What is the CFA Program?
什么是CFA？

CFA stands for Chartered Financial Analyst. This is a professional designation related to finance and is awarded to individuals by the CFA Institute®. In order to attain this designation, the prospective candidate must complete a set of requirements set forth by the CFA Institute. For more information you may visit the CFA Institute site at www.cfainstitute.org. The CFA designation is highly regarded in the financial services industry and represents an advanced level of knowledge and experience.

CFA全称是特许金融分析师。这是由CFA协会授予个人的金融领域的专业头衔。为了获得此专业头衔，学员必须达到CFA协会的一系列要求。如果您想更多了解CFA，您可以登陆CFA协会官方网站www.cfainstitute.org以获取详细信息。CFA专业头衔在金融服务行业获得了广泛地认可，因为它代表了持有人拥有高水平得金融知识和经验。

Role of the Financial Analyst
金融分析师的角色

Financial analysts are involved in the process of securities analysis, investment and risk management, investment banking and financial analysis. They generally play a leadership role working at many levels in an organization.

金融分析师所涉及的专业领域包括：证券分析、投资与风险管理、投资银行及财务分析。他们通常在金融机构中的各个岗位上扮演了领导者的角色。

Industry Employment
受聘的行业

Typical examples of financial analysts are: portfolio managers, analysts, economists, financial planners, stockbrokers, accountants, teachers, and individuals working in the banking industry. Many financial analysts work for corporations other than financial institutions. According to the CFA Institute, as of 1999, 37 percent of CFA charter holders worked in the retail market, i.e., supporting individual investors, and the remainder worked for corporate clients.

金融分析师所从事的典型职业有：投资组合经理、分析师、经济师、金融规划师、股票经纪人、会计、教师和在银行业工作的个人。许多金融分析师不仅仅在金融机构工作，也在公司中担任要职。根据CFA协会1999年的统计，CFA头衔持有者中有37％在零售市场工作，如为个人投资者提供支持，剩余的63%为企业客户工作。

Job Responsibilities
工作职责

The following are examples of various jobs and related responsibilities:
以下是不同工作及相关职责的例举：

Registered Investment Advisor, Stockbroker, and Retail Banking: financial analysts in these roles work with individual investors helping them achieve their financial goals. They recommend to their clients financial plans involving various products such as stocks, bonds, mutual funds, mortgages, and insurance.

注册投资顾问、证券经纪人和零售银行：金融分析师在这些职位上和个人投资者一起帮助他们实现个人金融目标。他们将包括股票、债券、共同基金、抵押和保险等内容的金融理财计划推荐给他们的客户。

Research Analyst: financial analysts working in this capacity research companies or industries to determine if they are good investments. Mutual fund managers and stockbrokers use this information in picking stocks for the mutual fund or for recommending stocks to their clients. Pension plans and corporations with excess cash also utilize this information for investment purposes. An example of an entry-level position for a Research Analyst would be working for a mutual fund company or a pension plan.

研究分析师：在公司或者行业研究中的金融分析师有能力决定其是否是一个好的投资。共同基金的基金经理和股票经纪人利用信息为共同基金选择股票或者推荐给他们的客户。退休金计划和有额外现金的企业也用这个信息进行投资。一名研究分析师的入门工作将是为共同基金公司或者是退休金计划工作。

Investment Banker: the financial analyst works with other firms and governments/agencies that bring new stock and bond offerings to the market, and facilitates mergers between companies.

投资银行家：金融分析师与其他公司、政府或代销机构一同工作，将新的股票和债券推向市场，并促进公司间的合并。

Portfolio Manager for a mutual fund or pension plan: the financial analyst in this position determines which investments should comprise the fund or pension plan. This is a senior level position commanding some of the highest incomes for financial analysts.

共同基金或者退休金计划的投资组合经理：在这个职位上的金融分析师决定了基金或者退休金计划应该包含哪类投资。对于金融分析师来说，这是个能带来高收入的高级职位。

Director of Marketing: a financial analyst working in this position typically works for a financial management company, such as a mutual fund, and is responsible for the company's communications to investors and for business development.

市场部总监：这个职位的金融分析师一般来说主要是为金融管理公司，如共同基金工作，负责公司与投资者之间的沟通和业务发展。

Other examples: Real Estate Consulting - the financial analyst determines the current and future values of real estate projects; Auditor - the financial analyst works for a regulatory agency or a broker/dealer and audits branch offices for compliance with business standards and adherence to ethical guidelines; Writer - the financial analyst works for an investment newsletter; Arbitrator - the financial analyst works for a regulatory agency that settles lawsuits between brokers and investors.

其它例举：房产顾问-金融分析师决定了房产项目现有和未来的价值；审计师-金融分析师为管理机构或者经纪人/经销商工作，并根据商业规范和职业道德，审计各分公司账务；作家-为专业投资报刊撰稿；仲裁人-金融分析师为管理机构解决经纪人和投资者之间诉讼事宜。

Obtaining a Charter
得到特许资格

Before being accepted into the CFA program, several criteria must be met. The prospective candidate should have a bachelor's degree. After acceptance by the CFA Institute, the candidate must pass three consecutive exams administered by the CFA. Prior to 2001, CFA Institute policy required candidates to reregister if they did not complete the CFA Program within seven years. Under the current policy, CFA Institute does not impose a time limit on completion of the CFA Program or limit the number of times candidates may sit for each exam level.

在参加CFA考试之前，学员必须符合一些标准。学员必须拥有学士学位。在CFA注册后，学员必须通过由CFA主持的3次连续级别的考试。在2001年之前，如果学员没有在7年内完成CFA考试就必须重新注册。在现有政策下，CFA协会没有在CFA考试上加时间限制或者是参考次数限制，学员可以参加每一级别的考试。

Award of the CFA charter requires completion of three years' relevant experience. Preparation for the CFA exams is based on a self-study program. While preparing for a CFA exam, a general guideline is to study for approximately 250 hours depending upon the candidate's level of knowledge. Some of the topics covered in the course work are: equity analysis, options and derivatives, ethics, investments, corporate finance, portfolio theory, economics and statistics.

学员要获得CFA专业头衔需要有3年的相关工作经验。学员可以自学CFA考试课程，根据学员的知识水平，准备CFA考试通常情况下需要约250个小时。课程覆盖的专题有：股票分析、期权和衍生品、道德、投资、公司财务、投资组合理论，经济学和统计学。

Salaries
薪资

In a salary survey conducted in 2003, the CFA Institute found that:

The median yearly total compensation (including salary, bonuses and non-compensation) of investment management professionals is $130,500.

The median compensation of investment management professionals with at least 10 years of experience was approximately $190,000.

Investment professionals who hold a CFA charter and have more than 10 years experience earn an average of 21 percent more than non-charter holders with similar experience.

Investment management professionals employed by mutual fund organizations typically earn 20% more than the median.

2003年CFA协会进行了一项薪资调查，发现：

投资管理专业人士平均年收入（包括薪水、奖金和非补偿性收入）约为：$130,500。

有10年工作经历的投资管理专业人士的平均年收入约为：$190,000。

具有超过10年工作经验的投资专业人士，CFA持有人比非CFA持有人的薪资高21％。

受雇于共同基金组织的投资管理专业人士的薪资是同行业平均水平的20％。

Additional details about salaries are available at www.cfainstitute.org, or you can go directly to the 2003 Compensation Survey's Executive Summary (PDF).

更多关于薪资的细节详看www.cfainstitute.org，或者您可以直接点击2003 Compensation Survey's Executive Summary。