2009년 11월 25일 수요일

FRM 시험 레벨1

신카와시험장에서 시험을 진행했습니다.
일본에서 레벨1을 응시한 인원은 전부 12명,그중 시험을 친사람은 9명
그중에서도 인도계 흑인1,유럽쪽 백인1,중국계2 ,그담이 한국3(저 까지 포함해서),나머지가 일본인2?
일본에서는 지명도가 아주 낮은가 봅니다.

CFA취득후 IB로 전직하는 것이 목표라서.




2009년 11월 24일 화요일

난 정말 정치에 관심이 없나 보다.

사내에서 프로젝트를 진행 하다 보니 내가 속한 라인에 라인장과 가끔 엘레베이터 홀이나 복도에서 마주치곤 한다.목례로 인사를 해도 생까는 것이 아닌가..
내가 뭔가 그 분(위대하신)마음에 안드는 것이 있나 보지..끄억.

나도 생까 주마.
ㅋㅋ..출세 하긴 글렀구나..


2009년 11월 18일 수요일

매니저?

현재 몸을 담고 있는 컨설팅 회사에 입사 하면서 세운 목표가 있었다.
2년에 매니저 되기.
올해 매니저 후보 대상에 올랐지만 결국 물을 먹은 결과가 됬다.

어제 평가피드백에서는 랭크가 내려간 사람들도 있으니 못올라 간것에 대해 너무 심각하게 받아 들이지 말라는 카운셀러의 조언...

물먹은 원인을 분석하자면
1.능력부족
2.회사실적부진
3.사내 정치에 대한 무관심

각각의 항목에 대한 우선순위나 비율은 의미가 없을 듯하다.
내년10월을 목표로 다시 열심히 해 달라는 카운셀러 에게 그리하겠다 대답은 했지만 마음은 이미 떠났다.

능력부족(정확히 예기하자면 시스템 구축이나 자료작성 레벨에 예기가 아니다.사내 정치에도 연관이 되는 거지만 평가를 잘 받아내기 위한 액션이 부족한것)을 극복하지 않으면 내년도 없을 것이다.사내정치
외국인이 내게 그건 적절한 액션이 아니다.

곰곰히 생각 해보자.
매니저가 된다고 얻어지는것?(입사전에는 목표였지만 이제는 아닌..매니저가 된다고 달라지는것?)
급여?(잔업수당이 않붇는다고 봤을때 달라지는 것 없음)
근무시간(더 늘었으면 늘었지 줄지는 않을것이다.)


2009년 11월 9일 월요일

Top Ten Careers in Finance

FRM 메일링 리스트에 올라온 글입니다.
역시 개인 투자가 쪽에 자산관리 쪽이 가장 좋은 직업인듯 하군요.


1. Private equity: The role of private equity is to raise funds from large investors and invest the money directly into businesses. The usual manner is to raise money from overseas investors and then find businesses in the growth stage. Most private equity funds 'exit' the investment after a period of time by selling their holding in the business to some other investors or doing an initial public offering of the shares of the business.



2. Investment Banking/Merchant Banking Investment banking comprises two major businesses. One is the advisory/ corporate finance role which entails mergers and acquisitions. This would entail understanding valuations, finding targets, negotiation and compliance with legal regulations. The second role is what is more popularly called equity capital markets role. This entails helping corporates raise funds from investors or the public. So it may entail working on IPOs or Institutional Offerings.



3. Fund Management: As a fund manager, one is an important decision-maker typically at a mutual fund. The fund manager has a good overall understanding of the macro factors which affect the markets as well as the micro factors about which company to invest in. He invests money in stock market, debt market, directly into companies, etc depending upon his fund mandate.



4. Equity Research & Sales: The role of equity research is to find out the correct value of the stock which is trading on the stock exchange doing various types of research namely fundamental and technical analysis. There are two types of ERs though. One is the sell-side research which belongs to a brokerage, the aim is to do research and sell investment ideas to investors so as to earn commission on trading by the investor. The second is buy-side research, which is a part of usually a buy side fund like a mutual fund. They analyse the research results of various brokerages in addition to their own research on investment ideas for the fund manager



5. Project Finance & Debt Syndication This role entails arranging for long-term finance for infrastructure and industrial projects which will take a long time to pay back. The first step is to understand the project, conduct a feasibility study, risk assessment and a detailed financial model. This is done with the purpose to rope in equity partners (known as sponsors) and lenders. Generally the lending part is done by multiple banks under leadership of the syndicate bank.

6. Financial Risk Management: Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. Similar to general risk management, financial risk management requires identifying its sources, measuring it, and plans to address them. Financial risk management can be qualitative and quantitative. As a specialisation of risk management, financial risk management focuses on when and how to hedge using financial instruments to manage costly exposures to risk. In the banking sector worldwide, the Basel Accords are generally adopted by internationally active banks for tracking, reporting and exposing operational, credit and market risks.



