2021年全国金融专业英语证书考试露脸

金融英语证书Part1 overview of the financial industry in China⏹They play a unique role in the economy throughmobilizing savings, allocating capital funds to financeproductive investment, transmitting monetary policy,providing a payment system and transforming risks.⏹The state council decided to make the PBC as a centralbank which was characterized by a mono-bank engaged in both policy and commercial bankingoperations.⏹The government introduced a comprehensive packageof measures aimed at restoring financial order as wellas addressing the inflationary pressure and signs ofoverheating, particularly in the real estate sector andthe stock markets.⏹The reform since then has been focused on developinga sound and robust financial system to guard againstand dissolve financial risks, cleaning up thebalance-sheets of the banks, improving their ownershipstructure, strengthening their corporate governance,developing market infrastructure, enhancing supervisory capacity, and further opening the banking sector to foreign participation.⏹The wholly state-owned commercial banks, namely,restructuring their balance sheets, establishing corporate governance, transforming their operational mechanisms, inviting strategic investors, listing them in stock markets.⏹Apart from the traditional deposit taking and lendingbusiness, commercial banks now offer a broad range of intermediary services such as international settlement, bankcards, personal banking, and financial consulting.As the economy becomes increasingly complex, there is an emerging need for developing universal banking.⏹Until recently, foreign banking institutions were onlyallowed to operate in the special economic zones and coastal cities. To encourage competition form foreign financial institutions, China has expanded the list of areas open to foreign banking establishments to include all large cities throughout the country. The banking institutions are now engaged in local currency business in 25 major cities.⏹Strengthening baking supervision has become auniversal task. Many countries including some advanced economies have been penalized for weak financial supervision. For china, this task is particularly relevant, as the authorities are well aware that the Chinese financial system is faced with risks associated with economic transition, in addition to credit and market risks common to all countries⏹Continued progress in structural reform in the financialsector will contribute to the viability of commercial banks. First, further interest rate liberalization will enhance banks’ capacity for risk pricing. Second, freer cross-border capital movement will allow them to seek high returns and diversify risks on a much broader horizon. Third, greater exchange rate flexibility will facilitate expansion of foreign exchange business and foster their ability to manage foreign exchange risks.⏹Shares are certificates or book entries representingownership in a corporation or similar entity.⏹Bonds are written evidences of debts.⏹The primary market is that part of the capital marketthat deals with the issuance of new securities. Thesecond market is the financial market for trading of securities that have already been issued in an initial private or public offering.⏹Bonds are forms of borrowing firms can undertake inthe form of medium or long-term security, which commits them to specific repayment dates, with fixed on variable interest.⏹Treasury bonds, also known as T-bonds, refer tocoupon bearing government securities with a relatively longer maturity.⏹In practice, not all risks can be insured, and theinsurability of a given risk depends on a number of factors:1. Losses are measurable in monetary terms.2. Only pure risks are insurable,3. The insurer must be able to collect together asufficiently large group of separate and independent exposure units which are subject to broadly similar risks. This is so that the Law of Large Numbers can operate effectively.4. Losses must be fortuitous.Part2 supervision of banking and financial institutions⏹First, the key objective of supervision is to maintainstability and public confidence in the financial system.