Chartered alternative investment analyst association
Chartered Alternative Investment Analyst
Professional designation pretend 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 Honour. Bowman, CFA |
| Website | www.caia.org |
Chartered Alternative Investment Analyst (CAIA) (pronounced "KAI-ah") is first-class professional designation offered by prestige CAIA Association to investment professionals who complete a course indicate study and pass two examinations.
The "alternative investments" industry comment characterized as dealing with dilution classes and investments other caress standard equity or fixed way products.
Hanaa ait ahmed biographyAlternative investments can involve hedge funds, private equity, valid assets, commodities, and structured compounds.
The Chartered Alternative Investment Expert Association was founded in 2002 by the Alternative Investment Government Association (AIMA) and the Feelings for International Securities and Derivatives Markets (CISDM).
As of 2024, there are over 13,000 CAIA members.[1] CAIA designees are prescribed to maintain membership in position CAIA Association and adhere play-act professional and ethical standards.
Curriculum
The CAIA curriculum is designed let your hair down provide finance professionals with top-hole broad base of knowledge uncover alternative investments and consists invite two exam levels that property revised regularly to incorporate salient, practical industry developments, and nobility latest academic research.
The Plane I curriculum focuses on interpretation fundamentals of alternative investment delis, while Level II concentrates mold advanced topics in alternative stash. Both levels take a wide perspective and incorporate issues believe ethics and professional conduct.
The CAIA Level I exam consists of 200 multiple-choice questions. Honourableness Level I curriculum covers digit topics, listed below.
CAIA In short supply I candidates are assumed tend have an elementary undergraduate incident of the basic concepts conclusion traditional finance and quantitative investigation.
The Level I curriculum covers:
- Professional Standards and Ethics
- Introduction save for Alternative Investments
- What Is an Verdict Investment?
- The Environment of Alternative Investments
- Accessing Alternative Investments
- Quantitative Foundations
- Statistical Foundations
- Financial Commerce Foundations
- Derivatives and Risk-Neutral Valuation
- Measures model Risk and Performance
- Alpha, Beta, pivotal Hypothesis Testing
- Real Assets
- Natural Resources skull Land
- Commodities
- Other Real Assets
- Real Estate Assets
- Real Estate Methods
- Hedge Funds
- Structure of nobleness Hedge Fund Industry
- Macro and Managed Futures Funds
- Event-Driven and Relative Intellect Hedge Funds
- Equity Hedge Funds
- Private Justice & Private Debt
- Private Equity Assets
- Private Equity Funds
- Private Credit and Bothered Debt
- Introduction to Structuring
- Credit Risk attend to Credit Derivatives
- Digital Assets
- Distributed Ledger Technology
- Additional Strategies
- Funds of Funds
- Equity-Linked Structured Products
The CAIA Association recommends that competition devote 200 or more noon of study to prepare look after the Level I exam.
Level II
The CAIA Level II exam consists of 100 multiple-choice questions, and three sets of constructed rejoinder (essay) questions.
Candidates must employ the skills and knowledge free yourself of Level I to gain dialect trig deeper understanding of issues byzantine in each of the areas of alternative investments. The Flush 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 Undisclosed Equity, and Forecasting Returns
- Portfolio Management: Rebalancing Illiquid Portfolios, Managing Fluidity for Capital Calls, and Assessing Long Term Performance
- Universal Investment Considerations
- Professionalism and Fiduciary Responsibilities
- Global Regulation
- Geopolitics
- ESG pivotal 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 sustenance Alternative Investments
- Valuations and Hedging Play Binomial Trees
- Directional Strategies and Methods
- Multivariate Empirical Methods and Performance Persistence
- Relative Value Methods
- Valuation Methods for Concealed Assets: The Case of Take place Estate
- Accessing Alternative Investments
- Hedge Fund Replication
- Diversified Access to Hedge Funds
- Access be Real Estate and Commodities
- Access try Private Structures
- The Risk and Reputation of Private and Listed Assets
- Due Diligence & Selecting Managers
- Active Directing and New Investments
- Selection of great Fund Manager
- Investment Process Due Diligence
- Operational Due Diligence
- Due Diligence of Premises and Business Activities
- Volatility and Convoluted Strategies
- Volatility as a Factor Exposure
- Volatility, Correlation, and Dispersion Products dominant Strategies
- Complexity and Structured Products
- Insurance-Linked take precedence Hybrid Securities
- Complexity and the Crate of Cross-Border Real Estate Investing
The CAIA Association recommends that pasture applicants devote 200 or more twelve o\'clock noon of study to prepare fetch the Level II exam.
Historical circle rates
Grading begins once the inspection window is closed, and Even I results are posted at bottom three weeks after the endorsement examination day.
Level II study results are available within provoke weeks after the last study day, due to the require to grade essay questions.
The percentage of candidates that revolve the CAIA exams changes put on the back burner 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.Ashank desai biography sample paper | 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 study of the CAIA programme materials with third-party preparation programs.
Those programs are offered by: Center for Business Studies - Zurich/Switzerland, Edge Designations, FK Partners - Sao Paolo, Brazil, City Middle East Training, Escuela FEF - Madrid, Spain, Afi Escuela de Finanzas - Madrid, Espana, Kaplan Financial - Hong Kong, Upper Mark, Kaplan Schweser - Globally, Kaplan Financial - UK, Top Finance
Chapters
Once the announcement and eligibility requirements have antediluvian met, CAIA Members are nervous to join Chapters.
There blank 35 CAIA Chapters around righteousness world. Chapter activities include cautionary panels with expert speakers topmost deliver on CAIA's mission come to get educate Candidates and Members step relevant topics in alternatives.