Chapter 57: Joker Is Truly a Great Master

After a series of screenings, 154 individual investors entered the VIP research report group. Compared to the 429 members in the free discussion group, the ratio was roughly three to one, a result that was entirely acceptable.

Zhang Yang had not imposed any mute restrictions in the VIP research group. To further gain trust, he proudly shared a photo of his CFA Level 1 exam scorecard, showing that he answered 235 out of 240 questions correctly, achieving an accuracy rate of 97.92%.

What is the CFA exam?

The Chartered Financial Analyst (CFA) exam, known in China as the CFA certification, is one of the most authoritative professional qualifications in global finance and investment. It is issued by the CFA Institute in the United States, with its knowledge system and professional standards recognized in more than 170 countries, and members spanning 159 countries worldwide.

Leading financial institutions such as Goldman Sachs, Morgan Stanley, and BlackRock regard holding a CFA certificate as a mandatory entry requirement.

Domestically, possessing a CFA certificate grants one prestigious status in major investment banks and financial institutions.

Given the high value of this certification, the difficulty of obtaining it is self-evident.

The exam consists of three levels. The first level can be taken in the senior year of university and includes 240 questions covering over ten fundamental financial courses, serving as a theoretical knowledge assessment.

The second level focuses on case analysis, emphasizing asset valuation such as stocks, fixed income, derivatives pricing, and the practical application of investment tools. Candidates must conduct in-depth analyses based on market data.

The third level concentrates on portfolio management and wealth planning, including behavioral finance, asset allocation, and performance evaluation, requiring candidates to demonstrate practical skills through real-world cases.

Only by passing all three levels can one apply to the CFA Institute for certification.

Although Zhang Yang only shared his Level 1 scorecard, it was enough to feature on his résumé as a highlight.

Some group members with basic financial knowledge, upon seeing Zhang Yang’s scorecard, rubbed their eyes in disbelief and exclaimed in astonishment.

“AnglerNoEmpty” said, “240 questions, 235 correct? Isn’t that a bit exaggerated? This is the CFA exam!”

“White Sanctuary” commented, “I originally joined the group just to watch the fun, but right now, I can only say Joker is awesome, I bow down!”

“Wind Rustling” asked, “I don’t get it, is this score really that impressive?”

“Pink Puppy” replied, “Not just impressive, it’s out of this world. If this score is genuine, passing Level 2 and 3 is almost guaranteed. With the CFA certificate, you can conquer Wall Street or comfortably settle in Beijing, Shanghai, or Guangzhou. The only hardship left in life might just be drinking iced Americanos.”

As the chat flooded with messages, Zhang Yang then shared his Level 1 FRM exam results.

Unlike the CFA, the Financial Risk Manager (FRM) certification focuses on risk management and is the most authoritative professional qualification in global financial risk management, issued by the Global Association of Risk Professionals (GARP) in the United States.

To obtain the certificate, candidates must pass two exams. The first level covers risk management fundamentals, quantitative analysis, financial markets and products, and valuation and risk models. It consists of 100 multiple-choice questions with moderate to high difficulty.

Upon sharing the FRM exam score image, the VIP research group erupted again.

“Sugar Baby” exclaimed, “Wow! You got 98 questions right on the FRM too? This is…”

“White Sanctuary” responded, “I was half convinced before, now I’m truly convinced. CFA and FRM, top certifications—Joker, who exactly are you?”

“Fan Puppy” added, “I bow to Joker, bow bow bow!”

A CFA score alone proves Zhang Yang’s outstanding investment ability, but adding the FRM shows he is a versatile expert with both investment and risk management skills.

What do certifications represent?

They are the most direct proof of ability.

It’s like a company’s job listing stating “Bachelor’s degree or above.” That simple criterion eliminates many candidates without a bachelor’s degree.

Some might argue that excellent talent exists among those with associate degrees, high school diplomas, or even middle school education, and they are no less capable than graduates.

But who bears the cost of identifying such talent?

Academic credentials may not represent everything, but they are the most straightforward proof of capability.

If you were a business owner, would you spend time selecting suitable talent from among associate degree holders, high school graduates, and middle school graduates, or would you choose from bachelor’s degree holders?

Undoubtedly, most would choose the latter.

…

After sharing his CFA and FRM exam results, some group members immediately shared the VIP group link to the discussion group, and others wanted to add Zhang Yang as a QQ friend.

Some hesitant members of the discussion group, fearing scammers, hastily joined the VIP research group after seeing Zhang Yang’s CFA and FRM results, worried that entry barriers might rise in the future.

The CFA and FRM Level 1 exam results, along with the daily trading ideas Zhang Yang had shared over the previous weeks, had already established the “Joker” persona as a formidable expert.

Sensing the time was right, Zhang Yang typed: “Everyone has seen the group announcement. The subscription fee for the market research reports is 90 yuan per month, with at least four reports produced each month. The payment account number is 6217…389.”

“Please remember to note your QQ number when transferring. By tomorrow’s market close, those who have not subscribed will be temporarily removed from the VIP research group. Thank you for your cooperation.”

After sending this message, Zhang Yang immediately closed the research report group, adjusted his friend verification settings, and set them to reject all requests.

To Zhang Yang, fans who joined the group were merely clients; he did not want them prying too much into his personal life.

…

Since he had to go to Hangzhou with Tao Yu’ang tomorrow, Zhang Yang closed his laptop and began searching for suitable clothes.

Flipping through his wardrobe, he found only a cheap pure black suit. The fabric clearly cost no more than 100 yuan, and it was ill-fitting, evidently long unused.

For an ordinary college student, daily wear consisted simply of T-shirts in summer and black cotton jackets in winter. For more formal occasions, perhaps a plaid shirt or white dress shirt.

But for those working in finance, a suit jacket with a white shirt was essential—it symbolized maturity and reliability, and carried a certain stereotype.

It was like salespeople at a car dealership; without a suit, they seemed less professional.

Whether it was a tailored suit or other attire, the essence was to highlight one’s current status.

“I guess I need to get a proper suit,” Zhang Yang whispered to himself.

Whether for future business dealings or upcoming graduation photos, a well-fitting suit was a mark of respect for his career.

After selecting a fairly decent gray plaid short-sleeved shirt jacket and black trousers, Zhang Yang hung them on the railing of his upper bunk, then put the other clothes back in the wardrobe.

Chen Chuan, who had just finished a game, looked at the hung clothes and asked, “Dorm chief, are you going out tomorrow?”

“Going on a date?”

“With whom?”

Wang Liu and Xu Jiafeng asked in turn.

“Not a date, just meeting a friend in Hangzhou,” Zhang Yang lied, not mentioning that he would be meeting Tao Yu’ang to discuss financing arrangements.

“A guy or a girl?”

Chen Chuan pressed on.

“A guy. Want me to introduce you?” Zhang Yang smiled faintly.

“A guy? Forget it. I’m not gay. If it were a girl, I’d really need one—I don’t want to be lonely anymore.”

Before Zhang Yang could reply, Wang Liu jumped in, “You definitely need to find a girlfriend. Your trash bin is full of tissues; nobody knows what you’re up to every day.”

“‘A loving father’s thread, a traveler’s coat’—I hope you guys never understand this saying,” Chen Chuan raised his eyebrows, giving a knowing look.