I said something personal, as popular as possible. The word "you" in the text doesn't mean anyone, just a general term.

The prawns on it seem to have said a lot, some good and some inaccurate. LZ asked about fund management, not just the position of fund manager. I also join in the fun and share my understanding of this field.

1. What is fund management?

A. Formation of funds (funds)

Fund, we can often understand it as a sum of money, which may be a public offering (Public Offering of Fund, Public Offering of Fund) or a private offering (private fund). Anyway, there is such a sum of money.

Everyone pooled the money from the fund. We could have put our money in the bank honestly, but unfortunately everyone was greedy:) So we thought about it and prepared to invest. One person's strength is too limited, so we thought of a way to move the money together, so that the power of idleness is great.

Since everyone is organized spontaneously, it is up to fate to make money or lose money. Cry for compensation if you are happy to make money, so don't come. You get, you get, you lose, you give up. Don't come.

B. The emergence of fund managers (fund managers)

Well, we have got all the money. What are we doing? It can't be kept in the bank. If you put it in the bank again, it will be 250 yuan, so everyone thought of ways to invest in other industries. Everyone hopes that the return on investment in industries and fields is higher than the bank's interest rate (risk-free interest rate). So a bunch of people began to wonder, what is investment?

The smartest one in this group thought of many ways to tell everyone that everyone thought, well, this guy has an idea, and it should be ok to give him money. But I was afraid that this person would run away with everyone's money, so I began to sign various agreements and rose to the legal level. Seeing this situation, the country must be good to play around with people's money, so a bunch of restrictive legal provisions have been issued. Public Offering of Fund's restrictions are much greater than those of private equity funds.

This man, who is considered to be the cleverest, began to manage money on behalf of everyone. Thus, the legendary fund manager appeared.

C. What is management?

Well, then how the smartest person makes everyone make more money, or how to make everyone not lose money, has become his first task. If this man loses everyone's money, he is not personally responsible, but he has betrayed everyone's trust and he will never think about it again. Because it's too cheap and all the money is lost, who will believe you and give you the money again? So the wise man racked his brains to think about how to make rational use of the money and generate more value, which is what we call management.

Many friends who answered only talked about investment. In fact, the management of any fund has many aspects, not only investment, but also the scope of investment is far more than investing in the stock market, which is what we often call the secondary market.

2. What can a fund manager do? How should specific funds be managed?

A. Investment

At home, he will be restricted by many authorities. After all, the country still has to control him and can't let him mess around. But we must invest, otherwise everyone will drink the northwest wind, so investment is one aspect of fund management, but not all. At present, the markets that can be invested are as follows:

A. Stock market (secondary market)

This is familiar to everyone. After all, our stock market is very hot now. Fund managers can use the raised funds to buy and sell stocks and earn the difference. In fact, the rules in the stock market are very simple, that is, sell at a high point and buy at a low point. How popular! Unfortunately, it is difficult to say when it is a high point and when it is a low point, which leads to what we call fundamental analysis, technical analysis, quantitative analysis and so on. This is not the subject of this question. I won't say much about stock judgment. If you are interested, you can see my other answers to stock questions.

Ok, back to our question, after all, fund managers are people, not gods, and it is impossible to know all the stocks. So what should we do? No way out, I can only find a younger brother (analyst) with more brains, share the work and find a mechanical one; B, looking for energy and so on. Divide the whole big stock market into several parts and give them to several younger brothers. Finally, he came to see the reports of his brothers and made a general judgment.

Of course, he is not a god after all, and his brother is not a god, so the fund may fail to invest. The result is that everyone looks at it, damn it, they don't make money and put all their money in. That won't do. I'm leaving. So everyone withdrew their funds (redemption fund) and the fund was finished.

The stock market is considered as a high-risk market, and it will certainly have great benefits. If you can find a risk-free way to get benefits, it must be once in a blue moon.

B. bond market or fixed income

This may not be familiar to many people, but it is also an aspect of fund manager's operation. The spread of national debt is a reflection of fixed income, which may be a bit embarrassing. Don't worry, keep listening. Remember the risk-free interest rate just now, which has a great negative impact on the value of bonds.

To put it simply, as the interest rate of banks rises, the value of bonds decreases. Conversely, Dallas goes to the auditorium and then the fund manager must judge whether the future form will rise. Still healthy? Of course, they can't guess at random, which is no different from betting on horses. Mainly based on the macroeconomic situation, international economic impact, major events, etc. I won't go into details, after all, it's not your problem. You can look up relevant information, earn a fixed income in www.google.com, and you will certainly learn a lot. I have too much to write.

C. Financial derivatives

This matter is more complicated. It became popular in the last century and developed rapidly. Using the differences between different derivatives can not only hedge risks, but also speculate. This is more complicated, when to use it and when to combine it, and it is particularly learned. I won't go into details here. There are several general tools. Futures, Options, Swap, Forward, etc. And there are many combinations based on these. Interested parties can view related knowledge separately. I gave you both Chinese and English, so it's no trouble to look it up.

D. "usury"

Wow, are you kidding, doing this kind of work? Yes, that's right. In some cases, some enterprises really need to inject capital, but they can't find suitable investors. Then some funds specialize in this and invest money in these small companies to help them grow. Of course, they need considerable returns. We generally think that these funds are venture capital (private equity investment funds).

B. Risk management or risk control

Everything is risky. This job is so dangerous because you are playing with everyone's money. Therefore, how to reasonably assess risks is also an important aspect of fund management. Fund managers will encounter many risks when managing funds, and each risk needs hedging or decentralized control.

The concept of risk is very broad, including internal risk and external risk.

