未来金融界，谁个最风流

我国目前的金融从业人员虽已超过３００万人，但人多“才”少却是不争的事实。不仅位于核心层次、核心岗位的高级管理人员奇缺，像金融分析师、保险精算师、个人理财规划师等专业技术人才也同样是“奇货可居”。特许金融分析师（简称CFA），是由美国投资研究及管理专业协会评审     

浅谈金融分析师的职业道德

2003年中国技术创新有限公司和美国投资管理研究协会(AIMR)在北京签署合作协议,将全球公认的特许金融分析师(CFA(R))考试扩展至国内主要城市.目前中国内地仅有百余人获得(CFA(R))资格,与未来广阔的市场需求相距甚远.为了扭转现状,适应今后市场的发展,经劳动保障部等相关部门的批准,在国内引进了(CFA(R))这一认证资格考试.     

金融考证面面观

注册金融分析师(CFA)是指从事证券投资决策管理的从业人员．主要包括基金经理、证券分析师、财务总监、投资顾问、投资银行、交易员等。注册金融分析师被称为”华尔街的入场券”。目前全世界有41400名专业人士获得了CFA认证资格。在我国内地．截至去年4月，CFA在中国仅有193名会员．其中只有145人有CFA资格。资料显示．仅在上海．3年内对CFA的需求．     

如何使“钱生钱”——评《投资分析与组合管理》

为了满足期待成为CFA(Chartered Financial analyst，特许金融分析师)的众多国内人士的要求，中信出版社独家引进了最新版CFA影印本系列。这套书籍是AIMR指定的CFA考试核心教材。此系列包括CFA考试最核心的六门课程：(《商务与经济统计技术》、《经济学：私人与公共选择》、《财务管理基础》、《财务管理分析》、《财务报表分析与运用》、《投资分析与组合管理》。     

债基打新隐含机会

韩海平,国投瑞银固定收益组副总监、双债增利基金拟任基金经理。中科大经济学硕士,管理科学和计算机科学与技术双学士,8年证券从业经历。美国投资管理研究协会(CFA Institute)和全球风险协会(GARP)会员,拥有特许金融分析师(CFA)和金融风险管理师(FRM)资格。曾任招商基金管理部数量分析师,融鑫基金基金经理。现任国投瑞银稳定增利债券型基金经理和国投瑞银货币市场基金经理.     

CFP考试知多少

如果你是一名会计从业人员,一定听说过CPA(注册会计师)。如果你是一名金融分析师,一定听说过CFA(特许金融分析师)。而作为一名理财从业人员,CFP(国际金融理财师)可能就是你梦想的目标。     

美国投资管理和研究协会“软美元”制度简介

美国的“软美元”制度是指美国投资管理和研究协会(AIMR)所制定的投资经理人如何处理涉及“软美元”问题的执业标准。具体而言，“软美元”(Soft Dollar)是指来自经纪费用而用来支付研究成果或其他经纪人服务……     

CWM,聚焦高端服务领地——访美国金融管理学会中国发展中心主任孙英

特许财富管理师(Chartered Wealth Manager,简称CWM)是美国财富管理培训的4大证书之一(其他3大证书为注册会计师CPA、注册金融分析师CFA、特许财务顾问CHFC),其资格由美国金融管理学会(American Academy of Financial Management,简称AAFM)开发,旨在测试并认定受训人员在私人银行的财富管理领域所具备的专业能力。为了对CWM的主要特征有更加清晰的认识,本刊记者专访了美国金融管理学会中国发展中心主任孙英女士。     

资讯

中国证券业协会启动国际化水平考试2006年6月10日,中国证券业协会举办了注册国际投资分析师(CIIA)考试说明会。协会副秘书长冯立新先生在会上发表讲话,并通报了2006年3月首次注册国际投资分析师(CIIA)考试情况。CIIA考试是由注册国际投资分析师协会(ACIIA)为金融和投资领域从业人员量身定制的一项高级国际认证资格考试。ACIIA是由欧洲金融分析师联合会、亚洲证券分析师联合会,以及欧洲、亚洲和拉丁美洲等近三十个国家和地区的投资分析师协会联合成立的国际性专业机构,在国际上具有很大的影响。中国证券业协会于2001年成为该组织的…     

CFA正快步走进中国

特许金融分析师(CFA)课程是一种全球认可的金融分析师能力和诚信的衡量标准.CFA特许状以其严谨和对实际投资做法的关注而著称,因而受到全球广大投资专业人士和投资者的尊重.     

