美基金經理押寶港元升值

《華爾街日報》 -- 美國知名的基金經理阿克曼(Bill Ackman)最新、最大、最猛的投資想法是投資港元。供職於對沖基金Pershing Square的阿克曼說，港元是世界上估值最低的貨幣之一。

阿克曼在紐約「Delivering Alpha」論壇的午餐會上作報告時詳述了香港的經濟史，借此來闡述投資港元的理由。他說，所有跡象都預示港元會被重估，這會讓他的投資獲得豐厚回報。

阿克曼近些年曾對J.C. Penney Co.和General Growth Properties Inc.等公司做長線投資。

投資港元有哪些具體操作辦法？阿克曼說，投資者可以「直接」買入港元。

他說，對大街上的普通人來說，這是一種保險的做法。他還說，押注港元的投資在他的投資組合中所佔比重較小，但有可能取得巨大的回報。阿克曼說，如果行得通，它的盈利能力將遠超其他投資。

第二個操作辦法是借助槓桿手段買入港元。他說，這「有點像對沖基金的手法」。
第三個是買進港元的看漲期權，這似乎是他真正喜歡的辦法。他說，這屬於成本最低的選項。

他提醒，投資港元至少有一個風險，那就是中國。

阿克曼說，中國要是陷入崩潰，對這種投資來說就不妙了。他還說，中國經濟走弱會損害所有人的利益。

撰稿：華爾街日報Steve Eder

免費報紙真的免費嗎？

越來越多免費報紙面世，令人目不暇給。大家只要早上在較旺的地鐵站乘車，不難可以拿到三至四份的免費報紙。說真的，它們的內容差異不太大。有點閱讀能力的，可以在5至10分鐘內看完一份免費報紙。由於免費報紙是廣告主導，腦海中只是廣告，正是免費報紙的目的，希望可以影響一個人的購物決定。

世界上沒有免費午餐，報紙六元一份。買貴了一張機票，買錯了一件產品，損失的肯定不只此數。以相同的5至10分鐘，收費報紙給予的資訊會更多及更全面。幫助我們作出明智的選擇。可是人的本性是貪快及追求降低成本。往往忽略了分析。當沒有太深入的分析時，所作的決策未必是最好的。

我曾經因為想省回買旅遊書的費用，只影印十數頁的旅遊資料到美國旅遊，但一下車便找錯了路，也住了較昂貴的酒店，單是首天的損失已是一本優質旅遊書的價值，真是得不償失。投資於股票也要花點金錢與時間閱讀報章及雜誌，買股票的成本動輒數千元不等，利潤也有數百元或以上。若投資額不上此數，卻沒有包括購入及閱讀更佳資訊的成本，想起來也有點奇怪。

免費報紙的銷路越來越好，從廣告收益看是好事，但在閱讀風氣不盛行的香港卻是壞事。免費報紙內的東西不會太深入，讀者只知道片面的東西，時間省卻了，但會帶來決策錯誤的風險。金融界的人士有個特色，他們時刻都在收集及分析各樣的資訊，但普通的投資者只依賴不太詳盡的新聞報道或是免費報紙的描述，很容易成為別人的陪葬品。

我不是說免費報紙不好，只是認為只看免費報紙所作的決定與既看免費報紙及收費報紙的決定有所不同。而這些不同決定背後的成本差異，便是閱讀免費報紙的費用了。舉例說，免費報紙贈送2元的早餐優惠5張，顧客省回10元。加上不購買收費報紙每份6元共5天，共省回40元。同時此讀者因為看了以廣告為主的免費報紙買了一樣不合適的東西，成本為100元，比起省回的錢高了很多。

同樣的道理也發生在商場。商場的洗手間是免費，但原來商場出售的東西比起其他地方貴，那差價便是你用那免費洗手間的成本了。

李兆波
中大酒店及旅遊管理學院會計及財務高級導師

胡應湘轟香港有地不善用 700萬人擠在20%土地 樓價怎不貴？

【明報專訊】現年75歲的合和（0054）主席胡應湘，可說是身經百戰，在香港、外地和國內，都曾發展大型地產和基建項目。他最近在接受明報記者訪問時，認為香港土地規劃不當，令樓價高企不下，不利香港的長遠發展。

