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。

金價損失10000元之教訓總結

1. 媽展用於放大回報,但應該要留足夠波動空間
如果中線投資(數月),起碼要留100點波動空間

2.用於長線升值GE野應該要HOLD實物

3.學習資產配置,發達或許不用靠投機?
4-3-2-1?

4.待元氣恢復後嘗試超短線技術操作, E.G. FEW MINUTES OR FEW HOURS.
GOLDEN CROSS->DEATH CROSS STH LIKE THAT

黑市期指 - 免手續費, 輸錢還可以打折

香港黑期市，內地炒家不少

 楊 揚

10年之間，香港恒指期貨場內交易量下降了90%，而另類場外交易量卻增至數十倍於場內。在業界人士質疑恒指期貨光環褪去之際，鮮為人知的另類投資者形成的“黑期市”悄然隱現。

　　在香港周圍，活躍著一個炒作恒生指數的期指黑市。“黑期市”的交易合約總量約為正規市場的20倍。深圳、廣州、甚至上海等城市都不乏這些黑市的身影，業內人士認為，許多內地洗黑錢的人正是用這種方式把錢漂白。

　　香港的約翰自稱是非主流派投資家。雖然並沒有真正做過實務投資，但他對一些投資項目分析獨到，時常成為亞洲各大銀行及資產管理公司的投資策略分析師，他本人也對澳門、廣州、東南亞地區的期貨市場瞭如指掌。

　　談到香港的黑期市，約翰說：“具體的市場交易規模很難估計，根據我的初步判斷，每天至少在40萬至60萬張左右的交易。一般的小散戶交易多在幾十張，而在澳門或是廣州的一些地區，一次幾百張的交易也不罕見。”

交易量超過主市場

　　約翰喜歡研究股市和期市，他發現了一個有趣的現象。即誕生於1986年的香港恒生指數，在誕生之初雖然還不具備高成長性，卻吸引了眾多的投資者，但近年來，即使行情高漲，成交量也大不如前。

　　“香港恒生指數期貨交易在1986年至1989年時期，每天的期貨合約成交量為25萬～35萬張，而每張闔約的保證金也從開始的 5000港元，上漲至7000港元，到了1987年，每張闔約已經接近1.5萬元左右。”他說，“但一個令人疑惑的問題是，現今的恒指期貨交易市場每天的 合約量還不到原來的1/10。一般都在3萬張左右，我最多的時候才看到4萬張。”

　　他透露，1993年、1994年、1997年以及2000年的市場波動使許多散戶輸得傾家蕩產，退出市場。但事實上，目前的期指炒家仍然為數眾多，金額巨大，僅憑場內交易的數據並不能反應現實情況。

　　“現在期貨的OTC交易(場外交易)數額仍非常龐大。在OTC市場，每張單約為2～5億美元，這些交易主要是在大銀行或是投行(如摩根 士丹利等)及其客戶之間進行。”他說。不過，更鮮為人知的是，除了大型的OTC交易市場，在香港週邊及周邊城市，還活躍著一個恒指期貨黑市，主要交易者為 小型散戶，但其交易合約總量遠遠超過香港本地市場。

提供免費交易

　　 為什麼會存在如此規模的黑期市？約翰的解釋是：對於小型散戶來說，黑市不僅提供免費的交易，而且還提供了絕對的風險規避。

　　例如，在香港交易所進行的恒指期貨交易中，一張恒指期貨合約的實際價格按目前約16500點來算，每點50港元，一個合約的價格約在 83萬港元左右，買賣時雖然不用83萬的現金，但要支付5～6萬的按金。也就是說，如果在正規市場上做恒指期貨交易，可能每張闔約需要保證金5萬元，這個 數字對於許多散戶來說，門檻過高。“在黑市上，這個(保證金)費用為零。”約翰進一步解釋，一般黑市交易中，每天的輸贏就在500點之間，500點乘以 50，不過2.5萬港元而已，這點投資對於一般炒作期指的小散戶來說，根本沒有問題。

　　不過黑市交易的量如此之高，對於大戶或是莊家來說，其風險也可能會很高，他們如何控制自己的風險？

　　約翰表示，在黑市交易中，很多時候就是莊家和散戶之間在賭，如果客戶買漲，莊家自己也是看漲，一般沒有什麼問題；如果他們自己看跌，可 能就需要對衝。而且，如果客戶買的合約量小，只有一兩張，莊家可以跟客戶賭，甚至很快就可以吃掉散戶的資金，但如果客戶量大，比如下指令買1000張恒指 上漲合約，那他們肯定也需要作對衝。

　　實際情況中，莊家輸的幾率很小。“除非客戶下的單子對他們極為不利，他們才會去正規市場作對衝。一般情況下，他可以把你和其他客戶的合約作對衝，賺取差價。比如說現在15500點，你買入，其他客戶有15550賣出，他把你們兩個人的一對衝，他就賺取了50個點。”

