Have you ever wondered why a majority of individual investors ask their friends and family for investment advice, even though they may not have the requisite skills or experience to provide it?
★相關(guān)注意1：學(xué)習(xí)復(fù)習(xí)不到位
CFA考試知識點(diǎn)多，內(nèi)容龐雜，部分考生是無金融專業(yè)背景的學(xué)生或在職人士，平時(shí)工作繁忙，沒時(shí)間認(rèn)真閱讀原版教材，只是 根據(jù)考綱進(jìn)行粗線條地復(fù)習(xí)，囫圇吞棗從而復(fù)習(xí)不到位,影響考試成績.
★相關(guān)注意2：專業(yè)基礎(chǔ)薄弱
CFA考試具有很強(qiáng)的專業(yè)性,要求考生的專業(yè)化程度很高. 一級考試中的FSA部分占較大比重,給沒有任何會計(jì)知識的考生帶來很大 挑戰(zhàn).
★相關(guān)注意3：考試技巧不足
CFA考試考點(diǎn)多,難度大,考題量大,時(shí)間短.考生盲目地在某個(gè)部分投入過多時(shí)間會造成其它部分題目沒時(shí)間做,從而極大影響考 試心態(tài),建議考生嚴(yán)格控制做題時(shí)間.
★相關(guān)注意4：.備考策略
1）. 所有知識點(diǎn)和公式要做到爛熟于胸
2). 制定合理的學(xué)習(xí)時(shí)間進(jìn)度表并嚴(yán)格按照計(jì)劃進(jìn)行學(xué)習(xí)復(fù)習(xí)，CFA考試的準(zhǔn)備過程是對考生耐力和意志力的考驗(yàn),建議考生嚴(yán)格 按照制定的學(xué)習(xí)計(jì)劃進(jìn)行學(xué)習(xí)復(fù)習(xí).
★經(jīng)驗(yàn)指南<建議>
考生應(yīng)根據(jù)自身專業(yè)背景和金融基礎(chǔ)詳細(xì)制定學(xué)習(xí)計(jì)劃
1.每周約10至15小時(shí),共約18周進(jìn)行CFA的學(xué)習(xí)
2.每個(gè)session至少需一周時(shí)間學(xué)習(xí)
3.臨考前預(yù)留四到六周時(shí)間反復(fù)操練習(xí)題并進(jìn)行模擬考試
4.考試前兩個(gè)學(xué)習(xí)日強(qiáng)化公式記憶
5.在認(rèn)真學(xué)習(xí)完一遍Study Notes后， 學(xué)員應(yīng)根據(jù)自身情況及LOS的要求，找出考試要點(diǎn)、難點(diǎn)，逐個(gè)攻破。
每個(gè)Study session的學(xué)習(xí)內(nèi)容都是自成體系，考生可分科目進(jìn)行復(fù)習(xí)，總結(jié)各科目的理論、公式，經(jīng)典題及難題。在深入理解各科知識點(diǎn)的基礎(chǔ)上，再將整個(gè)知識體系融會貫通，全面性、條理性、邏輯性地把握知識要點(diǎn)。
★經(jīng)驗(yàn)指南:三個(gè)重點(diǎn)
1).從考試內(nèi)容比重來看，F(xiàn)SA, Equity,Corporate Finance以及Fixed Income占分較多,考生應(yīng)側(cè)重學(xué)習(xí).
FSA部分在實(shí)際考試中很強(qiáng)調(diào)對不同accounting method的理解,其中LIFO,FIFO的對比,Revenue recognition方式的使用范圍,及對Financial ratio的影響.Operating/Capital lease財(cái)務(wù)比率對比等內(nèi)容每年必考.FSA部分是CFA考試通過的關(guān)鍵.如果時(shí)間和精力有限,建議從這部分先開始看.Corporate Finance在學(xué)習(xí)過程中由于知識點(diǎn)較為連貫,是CFA一級考試比較容易拿分的部分,建議考生牢固掌握WACC,DDM,CAPM等知識重點(diǎn),保證考試時(shí)的答題正確率.
