After obtaining the qualification, securities analysts constantly increase their experience in their work, and often update their professional knowledge under the organization of the association, and make persistent efforts to improve their ability. This is the so-called "continuing education". Law-abiding is the minimum requirement for securities analysts and an important aspect of professional behavior norms. As an analyst, he must abide by all kinds of laws and regulations formulated by the securities market regulatory agencies, and must provide his research results to customers fairly, and cannot intentionally mislead or guide investors because of company or personal reasons. At the same time, securities analysts must abide by the relevant internal regulations of the company, keep customers' secrets and do nothing that harms the interests of the company.
However, most of these laws are aimed at the external behaviors of market participants or their results, and only prohibit or restrict those behaviors that are at least not allowed. Considering the complex interests of the actual securities market and the diversification of transactions, it is still limited to rely on these laws to control. In order to make up for these defects and ensure the correct investment behavior, we need to be bound by professional ethics. For securities analysts, it is necessary to "serve customers wholeheartedly with objective analysis and independent judgment based on their special abilities without any influence." This is the self-discipline behavior of securities analysts.
The self-discipline of securities analysts is quite strict. In the United States, the Code of Professional Ethics is a book with a thickness of more than 200 pages, which systematically regulates all aspects of securities analysts' behavior. Securities analysts must fully abide by it, otherwise they will be suspended, disqualified, fined and sent to the legal department. The content of self-discipline norms accounts for about 10% in CFA exam, and candidates must pass or fail. Basic condition one: grasp the general trend.
With the knowledge of macroeconomic theory, I know and will effectively collect and process interest rate, exchange rate, inflation rate, employment rate, GDP growth rate, fiscal revenue and balance of payments, comprehensive prosperity index of national economy, consumer price index (CPI), retail price index of social goods, price index of production materials in various industries, various consumption information indexes, market forecasting psychology, etc. Then, make a scientific and reasonable judgment and analysis on the current or future economic operation trend or mode, and according to the economic operation situation, analyze the trend and direction of the securities market that the government management may introduce fiscal and monetary regulation policies or measures with industry orientation for various industries, and how long it will lead or lag. In order to try to grasp the trend or band of the securities market, so as to effectively avoid misleading investors. This requires practitioners to understand both economy and finance and the securities market.
Basic condition 2: investment ability.
Using the knowledge of investment, I have investigated, studied, screened, demonstrated and made decisions on investment projects in the real economy, and accumulated rich practical experience in choosing investment projects; He is good at using his own knowledge structure, rich experience and special "perception" ability to screen out the projects with high success probability, short investment cycle, maximum income and minimum risk among the many real economy investment projects announced by listed companies, and guide investors to invest rationally. Working experience in investment companies such as banks and trust companies is preferred.
Basic condition three: the quality of experts.
Knowledge of accounting, auditing and law, ability to compare and analyze indicators and data such as annual report, interim report and prospectus in many aspects, ability to identify "digital games" and analyze their moisture content, and ability to avoid being confused by false financial statements. At the same time, understand the legal system formulated by China to regulate financial risks and securities issuance and underwriting transactions, and be familiar with the basic framework of the legal system of the securities market. Due to the imperfect market laws and regulations at this stage, there are still illegal acts. Therefore, analysts should also act as defenders of laws and policies and safeguard the interests of public shareholders, especially small and medium-sized retail investors. We should not only restrain people, but also ourselves. Requirements 1: Familiar with the technical analysis of the securities market.
It not only has strong comprehensive technical analysis ability, but also can innovate according to the operating characteristics of the securities market at this stage, forming a unique and effective technical analysis method of the securities market. At the same time, we should make more friends, especially those with higher level in the securities market, strive to establish closer ties, increase high-quality information channels, form a rich, perfect, timely and accurate information network, and conduct communication, reaction inspection and exchange.
Necessary condition 2: You must go through the baptism of bulls and bears several times in the stock market.
After accumulating first-hand, rich and valuable practical experience and psychological training, talents have high sensitivity to the securities market, can always keep a cool head and form the habit of independent thinking. Sometimes, analysts will feel extremely lonely and form a unique "temperament": investment hunters who shuttle through the securities jungle. In addition, it is necessary to have the ability to be a good investment customer psychologist, help investment customers overcome psychological barriers, stabilize their mentality, and achieve a state of having stocks in their hands and no stocks in their hearts. Don't be impetuous for short-term fluctuations and delay the fighters.
The above five conditions are the qualifications of a securities analyst in China, and I think they also reflect the comprehensive quality of securities analysts. The more adequate the conditions, the higher their own quality, wisdom and ability, so the higher the quality and value of the "product"-securities analysis and research report provided to investors in the securities market.