A. Internal risks

It is necessary to implement effective internal control. For example, some employees resigned and took away many secrets of this fund. Wow, then your underwear is exposed, and of course you are confused. . . . . . Some employees divulge secrets, violate regulations and so on are all concepts of risk. Today (June 5438+October 25, 2008/KLOC-0), Societe Generale lost 5.5 billion euros due to employees' illegal operation. You see, the internal risk is very serious.

B. External risks

There are many kinds of external categories, and I can't say too much here due to space constraints, but some risks can be unsystematic, such as stock portfolio, but some can't be systematic, such as force majeure or internal market risks.

C. Risk measurement

Is there a certain degree of risk? For example, we should control the risk to a quantitative thing. Yes, but each fund is different, and each form of risk is different. VaR(Value at Risk) is a widely used model designed by Goldman Sachs in the last century. You don't understand what I'm telling you now, but you just know there is such a thing. What it does specifically is to reflect the illusory risk in a digital way.

You can read it or not: it's a good article, but it's a little early for you:)

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C. Other management

These aspects are also relatively extensive, such as managing the lives and wages of younger brothers, and engaging in cultural activities and annual meetings when you have time. This will make the fund look like a cultural bureau, and it may look better on the face. Besides, don't you pay attention to this corporate culture now? These are all management. In this respect, you can look at business management books or MBA textbooks, which will yield a lot.

It's time to say something practical.

Yes, I've been fooling around for a long time. It's time to say something useful. Fund managers are very popular, especially in China in the future. After all, China has made unstoppable progress with her huge body. Although there are many problems in China now, I won't go into details, but the wheel of history will never stop. Economic development is also unstoppable. In the future, with the enrichment of financial derivatives, even in a bear market, fund managers can show their talents. So if you stand on this point, don't give up, be clear about your goals.

A. where did your goal come from?

Have you ever wondered why you want to do this job? Have you ever wondered why you chose this career? I guess you may have thought about it, but you haven't thought about it yet. After all, you are young and don't know much about many things. It will inevitably make you feel at a loss. We are all experienced people. This classmate, let me ask you a few questions first. Think about it.

Are you sensitive to numbers?

Can you work under great pressure? For example, overload for several days in a row.

Are you interested in things in the financial field?

Do you like history, books by sages? With the hearing of your predecessors, your mentality will be greatly improved. )

Do you like the way to earn money by working?

If you all answer yes, then you have the potential to become fund managers. It can be said that the income from this job, especially the bonus, is considerable as a fresh graduate. In other words, many people want to work in big funds. As for what you can learn when you go in, it depends on your personal performance. No one can say for sure.

If I want to be a working emperor all my life, that's fine. I said you didn't make much mistake in choosing this road.

If you want to create your own empire in the future, you can do this job or not, because this job only needs to start a fund company at most, and your business has not changed.

What are you going to do these years?

I learned all this knowledge today when I was 25 years old. Look how late I study. So you can have this awareness now, and I am especially happy for you. Of course, the fund was not deeply rooted in the hearts of the people at that time. Anyone can go this way, regardless of arts and sciences. I used to study literature. Many people say that finance needs a lot of mathematics, yes, but we don't all understand it. Knowing a general idea, knowing where and how to use it, and quantitative data support is enough. Besides, a lot of data is already available, because many large database websites have been calculated by others.

Reuters database (Reuters), Bloomberg database (Bloomberg), and my favorite one, but I don't know what Chinese is called (data stream). On this road, you will definitely come into contact with it. I just give you a general impression now, just as a little knowledge.

I think liberal arts is suitable for economy and finance. After all, I can stand loneliness, and I can stand loneliness. Anyway, that's how I got here, hehe, so I'm a little subjective.

C. Suggestions about the university and me

You must listen to me honestly. I don't think it is necessary to go to college at all, haha. Of course, this is my personal feeling. Unfortunately, in today's society, it is very difficult to find a job without a college degree. I don't want you to go to college, not to play with these four years of life. But if possible, spend more than four years reading, reading the books of those masters and reading the books of those giants.

I'm not asking you to learn their investment methods, but I hope you can learn about your investment from their books and develop your personality. After all, standing on the shoulders of giants can see farther. Benjamin? Graham, Peter Lynch, george soros, Warren? Buffett, these omnipotent masters have left too much for our descendants. But as a younger generation, Binhe also has its own investment direction and personality orientation. Can you feel anything after that? Classmates, read more books and look at their books and blogs, and you will certainly gain a lot.

As for what kind of university you will go to in the end, I don't think there are many suggestions. After all, you are in China, so it seems a little recommended. Domestic companies often need you to graduate from a prestigious school when recruiting. So it depends on your own strength. Go to a better school if you can. It's actually just a stepping stone. After going in, no one is worse than anyone else.

Again, reading their books and learning by yourself is much more interesting than the fixed courses in the university. Of course, the university is also the place to lay the foundation, or not. Since we are going to college, we might as well lay a good foundation first. If you don't go to college after four years, it will be miserable.

If you are an undergraduate, then graduate students are still necessary. If there are no graduate students, tell prawns that CFA's qualification certification is also good.

During your undergraduate study, or now, you can open an account, speculate in funds and stocks on a small scale. Practical experience is your greatest wealth. On paper, no younger brother dares to mix with you. Remember, you are not allowed to speculate in stocks and funds to earn pocket money, nor to make trouble, but to let you feel the actual operating atmosphere and exercise your courage and psychological endurance. Earn, don't be beautiful, want to go back to the right place, lose, don't cry, sum up where you fell.

Well, I'm tired after talking so much. I hope I can enlighten you more or less. Don't worry, there is still a long way to go. I sincerely wish you smooth sailing in the future, fulfill your long-cherished wish and realize your ideal.