近年樓價高企，成為社會和政治的計時炸彈，胡應湘認為：「香港最大問題，是自己以為高章的人，八十後、九十後，整彎自己，好容易受環保分子引導，以為一起屋，就是破壞環境，他們整出聲音，而規劃當局裏頭的人，則是十指不掂陽春水，只記得教科書教落，一個地方的密度要如何。」「澳洲這麼大的地方，只得2000多萬人，香港的規劃當局卻學人家的標準，而香港只有不足1100平方公里，用了的地不足20％，700萬人就踎在這只用了20％的土地，即不到200多平方公里。」

「害後生仔打成世工都買唔到樓」

「第一，用地已不多，在可用地起多一些又嘈，只能將『地價』挾貴，貴地你害不到『阿叔』，我眉精眼企，快快買了地便等，但卻害到這些後生仔，打成世工都買唔到樓，咪等同自己作賤自己？」

「你看看，自1979年開放到現在，大陸哪個發展城市，不是大了3、4倍？如上海，往時只有浦西區的一小塊，現在又浦東，閔行，乜都有；北京，六個環了；廣州，以前天河是機場，我起中國大酒店的流花橋，是打靶場來的，現在卻變了市中心區。」

「所以，香港的土地政策是失敗的，應該重新檢討，要滿足得到香港人的住屋，為何要住得這樣擠？」

胡應湘認為，土地用途是要「拗手瓜」，非常競爭性，「我哋要做國際金融中心，這要寫字樓供應，又有多少寫字樓地賣出來呢？英國佬就叻，懂『執生』，1953年12月25日耶穌誕，石峽尾大火，三萬五人無家可歸，逼住香港政府起徙置區，一路一路做，好處是低下層不用付高租金，可以積蓄，細路讀到書，讀不到書，也做個工廠仔，可以慢慢上。」

星洲密度高 住屋卻勝港「成倍」

「今時今日，香港人咁多錢，咁高收入，點解要住成咁？這樣的收入，去到澳洲、加拿大，人哋可以住到幾靚？香港住成咁，就是不肯用地。……有一樣你會覺得奇怪，新加坡人口密度比香港高，但住屋好過香港成倍，政府可以搵10個工程師，去人哋度踎1個月，學足佢啲嘢。」「用地不要咁傻，好似填海，這裏灣仔不是填出來？乜都反對，法治好緊要，好似美孚，人家買了地，可以起得，點能夠反對？好似規劃局，任佢話，可以突然唔畀起高，又不用補償。」

應派人到星洲學習

對於香港樓市，胡應湘稱唔識睇，不敢講，但就好希望後生仔買到樓。「世界冇話不勞而獲，一分耕耘，一分收穫，我1958年畢業，做了五十幾年。……樓市幾個因素，一是需求，愈多人追逐一件嘢，價錢就會上，自己收入很緊要，如果冇錢，你點能夠買？所以國民收入高，樓價會跟住高，仲有，如果買時能夠賖，銀行能夠借九成，如果唔借，價錢就低，仲有就係location（位置）。」

對於近期金融市場波動，會否擔心再有金融海嘯？胡應湘稱：「冇可能，因個個政府都驚，會團結，因不會只「辣」一個（國家），一辣個個辣，佢哋不是想團結，而是被迫團結，雖然德國在嘈，但嘈也公道，因要磅咁多水，連嘈也不能嘈？」

「冇大陸睇住 香港衰得」

他又認為，外圍環境不會令香港有事，「因大陸冇事，大陸好聰明，你外面點搞，佢睬你都傻，幾多壓力比中國，（總理）溫家寶一於唔睬你。」

「香港有這麼多的現金，又有大陸睇住，冇大陸睇，香港衰得。大陸經濟係放慢，但唔慢唔得，因而睇住inflation，而通脹一定會搞掂，因政府在收縮銀根，經濟有好有壞，正如聰明的蘇東坡話齋﹕月有陰晴圓缺。」

明報記者 陸振球

Financial Adviser Information (IPP)

Our Team
IPP is staffed by a team of qualified Financial Practitioners focusing in the area of comprehensive life insurance,investment and financial planning. Our financial advisers consist of people with experience in investment, life insurance, banking, financial, accounting, taxation, economics, and other financial services

Our Service   
Our role as a financial adviser is an important one. We understand each client has a unique financial situation. At the start, we would get to know you and establish your needs and goals and develop a financial plan that will enable you to turn your dreams into reality. 
We take pride in the development of a comprehensive financial plan for our clients. IPP’s very own and proven pillars of financial planning looks into these 4 areas:
Wealth Protection
Wealth Accumulation
Wealth Management
Wealth Distribution 
With this, your IPP financial adviser will come up with specific recommendations to help you work towards your stated goals. He will look for ways to achieve them and offer alternative solutions.
 