7. Corporate Banking This role entails the entire plethora of banking services required by corporates. Corporate can be divided into largely two sections Large Corporates and MSME which is Medium and Small enterprises. A corporate banker would thus have companies as his clients and service them. Within corporate banking some of the departments are:



Credit Borrowing to companies for their expansion and working capital requirements. Would entail doing a credit evaluation on the company and sanctioning the loanTreasury Help companies manage various types of risks such as foreign exchange, interest rate fluctuations. Treasuries also take proprietary positions to make profit in the 'forex' and bond markets.Cash Management Solutions: As most companies have a large number of customers, distributors or branch offices across the country it becomes a huge challenge to deal in money. Banks offer cash management solutions to help streamline this entire operation for its corporate customers.



8. Wealth Management: Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services. High net worth individuals, small business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. Wealth managers can be independent, certified financial planners. One must already have accumulated a significant amount of wealth for wealth management strategies to be effective. Wealth management can be provided by banks, brokerages, independent financial advisers or multi-licensed portfolio managers whose services are designed to focus on high-net worth customers. The fallout of the events of 2008 has produced a high level of skepticism and distrust among investors, and they will demand greater transparency from their providers to understand what they own, the value of their investments and associated risks.



9. Retail Banking Also known as consumer banking, it entails dealing with products / services for individual customers. So the scope encompasses getting business for products such as credit cards, savings accounts, personal loans and auto loans. Operational roles would entail teller, authorising, clearing, remittances and customer service.





10. Corporate Finance: A career in corporate finance means you would work for a company to help it find money to run the business, grow the business, make acquisitions, plan for its financial future and manage any cash on hand. You might work for a large multinational company or a smaller player with high growth prospects. The job of the financial officer is to create value for a company. As a corporate finance professional one is typicall involved in four main activities to meet its objectives: 1) designing, implementing and monitoring financial policies, 2) planning and executing the financing programme, 3) managing cash resources, and 4) interfacing with the financial community and investors. Jobs in corporate finance are also relatively stable. Performance in these jobs counts, but your job is not going to depend on whether you're selling enough this week or getting good deals finished this quarter. Rather the key to performing well in corporate finance is to work with a long view of what's going to make your company successful. Many would argue that corporate finance jobs are the most desirable in the entire field of finance. Some of the benefits of working in corporate finance are:

· You generally work in teams which help you work with people

· It's a lot of fun to tackle business problems that really matter
· You'll have many opportunities to travel and meet people and
· The pay in corporate finance is generally quite good
Thus, a budding financial wiz should look at understanding which area interests him/her the most and build skill sets which can help take the leap into financial sector.

2009년 11월 1일 일요일

일본의 경기 회복전망

출구전략을 논의하고 있는 아시아,남미권 일부국가와 달리 일본의 경기전망은
데플레이션 극복에 초점을 맞춰져 진행되어야 한다는 내부논의가 일어날 정도로 일본의
경기회복에는 여타 국가와는 다른 많은 문제가 있습니다.

시장 상황은 글로벌 경제위기 이후에 엄청난 손실을 입은 국제적 투기자금운용사들이 더높은 레버리지로
자금을 운용하기 위한 무리수 들로 인한 실질경제 지표와는 동떨어진 자금시장과 현물 시장의 요동을
일부에서는 경기회복(전환 국면)이라는 잘못된 판단을 하고 있는 듯 합니다.
금융시장과 실질경제의 상호관련성이 줄어 가고 있는 것도 이런 상황을 발생시키는
원인이라고 보여 집니다.

너무 빨리 금융위기에 교훈을 잊어 가고 있는 것이 아닌가 하는 우려가 됩니다.
실질경제 지표 (설비투자,재고율,실직율등 )개선이 없는 상황에서 일어나고 있는 원유가격등
현물시장 의 가격상승 주식시장의 활황은 투기자금의 영향이 아주 큰 부분을 차지하고 있습니다.

과연 일본 경기 회복의 전망은 어떠 한가?

저는 아주 회의적이라고 보고 있습니다.일본의 잃어버린 10년간 글로벌 시장은 중국의 팽창과 금융시스템의
국제화로 양적인 팽창이 지속되던 시기 였습니다.2000년부터 2008년 중순까지의 일본경기 회복은 이런 시장상황의
영향이었다고 볼수 있습니다.

그럼 2010년 이후에는 과연 어떨까요?
2000 초반처럼 중국시장이 양적인 팽창으로 국제시장을 떠받혀 줄수 있을까요?
성장 동력의 한축을 차지하던 인터넷을 기반으로한 IT같은 새로운 시장이 다시 출현 할까요?

현재로써는 긍정적인 전망 보다는 부정적인 전망이 우세한것이 사실입니다.
이런 시장 상황에서 일본은 잃어 버린 10년을 극복하려는 적극적 준비가 부족했다는 점과 정책적
뒷받침의 부족으로 인해 국제적 주도권을 상실했다는 점이 문제를 더욱심각하게 만들고 있습니다.
컨트롤 부재의 상황으로 빠저들고 있는 것이죠.
2010년 -2015년 정도까지 글로벌 금융시장의 안정이 유지 되어 진다는 전제를 하더라도 일본의
경기가 극적으로 회복되기는 불가능한상황이라 판단 되어 집니다.