Self-study CFA~~

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1. What is CFA?

CFA is the abbreviation of "Chartered Financial Analyst" (also called "Chartered Financial Analyst"). It is a professional qualification title in the field of securities investment and management, which was founded by the American Institute of Certified Financial Analysts (ICFA). The College was first established by the American Association of Financial Analysts (FAF) in June in Charlottesville, Virginia, with the University of Virginia as its zip code 1959.

196265438+ 10. In October, the Association of Certified Financial Analysts and the Association of Financial Analysts established the American Investment Management and Research Association (AIMR). "Investment Management and Research Association" is a global non-profit organization, which is a specialized organization composed of American securities analysts, investment managers and other professionals involved in investment decision-making. Its mission is to establish and maintain the highest standards of professional Excellence and integrity, so as to promote the interests of the global investment industry, and its purpose is to improve the professional level of investment decision makers. Since the first registered financial analyst appeared in 1963, CFA qualification certificate has become a symbol of the career model of people engaged in investment industry all over the world. Internationally renowned enterprises and investment institutions regard CFA qualification as the best standard to measure the professional level and professional ethics of professional investors.

2. What are the requirements for 2.CFA project registration?

Those who want to sign up for CFA program must have a bachelor's degree or equivalent professional level.

The applicant's degree will be declared to the Investment Management and Research Association when filling in the registration application form.

The seminar will conduct random sampling inspection to ensure that the candidates really meet this requirement.

The time for candidates to obtain a bachelor's degree shall not exceed 65438+February 3 1 day in the year of examination at the latest. Candidates who fail to meet this date will be disqualified and their test scores will be cancelled.

If the applicant does not have a bachelor's degree, but has a considerable professional level, he can also be admitted as a candidate. "Investment Management and Research Association" uses work experience to evaluate people's professional level. Generally speaking, four years of work experience is considered as a substitute for a bachelor's degree. These four years of work experience is not necessarily related to investment, as long as it is legal, full-time and professional. However, temporary jobs, such as summer jobs and part-time jobs, are not regarded as effective experiences. When submitting the application form, you must attach a detailed description of relevant work experience.

3. The content and form of 3.CFA exam

CFA exam content is divided into three different levels, namely Level 1, Level 2 and Level 3. Examinations are held all over the world, and each candidate must complete three different levels of examinations in turn.

With the increasing number of CFA exam references, since 2003, the Investment Management and Research Association has increased the first-level exam from once a year to twice a year. In addition to being held in the global 160 test center in May/June, it will be held again in 23 regions where candidates are relatively concentrated, including Singapore and Hong Kong. Therefore, from 2003, the first-level candidates will have two opportunities to take the exam.

CFA exam items cover a wide range. The higher the level, the wider the scope and the more difficult the topic. In order to facilitate candidates to review for the exam, the Investment Management and Research Association publishes some CFA exam review materials every year, and gives different reading materials for different exam levels, all in the form of original works or excerpts from papers.

The inspection contents mainly include:

(1) Ethics and professional standards;

② Financial accounting;

③ Quantitative techniques;

4 economics;

⑤ Analysis of fixed income securities;

⑥ Analysis of equity securities;

⑦ portfolio investment management.

The "knowledge system" of CFA exam includes: moral and professional standards, quantitative statistics, economics, accounting analysis, corporate finance, debt investment analysis, equity investment analysis, derivative analysis, other investment analysis, portfolio management and investment performance measurement and reason analysis.

The focus and degree of CFA Level 3 exam are different. The I-level exam is a multiple-choice question, which focuses on investment principles and investment tools, and mainly examines candidates' understanding of investment evaluation and management tools and concepts; The second and third levels are a combination of case analysis and multiple-choice questions, each accounting for 50%, focusing on the analysis and decision-making ability of candidates to comprehensively apply investment principles in practice. Among them, the second level mainly examines the ability of asset evaluation, and the third level examines the ability of portfolio management and asset allocation.