Motivations behind users’ participation in the standard-setting process: Focus on financial analysts

The aim of this study is to investigate what motivates financial analysts to participate in the accounting standard-setting process. We focus on financial analysts because they are an important group of the financial statements users. The paper employs the meso-level approach used by Durocher et al. (2007) that integrates the macro domain’s focus on the standard setters with the micro domain’s focus on individuals and thus it links the characteristics of due process for standard setting with users’ attitudes. We develop a survey for the Chartered Financial Analysts Institute (CFA), which is one of the largest associations of investment professionals in the world, and collected data through computer-assisted Web interviews. We use a structural equation model with PLS to test our hypotheses. Our main findings confirm that a combination of micro and macro domains explains the frequency of financial analysts’ participation in the standard setting process. This investigation, thus, deepens our understanding of motivations behind analysts’ involvement in the accounting standard-setting process and delivers both theoretical contributions and practical insights.     

Demarcating designations: Chartered Financial Analyst and Certified Financial Planner

Financial planning service professionals seek certifications in order to gain the necessary skills for their profession, to establish professional credibility, and to validate their knowledge base. This research provides insight and guidance for financial service professionals considering attainment of a professional designation as well as those who already hold such a designation by examining the differences and similarities between two financial analysis/planning designations: the Chartered Financial Analyst (having earned the CFA designation) and the Certified Financial Planner (having earned the CFP certification); 272 professionals who hold both designations were surveyed. The research showed that although some overlap exists, the skills, expertise and target market of these two designations remain quite distinct in terms of what they emphasise and whom they target.     

渣打银行中国策略

就在"两会"召开之际,本刊记者在渣打银行北京分行采访了渣打银行中国区总裁曾璟璇女士.巧合的是,此时的她走马上任正好整一年.而这一年,她领导的渣打中国可谓是跑马圈地紧运行.     

Underlying risk preferences and analyst risk-taking behavior

We investigate the relationship between underlying risk preferences on analysts’ work-related decisions. Specifically, we examine whether facial width-to-height ratio (fWHR), an innate personal characteristic that has been linked to financial risk tolerance, is associated with analysts’ stock coverage decisions and the boldness of their earnings forecasts and stock recommendations. We find that high-fWHR analysts cover firms with lower earnings predictability, and issue bolder forecasts and recommendations. Our findings shed new light on the black box of analyst decision making, assisting investment practitioners in evaluating the information content produced by different types of analysts and understanding the observed dispersion in analyst forecasts.     

财务分析师盈利预测的投资价值:来自深沪A股市场的证据

本文研究了中国股票市场上财务分析师的盈利预测信息对投资者是否有价值。我们发现,可以利用公开的盈利预测制定可获利的套头交易策略。套头交易的回报率不仅在统计意义上显著大于零,而且在经济意义上也是显著的。这些结果不受不同的检验方法影响,也无法为我们所考虑到的风险因素所解释。本文的发现说明了中国的股票市场尚未达到Fama(1970)意义上的半强式有效,投资者在投资决策时可以利用分析师的盈利预测以提高其投资的回报。此外,本文的结果也有助于回答中国的财务分析师是否具有专业胜任能力这一颇有争议的问题。     

How do financial analysts implement the Sum-of-the-Parts (SOTP) valuation framework?