2).熟練掌握公式和概念間的互動(dòng)關(guān)系.
CFA一級考試題量大,時(shí)間短,因?yàn)榻ㄗh考生在理解性記憶的基礎(chǔ)上強(qiáng)制性記憶.例如:LIFO和FIFO對Net Income,cash flow的影響,在考場上沒有時(shí)間去一步步推導(dǎo)它們之間的關(guān)系,而是一下就能想到在物價(jià)水平不變和上升的市場環(huán)境中,使用LIFO的現(xiàn)金流相對于FIFO方法要偏大.,真正做到將公式和互動(dòng)關(guān)系爛熟于胸.
3). 模擬做題至關(guān)重要:
答題速度是通過CFA一級考試的關(guān)鍵.CFA考試是對考生能力和體力的雙重考核,試想一個(gè)從沒跑過一萬米的人去參加一萬米比較,成績可想而知.模擬做題的目的在于鞏固學(xué)習(xí)成果,提高做題速度,找出薄弱環(huán)節(jié)并彌補(bǔ)學(xué)習(xí)的不足之處.
★.建議考生參加專業(yè)課程培訓(xùn) 或 購買cfa視頻授課光盤
CFA是一張綜合能力證書,其備考過程就是知識積累,能力培養(yǎng)的過程,變專業(yè)知識為個(gè)人實(shí)際能力才是投資CFA考試的收益.CFA一級考試的所有知識點(diǎn)在隨后的二級三級考試中都會被要求綜合應(yīng)用.CFA一級學(xué)習(xí)如果基礎(chǔ)打的不扎實(shí)會直接影響二級考試的成
功與否.
請您閱覽下面是CFA介紹和拿到CFA知識證書去年的統(tǒng)計(jì)工作年薪： CFA(Chartered Financial Analyst),簡稱美國特許金融分析師，是全球金融界為推崇的金融投資專業(yè)資格。CFA知識體系涵蓋了投資分析行業(yè)必備的專業(yè)知識：金融數(shù)量分析，西方經(jīng)濟(jì)學(xué)，財(cái)務(wù)報(bào)表分析，公司理財(cái)基礎(chǔ)，權(quán)益類證券產(chǎn)品、固定收益產(chǎn)品、金融衍生品和其它類投資產(chǎn)品分析。CFA特許狀是由美國的CFA協(xié)會所授與，該協(xié)會是全世界上的投資行業(yè)專業(yè)團(tuán)體之一。截止到2009年，全球共有86800名CFA 持證人，98300名CFA會員。目前，擁有多CFA持證人的雇主包括美國銀行、花旗集團(tuán)、瑞士信貸、德意志銀行、高盛、匯豐銀行、摩根大通、美林證券、加拿大皇家銀行和瑞銀集團(tuán)。CFA特許狀更是被贊譽(yù)為“華爾街的白金入場券”，贏得CFA稱號標(biāo)志著贏得全球金融行業(yè)的尊重與青睞！
薪資水平往往是就業(yè)市場的晴雨表，因此CFA持證人的高額薪資充分體現(xiàn)了金融行業(yè)對CFA證書的價(jià)值認(rèn)可！
2009年CFA持證人平均薪資水平：
CFA一級考生收入：基本薪金RMB￥240,000加上獎(jiǎng)金RMB￥102,400， 總計(jì)年收入為RMB￥342,400
CFA二級考生收入：基本薪金RMB￥436,000加上獎(jiǎng)金RMB￥156,000， 總計(jì)年收入為RMB￥592,000
CFA三級考生收入：基本薪金RMB￥514,800加上獎(jiǎng)金RMB￥423,600， 總計(jì)年收入為RMB￥938,400
The answer is quite simple. It is because they trust them and don’t believe that their friends’ or family’s advice is motivated by anything other than a desire to be helpful.
Concerned about potential ulterior motives, many investors do not implicitly trust the information they expect to receive from investment professionals.
Can You Blame Them?