The main courses are:

Economics (macroeconomics, microeconomics, international finance, international trade), quantitative analysis, international financial market and investment tools, selective investment, equity capital evaluation, fixed income investment analysis, financial analysis, corporate finance, portfolio management, financial derivatives, professional ethics and ethics.

Course: CFA's curriculum and certification content are deeply rooted in investment management practice, involving rich basic knowledge of financial investment-related disciplines. With the development of the financial market, the examination standards and bibliography are revised every year to reflect the latest changes in the investment field.

4. Conditions for obtaining a vocational qualification certificate

(1) passed the level 3 exam.

Level I test is a simple and objective test, which mainly examines candidates' understanding of investment evaluation and management tools and concepts; The second level mainly examines the ability of asset evaluation; Level III examines the ability of portfolio management and asset allocation. The second and third level examinations are 50% examination papers and 50% application questions (mainly case analysis). Candidates must have obtained a bachelor's degree (or the fourth year of undergraduate course) before taking the CFA certification examination, but they do not necessarily have working experience in investment management decision-making. Because "Investment Management and Research Association" put the Level 3 exam on the same day, and requires that you must pass the upper level exam before you can enter the next level exam, the shortest time for a candidate to pass the Level 3 exam is three years. AIMR designed CFA certification examination in this way in order to combine the study, education and work experience of candidates in a short time, to achieve complementary effects, broaden candidates' horizons and deepen their understanding of knowledge. Taking CFA certification examination is mainly a self-study process, and each level of examination generally takes up to 250 hours of preparation time, which varies from person to person. After registering and taking the CFA certification exam, AIMR will send the study guide to the candidates. According to the study guide, candidates can order auxiliary teaching materials recommended by AIMR to review and prepare for the exam. However, it must be pointed out that CFA certification examination is not an entry-level basic knowledge examination, and the difficulty is at least up to the level of postgraduate courses, and it is an all-English examination.

(2) Three years of working experience recognized by the Investment Management and Research Association.

Including: collecting, evaluating and applying financial, economic and statistical data in the process of investment decision-making, such as financial analysis, investment management and securities analysis. ); Directly or indirectly responsible for others to carry out the above activities; Engaged in the teaching and training of the above investment decision-making activities. "Investment Management and Research Association" requires CFA certification applicants to spend more than 40% of their time in the above work, and their work experience during holidays, part-time jobs and internships is not recognized. You can accumulate work experience before, during and after the CFA exam, but CFA certification can only be obtained after three years of relevant work experience accumulation.

(3) Meet the membership requirements of AIMR (mostly professional ethics and moral requirements) and apply to become a member of the Investment Management and Research Association.

Participating in CFA certification is a time-consuming and labor-intensive investment with great return value. After the above arduous learning process and meeting the requirements of AIMR, candidates can be allowed to use CFA titles. In the 38 years since the CFA project was launched (up to 200 1), only about 4 1400 professionals in the world have obtained CFA certification. Having CFA qualification is a strong proof of the high professional level and moral standard of an investment decision management practitioner. Relevant industries in major developed countries in the world regard it as a measure of senior talents in an industry, and entrust people who have obtained CFA qualifications with heavy responsibilities and high salaries.

To sum up, people who pass CFA Advanced Level Examination cannot get CFA certificate immediately unless they have worked as financial analysts for more than three years and are members of Financial Analysts Association. It can be seen that CFA not only needs comprehensive financial theoretical knowledge, but also needs practical experience and good professional ethics. They must also abide by the code of professional ethics published by the Investment Management and Research Association.

5. The basic characteristics of 5.CFA include the following three aspects:

(1) knowledge

CFA's extensive study courses make it necessary for investment professionals to master professional knowledge from portfolio management to asset evaluation, derivative securities and quantitative analysis. In order to get the right to use CFA titles, on average, candidates need 240 hours to prepare for this exam. Even so, about half of the candidates fail the exam every year.