　　“實際上這完全就是賭博。”約翰說。

　　對大戶或是莊家來說，他也不用擔心風險。因為他的風險只是介於500之間，但大部分情況下，莊家實力雄厚，而且手頭掌握了大量的漲跌雙向交易合約，可以進行反向對衝，剩下的合約中，客戶賺錢的也不到10%，因此這個市場對各方來說，都是很好的商業模式。

　　香港一位私募基金經理山姆解釋了黑期市對於賭徒們的魅力：“在這個灰色地帶，每天就限500點，上下均自動清倉，你甚至還可以跟莊家討 價還價，如果輸錢，可以打7折，這樣，即使你輸了500點，也可以打個折，實際上你可能只輸350點，也就是說少付7500港元，因此對投資人還是很有吸 引力的。”

有洗黑錢之嫌

　　約翰透露，目前恒指期貨黑市並不在香港，主要在香港附近的一些城市。由於帶有很強的賭博性，因此黑市主要集中在澳門，而內地深圳、廣 州、甚至上海等城市都不乏這些黑市的身影。具體的操作也非常簡單，投資者只要挂個電話，對方會問你合約的要求，並核對你的身份，然後你向接線員提供願意出 的價位，以及你的客戶號碼，對方很快就可以替你辦妥，整個過程不到2分鐘。

　　約翰曾經觀察過澳門、深圳、廣州一帶的黑期市，他統計，現在香港市場的交易一般是在每天3.3萬張左右，而僅僅澳門、深圳一帶的黑市交易最少也達60萬張。如果加上上海、廣州等地，數字將更龐大。

　　那麼做這種黑期市生意的是什麼人呢？約翰透露，這些客戶，除了東南亞一帶的散戶投資者，亦有不少來自中國內地的恒指期貨炒家。

　　“對於內地炒家來說，他們根本不必親自來港澳地區，很多就是經常在房間裏盯著四五台螢幕，看著指數的變化，隨時給他們的黑市經紀人下單，每次買的合約從10張到50張都不等。”約翰說。

　　山姆猜測，許多內地洗黑錢的人正是用這種方式把錢漂白。“因為這些錢相當於是賭博贏回來的，也許他會輸，但是只要賭贏了，就能把黑錢洗白。”

　　約翰表示，香港週邊的黑市交易中，有許多與香港期貨公司有千絲萬縷的聯繫。“正規的期貨交易手續和成本都比較麻煩，因此期貨公司有時也 會建議他們的客戶選擇做這種業務。這些公司在澳門或是深圳等內地城市可能會有辦事處或是設立一個代辦點，主要就是有人接電話，等客戶的指令。”

　　“黑期市”對正規市場影響有限

　　 針對約翰所說，黑市交易高達40萬至60萬張闔約，山姆表示，黑市有沒有這麼大，誰都說不準，但他可以肯定，這個黑市不會對香港市場造成衝擊。

　　山姆說，“根據一般的知識，他們客戶之間的合約有買有賣，而且不同莊家之間還進行博弈，這樣算下來，我想最終的頭寸應該基本持平。”

　　山姆表示，即使黑市的合約交易量是40萬張，成交量等於現貨的10多倍，但由於莊家並不一定需要在市場上作對衝，所以對正規市場影響不會很大。

　　他表示，現在香港恒指期貨市場表現相當穩定，恒指期貨交易額均為恒指所代表的股份交易金額的2倍左右。

　　目前在香港，一般恒指期貨日成交量為3萬張左右，涉及金額約為240億港元。而現貨市場以前約為100～120億港元，近幾個月市值雖 然增加了，但也才300億港元左右。如果扣除其中約80～100多億港元的“窩輪”(即認股證)交易金額(由於認股證也是正股裏發出來的，也是屬期貨期權 性質)，其實現貨市場也不大。

　　“恒指成分股一般市值佔整體70%左右，但成交金額佔恒指成交額的30~40%左右。這樣，你即使算300億左右的港股市值，乘以 40%的恒指成分股成交金額，也就是120億左右，幾乎為恒指期貨市場的交易額的一半。”山姆說。(本版內容由《環球財經》雜誌獨家提供，本報有刪節。原 文刊登于《環球財經》2006年第6期)

來源：國際線上－世界新聞報

 風險閱讀

所謂「黑市期指」交易，泛指那些非經由香港期貨交易所（期交所） 進行的恆生指數期貨合約買賣。任何人在本港經營黑市期指買賣，均 屬違法，違例者可被檢控。

為吸引投資者參與，經營黑市期指買賣的公司多以低按金，甚至不收 按金作招徠；有些不法之徒更可能利用跟持牌交易商相近的公司名 稱，企圖混淆視聽，欺騙投資者。由於黑期買賣並非在期交所進行， 因此當黑期公司出現失責或倒閉的情況時，投資者不會受到投資者賠 償基金的保障。即使投資者可以從買賣黑期中獲利，一旦有關公司拖 欠還款，投資者也可能無從追討索償。

此外，假若黑期買賣的經營者是香港境外的公司，那麼即使他們所買 賣的產品與香港的金融市場有關，這些境外機構的運作亦不在證監會 管轄範圍內，證監會並無法定權力向他們採取行動。

