“Befitting its Greek roots, the marathon unfolds classic drama, carrying equal doses of comedy and tragedy, euphoria and agony.“ Take out the reference to Greece and substitute CFA exam for marathon and this line from Marathon Training Plan & Schedule by Josh Clark sounds like a perfect description for the CFA exam study experience.
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In today’s modern frictionless economy, the principal requisite for growth and order is the free flow of sensitive information, banking transactions, and private data on a global scale.
With this shift brought on by the unrelenting growth of e-commerce and mobile platforms comes the nagging reality that cyber risk is here to stay. It is the sort of drag on the market that needs to be priced into the system rather than treated like something that can be eliminated or perfectly controlled. Market and consumer expectations need to be adjusted accordingly and in the age of hyper transparency, people would be wise to remember that anything can be exposed to sunlight.
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White papers can be great marketing tools. Done right, they give web surfers reasons to join your email list and persuade them that you understand—and have solutions to—their problems. However, done poorly, white papers waste your time—and your readers’ time. To help you avoid pointlessly sinking your energy into white papers, I’m sharing four reasons you should not write a white paper.
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Of all the financial markets that should be resistant to manipulation, foreign exchange surely tops the list. With $5.3 trillion traded daily by thousands of buyers and sellers across the world, this should be one hyper-efficient market.
And yet six major banks recently agreed to a $4.3 billion settlement with US, UK, and Swiss authorities over charges that the banks had failed to prevent traders from attempting to manipulate the market. In all three countries, it is possible that criminal charges against individuals may follow.
The settlement is the latest in a long line of massive legal actions that hold banks responsible for the activities of their employees. Prosecutorial efforts to hold shareholders liable for myriad problems that bank employees have caused seem to have no end in sight. The goal of these actions is to prompt boards and their managers to reform banking cultures. If banks want to avoid more floods of litigation in the future, they'll have to act fast.
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Will you be shown the door or welcomed with open arms by financial services firms in 2015? Yes, few financial services companies were overly bullish with recruitment in 2014, but for certain areas of investment banking—notably advisory functions—the landscape was much improved. Meanwhile, competition for talent from the buy-side ensured a steady stream of replacement hiring throughout the year.
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The Trans-Pacific Partnership, a potentially historic trade agreement being aggressively pursued by the Obama administration, represents a cornerstone in its strategic pivot to Asia. If ratified by all 12 Pacific Rim countries currently engaged in the negotiations, it would create the largest free-trade zone in the world, accounting for some 40% of global GDP and a third of global trade.
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Investment banking isn’t for everyone. In fact, the industry turns out to not be a fit for the majority of people who enter it. A recent study found that only one-third of investment banking analysts who started in 2012 are still at their current firm.
Why do they leave? A lack of a work-life balance and opportunities elsewhere, particularly on the buy-side, are the two most common responses. But that’s just a shallow dive. We asked several former investment bankers when they could tell that the writing was on the wall—when they knew they’d be leaving the industry in months if not weeks. Here’s what they said. Warning: as they are former bankers, the responses are a bit jaded.
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