We do periodic reviews and revisions of your insurance and investment portfolios to keep your financial plan up-to-date. This enables you to better take on the changes in your life and also of the opportunities in current economic conditions. Periodic reviews show the progress you are making in reaching your goals.

Selecting a Financial Adviser
At IPP, our financial advisers are trained in the fields of investment, insurance, leading them to provide financial planning tailored to your specific needs. Our advice is based on a detailed study of your unique situation. We understand that every client has distinct requirements, thus "cookie-cutter" advice and recommendations will not befit you. 

Fees & Charges
Like most professional practice, IPP advisers base our fees on the complexity and amount of time spent on each case. IPP’s fees, commissions and compensation arrangements with our clients are equitable and add significant value to our clients' overall financial and investment plan. 

http://www.ippfa.com/

Is A Career In Financial Planning In Your Future?

The job goes by a lot of names, including financial planner, financial advisor and personal financial consultant, but it's rarely called what it typically is: financial products sales.

Financial planners earn a living by helping people sort through and choose investments, insurance and other financial products. They do retirement planning, college funding, estate planning and general investment analysis. (To learn more, see What Is A Registered Investment Advisor?)

Obtaining New BusinessFinding clients who need those services and building a customer base is crucial to experiencing success as a financial planner because referrals from satisfied clients are an important source of new business. Whether you find new clients by giving seminars or lectures, through social or business contacts or simply by cold calling, find them you must.

Having a broad social network is one reason that many successful financial planners enter the field after working in a related occupation such as accountant, auditor, insurance sales agent, lawyer, or securities, commodities and financial services sales agent. (For more insight, read Targeting Ideal Customers, Cold Call Without Getting The Cold Shoulder and Alternatives To The Cold Call.)

What Education Will Lead to Employment?Financial planning employers look for candidates with a bachelor's degrees in accounting, finance, economics, business, mathematics or law. Courses in investments, taxes, estate planning and risk management are also helpful. Programs in financial planning are becoming more widely available in colleges and universities.

Financial analysts may also seek the Certified Financial Planner® (CFP®), the Chartered Financial Analyst (CFA) the Chartered Financial Consultant (ChFC) designations.

Generally, a license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds or insurance may need licenses such as the Series 6, 7, or 63. These exams are administered by the Financial Industry Regulatory Authority (FINRA, formerly the NASD) and in order to take most of these exams, sponsorship by a member firm or self regulatory organization is required. (For more information, see Which popular professional certification exams do not require sponsorship?)

Where Do Advisors Work?More than half of all financial advisors work for finance and insurance companies, including securities and commodity brokers, banks, insurance carriers and financial investment firms. However, four out of 10 personal financial advisors are self employed, operating small investment advisory firms, usually in urban areas.

According to the Bureau of Labor Statistics, the overall employment of financial analysts and personal financial advisors is expected to increase faster than the average (by 27% or more) for all occupations through 2014. This is a result of the increased investment by businesses and individuals, the rising number of self-directed retirement plans and the growing number of seniors. Personal financial advisors will benefit even more than financial analysts as baby boomers save for retirement and as a better educated and wealthier population requires investment advice. In addition, people are living longer and must plan to finance more years of retirement.

Is financial planning the right career for you? Take this quiz to help you find out:

Quiz: Is Financial Planning Right For You? 1. How comfortable are you with making sales? A. I could sell my grandmother a ticket to a SuperNova concert with no guarantee that she'll enjoy the performance. B. I could sell my grandmother that SuperNova ticket, but I would feel guilty if she didn't like the show. C. Only a bad person would sell his or her grandmother a SuperNova ticket. 2. At what stage of life are you? A. I just graduated from college. B. I've been out of school for a few years. C. I've been in my line of work for several years, but I'm ready for a change. 3. How much of an extrovert are you? A. I have been the president of nearly every club I have ever joined. B. I have enough friends to make me happy. C. A good book, a room to myself and no interruptions is my idea of heaven. 4. You could be described as: A. both analytical and a good communicator. B. analytical, but not a good communicator, or a good communicator, but not analytical. C. neither analytical, nor a good communicator. 5. At work, I prefer to do my job: A. completely independently B. somewhat independently. C. as part of a team. 6. What appeals most to me about becoming a planner is: A. the challenge of building a client base. B. the creation of my own business. C. the analysis of investments. 7. According to the Bureau of Labor Statistics, the median annual income for financial planners was $62,700 in 2004 - this includes commission income. How do you feel about that? A. I've never been average and I'll earn more than the median. B. That would work for me. C. Working for commissions only makes me nervous.

