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CFA考生2014年下半年*4的5个前端银行岗位

来源：高顿网校 2014-07-31

　　经历2014年上半年忙碌的CFA备考和考试，眨眼就进入了下半年，根据上半年的一些数据表现和分析，哪些岗位会是下半年的理想岗位?你需不需要考虑一下现在的自己或者是将来的求职方向呢?大家一起来了解下：

　　2014 is turning into an equivocal year if you work in investment banking. If you’re in secondary sales and trading, it’s bad. If you’re in the primary capital markets businesses which generate the secondary products to be traded, it’s good.

　　So, assuming you have any choice in the matter, which front office banking business should you be pitching your resume to before 2014 is out? We suggest:

　　1. Equity Capital Markets jobs

　　Equity capital markets (ECM) bankers are to 2014 what CDO structurers were to 2006. Next time you see someone looking ragged with exhaustion but smug in the certainty that they will remembered with special fondness at bonus time, it will be someone in ECM.

　　Only this morning, Credit Suisse disclosed that its ECM revenues were up 30% in the second quarter. This followed a 47% increase at Goldman Sachs, a 44% increase at Bank of America and a 50% increase at Morgan Stanley over the same period. Equity capital markets jobs are a good place to be now. The only exceptions to this rule are ECM jobs at JPMorgan, where revenues fell 4% year-on-year in the second quarter, and Citigroup, where revenues plummeted 31%. Avoid.

　　2. M&A jobs

　　Mergers and acqusitions (M&A) is also the place to be between now and December. While M&A revenues haven’t increased as much as ECM revenues (Goldman’s Q2 M&A revenues were only 4%, Credit Suisse’s were down 4%) there is the promise of good things to come.

　　In the conference call accompanying its second quarter results, Goldman Sachs declared that it had ‘experienced a significant increase in announced M&A’ in the quarter and that even though this M&A hasn’t happened yet, its pipeline of future M&A was at the highest level since 2007. Citigroup was also bullish about M&A – even though its revenues declined 10% year-on-year in the second quarter. Morgan Stanley achieved a 25% increase in M&A revenues in the second quarter and CFO Ruth Porat said the bank has a ‘healthy backlog, particularly for large scale transactions.’

　　All things being equal, M&A bankers will be busy in the second half. If the revenues come through, they should also be well-rewarded.

　　3. Low-touch ‘traders’

　　Most banks have seen the future and the future involves shifting as much trading as possible onto low-touch systems and restricting client interaction with human traders to only those trades that are a) complex, b) large or c) involve high margin clients.

　　Hence, Deutsche Bank, for example, is hiring hundreds of low touch ‘traders’ to man the electronic systems at its growing Birmingham office. Credit Suisse is shunting as much of its FX trading as possible onto its e-trading platform. And JPMorgan has formed a whole new team to help persuade clients that electronic trading isn’t so bad.

　　Electronic traders are in for the second half of this year. Human traders are out. It’s worth noting that most of the people who work in electronic trading aren’t traders per se – many of them are technologists and quants instead.

　　4. Emerging market CDS traders

　　Now may not be the best time to be working as a trader or salesperson for Micex stocks, but it’s probably not a bad time to be selling emerging market credit default swaps.

　　Emerging market CDS trading rose 93% in the first quarter of 2014 as investors worried about events in Russia. Figures have yet to be released for the second quarter, but it seems likely that the increase was even more dramatic. In today’s results release, Credit Suisse said its emerging markets-related revenues had increased dramatically in July.

　　5. Securitization and mortgage trading

　　If you’re working for a bank with an established mortgage trading business, the second half of this year isn’t looking too bad. Credit Suisse said this morning the bank’s securitization professionals had a good June - so much so that Credit Suisse now proposes to go for growth in the European asset financing business. In the presentation accompanying its results, CS said there are also opportunities in private label securitization (securitized products that don’t conform to US criteria set down by the likes of Freddie Mac and Fannie Mae) as other banks start deleveraging.

　　Are securitisation jobs making a comeback? Credit Suisse wasn’t the only bank to cite growing revenues last quarter – Bank of America said its mortgage trading revenues are increasing too. Securitization professionals might be coming in from the cold.

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cfa备考热门问题解答

cfa证书就业岗位有哪些？: cfa考完后可以从事的工作包括公司会计、基金经理助理、投资管理师、股票研究分析师、基金分析师、投资产品分析师、券商助理分析师、交易员等。在全球范围内，cfa会员的雇主包括了摩根大通、汇丰银行等机构。

cfa考试内容有哪些？: cfa考试分为三个等级，cfa一级和二级考试科目包括《职业伦理道德》、《定量分析》、《经济学》、《财务报表分析》、《公司理财》、《投资组合管理》、《权益投资》、《固定收益投资》、《衍生品投资》、《其他类投资》。cfa三级考试科目包括《经济学》、《投资组合管理》、《权益投资》、《职业伦理道德》、《固定收益投资》、《其他类投资》、《衍生工具》。

cfa一年考几次？: cfa每年考试的次数每个级别均有不同，其中CFA一级考试每年设置四次，CFA二级考试每年设置三次，CFA三级考试每年设置两次。需注意，协会规定考生必须要按照CFA考试的三个级别，依次进行报考，且报考两个级别考试的窗口之前需至少间隔6个月。

cfa的含金量如何？: CFA证书全称Chartered Financial Analyst（特许注册金融分析师），是全球投资业里最为严格与高含金量资格认证，为全球投资业在道德操守、专业标准及知识体系等方面设立了规范与标准，具有较高的知名度和影响力。英国的国际学术认证中心，还将持有CFA证书视为拥有硕士学历水平，能让想进修的金融专业人士，充分学习等同于金融硕士的知识课程。此外，人民日报三年内连续四次推荐CFA证书！因此，无论是从国际知名度还是国内知名度来说，CFA资格认证的含金量和认可度都是非常高的。

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