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?
CFA考试具有很强的专业性,要求考生的专业化程度很高. 一级考试中的FSA部分占较大比重,给没有任何会计知识的考生带来很大 挑战.
2). 制定合理的学习时间进度表并严格按照计划进行学习复习，CFA考试的准备过程是对考生耐力和意志力的考验,建议考生严格 按照制定的学习计划进行学习复习.
5.在认真学习完一遍Study Notes后， 学员应根据自身情况及LOS的要求，找出考试要点、难点，逐个攻破。
1).从考试内容比重来看，FSA, Equity,Corporate Finance以及Fixed Income占分较多,考生应侧重学习.
FSA部分在实际考试中很强调对不同accounting method的理解,其中LIFO,FIFO的对比,Revenue recognition方式的使用范围,及对Financial ratio的影响.Operating/Capital lease财务比率对比等内容每年必考.FSA部分是CFA考试通过的关键.如果时间和精力有限,建议从这部分先开始看.Corporate Finance在学习过程中由于知识点较为连贯,是CFA一级考试比较容易拿分的部分,建议考生牢固掌握WACC,DDM,CAPM等知识重点,保证考试时的答题正确率.
CFA一级考试题量大,时间短,因为建议考生在理解性记忆的基础上强制性记忆.例如:LIFO和FIFO对Net Income,cash flow的影响,在考场上没有时间去一步步推导它们之间的关系,而是一下就能想到在物价水平不变和上升的市场环境中,使用LIFO的现金流相对于FIFO方法要偏大.,真正做到将公式和互动关系烂熟于胸.
★.建议考生参加专业课程培训 或 购买cfa视频授课光盘
请您阅览下面是CFA介绍和拿到CFA知识证书去年的统计工作年薪： CFA(Chartered Financial Analyst),简称美国特许金融分析师，是全球金融界最为推崇的金融投资专业资格。CFA知识体系涵盖了投资分析行业必备的专业知识：金融数量分析，西方经济学，财务报表分析，公司理财基础，权益类证券产品、固定收益产品、金融衍生品和其它类投资产品分析。CFA特许状是由美国的CFA协会所授与，该协会是全世界上最著名的投资行业专业团体之一。截止到2009年，全球共有86800名CFA 持证人，98300名CFA会员。目前，拥有最多CFA持证人的雇主包括美国银行、花旗集团、瑞士信贷、德意志银行、高盛、汇丰银行、摩根大通、美林证券、加拿大皇家银行和瑞银集团。CFA特许状更是被赞誉为“华尔街的白金入场券”，赢得CFA称号标志着赢得全球金融行业的尊重与青睐！
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.