Results
If you answered mostly As, then financial planning could be the right career for you. You're energized, rather than terrified, by the idea of earnings a substantial amount of your compensation through commissions. If you have the right connections and the energy level to work that network, you could succeed in this tough career.

If you answered mostly Bs, then you need a back-up plan. Financial planning might work, but you're likely to end up among the 80% of planners who, according to William F. Cole's "The Complete Financial Advisor" (2006), are in the business for less than five years. When sales don't work out, what will you do next and how will you sell yourself to your next employer?

If you answered mostly Cs, don't even think about financial planning. If you love the portfolio analysis side, consider working as a financial analyst. If math is your strong subject, go into financial engineering or quantitative analysis. You'll make more money without having to sell all day long. (For further reading, see Becoming A Financial Analyst.)

To read more, see Studying For The CFP Exam.

by Dona DeZube

A former Gannett assignment editor, Dona DeZube is an award-winning professional writer with more than two decades of experience. Today, her specialty is translating complex financial and health news into the kind of how-to stories consumers can really use. Her financial work has appeared in major dailies, such as the Miami Herald and the Chicago Tribune, top trade magazines including Today's Realtor and Mortgage Banking Magazine and online at Inman News, the leading electronic broadcast service in real estate. <

Read more: http://www.investopedia.com/articles/financialcareers/06/financialplanningquiz.asp#ixzz1WtDHt8Z7

 

My result:

Quiz: Is Financial Planning Right For You?

1. How comfortable are you with making sales?
A. I could sell my grandmother a ticket to a SuperNova concert with no guarantee that she'll enjoy the performance.
B. I could sell my grandmother that SuperNova ticket, but I would feel guilty if she didn't like the show.
C. Only a bad person would sell his or her grandmother a SuperNova ticket.

B
 
2. At what stage of life are you?
A. I just graduated from college.
B. I've been out of school for a few years.
C. I've been in my line of work for several years, but I'm ready for a change.

A

3. How much of an extrovert are you?
A. I have been the president of nearly every club I have ever joined.
B. I have enough friends to make me happy.
C. A good book, a room to myself and no interruptions is my idea of heaven.

B

4. You could be described as:
A. both analytical and a good communicator.
B. analytical, but not a good communicator, or a good communicator, but not analytical.
C. neither analytical, nor a good communicator.

B

5. At work, I prefer to do my job:
A. completely independently
B. somewhat independently.
C. as part of a team.

B

6. What appeals most to me about becoming a planner is:
A. the challenge of building a client base.
B. the creation of my own business.
C. the analysis of investments.

C

7. According to the Bureau of Labor Statistics, the median annual income for financial planners was $62,700 in 2004 - this includes commission income. How do you feel about that?
A. I've never been average and I'll earn more than the median.
B. That would work for me.
C. Working for commissions only makes me nervous.

A

So, You Want To Earn Your CFA?

It's pretty easy to bump into someone in the financial profession who is really excited about entering the Chartered Financial Analyst (CFA) program. Sometimes, they know what they are getting into. Sometimes they don't. They may have no idea how much time it takes or exactly how having the charter may help or hurt them.

Make no mistake about it - earning the CFA charter is a grueling process, so if the thought has crossed your mind that it might be worthwhile to begin the process, you had better check your preconceived ideas at the door and make sure your dream is not just a passing fancy. Before you commit, consider what it takes to earn the charter, how it will benefit you and your career, the negatives of going through the process and whether the pros outweigh the cons in your case. In this article, we'll help take you through that decision process.

What it Takes to Earn the Charter
The CFA Institute requires three steps to become a CFA charter holder. They include:

1. Pass all three levels of the CFA exam in succession
2. Acquire 48 months of "acceptable professional work experience"
3. Join the CFA Institute, which includes completing a professional conduct statement, and affiliate with a local chapter. (To view the complete list of steps, visit the CFA Institute's website.)

