Personal Statement

個人陳述

After finalizing the calculation, I closed my sour eyes and stretched myself in my chair. The exhausted yet ecstatic moment crystalized all my achievement in the first attempt of finance—I finished a model design of the shared refrigerator project in Project Evaluation. However, the risk analysis report soon discouraged my eagerness to get approval—when a risk premium is included in the Net Present Value (henceforth NPV) discount rate as an extra 5%, the NPV turns out less than 0. What’s wrong with my model design on earth? The persisting and repeated data analysis allowed me to locate the flaw of an improper scale of fixed asset investment. On the other hand, the flawed modeling was also reflected in scenario planning. For instance, financing channels and investment portfolio seem too narrow and lack diversification that external changes such as political change can easily impact the company’s cash flow. In retrospection, I clearly understood how important to be strong in quantitative skill and problem-solving abilities and accordingly endeavoured to prepare it academically and practically.

敲定計算后，我閉上酸溜溜的眼睛，在椅子上伸了個懶腰。精疲力盡卻又欣喜若狂的時刻，凝聚了我在金融第一次嘗試的全部成果——我在項目評估中完成了共享冰箱項目的模型設(shè)計。然而，風(fēng)險分析報告很快打消了我獲得批準(zhǔn)的渴望——當(dāng)風(fēng)險溢價作為額外的5%包含在凈現(xiàn)值(此后稱為NPV)貼現(xiàn)率中時，NPV結(jié)果小于0。我的模型設(shè)計到底有什么問題？持續(xù)和反復(fù)的數(shù)據(jù)分析讓我找到了固定資產(chǎn)投資規(guī)模不合理的缺陷。另一方面，有缺陷的建模也反映在場景規(guī)劃中。例如，融資渠道和投資組合似乎過于狹窄，缺乏多樣化，政治變化等外部變化很容易影響公司的現(xiàn)金流?；叵肫饋恚仪宄卣J(rèn)識到在數(shù)量技能和解決問題的能力上的強(qiáng)大是多么重要，并因此努力在學(xué)術(shù)和實踐上準(zhǔn)備它。

In September 2017, I became finance major in XX University, followed by an exchange program in XX Universityin 2019, where the two academic experiences laid a solid theoretical foundation for future study. I got an average score of 90/100 with high scores in the core subjects such as Mathmetics, Finance, Statistics and Financial Engineering. Meanwhile, I learned how to applyanalytic tools such as STATA and MATLAB in financial modelling.

2017年9月，我成為XX大學(xué)的金融專業(yè)學(xué)生，隨后于2019年在XX大學(xué)進(jìn)行了交流項目，兩次學(xué)術(shù)經(jīng)歷為未來的學(xué)習(xí)奠定了堅實的理論基礎(chǔ)。我在數(shù)學(xué)、金融、統(tǒng)計和金融工程等核心科目中取得了90/100的高分。與此同時，我學(xué)會了如何在金融建模中應(yīng)用STATA和MATLAB等分析工具。

My passion for Finance also comes from my research experiences. For example, when participating in the academic research project examining herd behavior in the Chinese stock market, I discovered my interest in empirical research. I firstly conducted the empirical research based on the CH (Christie and Huang) model. However, I noticed that the CH model had its drawbacks and limitations as only when the majority of investors had irrational herding behavior, the stock returns and market returns would converge. Thus, this test method was likely to underestimate the existence of herding effect in the market and lead to a not significant test result. It was reflected that under the circumstances of a large proportion of retail investors in the market, the CH model didn't work in testing the herding effect. Consequently, I adopted the CCK model instead to overcome the limitations mentioned above by constructing the cross-section absolute deviation of returns indicator (CSAD) to effectively identify the herd behavior in stock market, because in the CAPM asset pricing model, the market is perfectly effective and hence the deviation between individual stock return and the market return is linear related to the market return. The hard-won discovery corresponded to the truth that knowledge starts from practice, and inspired me to get involved in more practices.

