The Chartered Alternative Investment Analyst/CAIA accreditation, sponsored jointly by AIMA and the University of Massachusetts' Centre for International Securities and Derivatives Markets, is a two-level program covering all investment areas outside the traditional long-only stock and bond arenas.

This includes hedge funds, private equity, real estate, commodities and managed futures.

Chartered Alternative Investment Analyst Association executive director Craig Asche described it as "the CFA of alternatives".

"The objective of the program is simple - we want to elevate the knowledge levels in the industry as well as the ethics," he said.