CAIA®
The CAIA (Chartered Alternative Investment Analyst) program is comprised of a two-tier exam process through which one may earn the CAIA Charter, the designation for alternative investment professionals offered by the CAIA Association (US). The CAIA Charter is the global mark of distinction in alternative investments.
Exam Structure
The CAIA exams are online exams held semi-annually (March and September), giving candidates the opportunity to complete the CAIA program within a single year.
The Level I exam: is a 4 hrs exam with an optional 30-minute break between two sections of 100 multiple-choice questions each. It challenges a candidate's understanding of the alternative investment market's tools and terms. Specific knowledge areas include: “quantitative methods (35%); professional standards (10%); risk and return characteristics of real estate (10%), private equity (10%), commodities and managed futures (12.5%), hedge funds (17.5%), and credit derivatives (5%).
The Level II exam: is a 3.5 hrs exam with an optional 30-minute break between sections Section 1(2hrs) contains 100 multiple-choice questions, while Section 2 (1.5 hrs) asks candidates to answer several essay questions. These require typed responses, generally no longer than one to two paragraphs. Specific knowledge includes: Professional Standards and Ethics (12.5%), Hedge Funds and Managed Futures (25%), Venture Capital and Private Equity (12.5%), Real Estate (12.5%) and Current and Integrated Topics, Structured Products, Asset Allocation, Current Topics, Portfolio & Risk Management and Research Issues in Alternative Investments (37.5%).
Historical pass percentage: 70% for Level I exam.
Fee Structure
| PROGRAM ENROLLMENT AND EXAM REGISTRATION | ||||
|---|---|---|---|---|
|
Standard |
AIMA/CISDM Member Companies |
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|
|
Early Regn |
Registration |
Early Regn |
Registration |
|
Program Enrollment fee* |
$400 |
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|
Level I Exam Registration fee** |
$900 |
$1,000 |
$675 |
$750 |
|
Total Level I Fees |
$1,300 |
$1,400 |
$1,075 |
$1,150 |
|
Level II Exam Registration fee** |
$900 |
$1,000 |
$675 |
$750 |
|
Total Level II Fees |
$900 |
$1,000 |
$675 |
$750 |
|
**Exam retakes - The cost to retake either exam (Level I or II) is
$350. |
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*The Program Enrollment fee is a one-time-only fee for new
candidates. |
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How to gain CAIA charter
In order to qualify for membership in the Association, you must fulfill each of the following:
- Pass the Level II exam within three years of passing the Level I exam
- Hold a U.S. bachelor's degree or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience*
- Submit payment for the annual CAIA Association membership fee
- Agree on an annual basis to abide by the Member Agreement
*Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial or related fields.
CAIA Association & Career opportunities
The CAIA Association offered the first exam in February 2003, thousands of individuals from over 80 countries have registered for the program. Candidates from thousands of financial institutions have taken the exams, including prime brokers and banks; advisory, consulting, asset management, and accounting firms; public and private pensions, insurance companies and industry regulators. Several organizations, including the SEC, PAAMCO, Citigroup, and CSFB, now use the CAIA examinations as an essential part of their professional alternatives training program.
