What Is Finance Industry Analysis?
Chartered Financial Analyst (CFA) is a professional qualification title in the field of securities investment and management. It is hailed as a "golden collar class" in the investment finance industry. It is a ticket to enter the financial industry in the United States and Europe, but it is really obtained CFA holds very little.
Basic Information
- Chinese name
- Financial Analyst
- Foreign name
- Financial Analyst
- Short name
- CFA
- Definition
- Cultivate professional
- (With one of the following conditions)
- I. Assistant Financial Analyst
- 1. Bachelor degree or above;
- 2. Fresh graduates with junior college degree or above and equivalent practical experience;
- Financial analysts
- 1. Those who have passed the qualification certification of assistant financial analyst;
- 2. Graduates with a graduate degree or above;
- 3. Bachelor's degree or equivalent and engaged in related work for more than one year;
- 4. College degree or equivalent and engaged in related work for more than two years.
- Third, senior financial analyst
- 1. Those who have passed the qualification certification of financial analysts;
- 2. Postgraduate degree or equivalent and engaged in related work for more than one year;
- 3. Bachelor degree or above and equivalent, and engaged in related work for more than two years;
- 4. College degree or equivalent and engaged in related work for more than three years.
- The Association recently opened registration channels for three levels of examinations in June 2013. The first-level exams need to pay the registration fee and the registration fee; the second-level and third-level exams only need to pay the registration fee. As in the past, the CFA Association has adopted a three-phase registration cycle to implement the "early newspaper discount" charging principle. September 19, 2012 is the registration deadline for the first phase of the June 2013 exam. Candidates are advised to complete registration before this time.
- CFA's curriculum industry-based practice. The CFA Institute regularly conducts professional analysis of chartered financial analysts around the world to determine whether the investment knowledge system and skills in the course are important in the practice of chartered financial analysts. Candidate's Body of KnowledgeTM (knowledge system) is mainly composed of four parts: ethics and professional ethics standards, investment tools (including quantitative analysis methods, economics, financial statement analysis and corporate finance), asset valuation (including equity securities products) , Fixed income products, financial derivatives and other investment products), portfolio management and investment performance reports.
- The CFA Level 1 exam focuses on investment assessment and management tools, and includes an introduction to asset valuation and portfolio management techniques. The Level 1 exam is in the form of Multiple Choice, with 120 questions in each volume and 240 questions in total;
- The CFA Level 2 exam focuses on asset valuation and the application of investment tools (including economics, financial statement analysis, and quantitative analysis methods). The Level 2 exam is Multiple Choice, with 60 questions in each volume and 120 questions in total;
- The CFA Level 3 exam course focuses on portfolio management, and also includes the use of investment tools, as well as the asset evaluation model for individuals or institutions to manage equity securities products, fixed income securities, financial derivatives and other investment products.
- The level 3 exam is a 50% essay writing and 50% case study analysis. Ethical and professional ethical standards are emphasized in the CFA three-level examination courses.
- examination time:
- The CFA Level 1 exam is held twice a year, on the first Saturday of June and December of each year;
- Levels 2 and 3 examinations are held annually, on the first Saturday of June each year.
- Finance is the circulation of value. In the era of the gold standard, gold is recognized as the best representative of value in the world. Gold refers to gold, financial and financial, so finance is the integration of gold, the circulation of value. Nowadays, gold has been largely replaced by paper currency, electronic money, etc., which are more easily circulated, but the circulation of gold as value has not changed. Without value circulation, finance will become a "backwater" and value cannot be converted. The value cannot be converted, and the economy cannot operate. Like many other disciplines, the essence of finance is to study and explore the objective laws of finance. However, as humans have entered the financial society for a very short time, humans are still in the financial flood era, and there is still a long way to go before discovering financial laws That s why, financial crises are frequent.
| |||||||
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
| |
|
|
|
|
|
|
|
|
|
|
| |||||||
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
|
|
|
|
|
2. Candidates from Hong Kong and Macau may not take the 001 course, but must take the 231 course. 3. Graduates of finance, financial securities, and international finance majors can apply directly to this major. Graduates from other majors (or above) must apply for five additional courses from 201 to 205. Those who have passed the exam with the same name Can apply for exemption. 2. This major only accepts graduates from colleges (or above) whose qualifications are recognized by the state. |
- Keynes Beauty Contest
- Pageantism is a theory about financial market investment founded by the famous British economist John Maynard Keynes. Keynes used the "beauty pageant theory" to explain the mechanism of stock price fluctuations. He believed that financial investment is like a beauty pageant. It is not essential for investors to buy the stocks that they think are the most valuable. Zhongwen wins the game, and uses a game similar to drums and flowers to describe the risks in stock market investment.