(2) Integrity

Investors' trust in asset management companies and financial analysts must be unconditional. If investment professionals want to win this trust, honesty must always be an unquestionable quality. Therefore, in order to win and maintain the right to use CFA charter, it is equally important to strictly abide by the ethics of investment management and research association and master the knowledge of CFA plan. However, unlike many other industries, in the investment industry, the boundary between moral behavior and immoral behavior is not always clear. Only by clearly understanding how to apply these rules, regulations and ethics can investment professionals safely avoid moral disputes and correctly serve customers. CFA's charter stipulates many responsibilities in the Statement of Professional Conduct, which must be signed every year, including diligence and meticulous work style in all aspects of investment decision-making.

(3) degree of specialization

In the investment management industry, no other symbol enjoys such high prestige as CFA charter. The list of individuals holding CFA charter includes CEOs and partners of first-class investment companies, the most important investment strategy experts and research institutions with high reputation in the world. Investment professionals can enter excellent companies and win wide respect and trust in all fields of investment industry by adding CFA title after their names.

Both CFA subjects and CFA candidates should agree to sign this code. The Code requires CFA to follow a good code of conduct when dealing with customers, bosses, employees, colleagues and cooperative managers, carefully understand the letter and spirit of the law, and fully cooperate with regulatory agencies, exchanges and industry groups; CFA must think what customers think and must not act against the interests of customers; CFA should not ask others who recommend its services to pay fees or commissions, and should be very cautious when borrowing information from other analysts to prevent plagiarism; CFA cannot advertise its title in order to attract others. Every year, CFA must re-check whether it meets this standard. At the same time, once any complaint about ethics from customers is disclosed, the disclosed person may lose the title of CFA. "Investment Management and Research Association" imposes severe sanctions on violators, including expulsion or cancellation of CFA registration title. Because the American securities business has a complete elimination mechanism, securities practitioners cherish this title very much.

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Theoretically, you need to obtain a financial analyst license to be a financial analyst.

Chartered financial analysts have a license to take the exam.

This license is called CFA.

Four years financial working experience is required (now related to investment company)

And passed three exams.

The exam is divided into three grades, and only one grade can be taken every year.

Only after passing the previous level can you apply for the next level.

Here are some introductions about CFA.

1. Q: What is the CFA exam?

A: CFA exam is a global qualification exam held annually by CFA Institute headquartered in the United States. CFA course, established in 1962, sets global standards for investment knowledge, norms and ethics. CFA exam is divided into three levels, twice a year.

Those who have successfully passed CFA course are an achievement and can be highly respected by employers, investors and the whole investment community.

CFA qualification examination is conducted in English. Candidates should not only have financial knowledge, but also have good English reading ability.

The examination contents mainly include: ① professional standards and professional ethics; ② Analysis of financial statements; ③ Quantitative analysis; 4 economics; ⑤ Analysis of fixed income investment; ⑥ Equity analysis; ⑦ Portfolio management; (8) corporate finance; Pet-name ruby derivatives; Attending other investment analysis and so on.

2. Q: When is the CFA exam held every year? How to sign up? When is the deadline for registration?

A: CFA Level 1 exam is held twice a year, in June and the first Sunday of1February; Level 2 and Level 3 exams are held once a year on the first Sunday of June every year.

Candidates can directly log on to the www.cfainstitute.org website to register online, or download the registration form from the website (or get it from our center) and mail it to the designated address.

There are three registration deadlines for each exam. Please visit the website of www.cfainstitute.org for relevant information.

3. Q: What is the registration fee for CFA exam? How to pay the registration fee?

A: Candidates need to pay a one-time registration fee for taking CFA exam for the first time. The registration fee ranges from $375 to $450, depending on the registration time. At the same time, you need to pay the registration fee before each exam. The registration fee ranges from $360 to $670 according to the registration time.

The examination registration fee and registration fee are paid directly by the candidates to CFA Institute by credit card.

(Note: After taking the first exam, candidates only need to pay the registration fee in each subsequent exam, and there is no need to pay the registration fee. )

4. Q: How many CFA test sites are there in China?

A: There are three CFA test sites in China, namely, Beijing, Shanghai and Guangzhou. At present, Beijing and Shanghai hold exams twice a year, while Guangzhou only holds exams once a year in June.