In this study, we investigate how financial analysts implement the Sum-of-the-Parts (SOTP) valuation framework. Although SOTP constitutes a popular valuation approach among sophisticated practitioners and investors, it is mostly ignored by researchers and academics. We adopt a structured content analysis of 265 equity research reports written by 33 investment brokerage houses for 140 UK-based firms. We find that analysts typically use EBITDA multiples to implement SOTP. Furthermore, financial analysts are more likely to consider SOTP the dominant or preferred valuation model in their report. We show that managers disclose a greater quantity of segmental information if their firms are considered difficult to analyze and value by investors and creditors, thereby decreasing the information asymmetry with their capital providers. In specific circumstances, we document that financial analysts identify more segments in their SOTP analysis compared to the reportable segments in the firms' annual reports based on IFRS 8. We argue that the financial analysts' choice to employ a greater number of segments in their SOTP models might be primarily driven by their effort to support their reports' optimistic target prices. Finally, although SOTP seems theoretically ideal to estimate the value of a multi-segment firm, we do not find empirical evidence to support the hypothesis that SOTP significantly outperforms a full-blown Discounted Cash Flow (DCF) model, when the latter is used separately to value the company as a whole.     

A User-Friendly Introduction to Property-Casualty Claim Reserves

Property-casualty (P&C) claim reserves are financial statement liabilities that represent estimated future claims. An understanding of P&C reserves is important to both risk managers and investment analysts, since this information is crucial in assessing solvency and value. We review some basics of P&C reserves, and add some of our own thoughts, in a way that tries to be user-friendly for practitioners and students.     

Status building: Some reflections on the architectural history of Chartered Accountants' Hall, London, 1889–1893

This paper examines the architectural history of Chartered Accountants' Hall, London, from the point of view of its use by the Institute of Chartered Accountants in England and Wales to confirm and enhance its professional status in the early phase of its existence. Drawing on sociology of the professions literature, the study links the hall with the emergence of the professional headquarters of the main legal and medical bodies on which the Institute of Chartered Accountants based much of its behaviour. A loose model for such buildings is utilized as a framework within which relevant aspects of the detailed history of Chartered Accountants' Hall are elaborated.     

Gender heterogeneity in the sell-side analyst recommendation issuing process

Using analyst stock recommendations issued between January 1996 and December 2006 we show that the odds for female financial analysts to issue optimistic investment advice is 40% lower than for male analysts. Although 17% of our sample of analysts is female, 48% is employed by a top financial institution and for them the odds to issue optimistic recommendations are 16% lower than their male colleagues. The odds are even 30% lower than their female counterparts at non-top institutions. The observed gender heterogeneity cannot be attributed to differences in the risk characteristics of recommended stocks, experience or task complexity.     

The construction of calculative expertise: The integration of corporate governance into investment analyses by sell-side financial analysts

This study analyses an emerging form of economic calculation in financial markets, namely, the integration of corporate governance into investment analyses undertaken by sell-side financial analysts. It examines how the expertise of these analysts in corporate governance integration is constructed, with particular attention to the calculative ideas and calculative devices through which it is achieved. Corporate governance integration is shaped by certain ‘calculative ideas’. These relate to ideas about the potential link between corporate governance and financial performance and the ideal of incorporating governance criteria into the investment process. This paper suggests that these calculative ideas have constituted the discursive conditions under which analysts sought to build their expertise in a new domain. The paper also shows that at a time when the quality of traditional sell-side research was scrutinised, the investment professional association and constituents of the investing public, through their arguments and discourses, constructed analysts as the ‘specialists’ having the imperative and credibility to perform corporate governance integration. Furthermore, as the paper demonstrates, analysts have sought to ‘theorize’ calculative ideas. They have normatively deployed certain ‘calculative devices’ to make corporate governance integration operational. Corporate governance integration is conducted in ways that make it receptive to the claims of a particular form of expertise, that of analysts. This paper suggests that it is through the assemblage formed over time between the ideas and aspirations on the one hand, and the tools and devices on the other, that the expertise of analysts in corporate governance integration has gradually been formed.