因此，投資者買賣黑市期指，不單止承擔極高風險，而且不受現行法 例保障。為保障自己，投資者如有意在期交所買賣恆生指數期貨，就 應與獲准進行受規管活動第2類:期貨合約交易的持牌或註冊機構進行 交易。交易前亦應先向監管機構核實有關中介人的持牌狀況，千萬不 要因貪一時便宜，而墮入不法之徒的陷阱。

什么是CFD

交易价差合约简单来说, 就是通过建立和结束一份标准化的合约来交换某一特定标的金融产品在建立和结束时可能不同的价格差来完成投资行为，但是交易本身不涉及此标的金融产品的所有权。

价差合约通常是以杠杆操作的方式来交易国际上几乎所有的主要金融产品。目前，供投资人交易的价差合约产品包括商品期货 ( 金属、贵金属、农产品和能源 ) 以及在国际上重要的的证券市场的股票和指数。

交易价差合约的最主要的优势是投资人 不用全数支付所交易的 金融产品 标的物的本身的价值 。

价差合约交易的保证金规则

若投资人预期美国道琼斯工业指数在不久的将来会上涨且想从中获利，该投资人可以：

购买追踪道琼斯工业指数的共同基金；若目前指数是位于 10,000 点 , 投资人通常需要投入 20,000 美元购买一份基金单位，当指数于未来每上升一点，投资人可赚取 2 美元，然而
若相同的投资人转而交易以道琼斯工业指数为交易标的物的价差合约，投资的金额只需 5,000 美元 ( 此为原始保证金 ) ，当指数于未来每上升一点，投资人可赚取 10 美元。
由此可见，透过杠杆式的交易可以增加投资人获利的潜力以及投资回报率。

这说明价差合约是一种放大资本倍数的投资工具，由于可以用较少的成本来参与投资国际市场上的各类金融商品，获利可以成倍增长 , 而如果投资人同时加以必要的控制 , 亏损将可以限定在预定的范围而并非同步放大 。
 

因此价差合约的设计除了能吸引长期的投资者还更获得短线投资人的青睐。例如市场上的当日对冲者或者是短线的交易员常常着眼于数小时至数星期时间的价格波动，利用价差合约可以允许用少量的投资成本来获取可能是极丰硕的报酬。

价差合约交易方式

通过网络交易价差合约与传统上通过电话给经纪商买卖金融商品几乎没有什么不同。例如有两位投资人 A 与 B ，他们都相信在接下来的几天黄金的价格将会上涨：

投资人 A 希望购买黄金来抵消其持有的本国货币及个人净资产贬值。 他致电给经纪商后得到了目前黄金的报价为 425.00-425.50 美元 / 盎斯。 . 他按经纪商的买入报价于 425.50 的价位买入 100 盎斯黄金 ( 最少的购买单位 ) ， 总投资成本为 42,550 美元。 此外，他需要额外支付的交易费用为： 1% 的手续费与 0.5% 的印花税，因此 总费用为 638,25 美元 (425.50+212.75) 。 以上还没包含将这笔钱使用于此笔交易而损失其它投资机会所衍生出来的机会成本。 投资人B 也希望购买黄金来抵消其持有的本国货币及个人净资产贬值。他选择购买黄金产品的价差合约。他登入 的网络交易平台立刻看到黄金的即时报价为 美元 盎斯。他按 的买入报价于 的价位买入一口 最小单位 黄金的价差合约 对应 盎斯 ，投入 美元的交易保证金。除此之外，City Credit只在结束本次交易时收取极少手续费。
 

结果显示，上述两位投资人皆能如期地为他们各自的投资组合作了风险对冲，当黄金价格每波动 0.1 美元 / 盎斯 , 两位也将因此获利或损失 10 美元。然而，对两位所投入的成本与支付的费用却存在极大差异。

投资人 A
 投资人 Trader B
 
投资成本 ： $42,550
 投资成本 ： $2,000
 
交易费用 ： $638.25
 交易费用 ：低于 $60.00
 
总成本 : $43,188.25
 总成本 : 低于 $ 2,060
 

价差合约交易的所有权

上述两个例子有趣的地方是两位投资人的投资盈亏与其所投资的金融产品的价格涨跌有关。两者唯一不同之处在于投资人 A 拥有其所投资之黄金所有权，而投资人 B 则是可以获取因黄金价格波动所产生的价格差。

因此，价差合约的经纪商承受因价格变动所产生的 100% 盈亏 。由于绝大部分的投资人从不会也几乎无法交割如指数本身或是商品期货所对应的实际标的物，所以上述两种投资方式产生的效果除了资金成本与交易费用外差异性极小。

融资

价差合约的交易除了不需要太多的投资金额与大幅降低了的交易费用外，它还有其它的优势。不像传统的杠杆交易经纪商对杠杆融资收取隔夜利息， City Credit 对于基于期货基础上的价差合约的隔夜未平仓部位不收取