The popularity of careers in the alternative asset space - private equity, hedge funds and derivatives - is unlikely to wane despite current ructions triggered by the sub-prime mortgage crisis. Yet there has been a lack of formal qualifications for such professionals.

Not-for-profit organisation the Chartered Alternative Investment Analyst Association (CAIA) is aiming to provide analytical skills across alternative asset classes, and has provided training for bankers at UBS, Barclays, Citigroup, and Goldman Sachs. Launched in 2003, the association has 1500 members globally who have completed its courses, and the endorsement of the Alternative Investment Management Association in Australia.

Chief executive Craig Asche says there are 14 members in Australia and another 20 completing its courses.  "The level is a bit above courses offered by the Financial Services Institute of Australasia," he says.  "We are targeting people who are going to move into fairly important roles in the organisations - anyone in the industry on the buy, sell, or service side, including lawyers, regulators and fund administrators."

; Courses are conducted through study guides, cost approximately $2250 for two levels and take about 150 study hours per level.  CAIA was co-founded by the Alternative Investment Management Association and the Center for International Securities and Derivatives Markets.