For many people, the most difficult facet of earning a charter is fulfilling the educational requirements. The CFA program consists of three exams encompassing a "candidate body of knowledge" (CBOK) that the CFA Institute believes is necessary for those in the investment profession.  (To read more about this and get step-by-step instructions on how to earn your charter, see Becoming A Financial Analyst and Pass Your CFA Exams The First Time.)

1. The Levels and Time Level I is given in the late fall and late spring, while levels II and III are given only once a year in the late spring. Candidates must pass each level before moving on to the next.

The statistics are grim. On any given year, anywhere from roughly 40-65% of candidates for each level pass their exams. This means that even with the most optimistic scenarios, statistically, less than 30% of those who begin the CFA program as level I candidates actually go on to pass level III.

The investment of time is often the most important. The CFA Institute estimates that the average candidate should spend at least 250 hours preparing for each level (which, depending on when you start studying, is generally around six months). Most applicants will study 10-15 hours per week to prepare for each exam.

2. The RequirementsOnce you've considered the levels and time required, you must look at the professional requirements. Before a candidate can receive the charter, he or she must have completed 48 months (or four years) of acceptable work experience. Fortunately, the CFA Institute's definition of acceptable experience is fairly broad, encompassing such areas as trading, economics and corporate finance. Still, there are a number of candidates who enter the program and are not in fields where anything they do can be construed to be part of the process. Some of these candidates may find that while they are able to pass the educational requirements, they will not receive the charter because they do not have the required professional experience.

3. The InstituteFinally, before candidates can receive their charters, they must join the CFA Institute. If you need any help with this process, check out the CFA Institute's website where this process is explained in detail.

Pros: How will the charter benefit you and your career?Benefits for YouTo help you decide whether to pursue the charter, let's take a look at how you will benefit from it. First, there is the educational benefit; you will learn a great deal and add a great credential to your CV. Then, there is the reputational benefit. People in the business know the time and dedication it takes to earn the charter. When they see that you have earned it, they will likely believe you have ability, dedication, ethical grounding and the hard, transferable analytical skills necessary to do the job in question.

There also may be financial benefits. You may see your salary increase after you've earned the charter or you may surpass other applicants when competing for a new job or position.

The operative word here is "may". Career success depends on a number of factors, including hard work and skill. Luck, dedication, political savvy and character have just as much to do with one's success in the investment profession as educational background; so don't view the charter as your golden ticket to financial paradise.

Benefits for Your CareerThere are a number of financial fields where it makes sense to go through all the time and trouble to earn the charter. The obvious is investment management. As the investment industry continues to become more competitive (fewer positions) and somewhat commoditized, it will become almost imperative for any credible investment manager to earn the charter.

Outside of that, there are a number of other professions in which charter holders will benefit considerably:

1. Buy-side trader (investment management) or other buy-side professional positions
2. Sell-side analyst (investment banking), associate, or other sell-side professional positions
3. Business school professor
4. Economist
5. Financial advisor or financial planner

Beyond this list, there are a number of professions in which having the CFA Charter helps, but where it is not a career roadblock if the financial professional does not have it. (To find out if a career in finance is what you want, see What Does "CFA" Mean?, Is A Career In Financial Planning In Your Future? and Finding Your Place In The Financial Industry.)

Cons: Why wouldn't you want to earn the charter?The CFA charter is not a guaranteed path to riches and glory. Before taking the plunge, carefully consider several drawbacks to earning it:

The TimeBecoming a CFA is a huge investment in time - a minimum of 250 hours per year over three years. To put that in perspective, this is about 37% of a standard business year of 2,000 hours. You will sacrifice time with family and friends and the pursuit of hobbies you enjoy. And after all that, there is no guarantee that you will pass.

The CostWhile this factor may not be a major consideration, it is worth pondering. A level I candidate will pay a one-time program enrollment fee plus an exam registration fee. Level II and III candidates will pay a registration fee as well. Then, there are the books you'll have to buy plus the cost of any study programs. All together, these costs easily add up to several thousand dollars each year you attempt the exams.

The CareerThe CFA is not a panacea for an ailing career. If you're enrolling in the program to jump-start a stalling career, you may want to look at other reasons your career is not moving forward. Perhaps before investing inordinate amounts of time and some money into building your pedigree, you might choose to improve your soft skills such as work ethic and political suaveness.

Putting it All TogetherA variation of the good old-fashioned cost-benefit analysis may be the best way to decide on a career choice. On paper, plot out the costs versus the benefits of earning the charter. Carefully consider each point, both positive and negative, and its importance to you. Ponder for a day or two, or more if necessary, and then make your decision. Your decision may also alter as your career changes. A lost promotion in five years may change the balance from not pursuing the charter to chasing it full steam.

