11/19/2014

Free Help for Wordy Writers!

Wordiness is a curse. Long-winded writing obscures your meaning and scares off readers. However, many writers don’t realize that their writing drags on endlessly.

A free online tool—the Hemingway App—can help you recognize when your sentences are too long. Hemingway will highlight them, and also suggests some ways to improve your writing. You could identify long sentences using your word processing software, but Hemingway is easier to use.

I’ll walk you through an example of how to use Hemingway.

Continue reading "Free Help for Wordy Writers!" »


NYSSA-TV

11/18/2014

Review: 300 Hours CFA Exam Insights 2015 Edition eBook

300-Hrs-CFA-Insights

Sun Tzu, the famous 6th century Chinese General and author of the timeless masterpiece, The Art of War wrote, “Know your enemy and know yourself and you can fight 100 battles without disaster.” 

While every CFA candidate hopes it will only take three battles to earn their charter, the concept is apropos. For the typical, newly enrolled CFA candidate, there is a general understanding about the demanding endeavor upon which they are about to embark.  They know that the test is difficult, that it takes a minimum of 18 months to complete and they’re probably aware of the subjects that will be tested on exam day.  

Continue reading "Review: 300 Hours CFA Exam Insights 2015 Edition eBook" »

Are You Ready for the CFA Exam?

If you are like many candidates, you’ve probably penciled in a few "super" study days right before the December CFA© exam. Maybe you’ve even asked your boss for a vacation week. On the surface, this sounds like a good plan, but it really isn’t. You cannot cram for this exam. You either know the material by now – or you don’t. To paraphrase a colleague of mine, it would be better to spend those last few days in prayer or meditation. But there are a number of things you can do to ensure you are prepared and to reduce exam-day stress. 

Continue reading "Are You Ready for the CFA Exam?" »


FINSEC

11/17/2014

Recent Research: Highlights from November 2014

"Let’s Save Retirement: Repairing America’s Broken System of Funding Workers’ Retirement"
The Journal of Retirement 
Russell L. Olson and Douglas W. Phillip

Far too few American workers can look forward to financial independence as they age. Many will be obliged to extend their working lives, some into their seventies. A patchwork of defined contribution (DC) retirement plans now serve as the primary retirement saving vehicle in the private sector, but they are complex, costly, and challenging for employers and employees to manage. This article presents a comprehensive set of recommendations for a unified private DC pension system to cover all working Americans, with a single set of rules and without cost to the government. A key part is the creation of broadly diversified trusteed retirement funds (TRFs), whose sponsors are trustees, with fiduciary responsibilities. Employee contributions will automatically go into a broadly diversified TRF unless the employee either opts out or selects a preferred TRF or the employer already sponsors a defined benefit (DB) pension plan. TRFs will relieve employers from fiduciary responsibility for all future DC contributions. To protect retirees from inflation, longevity, and asset price volatility risk, retirees will be encouraged to use their TRF savings to buy either an immediate or deferred indexed annuity. A new government agency, the Federal Longevity Insurance Administration, will enable private insurance companies to provide low-cost annuities.

Continue reading "Recent Research: Highlights from November 2014" »

Making Sense of the Comprehensive Assessment

AcharyaThe ECB conducted a comprehensive assessment of banks and identified capital shortfalls for 25 banks, totalling €25 billion. In this column, the authors provide a number of benchmark stress tests to estimate capital shortfalls. The analyses suggest possible capital shortfalls between €80 billion and more than €700 billion depending on the model. They find a negative correlation between their benchmark estimates and the regulatory capital shortfall, and a positive one between the benchmarks and the regulatory estimates of losses. This suggests that regulatory stress test outcomes are potentially affected by the discretion of national regulators. 

Continue reading "Making Sense of the Comprehensive Assessment" »

11/05/2014

The Four Killer Mistakes That Could Derail Your Job Search

If you’re searching for a new job, it’s important that you stay confident and upbeat. Making any of these four mistakes can hurt your morale and sap your energy. 

    1. Delude yourself into thinking it’s easy to find a job these days. 

      True, every day, Baby Boomers are either leaving full-time employment or retiring altogether, so there’s bound to be plenty of room at the top.  However, today’s employers are looking for people with specific skills, credentials, and experience. That’s your challenge: Convincing hiring managers that you can handle the job, even though your resume may not be an exact match with their requirements. To do that, it’s important that they get to know you, trust you and like you, which is why you should not make the next mistake.

Continue reading "The Four Killer Mistakes That Could Derail Your Job Search" »

11/03/2014

Eight Facts You May Not Know About the CFA Exams

There are a lot of things you learn while taking the CFA exams. Some time back, Zee's written 20 points you should know about the CFA exams, especially if you're new to it.