5. Q: What are the designated textbooks for CFA exam? How to buy?

A: Different exam levels have different teaching materials. Please visit www.cfainstitute.org for information about teaching materials. We suggest that candidates use the original textbooks, so as not to delay your passing the exam smoothly.

6. Q: What are the requirements of CFA exam for candidates' academic qualifications and English proficiency?

A: Candidates should have an American bachelor's degree (or equivalent) when they register for the exam. In terms of majors, there are no specific restrictions; Or four years of qualified professional work experience. There is no special requirement for the English level of candidates in the exam, but because the exam is an all-English test paper and answers in all English, the English level of candidates should be based on a correct understanding of the test questions and a correct expression of candidates' views.

7. Q: Do candidates have any requirements for work experience when applying for the exam?

A: No requirements. However, before obtaining CFA charter, candidates need to accumulate four years of work experience in related fields.

8. Q: Do I have to attend training to pass the CFA exam? Are there any relevant training courses in CFA Examination Center? If not, are there any certified training institutions in China?

A: CFA course has the characteristics of self-study. Students can set their own learning pace, and they don't have to pass the training before the exam. Like most professional achievements, the key to winning a title lies in full preparation and unremitting efforts.

CFA Beijing Examination Center does not hold relevant training. Please note, however, that when selecting a training institution, please confirm whether the trainees hold CFA charter certificate.

9. Q: What are the responsibilities of China CFA Beijing Examination Center?

A: CFA Beijing Examination Center was established in August 2003 15. Responsible for the organization, promotion and consultation of CFA exam in Chinese mainland, and the sales of CFA exam calculator in China.

10. Q: How do I get CFA charter?

A:CFA exam is divided into three levels, namely, Level 1, Level 2 and Level 3. Only by passing the previous level can you take the next level exam. Candidates can obtain CFA charter certificate after they have passed all the Level 3 exams and passed the qualification examination.

1 1. Q: How many CFA licensees are there in China at present?

A: By the end of June 2004, there were more than 200 CFA licensees in China (excluding Hong Kong, Macao and Taiwan). (by place of permanent residence)

12. Q: What are the exam subjects of CFA exam? What is the pass rate? What fields do CFA licensees work in?

A: Please refer to CFA Catalogue for relevant information.

13. Q: What is the passing score of CFA exam?

A: CFA exam does not set a passing score, but only evaluates the overall level of candidates' papers.

14. Q: How long is the validity period of the score line of CFA Level 3 exam?

A: Qualified grades are always valid.

15. Q: How soon can I know the location of the exam after signing up for the exam?

A: At present, there are three test sites in China for candidates to choose from, namely Beijing, Shanghai and Guangzhou. Candidates can choose the examination place when filling in the registration form. The specific examination place will be notified to the candidates on the admission ticket. The admission ticket for the June exam will be issued in April, and the admission ticket for the1February exam will be issued in1October.

16. Q: When can candidates get the test results?

A: Generally, the first-level exam results will be distributed within 60 days after the exam, and the second-level and third-level exam results will be distributed within 90 days after the exam. Please make sure that the address (including email address) is accurate.

17. Q: Is there a shortcut to obtain CFA charter?

A: At present, there is no shortcut to obtain CFA charter. Candidates can only obtain CFA charter if they pass the Level 3 exam step by step and pass the qualification examination.

18. q: when will CFA exam be localized, that is, will it be possible to have China culture test paper?

A: At present, CFA exam has no localization trend. CFA exams are all in English. Therefore, the knowledge and skills accumulated by candidates through studying this course can be applied to all markets in the world.

19. Q: Is there CFA Association in China at present?

A: No, the CFA Institute in Chinese mainland is in the process of preparation.

20. Q: What is the average time for candidates to obtain CFA charter?

A: 4-5 years.

References:

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There are only people with 1200 CFA certification in China, and most of them are in Shanghai, and their salaries are above 200,000. The average annual salary of CFA holders in the United States is $654.38 +0.78 million, exceeding Harvard MBA. If the landlord has obtained CFA certification, it is strongly recommended that you go to Hong Kong to engage in the investment industry. It's not difficult to earn millions a year in a few years.