Guys,relax.This is a professional designation program.There are a few designation exams out there that are much harder than this one. But this serves a best angle to sneak through how we Chinese students are good at handling exams but not the real finance world.
What we've prepared for the exam is purely a comprehensive summary of modern western finance theory and practice,from value investing,to portfolio theory,even behavior finance.We are not only learning western financial knowledge points but western way of thinking and doing.It sets a framework for us,and makes very difficult for us to step out and be creative of our own.
Finance world is a simple world - don't forget about what investment is for - not to make someone rich (it is a shame to admit finance causes today's income disparity);but to make someone who needs financing get what they want.The world today is of course very different from the world in 1929 and this financial distress started a little differently from the Great Depression as well.But what I do see is we-human beings are entering another "ice age" without true creativity.
We are good at handling exams,memorizing knowledge points and most importantly we know how to get the highest marks on the paper.But what we tend to neglect often times is what we can do about it? What we can do with derivatives? What we can do about have high leverage in the credit market - creating more leverage? Using one credit card to repay another one is sort of similarity.When you think of paying credit card or line of credit or overdraft for the goods or services you get, you naturally think the transaction is complete.But not yet indeed.Settlement hasn't completed between you and the credit card issuer.The cash hasn't been put back to the cycle.
Just by memorizing the simple facts of how CDO or CMO works will help you score enough to pass exams and get charter,but it also helps us become slaves of financial instruments.It is designed by us mankind. This reminds me of Terminator's skynet,which takes over control from human beings and destroyed the majority of our mankind.What's wrong with it?We believe too much in the current system and we believe too much in what the current system can bring to us.
China's College Entrance exam is another classic example.Most people here should know about or even be participating in it once in the lifetime.It is unforgettable for many reasons.But have you ever thought about this? What were we fighting for in the CEE?I want to bet,at least over 50% of the students were competing for a position in the department that they did not like or had no idea about.What kind of exam is this?And why should everyone strive to clear that one? I guess it would be the strong faith in the current system that a degree can help one's growth into the future.
I can't help thinking I may be fortunate that I was born in China and had the chance to participate in this CEE;but for a country,is it good though? | 
发表于 2010-8-18 02:25
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