⏹The second goal of bank supervision is to ensure thatbanks operate in a safe and sound manner and thatthey hold capital and reserves sufficient to cover therisks that may arise in their business.⏹Third, a related goal is to protect depositors’ funds andif any bank should fail, to minimize the losses to beabsorbed by the deposit insurance fund.⏹The fourth goal of bank supervision is to foster anefficient and competitive banking system that is responsive to the public’s need for high quality financialservices at reasonable cost.⏹The fifth and final goal of bank supervision is to ensurecompliance with banking laws and regulations.⏹Risks of bankCredit riskA major type of risk that banks face is credit risk or thefailure of a counterpart to perform according to a contractual arrangement.Two specific elements of market risk are foreign exchange risk and interest rate riskBanks face a risk of losses in on- and off-balance sheet positions arising from movements in exchange rates. Interest rate risk refers to the exposure of a bank’s financial condition to adverse movements in interest rates. Liquidity riskLiquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational riskThe most important types of operational risk involve breakdowns in internal controls and corporate governance.Legal riskBanks are subject to various forms of legal risk, including inadequate or incorrect legal advice or documentation that may result in unexpected decline in the value of assets or unexpected increase in the value of liabilities. Reputation riskReputation risk arises from operational failures, failure to comply with relevant laws and regulations, or othersources.⏹Prudential requirements cover a broad spectrumprocess. Of which, there are five key areas where the extensive prudential policies have been implemented by bank regulators of most countries; these are capital adequacy, risk concentration, asset quality, liquidity and internal controls.⏹Minimum capital adequacy ratios are necessary toreduce the risk of loss to depositors, creditors and other stakeholder of the bank and to help supervisors pursue the overall stability of the banking industry.⏹The 1988 Basel accordThe accord sets minimum capital ratio requirements for internationally active banks of 4% capital and 8%total capital in relation to risk-weighted assets.Tier 1 capital is core capital, that is, common shares, plus non-cumulative perpetual preferred shares, plus disclosed reserves, less goodwill.Tier 2 capital consists of undisclosed asset revaluation, and general provisions (general loan-loss) reserves, as well as hybrid debt capital instruments, and subordinated term debt.These limits are usually expressed in terms of a percentage of bank capital and, although they vary, 25% of capital is typically the most that a bank or banking group may extend to a private sector non-bank borrower or a group of closely related borrowers without specific supervisory approval.⏹Asset quality is the most important factor indetermining a bank’s creditworthiness.In addition to loans, balances due from banks, acceptances and bills of exchange held, as well as commitments liabilities which subject a bank to credit risk are also classified in the same way in order to give a better picture on asset quality.⏹LiquidityBanks need adequate liquidity to meet their obligations when they fall due, especially where the timing and amount of the commitment are uncertain, and to maintain confidence of depositors and shareholders. The major obligations in this context are demand for withdrawals from sight deposits, time deposits, and commitments to lend at a specific date, unutilized overdraft facilities and inter-bank settlements.After evaluating the six critical areas of the bank through the bank through separate ratings, a composite CAMELS rating ranging from 1 to 5 is established to provide an overall judgment of a bank’s financial condition and soundness, whereas “C” stands for Capital adequacy, “A”for Asset quality, “M”for Management, “E” for Earnings, “L” for Liquidity and “S”for Sensitivity to market risk.。

