Economics and Finance CFA Career Planning

I hope the answer can help you. The following answer comes from Gordon CFA training:

Graduates of finance majors usually have the following destinations:

1. , Commercial banks, including the four major banks and joint-stock commercial banks, city commercial banks, and domestic branches of foreign banks.

2. Securities companies, including fund management companies; Shanghai Stock Exchange, Shenzhen Stock Exchange, and Futures Exchange.

3. Trust investment companies, financial investment holding companies, investment consulting companies, and large corporate finance companies.

4. Financial holding groups, four major asset management companies, financial leasing, and guarantee companies.

5. Insurance companies and insurance brokerage companies.

6. The Central (People’s) Bank, the Banking Regulatory Commission, the Securities Regulatory Commission, and the Insurance Regulatory Commission are the financial industry regulatory agencies.

7. Policy banks such as China Development Bank and Agricultural Development Bank of China.

8. Social Security Fund Management Center or Social Security Bureau, usually for insurance.

9. Government administrative agencies in the national civil service category, such as finance, auditing, customs departments, etc.; teachers of finance in colleges and universities; researchers in research institutions.

10. Securities department, finance department, securities affairs representative, board secretariat, etc. of listed (or intended to be listed) joint-stock companies.

However, as we all know, 2008 was a disastrous year for the global financial industry. The global financial crisis began with the credit contraction in the second half of 2007, and the substantial reduction in liquidity triggered an escalation of the crisis. And it spread around the world, followed by a series of bank failures and unprecedented government intervention. Against this background, the industry prospects in 2009 are equally bleak. The global economic slowdown and lack of investor and customer confidence will pose severe challenges to industry profitability and asset quality. From the perspective of employment in the financial industry, the demand for finance major graduates in the domestic financial industry has been on a downward trend. This trend is particularly reflected in the demand for undergraduates and below in finance majors. Due to the increase in the number of finance graduates and the financial industry's doubts about the practicality of finance undergraduates, the demand for undergraduate graduates has declined, while the demand for graduate students has increased, but the overall trend is downward. Compared with other economic management majors, the demand for accounting and finance majors that focus on practical operations has increased.

In addition, in recent years, the entry requirements for financial careers for graduates majoring in law and computer information have broadened. The importance of law to the financial industry goes without saying. Due to the rapid development of informatization in modern society, all walks of life are highly informatizing their businesses, so a large number of graduates majoring in computer information have been introduced into the financial industry. This importance is even more prominent in securities companies. If there is a problem with a securities company's trading system, it will be a disaster. A large number of computer professionals have joined the financial industry and played an important role. The talents needed by the financial industry are increasingly becoming comprehensive. This has also virtually narrowed the door for finance majors to enter the financial industry and increased the employment competition pressure for finance majors.

Summary (analysis) of employment opportunities in the financial industry:

Since 1998, due to the impact of the financial crisis in Southeast Asia, the country has attached great importance to the safety and steady development of the financial system. For financial industry practitioners As a result, banks and related securities, insurance and other industry management agencies have increased their demand for graduates majoring in finance, opening a new round of demand for college graduates majoring in finance after the national unified distribution system was broken. The incremental demand for undergraduates and graduate students, as well as the talent initiatives of the financial industry regulatory authorities, have affected commercial banks, securities, insurance and other financial institutions within their respective industries to increase the demand for graduates majoring in finance.

1. Entering the industry supervision and management department as a financial official should be the first choice for finance graduate students.

First of all, Chinese finance is based on macroeconomics and macro-control of the financial market. It is easier to get started with professional applications and has a better understanding of policies. Secondly, working in an industry management department for three to five years before entering the industry in a practical institution can at least give you a middle-level experience. above positions. Its limitation is that it is more difficult to enter the competent departments of these industries and may require background support. It is more difficult for undergraduates to enter unless they are really excellent.

2. It is a good choice to enter the four major state-owned commercial banks. Those with certain banking experience and professional background will be more likely to join a joint-stock commercial bank or a foreign-funded bank's branch in China. Several of my college classmates initially joined the four major state-owned banks. After the rapid development of city joint-stock commercial banks, they changed jobs one after another and became the backbone of city commercial banks and joint-stock commercial banks. Many became middle managers, and a few became senior managers. lead. The flexible and pragmatic way of appointing cadres regardless of seniority in city commercial banks and joint-stock commercial banks has made the four major banks the "Whampoa Military Academy" for their professional talents. This situation continues to this day. Although the four major state-owned banks have some legacy bureaucratic habits, their stable income, lighter pressure, and higher welfare levels are still attractive, especially for female students. It is a good choice. It is recommended that friends who are interested in the four major state-owned commercial banks focus their professional direction on commercial bank operation and management, international finance, monetary policy, etc.

3. Policy banks such as Development Bank and Agricultural Development Bank are also better choices, but their work nature is similar to that of civil servants, and their financial services are not outstanding. They rely on policies to make a living, which is beneficial to one’s career. Compared with industry regulatory authorities and commercial banks, it is still weak. If you want to become a temporary success in the financial field, it is best not to choose such a unit. However, the current salary levels and benefits of such units are better than those of commercial banks, and this has become a highlight that attracts the attention of graduates.

