The is Hope after all for Investment Bankers…
I have just received a confirmation letter from the CFA Institute today. This means that I will be sitting for the June level one CFA exams. I was ofcourse elated at the chance to sit this year, given the problems I had ealier on when I tried to register for the paper.
But even as I finally sit to prepare for this exam that separates the boys from the men, I wonder, will it separate the rogue from the honest. What ais happening around the world with regard to the financial failure contagion has been the creation of those with the intricate knowledge of finance that I am seeking.
Their success has primarily stemmed from the complexity of investment matters which they have mastered and the greed for quick money that everybody else had. I say greed because it is only greed that would make one spend what he/she does not have.
But even so, I would have expected the integrity of financial professional to safeguard against what happened. But it did not. this to me meant either of two things. That integrity is an illusion, or that integrity gets lost along the way as financial deals get bigger, and bonuses start to making people blind to irregularities.
But that is worldwide. My dilemma is also local. Too many institutions in this area that I seek to study have crushed under the weight of bad management, illegal trading and manipulation. I have heard barks of reform but the thieves just walked by the dogs without even a bite. Some were licked, and when the pressure increases, the worst these thieves should expect is for the dogs to piss on them.
It is for these reasons that I very much had to question the wisdom of sending my hard earned KES 90,000 for a course whose practitioners (investment bankers and brokers) are under attack. They actually now rival lawyers in the sleaze list and hatred barometer.
But the businessman that I am sees an opportunity in this. With so much sleaze going around, business will go only to the few whose integrity will remain intact. Fashioning ones company as such is the new edge. This means not only abiding by the CFA Institute codes of professional conduct, but also getting the Global Investment Performance Standard (GIPS).
That may be where business for me will come from. Helping existing firms to meet standards set for one to receive the GIPS certification.
There is hope afterall. Wish me lack as I commence studying.