金融英语证书Part1 overview of the financial industry in China⏹They play a unique role in the economy throughmobilizing savings, allocating capital funds to financeproductive investment, transmitting monetary policy,providing a payment system and transforming risks.⏹The state council decided to make the PBC as a centralbank which was characterized by a mono-bank engaged in both policy and commercial bankingoperations.⏹The government introduced a comprehensive packageof measures aimed at restoring financial order as wellas addressing the inflationary pressure and signs ofoverheating, particularly in the real estate sector andthe stock markets.⏹The reform since then has been focused on developinga sound and robust financial system to guard againstand dissolve financial risks, cleaning up thebalance-sheets of the banks, improving their ownershipstructure, strengthening their corporate governance,developing market infrastructure, enhancing supervisory capacity, and further opening the banking sector to foreign participation.⏹The wholly state-owned commercial banks, namely,restructuring their balance sheets, establishing corporate governance, transforming their operational mechanisms, inviting strategic investors, listing them in stock markets.⏹Apart from the traditional deposit taking and lendingbusiness, commercial banks now offer a broad range of intermediary services such as international settlement, bankcards, personal banking, and financial consulting.As the economy becomes increasingly complex, there is an emerging need for developing universal banking.⏹Until recently, foreign banking institutions were onlyallowed to operate in the special economic zones and coastal cities. To encourage competition form foreign financial institutions, China has expanded the list of areas open to foreign banking establishments to include all large cities throughout the country. The banking institutions are now engaged in local currency business in 25 major cities.⏹Strengthening baking supervision has become auniversal task. Many countries including some advanced economies have been penalized for weak financial supervision. For china, this task is particularly relevant, as the authorities are well aware that the Chinese financial system is faced with risks associated with economic transition, in addition to credit and market risks common to all countries⏹Continued progress in structural reform in the financialsector will contribute to the viability of commercial banks. First, further interest rate liberalization will enhance banks’ capacity for risk pricing. Second, freer cross-border capital movement will allow them to seek high returns and diversify risks on a much broader horizon. Third, greater exchange rate flexibility will facilitate expansion of foreign exchange business and foster their ability to manage foreign exchange risks.⏹Shares are certificates or book entries representingownership in a corporation or similar entity.⏹Bonds are written evidences of debts.⏹The primary market is that part of the capital marketthat deals with the issuance of new securities. Thesecond market is the financial market for trading of securities that have already been issued in an initial private or public offering.⏹Bonds are forms of borrowing firms can undertake inthe form of medium or long-term security, which commits them to specific repayment dates, with fixed on variable interest.⏹Treasury bonds, also known as T-bonds, refer tocoupon bearing government securities with a relatively longer maturity.⏹In practice, not all risks can be insured, and theinsurability of a given risk depends on a number of factors:1. Losses are measurable in monetary terms.2. Only pure risks are insurable,3. The insurer must be able to collect together asufficiently large group of separate and independent exposure units which are subject to broadly similar risks. This is so that the Law of Large Numbers can operate effectively.4. Losses must be fortuitous.Part2 supervision of banking and financial institutions⏹First, the key objective of supervision is to maintainstability and public confidence in the financial system.⏹The second goal of bank supervision is to ensure thatbanks operate in a safe and sound manner and thatthey hold capital and reserves sufficient to cover therisks that may arise in their business.⏹Third, a related goal is to protect depositors’ funds andif any bank should fail, to minimize the losses to beabsorbed by the deposit insurance fund.⏹The fourth goal of bank supervision is to foster anefficient and competitive banking system that is responsive to the public’s need for high quality financialservices at reasonable cost.⏹The fifth and final goal of bank supervision is to ensurecompliance with banking laws and regulations.⏹Risks of bankCredit riskA major type of risk that banks face is credit risk or thefailure of a counterpart to perform according to a contractual arrangement.Two specific elements of market risk are foreign exchange risk and interest rate riskBanks face a risk of losses in on- and off-balance sheet positions arising from movements in exchange rates. Interest rate risk refers to the exposure of a bank’s financial condition to adverse movements in interest rates. Liquidity riskLiquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational riskThe most important types of operational risk involve breakdowns in internal controls and corporate governance.Legal riskBanks are subject to various forms of legal risk, including inadequate or incorrect legal advice or documentation that may result in unexpected decline in the value of assets or unexpected increase in the value of liabilities. Reputation riskReputation risk arises from operational failures, failure to comply with relevant laws and regulations, or othersources.⏹Prudential requirements cover a broad spectrumprocess. Of which, there are five key areas where the extensive prudential policies have been implemented by bank regulators of most countries; these are capital adequacy, risk concentration, asset quality, liquidity and internal controls.⏹Minimum capital adequacy ratios are necessary toreduce the risk of loss to depositors, creditors and other stakeholder of the bank and to help supervisors pursue the overall stability of the banking industry.⏹The 1988 Basel accordThe accord sets minimum capital ratio requirements for internationally active banks of 4% capital and 8%total capital in relation to risk-weighted assets.Tier 1 capital is core capital, that is, common shares, plus non-cumulative perpetual preferred shares, plus disclosed reserves, less goodwill.Tier 2 capital consists of undisclosed asset revaluation, and general provisions (general loan-loss) reserves, as well as hybrid debt capital instruments, and subordinated term debt.These limits are usually expressed in terms of a percentage of bank capital and, although they vary, 25% of capital is typically the most that a bank or banking group may extend to a private sector non-bank borrower or a group of closely related borrowers without specific supervisory approval.⏹Asset quality is the most important factor indetermining a bank’s creditworthiness.In addition to loans, balances due from banks, acceptances and bills of exchange held, as well as commitments liabilities which subject a bank to credit risk are also classified in the same way in order to give a better picture on asset quality.⏹LiquidityBanks need adequate liquidity to meet their obligations when they fall due, especially where the timing and amount of the commitment are uncertain, and to maintain confidence of depositors and shareholders. The major obligations in this context are demand for withdrawals from sight deposits, time deposits, and commitments to lend at a specific date, unutilized overdraft facilities and inter-bank settlements.After evaluating the six critical areas of the bank through the bank through separate ratings, a composite CAMELS rating ranging from 1 to 5 is established to provide an overall judgment of a bank’s financial condition and soundness, whereas “C” stands for Capital adequacy, “A”for Asset quality, “M”for Management, “E” for Earnings, “L” for Liquidity and “S”for Sensitivity to market risk.。