With the combination of the financial crisis, events like the Libor scandal, and frequent news stories about financial organizations putting their interests above their clients, it is obvious why some investors may be concerned about the quality of advice and the motivations of their financial service providers. In fact, the 2014 Edelman Trust Barometercontinues to show financial services to be the least trusted industry globally.
This lack of trust is an impediment to providing effective investor education. It also makes it hard to insulate investors from bad investment decision making.
The main focus of investor education is to change investment behavior by persuading investors to internalize the investment principles and best practices that can keep them out of the ditches. However, investors are unlikely to adopt new behaviors or regard them as important if they trust neither the substance nor the source of the information being provided to them.
Fostering Trust Requires Building Credibility and Demonstrating Integrity
Credibility is built through experience, education, accomplishments, professional designations, and past performance. Demonstrating integrity is all about behavior and performing in a way that clients value.
To determine the level of investor trust in the investment management industry and to gauge the behaviors that influence trust and which investor’s expect from their financial service providers, we developed the CFA Institute and Edelman Investor Trust Study. After questioning 2,100 investors globally, most survey respondents affirmed that financial service providers who are “trusted to act in my best interest” are more desirable than those with the “ability to achieve high returns.”
Investment managers who are best suited to build a trusting relationship with their clients are those who communicate often and are honest and transparent about all things, including fees and business practices. They also work under either voluntary or formal ethical codes or professional standards and are responsible and rational when addressing an issue or crisis. The study determined that “to restore trust, compliance with a voluntary code of ethics and maintaining independence and objectivity are the actions that matter most to investors.” In summary, investment managers demonstrate integrity by doing what is right and by ensuring that their clients’ needs take precedence over their own.
The Tools to Build Trust
The onus to foster trust by endorsing professional development, valued behaviors, ethical business practices, and a focus on solving client problems is not borne solely by the investment professional but is also shared by financial service organizations and the industry at large. A great number of CFA Institute products are designed to help one or more of these three stakeholders promote the foundations for trust.
The CFA Program Curriculum, a comprehensive body of investment knowledge, has been used as a model for professional development and certification, while the Code of Ethics and Standards of Professional Conduct provides a template for the design of ethical frameworks, for individuals and organizations globally. The Asset Manager Code of Professional Conduct, a global standard and best practice code of conduct for firms, was developed to aid ratifying financial organizations build more trusting relationships with clients by allowing them to demonstrate a formal commitment to ethics and professional conduct.
To help support the investment profession, CFA Institute has launched the Future of Finance initiative, “a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society.” In addition to leveraging the perspectives of prominent global leaders and marshaling other industry resources to achieve its mission, the initiative creates tools that can improve the relationship between clients and financial service providers. The Future of Finance has already produced several products that aim to aide both parties in developing an honest and transparent dialogue about investment issues, among them performance reporting and fees.
One of the centerpieces of the initiative is the Statement of Investor Rights. Globally relevant and translated into 15 languages, the Statement of Investor Rights outlines the 10 rights that all investors should expect from their financial service providers. Investors are counseled to share the Statement of Investor Rights with any financial professional they do business with, whether one is working with an investment adviser, hiring a broker, or buying a home. The Statement of Investor Rights not only provides investors with a framework through which they can evaluate the ethical commitment of their advisers, it also offers professionals and their organizations an opportunity to endorse it and commit to upholding the basic rights necessary to ensure a more trustworthy relationship with their clients.
Each Stakeholder Has a Role to Play
Professionals working in the private sector and those that deal directly with investors have a unique opportunity to educate their clients and to change their investment behavior. Investors are most likely to consider new investment principles and ideas in making a financial or investment decision when the information is most needed and has the most value. Often this provides investment professionals with a captive audience that is open to new directions and behavioral change — as long as clients trust the substance or source of the information being given to them.
However, trust is not a panacea for providing investor education or changing investment behavior but should be regarded as a requisite element necessary to do both. A greater focus on business ethics and those elements that build credibility and demonstrate integrity should become a core competency for all stakeholders interested in creating a more trustworthy financial industry and elevating the reputation of investment organizations and the professionals that work for them.
