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1. Short Description Chartered Alternative Investment Analyst (CAIA) is a professional designation offered by the CAIA Association to investment professionals who complete two examinations in succession. The "alternative investments" industry is characterized as dealing with asset classes and investments other than standard equity or fixed income products. Alternative investments can include hedge funds, venture capital, private equity, real estate, managed futures and other derivatives, and foreign exchange investments. The CAIA curriculum is designed to provide finance professionals with a broad base of knowledge in alternative investments with a focus on hedge funds, managed futures, and private equity. The CAIA program is divided into two distinct levels. The Level I curriculum focuses on the fundamentals of both the traditional and alternative investment markets, while Level II concentrates on advanced topics in alternative investments. Both incorporate issues of ethics and professional conduct – essential components of the CAIA program. 2. Governing Body Governing body for CAIA examination is CAIA Association. In 1999, under the guidance of The Center for International Securities and Derivatives Markets (CISDM) and the Alternative Investment Management Association (AIMA) undertook the task of creating a professional designation exclusively for alternative investment specialists. The result of their efforts is the Chartered Alternative Investment Analyst designation, or CAIA - the AI industry's first and only specialized educational standard. Contact Details: Chartered Alternative Investment Analyst Association®
3. Registration and Fees Fees vary with respect to time when candidate pays for the exam. Early payments receive discount. There is also discount for employees from AIMA/CISDM Member Companies. You can find fee schedule below:
After passing the exam designation holder will be required to pay annual membership fee. The CAIA Association offers discounted program rates to certain qualified graduate students and faculty members. To be considered, you must be designated as a full-time graduate student or faculty member by your college/university during the early registration period and must file your application in a timely manner in accordance with CAIA Association guidelines. This discount is available only during the first six weeks of each exam registration period. It is no longer available for the next examination cycle. For complete details and application materials, please contact the Association via e-mail at academic@caia.org. Level I and Level II exams are administered in computerized format at proctored test centers around the world. To view a list of current sites offering the CAIA exams:
Prior to registering for an exam, individuals are expected to review the current list of exam locations in order to determine whether or not the CAIA exams are offered in a particular location. If a location does not appear on this list, the CAIA exams are not currently delivered there. Back
4. Deadlines To check availability of CAIA exams in your location go to www.vue.com. The Level I and Level II exams are held twice each year, in March and September. Individuals who register within the first six weeks of the registration period receive a 10% discount off the exam registration fee only. Registration closes six weeks prior to the start of the exam period. After your payment has been processed, you will receive a confirmation of registration e-mail from the Association that will explain when and how to schedule your exam appointment with our global testing provider. You will be asked to select a location and an available date and time within the two-week testing window to schedule this appointment. Registration is exam-specific and not open-ended, and cannot be postponed or transferred to future exam sessions (e.g., individuals who register for the September 2007 exams cannot defer their examination until the March 2008 exam period). September 2007 Exam Dates
5. Exam Structure The CAIA examinations are offered semi-annually, giving candidates the opportunity to complete the CAIA program within a single year. The Level I exam lasts 4 hours, with an optional 30-minute break between sections one and two. The Level II exam is 3.5 hours, with an optional 30-minute break between sections one and two. Both exams allow candidates to review their responses and offer feedback. The Level I exam is composed of 200 multiple-choice questions. Section 1 and Section 2 each contain 100 multiple-choice questions, and candidates are given 2 hours to complete each section. The Level II exam is composed of both multiple-choice and essay questions. Section 1 contains 100 multiple-choice questions, while Section 2 asks candidates to answer several essay questions. These require typed responses, generally no longer than one to two paragraphs. Candidates are given 2 hours to complete Section 1 and 1.5 hours to complete Section 2. The curriculum topics for level I and level II examinations: Level I
Level II
6. Preparation Exam preparation is based basically on curriculum reading. For Level I exam four handbooks are required: For Level II exam six handbooks are required: CAIA Association provides study guides that make exam preparation easier (all parts of the books that must be read by the candidate are stated explicitly). Most of CAIA candidates participate in CAIA preparation sessions. Review sessions are offered by a number of third party companies (some other companies are mentioned in the last section of this page): 7. Forum If you have any question about the CAIA you may ask it on our CAIA Forum. 8. Links
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