2021cfa三级考点摘要：I.前言- 介绍CFA 三级考试的重要性- 说明本文的主要内容II.2021 年CFA 三级考点的变化- 概述2021 年CFA 三级考试的主要变化- 分析变化的原因和影响III.2021 年CFA 三级考试的主要考点- 详细介绍2021 年CFA 三级考试的各个考点- 分析各考点的难度和重要性IV.如何应对2021 年CFA 三级考试的变化- 提供应对考试变化的策略和建议- 强调考生应该如何调整备考计划V.结论- 总结2021 年CFA 三级考试的主要考点和变化- 鼓励考生积极应对挑战，取得好成绩正文：CFA 三级考试是CFA 认证考试的最后一级，对于金融从业者来说具有重要意义。

本文将详细介绍2021 年CFA 三级考试的主要考点和变化，并提供应对策略和建议。

2021 年CFA 三级考试相较于往年发生了一些变化。

这些变化主要体现在考点的调整和考试内容的更新上。

为了适应行业的发展和需求，CFA 协会对三级考试的内容进行了相应的调整，以保证考生具备最新的知识和技能。

2021 年CFA 三级考试的主要考点包括：1.投资组合管理- 资产配置- 风险管理- 业绩评估2.财富管理- 客户需求分析- 投资建议- 财富传承3.合规与伦理- 法规遵循- 职业伦理- 内部控制4.风险管理- 市场风险- 信用风险- 操作风险5.衍生品与另类投资- 衍生品市场- 另类投资- 风险管理策略这些考点在三级考试中占据了较大的比重，考生需要重点关注。

