Mr Joseph Cheung Wang-ngai is no stranger to
continuing education and argues the challenges
presented by the CIIA® examination are worthy of
any world-class professional qualification.
The Certified International Investment Analyst (CIIA®)
examination is not for the ill advised or unprepared, suggests
Mr Joseph Cheung Wang-ngai, HKSI member and chief executive
officer of Oasis Investment Management Ltd.
"When [potential candidates] hear it is a 100 percent essay
type question examination, some would be deterred," he said.
Mr Cheung is referring to the full
and mini case study questions, in-depth essays or discursive
questions and structured computational questions that make up
the two separate examination papers, each lasting three hours.
"In the case of an examination which
is entirely in multiple choice format, some candidates might
be ready to take a chance and will not have fully prepared for
the examination," he said. "As the CIIA® is totally essay
based, only candidates who feel that they have sufficient
grasp of the examination materials should attempt the
examination."
According to Mr Cheung, the CIIA®
examinat ion presents a challenge and subsequent qualification
that is well worth the effort. With over 20 years experience
as a practising solicitor with a large local firm, a Master of
Laws degree from the London School of Economics and other law
and business related qualifications, Mr Cheung is in a good
position to judge the worthiness of a professional
qualification in finance.
"I would pursue a professional
qualification only if it is worth my while to do so. The
qualification has to be well recognised and CIIA® is unique,"
said.
The CIIA® Final Examination examines
the knowledge and skill required for professionals working in
investment markets. The two examination papers cover a variety
of topics including; corporate finance, economics, financial
accounting and statement analysis, derivative valuation and
analysis, and portfolio management. Candidates are required to
achieve 50 percent on each paper in order to pass, and are
recommended to undertake a minimum of 250 self study hours.
"The CIIA® materials are very in
depth," explains Mr Cheung. "It's not for the novice in the
sense that you are given real life scenarios to tackle. You
really have to digest the materials before you can tackle the
examination well. You learn a lot from it. The materials are
really very good."
Mr Cheung's decision to sit for the
CIIA® examination was in part driven by his interest in
financial markets and the fact that he has established an
investment advisory service catering to high net worth
individuals. With improvements in market conditions and
investor sentiment on the rise, Mr Cheung hopes to build a
successful business over the long term.
Although Mr Cheung's initial target
market is Hong Kong, he recognises that as China's economy
continues its steady growth, the number of high net worth
individuals living in the mainland will also increase thereby
opening up a whole new market. The liberalisation of China¡¦s
finance industry, its entry to the World Trade Organisation
and the recent CEPA agreement will also open up opportunities
for suitably qualified individuals.
"China is playing an increasingly
prominent role in the international financial scene. There are
people there with increasing personal net worth who will start
to seek professional advice with the management of their
wealth, there's no doubt about that," said Mr Cheung.
"If you want to go to the Chinese
market and build up your business, then the CIIA® is the way
to go."
Since the Securities Analysts
Association of China (SAAC) is one of the Association of
Certified International Investment Analysts' (ACIIA) national
societies, the CIIA® allows Hong Kong practitioners to earn an
international qualification recognised in the China market.
"I see the CIIA® as a stepping
stone," said Mr Cheung. "I am a CFA charter holder, but my
personal opinion is that the CIIA® will add value in the
Chinese market."
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