Students who are interested in developing in the financial field must have heard the names of CFA and FRM. Everyone thinks it's amazing!
Then, can the annual salary of holding FRM and CFA double certificates exceed one million?
Overview of CFA&FRM
CFA (Chartered Financial Analyst) is a chartered financial analyst with the highest gold content and the strictest certification in the financial investment industry.
Examination content: divided into three levels. CFA is called "the first financial examination" and "the financial encyclopedia", because its examination content basically covers all the basic knowledge in the financial field, so that a financial beginner can gradually establish a perfect financial knowledge system.
Career development: investment banking, funds, securities, trust, asset management, insurance, "Big Four" investment banking departments, trust, VC, large enterprise investment departments, commercial bank investment departments, financial leasing companies, etc.
FRM (Financial Risk Manager) is the most authoritative and recognized financial risk manager in the field of risk control.
Examination content: FRM is more targeted than CFA. The knowledge system systematically introduces various risks in the market and gives corresponding quantitative management methods. The FRM section 1 focuses on the basic theoretical knowledge of financial instruments, the basic knowledge of financial markets and their detailed definitions, and the methods of measuring risks. The second part of FRM emphasizes the ability of case analysis and practical application.
Career development: risk management departments of commercial banks, investment banks, accounting and auditing departments of enterprises, risk control centers of Internet finance companies, etc. More than 50% of FRM licensees work in banks, and their biggest employers in the world include ICBC, HSBC, Agricultural Bank of China and Citigroup.
1.CFA is biased towards investment, which is more comprehensive, including financial analysis, stock investment, economics and professional ethics, which FRM does not have. It contains several times as many knowledge points as FRM. But for a fund manager, these are all necessary knowledge. In addition, the moral part of CFA seems like chicken ribs, but it is actually a good way to understand the professional outlook of westerners.
2.FRM is more inclined to risk management, with a larger proportion of quantification. FRM explains the market/operation/credit risk more deeply. I'm afraid the Basel Accord part of FRM can't be used outside commercial banks, but commercial banks welcome people with Basel Accord experience.
How does the examination of FRM and CFA double certificates help the work?
Which certificate itself is not decisive for employment. However, because the original intention of many candidates to take the exam is employment or career change, if you must choose a certificate that is more helpful to employment, it must be CFA. If there are 50 corresponding results when searching for a position with "FRM" as the key word on a job-seeking website in the United States, there will be at least 100 CFA searches.
In the job description of Wall Street, if CFA is mentioned, it is usually said as follows: "You will get extra points for participating in CFA projects." In other words, whether you have passed the exam or not is not the most deadly screening criterion. However, if you are preparing for CFA or FRM when you are looking for a job, the knowledge inside will make your interview very, very easy and ensure that there will be no serious injuries in the knowledge link. So for employment, the biggest help for you is through the interview, not the resume.
Back to the topic of the article: Can the annual salary of holding FRM and CFA double certificates exceed one million?
Those who ask, "Can CFA and FRM earn millions a year?" They made a mistake.
Many CFA and FRM holders do earn millions a year, but the certificate may only play the role of 10%. Just like my roommate Volcano, she may not get a million-dollar salary now, but with her ability, she will probably enter the ranks of millions plus bonuses in a few years. You enter the door with a certificate, and you have to spell the rest yourself.
A certificate is one of the steps to your success.
"Life is like a ladder, only the ladder really exists. Mountain climbing is the whole of life. "
A hand is definitely like a ladder to help you climb up. For people with no background like us, CFA and FRM certificates are also our hands. For ordinary people, it is a hand to gain others' trust, make others willing to know you and lead to more resources.
At least, you take the time to get a double certificate, which can prove:
1. You are diligent and have spent hundreds or even thousands of study time, so you can settle down and study.
You are very self-motivated. At least in college, others may be watching dramas and playing games, and you choose to improve yourself.
Your family may be very rich. After all, these two certificates are not cheap. Maybe you signed up for a remedial class. ...
Anyway, having these six letters on your resume can add a lot of color to others. Attention is only "adding color", and ultimately it is your personal ability that plays a decisive role.
In recent years, with the rise of internet finance and financial technology, domestic risk management talents are scarce, and many enterprises and institutions are still in the stage of passive risk control. Internet finance practitioners are mostly Internet practitioners, not financial practitioners. They are very good at acquiring users, but they don't realize the "risk". You know, there are only a few thousand FRM certified talents in China, not to mention the experienced ones.
Opportunities are always reserved for those who are prepared.