- Random Walk Theory
- In 1959, Osborne (M.F.M. Osborne) put forward the theory of random walk, thinking that buyers and sellers are as clever and resourceful in stock transactions, and today's stock prices have basically reflected the relationship between supply and demand; The molecular "Brownian motion" has the characteristics of random walk, and its movement path does not follow any rules. Therefore, stock price volatility is unpredictable. According to technical charts, it is actually nonsense to predict the future stock price trend.
- Modern Portfolio Theory (MPT)
- In 1952, American economist Harry M. Markowit applied the two mathematical concepts of the mean and variance of portfolio returns for the first time in his academic paper "Asset Selection: Effective Diversification" to make it mathematically clear. It defines investor preferences and explains the principle of investment decentralization in a mathematical way. It systematically illustrates the problem of asset portfolio and selection, marking the beginning of Modern Portfolio Theory (MPT). The theory holds that an investment portfolio can reduce non-systematic risks. An investment portfolio is determined by the securities and their weights. The selection of unrelated securities should be the goal of constructing an investment portfolio. It put forward the concept of risk for the first time on the basis of traditional investment returns. It believes that risk rather than return is the focus of the entire investment process. It also proposed an optimization method for investment portfolios. As a result, Markowitz obtained the 1990 Nobel Economy Scholarship.
- Efficient Market Hypothesis (EMH)
- In 1965, Eugene Fama, a professor of finance at the University of Chicago, published a paper entitled "Price Behavior in the Stock Market", deepened the theory in 1970, and proposed the efficient market hypothesis ( Efficient Markets Hypothesis (EMH). The efficient market hypothesis has a questioned premise that investors participating in the market are rational and able to respond quickly and reasonably to all market information. The theory holds that in a stock market with sound laws, good functions, high transparency, and sufficient competition, all valuable information has been timely, accurately, and fully reflected in the stock price trend, including the current and future value of the enterprise, unless there is a market Manipulation, otherwise it is impossible for investors to obtain excess profits higher than the market average by analyzing past prices.
- After the effective market hypothesis was proposed, it became a hot topic of empirical research in the securities market. There is a lot of evidence for and against it, and it is one of the most controversial investment theories. Nevertheless, in the basic framework of the mainstream theory of modern financial markets, this hypothesis still occupies an important position.
- On October 14, 2013, the Royal Swedish Academy of Sciences announced that it has awarded American economists Eugene Fama, Lars Pitt Hanson, and Robert J. Schiller the Nobel Prize in Economics for that year in recognition of their research The development trend of the asset market has adopted a new approach.
- The Royal Swedish Academy of Sciences states that the three economists "lay the foundation for the perception of asset value." There are few ways to accurately predict the direction of the stock market bond market in the next few days or weeks, but research can predict prices for more than three years.
- "These seemingly surprising and contradictory findings are precisely the work of this year's Nobel Laureate analysis," said the Royal Swedish Academy of Sciences.
- It is worth mentioning that Eugene Fama and Robert Schiller hold completely different academic views. The former believes that the market is effective, while the latter firmly believes that the market is flawed. This also proves from another aspect that so far human beings The understanding of the logic of asset price fluctuations is still quite superficial, and the distance from us to truly grasp its internal laws is still very far away!
- Behavioral Finance (BF)
- In 1979, Daniel Kahneman, a professor of psychology at Princeton University, and others published an article entitled "Expectation Theory: Decision Analysis in a State of Risk", establishing a psychological theory of the human risk decision process. Become a milestone in the history of behavioral finance.
- Behavioral Finance (BF) is a comprehensive theory that organically combines finance, psychology, and anthropology, and tries to reveal the irrational behavior and decision rules of financial markets. The theory holds that stock prices are not only determined by the intrinsic value of the enterprise, but are also largely affected by the behavior of investors, that is, investor psychology and behavior have a significant impact on the price decision and changes in the securities market. It is a theory corresponding to the efficient market hypothesis, and its main content can be divided into two parts: arbitrage limitation and psychology.
- As Kanaman et al. Pioneered the analytical paradigm of "Prospect Theory" and became early pioneers of behavioral finance after the 1980s, the Royal Swedish Academy of Sciences announced in October 2002 that it was awarded to Daniel Kana Man and others this year's Nobel Prize in Economics, in recognition of their outstanding contributions to the comprehensive use of economics and psychological theory to explore investment decision-making behavior.
- There are not many behavioral financial models in shape today, and the focus of research is still on qualitative descriptions and historical observations of market anomalies and cognitive biases, as well as identifying behavioral decision attributes that may have a systematic impact on financial market behavior.
- It can be roughly considered that by 1980, the building of the classic investment theory had been basically completed. After that, scholars from all over the world have only done some repairs and improvements. For example, further research on the factors that affect the rate of return on securities, empirical and theoretical analysis of "different phases" in various markets, modification of assumptions about option pricing, and so on.