Earning the CFA charter may be the right decision for you, but before taking the plunge, consider what it takes to earn the charter, how earning the charter will benefit or hurt your career, and how all the factors weigh-in together. Whatever you decide, this analysis is a great introduction to the thought process you might later encounter as an investment manager.

by William Artzberger, CFA

Bill Artzberger, CFA, is an entrepreneur and investor in Houston, Texas. Before striking out on his own, Bill worked for more than five years at a privately held trust company. He has an MBA from Rice University and undergraduate degrees in marketing and journalism from Southern Methodist University

Read more: http://www.investopedia.com/articles/professionaleducation/07/CFA-charter.asp#ixzz1WtAhUW4j

CPA, CFA Or CFP - Pick Your Abbreviation Carefully

Whether you're searching for a good career path or just curious about the different financial credentials, this article will help guide you through three of the best known professional designations in the financial industry: Certified Public Accountant (CPA), Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP). Each of these three has a core career focus, and although their abbreviations often sound interchangeable, each designation gives you something unique. Follow along to discover how much coursework and study each designation requires, what careers they typically lead to and how much you could make. (For a basic breakdown on these designations and more, check out The Alphabet Soup Of Financial Certifications.)

Certified Public Accountant (CPA)
For most people, a CPA is best known as the person who prepares tax returns. CPAs certainly do that, but they do much more as well. A CPA license is legally required in order to do particular jobs, such as public accounting (independent auditing). However, one does not require a CPA license in order to prepare tax returns. State laws govern what CPAs can and cannot do with their license. (If you're looking for a good accountant, check out Crunch The Numbers To Find The Ideal Accountant.)

Requirements: Requirements vary by state, but in general, in order to sit for the CPA exam, applicants must have a bachelor's degree with 120 semester hours. To obtain the CPA designation, applicants must pass the Uniform CPA Exam, gain relevant work experience and meet additional educational requirements. Overall, additional educational requirements usually consist of 24-30 semester hours in accounting, earned through a graduate or bachelor's degree in business. Many states also require a minimum number of one to two years accounting and/or auditing experience. Some states may require 150 semester hours to obtain the CPA.
Aside from the experience requirements, a CPA license usually takes about 18 months to complete beyond the educational requirements. Many students choose to pursue a masters degree in accounting to fulfill their educational requirements.

Exam: Although classroom requirements are a major requirement, the CPA exam is a difficult task in its own right. Exams are administrated by the American Institute of Certified Public Accountants, the governing body of CPAs in the United States. The 14-hour computerized exam consists of four sections:

Auditing and attestation

Financial accounting and reporting

Regulation

Business environment and concepts

Careers: Many undergraduate accounting students receive job offers long before they graduate. Accounting is an in-demand field and is projected to continue to be so. According to the U.S. Bureau of Labor Statistics, employment is projected to grow 18% between 2006 and 2016; this amounts to nearly 226,000 new positions. For CPAs wishing to advance to senior-level corporate positions, two to three years of experience at a major accounting firm is crucial.

For those seeking gainful employment but not wishing to climb the corporate ladder, there are numerous positions available in every city for accountants at small accounting firms and practices. For more ambitious job seekers, lucrative CPA positions are available in hedge fund accounting and Sarbanes-Oxley-related work. The chief requirements for these positions are experience and an excellent educational background. (To learn the history of the accounting profession, check out The Rise Of The Modern-Day Bean Counter.)

Chartered Financial Analyst (CFA)
The CFA reputation in the business community is world class, and CFA charterholders work in many countries around the world. The CFA program is very broad, and might be more aptly described as the equivalent of a master's degree in finance with accompanying minors in accounting, economics, statistical analysis and portfolio management. Although the CFA designation is not a legal requirement to perform work as a financial analyst (the cornerstone CFA job), it is a great way to get a foot in the door for one of the most difficult jobs to crack. (For more on the pros and cons of this demanding designation, see So You Want To Earn Your CFA? and Becoming A Financial Analyst.)

By reputation, the best way to get a finance job on Wall Street is to get a Master of Business Administration degree from one of a handful of exclusive schools including Wharton, Harvard and Stanford. The second best way is to earn the CFA charter and have good industry experience. In some instances a CFA designation is even held in higher esteem than an MBA.

