In recent years, with the continuous marketization and internationalization of China's financial reform, the demand for high-end financial talents with strong comprehensive strength has also increased year by year. A certificate with high gold content has become an indispensable condition for financial institutions and enterprises to recruit talents, and it is also the key for financiers to prove their strength and improve their salary on the road of career development.
FRM, CFA and CPA have become the certificates of domestic financiers. Why do they have such high recognition? What can these qualifications bring to financiers?
FRM financial risk manager
Financial Risk Manager (FRM). It is a professional qualification of international professional risk managers. Certification and examination of Global Risk Management Association (GARP). FRM is specially aimed at people engaged in financial risk management, including financial product market risk managers, credit asset risk managers, foreign exchange risk managers, price risk managers, business risk managers and legal, accounting and tax risk managers. FRM certification arranges training contents according to the actual needs of these people, and teaches professional knowledge such as quantitative analysis, market risk measurement and management, credit risk measurement and management, operation and comprehensive risk management, law, accounting and ethics, and customizes financial risk management professionals. At present, financial markets and financial products are increasingly complex and interdependent, and only those institutions that can effectively manage and control risks can succeed.
The purpose of FRM examination is to make the winners of its title have the necessary risk knowledge for independent risk management and decision-making. A portfolio manager does not understand simple fixed income analysis; A quantitative analyst doesn't know much about the daily fluctuation of the yen/dollar exchange rate; A financial officer does not know the basic requirements of the Federal Reserve for high-risk operation of derivatives. These have become commonplace in the industry. Therefore, the design of FRM test is based on whether the candidate has basic analytical skills, general risk knowledge, intuitive ability gained from capital market experience and other knowledge and abilities.
Although institutions and organizations are used to using extremely complex risk analysis models to manage, control and prevent risks, in fact, risk managers can use the skills of empirical criteria to quickly assess and control risks and test and test the assumptions and results of the analysis models. The FRM exam attaches great importance to these operational skills. In addition, FRM tests also test the risks, regulatory practices and credit risk concepts of different financial markets and various financial instruments.
With the rapid growth of the domestic market demand for financial risk management talents who are familiar with international practices and have professional qualifications, more and more financial practitioners will obtain certificates by participating in various financial certification trainings to enhance their personal competitiveness. However, it is not easy to get a certificate. For domestic candidates, there are the following three thresholds, which need to be done according to one's ability.
Threshold 1: The examination is difficult: the examination subjects are comprehensive, covering market risk, credit risk, operational risk, corporate governance and other fields, involving modern management, finance, economics, quantitative statistics and other disciplines, and the knowledge structure is complex. Therefore, candidates need to undergo strict professional training, otherwise it will be difficult to understand the complex quantitative relationship and the risk nature of business and products.
Threshold 2: The examination cost is high: the knowledge is wide, the reading volume of teaching materials and review materials is about 654.38+00000 pages, and candidates spend a lot of time on review.
Threshold 3: it is not easy to obtain qualification: the application conditions for FRM certification examination are relatively loose, and there are no restrictions on candidates' academic qualifications and industries. College students can also apply. However, if you want to get the professional qualification certificate issued by GARP, you must pass many obstacles. First of all, you must pass the difficult FRM exam; Then have more than 2 years working experience in the field of financial risk or other related fields before you are eligible to apply to become a GARP member; In addition, it is necessary to sign a professional ethics convention with GARP in order to really get started and become a professional financial risk manager.
The financial industry is a high-risk industry, and there are many financial risks such as exchange rate risk, interest rate risk, accounting risk, market risk and credit risk. The gradual opening of China's financial market and the rapid entry of foreign financial institutions have increased the operational risks of financial institutions in China. Therefore, at present, the accounting and auditing departments of domestic financial holding enterprises, securities companies, investment banks and commercial banks, asset management companies, futures dealers, insurance companies and large enterprise groups have strengthened financial risk control. This has also led to a sharp increase in the demand for financial risk management professionals in these industries.
Enterprises are thirsty for talents, but due to the lag of relevant education in China, the supply of talents is obviously insufficient. Well-trained financial risk management talents with professional qualifications are rare. The shortage of talents leads to an increase in salary. It is understood that the current financial risk managers are well paid. Taking part in professional training and obtaining the qualification certificate is a shortcut to become one of the hot talents. At present, major banks and foreign banks in China are in urgent need of recruiting talents with this certificate. The annual salary is above 300,000-500,000 yuan.
