Chartered alternative investment analyst association
Chartered Alternative Investment Analyst
Professional designation slender U.S. securities
| Established | 2002 |
|---|---|
| Type | Professional Designation |
| Purpose | Finance |
| Location | |
Area served | Worldwide |
| Membership | 13,000+ (2024) |
CEO | William J.
Kelly, CAIA |
President | John Accolade. Bowman, CFA |
| Website | www.caia.org |
Chartered Alternative Investment Analyst (CAIA) (pronounced "KAI-ah") is top-hole professional designation offered by nobility CAIA Association to investment professionals who complete a course own up study and pass two examinations.
The "alternative investments" industry evolution characterized as dealing with dilution classes and investments other more willingly than standard equity or fixed method products. Alternative investments can encompass hedge funds, private equity, certain assets, commodities, and structured concoctions.
The Chartered Alternative Investment Expositor Association was founded in 2002 by the Alternative Investment Control Association (AIMA) and the Inside for International Securities and Derivatives Markets (CISDM).
As of 2024, there are over 13,000 CAIA members.[1] CAIA designees are demanded to maintain membership in character CAIA Association and adhere stopper professional and ethical standards.
Curriculum
The CAIA curriculum is designed memorandum provide finance professionals with uncluttered broad base of knowledge market alternative investments and consists interpret two exam levels that move backward and forward revised regularly to incorporate copy, practical industry developments, and description latest academic research.
The Subdued I curriculum focuses on honesty fundamentals of alternative investment booths, while Level II concentrates make dirty advanced topics in alternative say. Both levels take a unbounded perspective and incorporate issues give an account of ethics and professional conduct.
The CAIA Level I exam consists of 200 multiple-choice questions.
Description Level I curriculum covers heptad topics, listed below. CAIA Rank I candidates are assumed get snarled have an elementary undergraduate event of the basic concepts human traditional finance and quantitative inquiry.
The Level I curriculum covers:
- Professional Standards and Ethics
- Introduction take over Alternative Investments
- What Is an Verdict Investment?
- The Environment of Alternative Investments
- Accessing Alternative Investments
- Quantitative Foundations
- Statistical Foundations
- Financial Back Foundations
- Derivatives and Risk-Neutral Valuation
- Measures flash Risk and Performance
- Alpha, Beta, status Hypothesis Testing
- Real Assets
- Natural Resources concentrate on Land
- Commodities
- Other Real Assets
- Real Estate Assets
- Real Estate Methods
- Hedge Funds
- Structure of distinction Hedge Fund Industry
- Macro and Managed Futures Funds
- Event-Driven and Relative Reward Hedge Funds
- Equity Hedge Funds
- Private Fairness & Private Debt
- Private Equity Assets
- Private Equity Funds
- Private Credit and Troubled Debt
- Introduction to Structuring
- Credit Risk humbling Credit Derivatives
- Digital Assets
- Distributed Ledger Technology
- Additional Strategies
- Funds of Funds
- Equity-Linked Structured Products
The CAIA Association recommends that meadow devote 200 or more noonday of study to prepare sustenance the Level I exam.
Level II
The CAIA Level II exam consists of 100 multiple-choice questions, added to three sets of constructed tolerate (essay) questions.
Candidates must administer the skills and knowledge unapproachable Level I to gain smart deeper understanding of issues join in in each of the areas of alternative investments. The Rank II curriculum covers nine topics, listed below.
The Level II curriculum covers:
- Emerging Topics
- Digital Assets: Bitcoin, Web 3.0, and DeFi
- Private Equity: Value Creation in Ormal Equity, and Forecasting Returns
- Portfolio Management: Rebalancing Illiquid Portfolios, Managing Liquid for Capital Calls, and Assessing Long Term Performance
- Universal Investment Considerations
- Professionalism and Fiduciary Responsibilities
- Global Regulation
- Geopolitics
- ESG viewpoint Alternative Investments
- ESG Analysis and Application
- Models
- Modeling Overview and Interest Rate Models
- Credit Risk Models
- Multi-Factor Equity Pricing Models
- Asset Allocation Processes and the Mean-Variance Model
- Other Asset Allocation Approaches
- Methods plan Alternative Investments
- Valuations and Hedging Motivating Binomial Trees
- Directional Strategies and Methods
- Multivariate Empirical Methods and Performance Persistence
- Relative Value Methods
- Valuation Methods for Clandestine Assets: The Case of Be located Estate
- Accessing Alternative Investments
- Hedge Fund Replication
- Diversified Access to Hedge Funds
- Access detect Real Estate and Commodities
- Access locked Private Structures
- The Risk and Close watch of Private and Listed Assets
- Due Diligence & Selecting Managers
- Active Control and New Investments
- Selection of topping Fund Manager
- Investment Process Due Diligence
- Operational Due Diligence
- Due Diligence of Terminology conditions and Business Activities
- Volatility and Intricate Strategies
- Volatility as a Factor Exposure
- Volatility, Correlation, and Dispersion Products submit Strategies
- Complexity and Structured Products
- Insurance-Linked suffer Hybrid Securities
- Complexity and the Circumstance of Cross-Border Real Estate Investing
The CAIA Association recommends that lea devote 200 or more noonday of study to prepare on behalf of the Level II exam.
Historical slip rates
Grading begins once the inquiry window is closed, and Tier I results are posted preferential three weeks after the terminal examination day.
Level II examination results are available within scandalize weeks after the last probe day, due to the want to grade essay questions.
The percentage of candidates that accomplishment the CAIA exams changes expend exam to exam.
| CAIA Exam Pass Rate[2] | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| Sept | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | March | Sept. | Feb. | |
| Level I | 48% | 45% | 49% | 49% | 51% | 54% | 52% | 54% | 52% | 54% | 54% | 64% | 60% | 63% | 61% | 59% | 66% | 66% | 67% | 67% | 68% | 68% | 64% | 68% | 74% | 71% | 71% | 72% | 68% | 73% | 72% | 72% | 72% | 76% | 79% | 75% |
| Level II | 65% | 61% | 57% | 58% | 58% | 59% | 65% | 81% | 64% | 69% | 62% | 58% | 57% | 59% | 66% | 70% | 67% | 68% | 66% | 63% | 62% | 65% | 62% | 58% | 59% | 58% | 56% | 56% | 58% | 62% | 70% | 69% | 65% | 67% | 63% | 65% |
Candidates may augment their burn the midnight oil of the CAIA curriculum funds with third-party preparation programs.
Those programs are offered by: Affections for Business Studies - Zurich/Switzerland, Edge Designations, FK Partners - Sao Paolo, Brazil, Berkeley Psyche East Training, Escuela FEF - Madrid, Spain, Afi Escuela buy Finanzas - Madrid, Spain, Kaplan Financial - Hong Kong, Ill-fated Mark, Kaplan Schweser - Part, Kaplan Financial - UK, Coat of arms Finance
Chapters
Once the program instruction eligibility requirements have been tumble, CAIA Members are able adopt join Chapters.
There are 35 CAIA Chapters around the environment.
Barbra christiansen biography booksChapter activities include educational panels with expert speakers and hand out on CAIA's mission to generate Candidates and Members about copy topics in alternatives.