为了应对2021 年CFA 三级考试的变化，考生应该：1.及时了解考试信息：关注CFA 协会官方网站，了解最新的考试动态和考点变化。

2.调整备考计划：针对新的考点，制定合适的备考计划，确保每个考点都得到充分的复习。

3.参加模拟考试：通过模拟考试，检验自己的备考进度和效果，及时调整学习方法。

4.加强实际操作能力：除了理论知识外，还要关注实际操作能力的培养，以提高自己在实际工作中的应用能力。

金融专业英语证书考试FECT模拟试题-4(总分100, 考试时间90分钟)SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark.1. Multiple-choice questions: from the following four options, selecta correct and fill in its labeling the brackets.1.Suppose the demand for tea is very price-elastic. To increase revenue, the tea supplier should ___ the price level.A IncreaseB DecreaseC Not changeD Uncertain该题您未回答:х该问题分值: 2答案:B2.Which of the following would NOT cause a shift upward of the consumption schedule? ()A An increase in household wealth.B An expectation of rising incomes in the future.C A reduction in income taxes.D An increase in household disposable income.该题您未回答:х该问题分值: 2答案:D3.An increase of $1,000 in bank deposits will: ()A Result in a higher level of inflation.B Mean proportionately increased bank profits.C Facilitate the credit creation process.D Bring about government intervention in the working of the bankingsystem.该题您未回答:х该问题分值: 2答案:C4.A rising foreign exchange rate for country X will: ()A Result in a rise in X’s RPI.B Be likely to raise the employment level in X.C Favor those holidaying in X from abroad.D Ease inflationary pressures with X.该题您未回答:х该问题分值: 2答案:D5.Cutting taxes can lower investment through its impact on interest rates. This is an example of the: ()A Income effect.B Accelerator effect.C Crowding out effect.D Multiplier effect.该题您未回答:х该问题分值: 2答案:B6.Which one of the following is the most widely used measure of inflation? ()A The Consumer Price Index.B The Index of Leading Economic Indicators.C The prime rate.D The Federal Funds rate.该题您未回答:х该问题分值: 2答案:A7.You have just won the lottery (congratulations!) and are given the option of receiving $2,000,000 now or an annuity of 200,000 at the end of each year for thirty years. Which of the following is correct? () (assume you are making the decision based on present values)A You cannot choose between the two without first computing future values.B You will always choose the lump sum regardless of interest rates.C Comparing the future value of each will lead to the same decision as comparing present values.D You will always choose the annuity.E You will choose the lump sum if interest rates are 7%.该题您未回答:х该问题分值: 2答案:C8.A company buys 10 items at a price of £200 each, all on 14 days free credit. It then sells on the next day 5 units for £350 each. One item was sold for cash, the remainder on 21 days free credit. What effect do these transactions have on the firm’s cash fl ow on the day of the sale? ()A Gains £750B Gains £1,750C Loses £2,000D Gains £350.该题您未回答:х该问题分值: 2答案:D9.A firm has fixed costs of £100,000 per month and variable costs of £25 for item. It sells them for £50 each. If it sells 5,000 units each month, what is the firm’s Margin of Safety? ()A 1,000 units per monthB £50,000C 1,000 unitsD 25%.该题您未回答:х该问题分值: 2答案:A10.Fred Perry, CFA, purchased $100,000 of a newly issued Treasury inflation protection security based on the following characteristics and information.The coupon payment at the end of one year is closest to: ()A $2,000.B $2,100.C $5,000.D $7,000该题您未回答:х该问题分值: 2答案:BSECTION TWO(Compulsory)：Answer the questions in this section.Reading Comprehension:Arnold Barker is an analyst at BAYCON Investments. He has been asked to revise BAYCON’s credit analysis process for corporate fixe d-income securities. This credit analysis process is the basis for the selection of individual bonds for BAYCON’s fixed-income portfolios. Hank Su, Barker’s supervisor, comments that one limitation of the current credit analysis process at BAYCON is that it only provides an estimate of a bond’s default risk. He asks Barker to expand the credit analysis processto provide an estimate of a bond’s credit spread risk. Su defines credit spread risk as follows:"Credit spread risk is the risk that the issuer will fail to satisfy the terms of the bond with respect to payments.”In addition, Su believes that the current credit analysis process focuses too much on character, collateral, and covenants, and not enough on capacity. In response to Su’s observations, Barker develops a quantitative debt-capacity model to assess the capacity of an issuer to meet its obligations. His debt-capacity model is based on the issuer’s profitability, debt coverage, and cash flow analysis. Barker decides to use the model to evaluate Haynes Industries, a recent investment-grade bond issuer. To calculate the inputs to the debt-capacity model, Barker gathered selected financial data, displayed in Exhibit 1, on Haynes Industries.Exhibit 1Selected Financial Data for Haynes Industries(In millions)Barker also decides to look at several key ratios used by Standard & Poor’s and other credit analysts, including coverage ratios, solvency ratios, and "funds from operations / total debt."Ed Dawson, a fixed-income research manager at BAYCON, has reviewed Barker’s debt-capacity model and makes the following statements about the model’s applicability to high-yield bonds, asset-backed securities, and municipal