Requirements: The CFA designation (granted by the CFA Institute) earns its reputation mainly due to the grueling process candidates must endure to earn the CFA charter. While the exam is very democratic and open to anyone with a bachelor's degree, the only people with a realistic chance of passing are those who are serious about the field. The three general requirements to earn a CFA charter are to pass three exams, have an undergraduate degree (in any subject) and have three years related work experience in the financial area.

Exam: To earn the CFA charter, candidates must pass a six-hour exam for each of three levels. The first exam is available twice per year (in June and December) and the next two are only available in June. The pass rates on the three tests are slightly above 50%, so if you don't pass the second or third exam, you must wait one year to take it again.
Each of the three tests has overlapping material such as ethics and financial analysis. Generally, though, the first test covers broad financial principles, the second is a very intensive exam on financial analysis and accounting, and the third exam covers portfolio management and decision making. (For more on surviving your CFA exams see, Pass Your CFA Exams The First Time.)

Careers: According to the CFA Institute, 55% of charterholders work for institutional investors as in-house analysts, 15% work for broker-dealers, and the remaining 29% work for universities and the government. While not nearly as numerous as CPA jobs, CFA-related jobs are perhaps more lucrative. CFA Institute's 2007 Member Compensation Survey reports that the median compensation for an equity portfolio manager with less than five years of experience is $495,000. With over 10 years experience, the median yearly salary went up to $555,000.

Certified Financial Planner (CFP)
The Certified Financial Planner (CFP) is the only designation of the three focused on investing. It provides an extremely practical course of study for those wishing to work directly with individual investors. The focus of the CFP is to train financial advisors to create and implement financial plans for investors.

Requirements and Exam: The requirements for the CFP, as specified by the CFP Board of Standards, are a bachelor's degree in any major, three years financial planning experience, other educational requirements (see below) and an exam. The 10-hour exam covers the following: investments planning, insurance, estate planning, risk management, tax and retirement planning.

In order to take the exam, one must complete a prescribed course of study - unless exempt - in relevant financial planning areas. These six required courses take about nine months to complete and are conducted on college campuses nationally. They are:

Financial planning: process and environment

Fundamentals of insurance planning

Income taxation

Planning for retirement needs

Investments

Fundamentals of estate planning

Careers: People who benefit the most from the CFP designation are those who usually work directly with individual clients. Opportunities exist nationally for people with the CFP, but it is not necessarily a key to a high-paying job, as opposed to the CPA designation. There is no typical salary with the CFP, as it helps gain client credibility in what is essentially an entrepreneurial position. Income potential is determined by the sales performance of the financial consultant, not by a salary scale. (If you aren't sure financial planning is for you, check out the quiz in Is A Career In Financial Planning In Your Future?)

Parting Thoughts
Of the three designations, only the CPA is governed by state laws (to protect the public interest). In choosing a designation to pursue, ask yourself what kind of work you want to do, where you want to work, and if you want to work as an employee with a guaranteed salary or an entrepreneur where the sky (and the basement) is the limit. No matter which you choose, each of these three financial designations will provide ample professional opportunities for those who spend the time and energy to earn them.

To learn the pros and cons of these designations and more, read Financial Designations Aren't All Created Equal.

by Daniel Myers, CFA, CFP

Daniel Myers has earned the CFA designation, the CFP certification and has managed money for investors since 1998. Read more about him at his company's website, King Capital Management, LLC.

Read more: http://www.investopedia.com/articles/professionaleducation/08/CFA-CPA-CFP-how-to-choose.asp#ixzz1Wt51PkhB

◆CFA、CFP及FRM各有擅長

作者: 馬丁，金證照公司

這幾年國際級金融證照陸續引進，市場上主要有 CFA、CFP、FRM 等專業國際金融考試供一般從業人員選擇(有時也造成他們有大的困擾，因為準備考照的路程辛苦)。這些證照的出現，對銀行及資產管理公司而言，增加了用人的標準及員工訓練的系統化管道，對準備想考的考生而言(有些在業界，有些是學生)，也必須更精細地了解每個證照跟自已契合的程度，及未來能在職場加分的效果。這三個證照的「價值高，代價也高」，均非法定證照，但都受到業界的肯定。
CFA歷史最久，從1963年開辦以來，目前全球也才有7萬名CFA特許狀持有人(Charterholder)，在必須考三關及考試內容極為廣泛的要求下，目前台灣不到200名，但這些特許狀持有人有80%以上從事相關的工作，也都相當肯定這個證照的價值。