4. Securities, trusts, and funds all rely on risk management, and there are industry systemic risk factors. However, if they are all prosperous, it is relatively easy to make money, and the short-term returns are high (the risks are also high) , and operates according to the real enterprise management mechanism. If you want to develop and make achievements in the profession, working in this industry is an excellent choice. Many fund managers and investment bank managers have annual salaries of more than one million. The difficulty is that academic requirements are gradually increasing. The minimum requirement is a master's degree. Compared with financial institutions such as banks, personal investment management and financial operation capabilities are required to be higher. If you are interested in these industries, you can choose securities investment, financial markets, and financial engineering majors. , if you are studying financial management or master's degree in law (undergraduate degree is financial economics), this is also a good choice. The recent resurgence of the trust industry has created a new choice for graduates majoring in finance and other majors, and the operating strategies of its major investment banks have led them to pursue an "elite line" in the use of personnel. There is a saying in the investment industry The saying is "80% of a company's profits are created by less than 5% of its employees." The current employment thinking of the above three companies is to actively "poach", and these three companies have the highest staff mobility in the financial industry. "Elite talents" who are interested in risk management, travel all day long, suffer from stomachache all year round, and have no fixed place to live may wish to choose this industry. Of course, despite the ridicule, it cannot be denied that the rewards this industry gives you are directly proportional to your investment. It is recommended that male students choose this industry and they should have more development.

5. Insurance companies can refer to the analysis of commercial banks. After several years of experience in insurance marketing and risk management, under the opportunity of the rapid growth of domestic joint-stock insurance institutions and the entry of foreign-funded insurance institutions, they can still There is much to be done. The actuarial major is very popular. Social security centers and financial audit departments are places for retirement, which are more stable than flexible. Of course, friends who hope to get stable returns may wish to consider them as an option.

6. The four major asset management companies are similar to policy banks, and their original purpose and role are gradually fading. The financial leasing and guarantee industries are developing rapidly, and you can consider entering them. Of course, if you have experience in banking or securities, you should be more successful in this industry.

7. Working experience in the securities department of a listed company is also acceptable. You have the ability to span both sectors of the securities industry, and you need to have a foothold in development. If you have done the entire "IPO" preparation work, it will be more beneficial to your future career. It requires higher financial and industrial analysis capabilities, and you must strengthen your learning in this area.

8. Universities and research institutes are the first choice for students who are interested in doing academic work. This is obvious and I won’t go into details.

The main favorable factors for employment in the financial industry:

1. In the horizontal comparison of salaries in various industries, the financial industry has the highest average salary and benefits.

2. In the atmosphere of a national market economy, practitioners in the financial industry can feel that they are engaged in a "decent" career.

3. Work in a completely dynamic market environment every day.

4. Talented employees can be promoted quickly.

5. Generous remuneration and vacation benefits.

6. Low loss rate, the industry average voluntary turnover rate is 16%.

The main disadvantages of employment in the financial industry:

1. Long working hours and relatively high work pressure.

2. Easily affected by business and stock market cycles.

3. The highly structured environment of large companies can easily make people feel isolated and ignored.

4. Some large companies are unwilling to change procedures and try new ideas.

5. We often face the dilemma of “morality” and “interests”.

6. The financial industry has a sound system and strict rules and regulations. There is no need for innovation, only compliance.

Overview of recruitment in the financial industry:

1. The recruitment process is formal, and competition is fierce for portfolio manager and analyst positions in particular.

2. Financial markets are still in a sluggish period caused by the double blow of economic depression and scandal. Although recruitment is still going on, it is not intensive.

3. Candidates with excellent analytical and technical skills receive widespread attention.

4. Rich and profound interpersonal relationships are one of the important foundations for career development in the financial industry.

5. The industry needs non-MBA degree graduates, especially finance graduates with both mathematics and statistics degrees, who can engage in quantitative analysis.

Although the global economy has not yet fully recovered, Chinese financial companies have been a blessing in disguise and have risen to the forefront of the entire industry during this impact. Faced with this new round of reshuffle, Chinese financial companies are likely to Expanding the recruitment of industry talents due to the need to go global.

Attached: Main financial industry professional qualification certificates

1. Securities qualification certificate

Entry certificate is a necessary certificate to enter the securities industry.

***Take five subjects: basics, trading, issuance and underwriting, technical analysis and funds.

2. Banking Qualification Certificate

Entry certificate, a basic certificate for banking work.

The *** exam covers five subjects: basics of public finance, personal finance, personal loans, company credit, and risk management.

3. Futures Industry Qualification Certificate

The entry certificate is a necessary certificate to enter the futures industry.

***Two subjects: basic knowledge of futures and futures laws and regulations.

The qualification examination for insurance intermediary practitioners can be divided into:

(1) Qualification examination for insurance agency practitioners

(2) Insurance brokers and insurance adjusters Practitioner Qualification Examination

***Two subjects: Insurance Principles and Practices, Insurance Brokerage Practices, and Insurance Loss and Adjustment Practices.