In addition, in addition to bank demand, the salary offered by enterprises will be higher. For example, joint venture brokers offer high salaries in order to attract talents. He is also a financial risk manager. When his rank goes up, his salary will naturally go up. It's not unusual to be five or six times worse.
CFA Chartered Financial Analyst
CFA is short for "CharteredFinancialAnalyst". Also known as "Chartered Financial Analyst".
Textual research crowd: The exam focuses on the international frontier financial theory and technology, including investment analysis, portfolio management, financial statement analysis, corporate finance, economics, investment performance evaluation and professional ethics. CFA qualification certificates are awarded to professionals in various investment fields, including fund managers, securities analysts, chief financial officers, investment consultants, investment bankers and traders.
Exam scope: 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.
CFA qualification examination is conducted in English. Candidates should not only have financial knowledge, but also have good English reading ability. Successfully passing CFA course is an achievement, which can win the high respect of employers, investors and the whole investment community. China candidates generally feel that CFA exam is very difficult and expensive, and it will cost at least 20,000-30,000 RMB to complete all the exams.
The contents of the examination are: ① moral 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.
CFA employment prospects
The world institutions that employ more CFA personnel include Merrill Lynch, Goldman Sachs, Morgan, Citigroup and PricewaterhouseCoopers. There is an urgent need for high-end financial talents: many companies clearly put forward that people with work experience and professional certificates (CPA, CFA, FRM) are preferred, especially foreign-funded institutions.
At present, in China, the working people in the financial industry are basically in a few relatively narrow and limited markets such as banks, stocks and futures.
At present, more CFA personnel are recruited to serve in financial institutions around the world: Merrill Lynch, Citigroup, Morgan and so on. Compared with the developed financial industry, with the innovation and business expansion, it has penetrated into a very wide range of fields. Derivative products, fixed-income products, financial venture capital and PE-related fields all need a new generation of young people in China to expand.
At present, the general level of domestic financial institutions is not very high, and financial investment analysis is also very scarce, so many enterprises need to have professional certificates and relevant work experience when recruiting, especially foreign companies. According to incomplete statistics, China needs 6.5438+0.5 million talents in the financial field every year in the future, so the prospect of holding CFA certificate is very impressive, and the annual salary is about 300,000-500,000 yuan.
CPA certified public accountant
CPA(CertifiedPublicAccountant) is the abbreviation of Certified Public Accountant. Refers to the employees who have obtained the certificate of certified public accountant according to law and are entrusted to engage in auditing, accounting consulting and accounting services.
Apply for qualification
China citizens with college education or above, or with intermediate or above technical titles in accounting and related majors, may apply for taking the national unified examination for certified public accountants; Persons with accounting or related professional titles may be exempted from taking part in some subjects. Persons who have passed the national unified examination for certified public accountants and have been engaged in auditing for more than two years may apply for registration with the Institute of Certified Public Accountants of provinces, autonomous regions and municipalities directly under the Central Government.
Content of CPA examination
Since 2009, the CPA examination has been reformed. The CPA examination under the new system is divided into two stages.
The first stage is the professional stage, which requires passing six exams for five consecutive years.
The second stage is the comprehensive stage: it is required to pass the comprehensive vocational ability test within five consecutive years. Only by passing the two-stage exam can you get a general certificate. It can be seen that the requirements for certified public accountants are getting higher and higher now.
Employment prospect of certified public accountants
At present, among all kinds of qualification examinations in China, the examination of CPA qualification is more difficult; Fortunately, you can pass the exam in five years. So now the gold content of certified public accountants is very high. Many large and medium-sized enterprises have positions such as chief accountant, financial manager, finance minister, chief financial officer, chief accountant, etc. These positions all need to hold a certified public accountant certificate. The salary of a certified public accountant starts at 5000-8000 yuan per month in economically underdeveloped areas, and is around 10000-20000 yuan in economically developed areas. If you set up an accounting firm in partnership, the annual income of certified public accountants will be one million yuan. The prospect is bright, and so is the "money" scene!
Many people take the CPA exam because they can enter many units related to financial work after taking this certificate.
Maybe you don't have rich work experience after taking this certificate, but you must have the opportunity to work in a firm.
Of course, you can't just enter an accounting firm after taking the CPA exam. State-owned enterprises are the second choice for CPA candidates besides firms.
At present, the certificate of certified public accountant has almost become a necessary certificate for financial management of many large enterprises, and some state-owned enterprises have great demand for certified public accountants. Therefore, it is a good choice to enter state-owned enterprises after taking the CPA exam.