汀 兰

Abram statins

　　在刚刚过去的12月1号，被业内人士称为是证券行业考试扎堆的日子。其中CFA(特许金融分析师)、保荐人资格这两个相当有分量的考试最为引人注目。 两项考试一个是针对从事一级市场业务的投行保荐人员，另一个则是侧重投资研究领域。对很多人来说，它们都是是通往金领职业的必经之路。

In just the past December 1,Be the personage inside course of study is called the securities industry cluster test day.The CFA(Chartered financial analyst)/Guarantor qualification these two quite component test most conspicuous. Two exams one is engaged in the primary market for business investment Banks sponsor personnel,Another is the emphasis on investment research field.For many people,They are to jinling vocational is the only way.

　　今年CFA全球考生人数为8万人，其中中国考生达到10500。笔者的一位朋友是2004年通过的CFA考试，据他回忆，当时CFA考试的含金量基本只有圈内人知道，全国报考人数不多，那时通过CFA考试的多是各家机构的投资经理。近几年，金融行业高薪光环吸引不少人慕名而来，各类资格认证考试也逐渐走进大众视野。统计显示，近几年的CFA参考人员中，在校学生比例逐渐增加，另一方面，非金融专业的人士也扎堆来考试。

This year the CFA global total of 80000 people,The Chinese students reached 10500.A friend of the author in 2004 by the CFA exam,According to his memory,At that time the CFA exam gold content basic only coterie know,Not the number of applicants,Then through the CFA exam is each sector investment manager.In recent years,The financial industry to attract many people who were high salary aura,All kinds of qualification authentication test also gradually into the public view.Statistics show that,In recent years the CFA reference personnel,In the school student ratio increase gradually,On the other hand,Non-financial professional personage also gathers together to test.

　　另一项数据则显示，目前亚洲CFA持有人占全球17%，但是注册考生确占到全球的44%，这意味着，扎堆考证已经体现出考生对金融行业的盲目崇拜和跟风。实际上，相比证书，金融行业更看重人才的工作经验、处事能力和资源，证书更多时候是锦上添花。一些选择考证的考生应该首先规划、制定好自己的职业方向，尤其是一次考试就要付出近万元的代价时。

Another data is display,The Asian CFA holder accounted for 17% of the world,But it registered candidates accounted for 44% of the world,This means that,Cluster research has reflects the financial industry blind worship and follow suit.In fact,Compared with certificate,The financial industry pay more attention to talents work experience/Competence and resources,Certificate is more icing on the cake.Some choose research candidates should first planning/Set your professional direction,Especially a test will pay nearly $ten thousand when the price.

　　同一天的进行的另一重量级考试保荐人资格考试来看，则呈现“江河日下”的态势。与几位应试的考生交流，他们普遍没有显示出大考后的轻松，“就算可以考过，还是没有项目承揽能力”、“保代已经过剩，制度红利逐渐消失，就算考过了几年后也成为鸡肋”，类似论调不绝于耳。实际上，在考前就有很多分析认为，根据监管的导向，未来保代考试的难度很可能会降低，并且可能每年考3-4次。这样一来，保荐人考试的含金量将会大打折扣，届时保荐人捧着百万年薪金饭碗的时代将一去不复返。

On the same day the another heavyweight test sponsor qualification test to see,revealed"Go from bad to worse"trend.And several examination candidates communication,They generally did not show the after a big exam easily,"Even if I could pass,Still no project contracting ability"/"The generation have surplus,Bonus system gradually disappear,Even if I pass a few years later also become chicken ribs",Similar arguments can be heard.In fact,The test will have a lot of analysis think,According to the regulation of the guide,The future generation of the test difficulty are likely to reduce,And may each year exam 3-4 times.so,Sponsor the exam gold content will sell at a discount greatly,The guarantor holding one million salary job age will have gone.

　　2004年，我国首次举办保荐人胜任能力考试，造就保代这一特殊群体。当年考试通过率约为40%。此后几年的考试通过率分别降为9%、5%、10%和18%。首次考试通过614人，随后通过人数逐年下降，最低时仅有88人通过。2009年的通过人数也创了历年新高，通过率高于前五年16.4%的平均通过率。在2010年通过率瞬间跌至1.05%后2011年回升至14%。

In 2004,,China's first host sponsor competence test,Make the generation of this special group.The test passing rate is about 40%.After several years of exam pass rate dropped to 9% respectively/5%/10% and 18%.The first test by 614 people,Then through the population to drop year by year,Minimum only 88 people through.2009 through the number and the calendar year highs,Passing rate higher than the previous five years 16.4% of the average percent of pass.In 2010 percent of pass instantly fell to 1.05% in 2011 after back up to 14%.

　　实际上，考试通过后，并不意味着前路就一片坦荡。今年的保代考试刚过，业内人士预计通过率在20%左右。如果按照4000人参考计算，参照这一通过率，每年将新增保代800人。目前行业内准保数量与保荐人数量相当，接近1400人。按照要求，准保必须完成项目才可以注册为保荐人，这意味着，以现有的IPO速度来看，除了保荐人过剩、部分保代赋闲外，还有大批的准保面临无项目可做、无法完成注册的境遇。从目前种种迹象来看，实行8年的保代的制度红利已经消耗殆尽统计显示，目前IPO在审待发企业共计809家，按照目前IPO的上会速度，预计到2015年才可以完成。这就意味着，未来3年有不少保代很有可能面临赋闲状态，加上与保代数量相当的准保以及数量十倍于保代的一般投行从业人员，行业的产能实际已出现明显过剩。

In fact,Test by,Does not mean that a piece of straight ahead.This year's insurance and just after the exam,The personage inside course of study is expected to passing rate at about 20%.If 4000 people calculation,With reference to the percent of pass,Every year 800 people will add the generation.In the industry at present just quantity and sponsor number,Nearly 1400 people.According to the requirement,Certainly must complete the project can be registered as a guarantor,This means that,At the present rate of IPO to see,In addition to sponsor surplus/Part of the generation of the unemployed,There are a large number of certainly face no project to do/Unable to complete the registration situation.From the present to the indications,The eight years of the generation of system bonus has been consumed statistics show,At present in the examination of IPO and a total of 809 enterprises,According to the current of the IPO will speed,It is estimated that by 2015 can be completed.This means that,The next three years has a lot of the generation are likely to face unemployed state,With the number of the generation and just ten times the number of employees YuBaoDai general investment Banks,Industry capacity has actually appear obvious surplus.