| Chartered Alternative Investment Analyst (CAIA) | |
| Established: | 2002 |
| Type: | Professional Designation |
| Purpose: | Finance |
| Location: | Amherst, Massachusetts |
| Area Served: | Worldwide |
| Membership: | 13,000+ (2024) |
| Leader Title: | CEO |
| Leader Name: | William J. Kelly, CAIA |
| Leader Title2: | President |
| Leader Name2: | John L. Bowman, CFA |
Chartered Alternative Investment Analyst (CAIA) (pronounced "KAI-ah") is a professional designation offered by the CAIA Association to investment professionals who complete a course of study and pass two examinations. 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, private equity, real assets, commodities, and structured products.
The Chartered Alternative Investment Analyst Association was founded in 2002 by the Alternative Investment Management Association (AIMA) and the Center for International Securities and Derivatives Markets (CISDM). As of 2024, there are over 13,000 CAIA members.[1] CAIA designees are required to maintain membership in the CAIA Association and adhere to professional and ethical standards.
The CAIA curriculum is designed to provide finance professionals with a broad base of knowledge in alternative investments and consists of two exam levels that are revised regularly to incorporate relevant, practical industry developments, and the latest academic research. The Level I curriculum focuses on the fundamentals of alternative investment markets, while Level II concentrates on advanced topics in alternative investments. Both levels take a global perspective and incorporate issues of ethics and professional conduct.
The CAIA Level I exam consists of 200 multiple-choice questions. The Level I curriculum covers seven topics, listed below. CAIA Level I candidates are assumed to have an elementary undergraduate understanding of the basic concepts of traditional finance and quantitative analysis.
The Level I curriculum covers:
The CAIA Association recommends that candidates devote 200 or more hours of study to prepare for the Level I exam.
The CAIA Level II exam consists of 100 multiple-choice questions, plus three sets of constructed response (essay) questions. Candidates must apply the skills and knowledge from Level I to gain a deeper understanding of issues involved in each of the areas of alternative investments. The Level II curriculum covers nine topics, listed below.
The Level II curriculum covers:
The CAIA Association recommends that candidates devote 200 or more hours of study to prepare for the Level II exam.
Grading begins once the examination window is closed, and Level I results are posted within three weeks after the final examination day. Level II exam results are available within six weeks after the last exam day, due to the need to grade essay questions.
The percentage of candidates that pass the CAIA exams changes from 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 study of the CAIA curriculum materials with third-party preparation programs. Those programs are offered by: Center for Business Studies - Zurich/Switzerland, Edge Designations, FK Partners - Sao Paolo, Brazil, Berkeley Middle East Training, Escuela FEF - Madrid, Spain, Afi Escuela de Finanzas - Madrid, Spain, Kaplan Financial - Hong Kong, Upper Mark, Kaplan Schweser - Globally, Kaplan Financial - UK, Top Finance
Once the program and eligibility requirements have been met, CAIA Members are able to join Chapters. There are 35 CAIA Chapters around the world. Chapter activities include educational panels with expert speakers and deliver on CAIA's mission to educate Candidates and Members about relevant topics in alternatives.