And today I'll try and add on to that, adding eight more facts that certainly even candidates may not know. I must admit - I only knew about fact #7 before I started this article!

If you've got any to add to the list, don't forget to drop them in the comments below.

Continue reading "Eight Facts You May Not Know About the CFA Exams" »

10/30/2014

Book Review: The End of Copycat China

CopyCat-ChinaIn 2005, Shaun Rein founded China Market Research Group, a strategic market intelligence firm based in Shanghai. Their clients included private equity firms, hedge funds, as well as Chinese businesses and multinationals. In the course of his market research, he comments, "As I traveled, I realized the changes and reforms were happening so fast that they were hard for people outside the country to follow." In his previous book, The End of Cheap China, and now, with The End of Copycat China: The Rise of Creativity, Innovation, and Individualism in Asia Shaun Rein shares with the readers his knowledge of the rapidly changing Chinese economy, and how businesses and investors are adapting, and must adapt.

Continue reading "Book Review: The End of Copycat China" »

10/29/2014

How to Manage a Tough Job Environment for Equity Research

The job market for equity research in 2014 is highly competitive. What with across-the-board consolidation, tightening regulation, and a slimmed down banking sector, how can a candidate stand out given the crowded, narrow space?

Increasingly, specialization is sought after. Sector focus—rather than a generalist background—is more favorable, be it in biotechnology, insurance, or any niche.  

Continue reading "How to Manage a Tough Job Environment for Equity Research" »

10/27/2014

Recent Research: Highlights from October 2014

"Lightning Strikes: The Creation of Vanguard, the First Index Mutual Fund, and the Revolution It Spawned"
The Journal of Portfolio Management 40th Anniversary Issue 
John C. Bogle

“Lightning Strikes” tells the story of how Vanguard founder John C. Bogle came to create a unique mutual mutual fund structure in 1974, and how the index fund strategy almost inevitably followed. Paul Samuelson’s essay in the first issue of The Journal of Portfolio Management was published at almost the same moment that Vanguard began. In “Challenge to Judgment,” Samuelson urged that somebody, somewhere, somehow form an index fund. Inspired, Mr. Bogle accepted the challenge, and in 1975 created the world’s first index mutual fund. Vanguard’s two disruptive innovations—mutuality and indexing—have combined to make Vanguard the largest firm in the mutual fund industry. In the second part of the essay, Mr. Bogle summarizes 10 of the 13 essays he has written for The Journal of Portfolio Management and provides a perspective on his works.

Continue reading "Recent Research: Highlights from October 2014" »

10/22/2014

Video: The Challenges Women Face on Wall Street

Citigroup executive Linda Descano, CFA, and Carla Harris, vice chairman of global wealth management for Morgan Stanley provide concrete, practical career advice on building a network, achieving work-life balance, and why Wall Street is lagging corporate America in hiring/promoting women.


NYSSA-TV

10/21/2014

Book Review: Succession Planning for Financial Advisors

Succession-Planning

ABSTRACT

The author provides a step-by-step guide to implementing a succession plan. The book is directed primarily at owners of independent advisory firms but should also be of considerable interest to their employees, their clients, and regulators, as well as investment professionals at larger firms who are considering the establishment of their own practices.

Financial professionals who serve retail clients balance two primary tasks: providing expert investment management or advice and offering consistent and superior service to clients. Those who work for larger brokerage or advisory firms have much of the expertise, infrastructure, and procedures provided by their employers, but the growing number who choose to start and run their own businesses must develop these features by themselves. Despite independent advisors’ success at attracting clients—they are growing at a much faster pace than their larger competitors—author David Grau, Sr., finds that independent advisors fail miserably in one key area: succession planning.

Continue reading "Book Review: Succession Planning for Financial Advisors: Building an Enduring Business" »

10/20/2014

What Happened to the U.S. Constitution? Effects of Changing Interpretations on International Debt and Banking—Part I

Contrary to the wishes of originalists, the U.S. Constitution evolves. However, it evolves in strange, almost incomprehensible ways.

For instance, the reach of the First and Second Amendments has increased drastically. The “freedom of speech” clause in the First Amendment, once admitting restrictive Comstock obscenity laws, now has extended to freedom (and anonymity) of money spent by corporations on political advertising, thanks to the Supreme Court’s ruling in Citizens United. The Second Amendment entitles every citizen, age and mental state notwithstanding, to obtain firepower on the scale of a post–Revolutionary War battalion—and much more accurate at that.

Continue reading "What Happened to the U.S. Constitution? Effects of Changing Interpretations on International Debt and Banking—Part I" »

10/15/2014

The Courage to Lead

This post previously ran on the Huffington Post as part of the “Plan B for Business” series to help articulate a Plan B for Business.

