五分鐘讓您快速了解CAIA
CAIA是全球另類投資分析師考試，考試內容包括避險基金、原物料投資、房地產投資、私募基金(創投等)、以及結構型商品。考試比重以及考試大綱如網頁下方的附件一及附件二所示
該考試為全球性考試，自2003年起舉辦，英文出題。考生資格不限!
該考試分成L1及L2，L1考試有200題選擇題。L2考試有100題選擇題，另有非選擇題。您可以在2015年3月考L1，2015年9月考L2。換言之，該證照可以在1年內取得，相對CFA而言，投資報酬率不低。而根根CAIA協會統計，考過該證照的準備時間為400小時，台灣考生的準備時間可能要500小時。
CAIA的考試的時間，CAIA每年舉辦2次，分別為3月及9月。考試地點: CAIA委託全球300個Prometric考場舉辦電腦上機考試，台灣設有考場
和CFA及FRM考試一樣，CAIA考試也分別註冊費及考試費。註冊費為400美金，終身有效。考試費每科最便宜的金額為1150美金。重考生只須負450美金。考試費用如下表所示:
如下表所示，2014/10/1起可以報考明年2015年3月9日至3月20日期間的上機考試。
根據CAIA的網頁顯示，考過CAIA的會員，對這張證照帶給他們職場的改變如下:
What new members say about the CAIA Charter
It is good for your career. New members report that earning the CAIA Charter helped them move into a new position (49%), take on additional responsibilities (43%), and increased compensation (20%).
It’s practical and relevant. Nearly 90% of members would recommend the CAIA program to a colleague and more than 70% say the program is applicable to their career goals.
It increases your marketability. The top three motivations for pursuing the CAIA program are: increased marketability among peers, proficiency in alternative investments, and preparation for future career opportunities.
After completing the CAIA Charter program, more than 95% of surveyed candidates rate themselves as proficient in alternative investments, as compared to 45% prior to the program.
Source: New members who attribute a positive career outcome to CAIA, February 2013 survey data.
資料來源: https://www.caia.org/about
附件一: CAIA考試各科比重
The CAIA Level I exam covers the following:
Level I Topic
Approximate Exam Weight
Professional Standards and Ethics
15% – 20%
Introduction to Alternative Investments
15% – 20%
Real Assets
5% – 10%
Hedge Funds
15% – 20%
Commodities
5% – 10%
Private Equity
5% – 10%
Structured Products
5% – 10%
Risk Management and Portfolio Management
15% – 20%
The CAIA Level II exam covers the following:
Level II Topic
Approximate Exam Weight
Question Format
Multiple-Choice
Constructed-Response
Professional Standards and Ethics
0%
10%
Private Equity
10% – 20%
0% – 10%
Commodities
5% – 15%
0% – 10%
Real Assets
10% – 20%
0% – 10%
Hedge Funds and Managed Futures
10% – 20%
0% – 10%
Structured Products, and Asset Allocation and Portfolio Management
5% – 15%
0% – 10%
Risk and Risk Management, and Manager Selection, Due Diligence, and Regulation
5% – 15%
0% – 10%
Total
70%
30%
附件二: CAIA考試二個Levels的考試大綱
CAIA第一級考試內容
Ethics (該科考試之教科書和CFA考試相同)
Professionalism, Integrity of Capital Markets
Duties to Clients and Employers
Investment Analysis, Recommendations, Actions, and Conflicts of Interest
Introduction to Alternative Investments
What Is an Alternative Investment?
The Environment of Alternative Investments
Statistical Foundations
Risk, Return and Benchmarking
Correlation, Alternative Returns and Performance Measurement
Alpha and Beta
Hypothesis Testing in Alternative Investments
Real Assets
Land, Infrastructure and Intangible Real Assets
Real Estate Fixed-Income Investments
Real Estate Equity Investments
Hedge Funds
Introduction to Hedge Funds
Hedge Fund Returns and Asset Allocation
Macro and Managed Futures Funds
Event-Driven Hedge Funds
Relative Value Hedge Funds
Equity Hedge Funds
Funds of Hedge Funds
Commodities
Commodities: Applications and Evidence
Commodity Futures Pricing
Private Equity
Introduction to Private Equity
Equity types of Private Equity
Debt types of Private Equity
Structured Products
Credit Risk and the Structuring of Cash Flows
Credit Derivatives
Collateralized Debt Obligations
Risk Management andPortfolio Management
Lessons from Hedge Fund Failures
Risk Analysis
Due Diligence of Fund Managers
Regression, Multivariate and Nonlinear Methods
Portfolio Optimization and Risk Parity
Portfolio Management, Alpha, and Beta
CAIA第二級考試內容
Asset Allocation and Portfolio Management
The Endowment Model
Risk Management for Endowment and Foundation Portfolios
Pension Fund Portfolio Management
Private Equity
Private Equity Market Landscape
Private Equity Fund Structure
The Investment Process
Private Equity Portfolio Design
Fund Manager Selection Process
Measuring Performance and Bench¬marking in the Private Equity World
Monitoring Private Equity Fund Investments
Private Equity Fund Valuation
Private Equity Fund Discount Rates
The Management of Liquidity
Real Assets
Real Estate as an Investment
Unsmoothing of Appraisal-Based Returns
Core, Value-Added, and Opportunistic Real Estate
Real Estate Indices
Public versus Private Real Estate Risks
Portfolio Allocation within Real Estate
Farmland and Timber Investments
Investing in Intellectual Property
Commodities
Key Concepts in Commodity Market Analysis
Role of Commodities in Asset Allocation
Methods of Delivering Commodity Alpha
Methods of Delivering Commodity Beta: Indices, Swaps, Notes, and Hedge Funds
Macroeconomic Determinants of Commodity Futures Returns
Effective Risk Management Strategies for Commodity Portfolios
Hedge Funds and Managed Futures
Structure of the Managed Futures Industry
Managed Futures: Strategies and Sources of Return
Risk and Performance Analysis in Managed Futures Strategies
Structuring Investments in CTAs
Hedge Fund Replication
Convertible Arbitrage
Global Macro and Currency Strategies
Fundamental Equity Hedge Fund Strategies
Quantitative Equity Hedge Fund Strategies
Funds of Hedge Funds
Regulation and Compliance
Operational Due Diligence