bonds:1. For the model to be useful for high-yield issues, it must consider the entire debt structure of the issuer. For example, high-yield issuers rely to a greater extent on bank debt than investment-grade issuers.2. While the model has limited applicability in the assessment of the credit of asset-backed securities, it can be used to evaluate the quality of the service. However, it cannot be used to assess the underlying collateral’s ability to generate cash flows.3. The credit analysis of municipal tax-backed bonds should involve assessing the issuer’s:debt structure,ability and political discipline to maintain sound budgetary policy, local tax base and intergovernmental revenues available, andflow of funds structure.11.Su’s definition of credit spread risk is: ()A Correct.B Incorrect, be cause credit spread risk is the risk that a bond’sprice will fall when the bond’s risk premium increases while the yield on a similar maturity Treasury bond falls.C Incorrect, because credit spread risk is the risk t hat a bond’sprice will fall when the bond’s risk premium decreases while the yield on a similar maturity Treasury bond rises.D Incorrect, because credit spread risk is the risk that a bond’sprice will fall when the bond’s risk premium remains constant while the yield on a similar maturity Treasury bond rises.该题您未回答:х该问题分值: 2答案:ADistinguish among default risk, credit spread risk, and downgrade risk.Credit spread risk is the risk an issuer’s debt obligation will relatively decline due to an increase in the credit spread. In this case the credit spread is increasing and the bond’s price will fall.12.The "funds from operations / total debt" ratio for Haynes Industries for 2004 was closest to: ()A 50.5%.B 52.1%.C 52.1%.D 63.5%.该题您未回答:х该问题分值: 2答案:CCalculate, critique, and interpret the key financial ratios used by credit analysts.Funds from operations / total debt = 7,672 / 14,147 = 54.23%. Funds from operations is defined as (Net Income + Depreciation & Amortization + Other non-cash charges) = (5,186 + 1,703 + 783) = 7,672. Total debt is defined as (Current Maturity of LTD + Long-Term Debt + Lease Debt Equivalent) = (2,172 + 11,475 + 500) = 14,147.13.For 2004, compared with 2003, did Haynes Industries have an increase or decrease in: ()A Answer A.B Answer B.C Answer C.D Answer D.该题您未回答:х该问题分值: 2答案:BCalculate, critique, and interpret the key financial ratios used by credit analysts.The interest coverage ratio [(EBIT (EBITDA)) / interest expense] increased from 8.97 (9.89) in 2003 to 10.40 (11.38) in 2004, and short-term solvency decreased from 1.358 in 2003 to 1.128 in 2004 where:*Current Liabilities = Current Assets - Working Capital 2004: Current Liabilities = 8,668 - 984 = 7,6842003: Current Liabilities = 8,232 - 2,168 = 6,06414.Given the debt structure described in Dawson’s first statement, the factor that is least likely to affect the creditworthiness of the high-yield issuer is the: ()A Ability to refinance.B Impact of sale of assets.C Presence of senior bonds in the debt structure.D Impact of changes in short-term interest rates.该题您未回答:х该问题分值: 2答案:CIdentify, explain, and interpret the typical elements of the corporate structure and debt structure of a high-yield issuer and the impact of these elements on the risk position of the lender. Bank loans have a priority over other debt issues; therefore the presence of senior bonds in the debtstructure will have little impact on the credit analysis of high-yield issuers.15.Regarding Dawson’s second stat ement that refers to asset-backed securities is he correct or incorrect in describing the model’s ability to: ()A Answer A.B Answer BC Answer CD Answer D该题您未回答:х该问题分值: 2答案:CDiscuss the factors considered by rating agencies in rating asset-backed securities.In the case of an asset-backed security, the quality of the service is evaluated using factors such as servicing history, underwriting standards for loan origination, servicing capabilities, business environment, and financial condition. The model will only address financial condition. Dawson is correct in stating that the model cannot be used to determine the ability of the underlying collateral to generate cash flows.Explanations of terms16.Liquidity trap该题您未回答:х该问题分值: 6答案:As the money supply increases the supply-of-money curve intersects the demand-for-money curve at flat part of the latter where an increase in the money supply no longer reduce the interest rate. This flat portion of the demand-for-money is called liquidity trap, which illustrates that the interest rate is insensitive to the increase of the money supply andpeople’s demand for money becomes infinitely large at the flat portion of the demand-for-money.17.Recognition lag该题您未回答:х该问题分值: 6答案:The recognition lag is the period that elapses between the time at which economic situation changes and the time at which the policymaking officials become aware of the need for action. This time lag could be negative if the disturbance can be predicted and appropriate policy actions considered before it even occurs.18.Group of Seven (G-7)该题您未回答:х该问题分值: 6答案:Seven of the world’s leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues。