Henrik O. Madsen joined Norway’s DNV, the world’s leading ship and offshore classification company, in 1982.  Thirty-two years later, as Group CEO of the recently merged DNV GL, now a Euro 2.5 billion global enterprise, Henrik made a speech few CEOs will ever have the opportunity to attempt.

Continue reading "The Courage to Lead" »

10/13/2014

Real Eff ects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans

ABSTRACT

AcharyaThis paper shows that the sovereign debt crisis and the resulting credit crunch in the periphery of the Eurozone lead to negative real e ffects for borrowing firms. Using a hand matched sample of loan information from Dealscan and accounting information from Amadeus, we show that firms with a higher exposure to banks a ffected by the sovereign debt crisis become financially constrained during the crisis. As a result, these firms have signifi cantly lower employment growth, capital expenditures, and sales growth rates. We show that our results are not driven by country or industry-specifi c macroeconomic shocks or a change in the demand for credit of borrowing fi rms. Thus, the high interdependence of bank and sovereign health and the resulting credit crunch is one important contributor to the severe economic downturn in the southern European countries during the sovereign debt crisis.


Webinar-9-11-14


–Viral V. Acharyaa, Tim Eisertb, Christian Eu ngerc, Christian Hirschd

Continue reading "Real E ffects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans" »

The authors appreciate helpful comments from Matteo Crosignani, Giovanni Dell'Ariccia, Daniela Fabbri, Rainer Haselmann, Jhangkai Huang, Yi Huang, Victoria Ivashina, Augustin Landier, and Marco Pagano, Sjoerd van Bekkum, as well as from conference participants at the 2014 EFA Meeting, the Bank performance, financial stability and the real economy conference (Naples, Italy), and at the International Conference on Financial Market Reform and Regulation (Beijing, China) and seminar participants in Mainz, Konstanz, at the European Central Bank, and at the 2014 Tsinghua Finance Workshop. Eisert is grateful for financial support by the German National Scientifi c Foundation. Hirsch gratefully acknowledges support from the Research Center SAFE, funded by the State of Hessen initiative for research Loewe. Email addresses: vacharya@stern.nyu.edu (Viral V. Acharya), eisert@ese.eur.nl (Tim Eisert), ceufinger@iese.edu (Christian Eu nger), hirsch@finance.uni-frankfurt.de (Christian Hirsch)

aNew York University, CEPR, and NBER bErasmus University Rotterdam cIESE Business School dGoethe University Frankfurt and SAFE

uCONN
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CAREER CHATS™ AND
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CAREER CHATS AND COFFEES

NYSSA Friday Career Coffee™: Don't Lose Sleep over Insomnia
Friday, November 21, 2014

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CFA® EXAM PREP

FREE CFA® Level III Strategy Session and Essay Writing Sample Class
Midtown

Monday, October 13, 2014
Instructor: O. Nathan Ronen, CFA

FREE CFA® Orientation 2015
Midtown

Tuesday, November 18, 2014
Instructor: O. Nathan Ronen, CFA and Carl Crego, CFA

FREE CFA Level II Sample Class- Session A
Midtown

Monday, November 24, 2014
Instructor: O. Nathan Ronen, CFA

FREE CFA Level III Sample Class- Session A
Midtown

Tuesday, November 25, 2014
Instructor: O. Nathan Ronen, CFA

CFA® Level II Weekly Review – Session A Mondays
Midtown

Monday, January 5, 2015 – Monday May 11, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level III Weekly Review – Session A Tuesdays
Midtown

Tuesday, January 6, 2015 – Tuesday April 28, 2015
Instructor: O. Nathan Ronen, CFA

FREE CFA Level III Sample Class- Session B
Midtown

Wednesday, January 14, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level III Weekly Review – Session B Thursdays
Midtown

Thursday, January 15, 2015 – Thursday May 7, 2015
Instructor: O. Nathan Ronen, CFA

FREE CFA Level II Sample Class- Session B
Midtown

Wednesday, January 21, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level II Weekly Review – Session B Wednesdays
Midtown

Wednesday, January 28, 2015 – Wednesday May 13, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level III 6-Week Sunday Condensed Review
Midtown

Sunday March 15, 2015 – Sunday May 3, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level II 6-Week Saturday Condensed Review
Midtown

Saturday March 21, 2015 – Saturday May 2, 2015
Instructor: O. Nathan Ronen, CFA

CFA® Level II 4-Day Boot Camp
Midtown

Thursday May 14, 2015 – Sunday May 17, 2015
Instructor: O. Nathan Ronen, CFA


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