The insurance qualification certificate is a professional qualification certificate, which refers to a professional certificate obtained by relevant personnel through a national special examination.

Only those with this certificate can engage in the insurance industry. Insurance qualification certificates can be divided into qualification certificates for insurance agency practitioners, insurance brokers and insurance adjusters.

4. Certified Financial Analyst (CFA) certification

Suitable people: The CFA exam focuses on investment and financial analysis theory, and is more suitable for financial institution research and investment management personnel, and financial majors PhD or Master's degree. Exam content: Involving professional ethics, mathematical statistics, economics, financial statement analysis, corporate finance, securities market analysis, stock investment analysis, financial derivatives analysis, alternative financial product analysis, real estate investment analysis, investment company analysis, currency or Foreign exchange trading investment analysis, fund management, fund return calculation and statistics, etc.

5. Certified Financial Risk Manager (FRM) certification

Suitable for: risk control personnel of financial institutions, financial unit auditors, asset managers, fund managers, financial traders (Broker), investment bankers, commercial banks, risk technology players, risk consultants, corporate accounting and auditing departments, CFO, MIS, CIO. Most of them serve workers in large enterprises and the financial industry.

6. International Financial Planner (CFP) certification certificate

Suitable for people: Financial practitioners in banks, securities, insurance, funds, professional investment and financial management companies; economists, Accountants and practitioners in various industries who are interested in financial planning and intend to become comprehensive financial planning consultants. Exam content: CFP certification includes several steps such as training, professional examination, and professional ethics assessment. Among them, the professional examination includes six modules: Introduction to Financial Planning, Investment Planning, Insurance Planning, Tax Planning, Retirement Planning and Employee Benefits, and Advanced Financial Planning. The examination is very broad and covers hundreds of topics related to financial planning, tax planning, and estate planning. There are more than one subject, and all test papers are in English.

7. Registered Financial Planner (RFP) Certification

Applicable people: College degree or above or intermediate professional title or above; engaged in finance, insurance, securities, investment, banking, lawyers, real estate Industry professionals or people interested in financial planning; those with more than three years of relevant work experience. Exam content: The RFP certification exam includes five parts: financial planning, investment planning, insurance planning, international financial management and taxation, and financial planning practice. It focuses on examining the candidates' mastery of financial planning professional knowledge and operational skills.

8. Certified Financial Consultant (CFC) certification certificate

Applicable people: Anyone with experience in finance, insurance, securities, investment, banking and other industries can apply. Exam content: The CFC certification exam includes four parts: comprehensive financial statement interpretation and analysis, corporate financial planning, personal financial planning, and investment management. Candidates who pass the exam and have relevant work experience can apply for CFC qualifications.

9. National Financial Planner (ChFP) Certification Certificate

Suitable for people: employees in financial institutions such as banks, insurances, securities, funds, investment consulting companies, etc., as well as within enterprises A person responsible for financial management. Exam content: theoretical knowledge, practical knowledge (professional skills), comprehensive review (case analysis).

10. Chartered Wealth Manager (CWM) certification certificate

Suitable for people: those with work experience in finance and other related industries, and strong English ability. Exam content: The CWM certification exam is divided into two parts: case defense and closed-book exam. The case defense mainly assesses the candidates' ability to solve practical problems in the wealth management process and their ability to communicate directly with clients. The closed-book examination consists of two parts: wealth management foundation and wealth management practice. It has 25 questions, all of which are multiple-choice questions. Both Chinese and English are used to assess the candidates' mastery of wealth management professional knowledge and calculation ability.

11. Certified International Investment Analyst (CIIA)

The Certified International Investment Analyst (CIIA) exam is administered by the Association of Certified International Investment Analysts (ACIIA) An advanced international certification qualification exam tailored for those working in the financial and investment fields. Those who pass the CIIA exam and have more than three years of relevant work experience in the fields of financial analysis, asset management and/or investment can obtain the CIIA title awarded by the International Association of Certified Investment Analysts. Since the CIIA exam was officially launched in 2001, more than 5,000 people around the world have taken the final exam, and to date, more than 2,800 professionals have obtained the CIIA title. With the promotion of various regional and national associations, CIIA will attract more professional references and expand its influence on an international scale; a broader global CIIA alliance will also gradually form.

12. Sponsor Competency Test

Application conditions: All securities companies and investment banking practitioners can participate.

Examination subjects and content: After 2005, the examination will be held once a year. The examination subjects are the Comprehensive Securities Knowledge Examination and the Investment Banking Professional Examination. The examination time for each subject is 3 hours, the total score of each subject is 100 points, and the passing mark is 60 points. Those who pass both subjects are deemed to have passed the examination. Scores are valid for one year. There are three examination centers in Beijing, Shanghai and Shenzhen. The exam takes the form of a closed-book computer-based exam, and the questions are all objective questions.