我對金融的熱情也來自于我的研究經(jīng)歷。例如，在參與研究中國股市羊群行為的學(xué)術(shù)研究項目時，我發(fā)現(xiàn)了自己對實證研究的興趣。筆者首先基于CH (Christie and Huang)模型進(jìn)行了實證研究。然而，我注意到CH模型有其缺陷和局限性，因為只有當(dāng)大多數(shù)投資者有非理性羊群行為時，股票收益和市場收益才會收斂。因此，這種檢驗方法很可能低估了市場中羊群效應(yīng)的存在，并導(dǎo)致不顯著的檢驗結(jié)果。這反映出在市場中散戶占很大比例的情況下，CH模型在檢驗羊群效應(yīng)時不起作用。因此，我采用了CCK模型，通過構(gòu)建橫截面收益絕對偏差指標(biāo)(CSAD)來有效識別股票市場中的羊群行為，以克服上述局限性，因為在CAPM資產(chǎn)定價模型中，市場是完全有效的，因此個股收益和市場收益之間的偏差與市場收益是線性相關(guān)的。這個來之不易的發(fā)現(xiàn)符合知識始于實踐的真理，并激勵我參與更多的實踐。

With a firm theoretical grounding in Finance, I took the initiative to seek practical opportunities to apply the learned principles and concepts in a real business setting. During the period interning in the market research department in XX Capital Management Co., Ltd, I assisted in carrying out research into China’s hedge fund market via selecting the appropriate target funds and conducting comparative index analysis toward them. The role has exposed me to cutting edge financial information and technology services, which sparked my interest in the investment field as well as enhanced my quantitative skills. Afterwards, I have worked as an investment department assistant intern in XX Securities Co., Ltd. Drafting due diligence report helped me remain abreast of industry trends, regulatory matters, and market events impacting funds, managers, clients, and the industry.

憑借扎實的金融理論基礎(chǔ)，我主動尋找實踐機(jī)會，將學(xué)到的原則和概念應(yīng)用到真實的商業(yè)環(huán)境中。在XX資本管理有限公司市場研究部實習(xí)期間，我通過選擇合適的目標(biāo)基金并對其進(jìn)行比較指數(shù)分析，協(xié)助開展了對中國對沖基金市場的研究。這個職位讓我接觸到了前沿的金融信息和技術(shù)服務(wù)，激發(fā)了我對投資領(lǐng)域的興趣，也提高了我的量化技能。之后，我在XX證券股份有限公司擔(dān)任投資部助理實習(xí)生。起草盡職調(diào)查報告幫助我及時了解行業(yè)趨勢、監(jiān)管事項以及影響基金、經(jīng)理、客戶和行業(yè)的市場事件。

In light of my career aspiration of entering the financial industry as a financial analyst in the short run and senior manager in the long run, the MSc Finance programme at UCL is a perfect match. The MSc Finance programme focuses on equipping students with a thorough understanding of the discipline, developing students' quantitative skills and the ability to integrate theories with practice especially in Time Series Analysis and Forecasting and Big Data Analytics, which fits well with my academic objectives. I firmly believe the proposed study can boost my future success in the financial industry.

鑒于我進(jìn)入金融行業(yè)的職業(yè)抱負(fù)，短期內(nèi)是金融分析師，長期內(nèi)是高級經(jīng)理，UCL大學(xué)的理學(xué)碩士金融課程是一個完美的匹配。理學(xué)碩士金融課程的重點是讓學(xué)生對該學(xué)科有一個透徹的了解，培養(yǎng)學(xué)生的量化技能和理論與實踐相結(jié)合的能力，特別是在時間序列分析和預(yù)測以及大數(shù)據(jù)分析方面，這與我的學(xué)術(shù)目標(biāo)非常吻合。我堅信所提議的學(xué)習(xí)可以促進(jìn)我未來在金融行業(yè)的成功。

注: 為保護(hù)學(xué)生隱私, 學(xué)校名及公司名以XX代替。

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