CFA(全名為Chartered Financial Analyst)，考試分三關進行，一年只能考一關，因此最快要3年才能拿到證照。要取得證照資格，除了通過考試外，尚需取得3年到4年的相關工作經驗。考試內容包括經濟學(側重在總體經濟及國際金融)、數量分析及統計、財務報表分析、公司財務管理、資產定價(股票、債券、衍生性金融商品及另類投資)、投資組合管理、職業道德準則等等，範圍相當廣泛。考過的人深受投資銀行、投信投顧及券商重用，薪水及表現均高人一等，在香港、新加坡、韓國、中國大陸，CFA的證照均被奉為業界的標竿。在美國本土，許多和資產管理有關的工作都會要求應徵者最好具有CFA的資格，或通過第一(第二)級考試。

FRM全名為Financial Risk Manager，主考機關全球風險管理協會(www.garp.com) 在1997年創立了這個考試，有鑑於銀行的金融活動日益複雜，風險嚗露程度變大，交易對手及商品多元，銀行要成為百年不倒老店，獲得客戶信任，讓主管機關放心，一定要有良好的市場風險、信用風險及作業風險機制，才不會出現里森一個人板倒了一個百年銀行(霸菱銀行，1995年以前)。因此，GARP設計的考試範圍重點如下：固定收益產品分析、資本市場及市場風險、信用風險管理、 作業風險管理、法律會計及稅務風險管理、法律及專業道德及2005年新增的避險基金及共同基金風險管理等，可見GARP要把FRM的觀念導入基金風險管理的從業人員。

在國內，CFP的導入期不到二年，但已經受到不少從業人員的重視。個人一直從事CFA的輔導課程工作，也接觸到不少來詢問CFA課程的人，他們最後在CFP的課堂中出現，這表示他們最終還是選到了適合他們的證照。CFP證照包含的科目，更適合從事保險工作、證券業務、銀行理專及信託的同仁報考。反之，一位大四或是研究所的學生，專攻財務管理、風險管理的年輕人，參加CFP考試，在沒有客戶基礎的情況下，也還沒有進入職場，對於保險規劃、節稅需求，退休金規劃等接過早接觸，反而不適當，因為CFP的考試不僅花費不少，時間更是無形的成本。CFA及FRM是比較適合這群年輕人的選擇，因為他們未來選工作的時候，找到公司比較會重視資產管理及風險管理的相關證照。

在CFP的領域中畫一個圓，再將CFA的領域畫一個圓，這兩個圓的交集大概只佔彼此各自圓的20%。考上CFA的人大都在投資銀行、基金公司、券商、投資顧問公司行事研究、資產管理、企業金融，承銷及財務顧問的工作，他們的使命在於發現企業的價值、尋求企業融資的需要，並依照客戶的屬性，進行適當的資產配置及選股策略。反之，CFP的工作比較貼近個人，CF根據客戶的現狀做出最好的保險安排、投資規劃，租稅規劃，退休金規劃，子女教育金規劃、信託規劃及財產移轉規劃等等。

CFA和FRM的科目及專業雷同性固然較高，但FRM更屬於商業銀行的專業，CFA考的經濟學及財報分析等較屬於分析工具的學科，也不會在FRM考試中出現。如果硬要說CFP和FRM有什麼關係的話，我們只能說FRM在處理銀行風險，CFP的保險規劃是在處理個人的風險及財產或責任的風險。CFP及FRM兩者的領域截然不同。

以專業的角度而言，一位CFP和一位CFA同樣受人敬重，但是CFP往往不甘於依附在大型公司內，因為這樣反而限制了他們的發展及對社會更大的貢獻。擁有這個證照的朋友大多會想成為獨立的理財規劃師，我們期許CFP在台灣的推廣單位能將CFP的精神及專業多多讓普羅大眾知道，讓台中的人知道，也讓台東的人知道，讓客戶的理財需求有更好的依歸。

有人說CFA是在五星級飯店的廚師，負責把每一盤菜炒好，而CFP則是餐廳經理，負責將每一盤好菜介紹給客戶，FRM則是品管經理，決定每一道菜的品質、衛生及安全。這樣的譬喻雖然有些簡化，但重要的是有這三種專業的人存在，每一位來餐廳的客戶都能盡興而歸。