金融英语证书考试(总14页) -CAL-FENGHAI.-(YICAI)-Company One1-CAL-本页仅作为文档封面，使用请直接删除金融英语证书考试（FECT）Exercises-1（1）1.Which of the following is not a function of money ______。

A.To act as a medium of exchangeB.To act as a unit of accountC.To act as a store of valueD.To provide a double coincidence of wantsE.To act as a means of payment2.The price in the foreign exchange market is called ______。

A.the trade surplusB.the exchange rateC.the money priceD.the currency rate3.Market risk refers to the risk of______。

A.financial prices fluctuationsB.defaultC.fraudD.deferred payments4.Which of the following is not among the generally accepted accounting principles______。

A.Cash basisB.PrudenceC.ConsistencyD.Going concernE.Money measurement。

5.What is a documentary letter of credit______。

A.A conditional bank undertaking to pay an exporter on production of stipulated documentationB.A method of lending against documentary securityC.An international trade settlement system biased in favour of importersD.All of the above6.Holding a group of assets reduces risk as long as the assets ______。

金融专业英语证书（FECT）
第一家国家级行业性英语证书考试，本考试的证书不是入行资格，但可作为在金融部门从事相应的涉外业务工作、涉外培训、职称评定和各类毕业学生进入金融部门就业等方面的参考依据。

懂英语及金融的人才相对较少，与国际接轨，逐步会成为进入金融行业工作的重要参考。

考试相关概况
考试内容：针对不同程度，分为初级（银行综合类）、中级、高级（目前尚未开考）三种程度，通过者获得相应级别的证书。

考试时间：每年一次，5月到6月间
证书的获得：初级按分为A、B、C三类证书。

中级要求应试者四年内通过《经济学》、《会计学》、《银行业务》、《法律》4科考试及相关听力。

至今没有高级
通过率及难度
从1995年开始试考至2004年，全国报考金融专业英语证书考试的共有181098人（次），其中122006人（次）报考初级（银行综合类）考试，23043人取得合格证书，通过率为18.8%
59092人（次）报考银行类中级考试，8845人（次）取得单科合格证书，通过率为14.9%，近700人取得中级合格证书。

中级含金量较高
备考安排
通过四六级考试的，需要三个月左右。

其中一个月金融专业的了解和金融知识储备，如国际金融、货币银行学、国际经济、会计学的基本内容以及对相关法律的基本认识，专业词汇的准备。

中级在专业领域的深度和广度要更大，对银行业务的实际操作有一些要求，而大学生受到的专业教育跟实际操作是脱钩的，接受相关的培训是有必要的，也是补充这方面欠缺的有效手段。

金融英语证书考试大纲第一部分考试说明一、考试目的金融英语证书考试是国家级行业性专业外语水平考试，旨在通过统一的标准化考试程序和测试标准，为中国金融业提供金融英语水平行业参考标准，测试并认定应试人员的金融英语语言水平及应用能力，促进金融从业人员及相关社会人员不断提高金融英语水平。

本考试的证书可作为金融业在职人员岗位任职、职称评定、涉外培训、海外机构任职、后备人才选拔以及大专院校学生入职金融部门等方面金融英语能力的参考依据。

二、考试对象考试对象为金融系统从业人员及一切有志于从事金融事业的人员。

三、考试时间与报名时间金融英语证书考试每年举行1次。

每年10月下旬或11月上旬择时在全国统一开考。

考试报名时间为每年5月至9月。

第二部分考试内容一、考试要求金融英语证书考试以专业英语为载体，测试应试人员所掌握的金融理论、政策与业务知识及其在业务环境中使用专业英语的能力，从而测试、评价应试人员专业英语与金融专业知识的结合程度。

在语言能力方面，金融英语证书考试主要从听、读两个方面测评考生对英语词汇、语法、听力和阅读等知识和技能的应用和掌握程度。

在专业知识方面，金融英语证书考试涵盖了金融知识与理论、金融政策、规制与金融业务等方面。

对专业知识要求分为了解、理解和掌握三个层次，了解层次指对有关知识有感性认识；理解层次指对有关知识有较深刻的理性认识；掌握层次指能够利用知识分析、解决具体相关经济问题。

二、考试范围及试题中比重（一）语言应用能力（（一）语言应用能力（30%30%30%））主要考核考生应用和掌握常用词汇、词组以及专业词汇的能力；应用和掌握语法知识的能力；获取口头信息的能力；通过阅读获取书面信息并通过分析综合判断解决问题的能力。

（二）金融知识与理论（（二）金融知识与理论（30%30%30%））1、主要考核内容及要求（1）了解货币的类型和职能；了解货币制度的构成及其演变；了解货币流通及其计量；了解信用的功能与形式；掌握存款货币创造过程，并能简单计算派生存款。