreal
Present Title: Sole Practitioner, Toronto
The Account: While most Canadians spent this Christmas in a winter wonderland, Jethro Bushenbaum was backpacking his way across the exotic terrain of Thailand, Singapore and Malaysia. One of the reasons he went into sole practice was that it would allow him the freedom to travel. After winning the gold medal (coming only one point shy of scoring 400), he spent a year as an operations auditor in industry, and then another six months at a small CA firm as senior manager before he made up his mind to set up a sole shop in Toronto. He has about a dozen clients (management, construction and real estate firms) and focuses on year end.
Photo: Paul Orenstein

MARC-ANDRÉ LACROIX, CA
Medal Year: 1999
Articled at: Ernst & Young, Montreal
Present Title: Senior Staff Accountant, Ernst & Young, Montreal
The Account: "C'était comme la cerise sur le gâteau!" That's the metaphor Marc-André Lacroix uses to describe placing first in Canada on the 1999 Uniform Final Exam. "Since I was very young," says Lacroix, "I wanted to be a CA."

The Golden Effect: "Private companies read about you [winning the gold medal] in the papers and pursue you. Within the firm, it gives you more exposure and raises your profile."
Photo: Paul Orenstein