Newsletter - September 2011
CAIA Comments
Making the CAIA Program More Accessible
Florence Lombard, CEO
The CAIA Association continues to implement a steady stream of improvements to make its program and exams accessible to more people and to deliver on its mission to be the benchmark for alternative investment education worldwide.
With the close of registration for the September 2011 exams, we surpassed almost all registration cycles of the past nine years with nearly 3,300 candidates sitting for the September exams. During this registration cycle, we also reached an all-time high for Level I candidates in countries such as France, Korea, China, and Singapore.
This is a real accomplishment, considering the global economic environment, and it certainly confirms the value investment professionals place on the CAIA designation.
We have improved our exam scheduling process so that candidates who register for the CAIA exams can immediately book appointments at the Pearson Professional Center closest to them.
This fall, we are introducing green investing to the CAIA program with the release of the updated Current and Integrated Topics book, now called Core and Integrated Topics, for the Level II CAIA exam. Please see a recent column written by Kristaps Licis, Senior Associate Director of Exams at CAIA, on the inclusion of this investment strategy into our program. If you missed recent issues of the CAIA Newsletter, we would encourage you to review them as well to bring yourself up-to-date with the major revisions to our study materials that have been in the works for the last two years. Future Level I revisions will include changes to foster a less US-centric curriculum and expand the coverage of real assets. Hossein Kazemi, CAIA Program Director, said, "The tools and the knowledge provided by our curriculum will enable our candidates and members to look at new investment opportunities in the alternative investment industry with a critical eye, and to differentiate between sustainable sources of return and diversification benefits from those that are likely to disappear at the first signs of market dislocation."
Changes to our curriculum, of course, also imply changes to our exams. There is a large team of academics, CAIA member volunteers, and staff currently working on these updates.
Since the launch of the CAIA Association nine years ago, the quality of the designation has increased substantially, the curriculum has been expanded, books have been revised several times, and the cost of delivering the exams across the world has risen. CAIA chapters worldwide have also increased, as have networking and educational events, registration numbers, and members. During this time, CAIA has never increased its exam fees. As we continue to implement a steady stream of changes to make the CAIA program more accessible to more people and to deliver on our mission, we now need to implement our first increase to exam fees. The rollout will start with the Spring 2012 Level I exam. Changes will also be made to the Level II exam and both retake fees as of Fall 2012. Please refer to the fees table on caia.org for all the details.
I would encourage all candidates who have been studying for the CAIA designation to register for the exams as soon as possible after registration opens on the 3rd of October. Level II fee increases and Level I and II retake-fee increases will not be in effect for the Spring 2012 exam cycle. In addition, Level I and Level II first-time candidates will receive a $100 discount for early registration.
In doing so, you will capitalize on the time spent on your CAIA studies and will be joining the growing CAIA community of alternative investment professionals worldwide.
CAIA News
CAIA Designation Endorsed by Financial Women's Association of Singapore
The Chartered Alternative Investment Analyst (CAIA) Association, sponsor of the highest standard of education in alternative investments, announced that the Financial Women's Association of Singapore (FWA) has named CAIA as its association partner. FWA is the fifth association to endorse the CAIA designation this year.
"Interest in the CAIA designation has grown considerably in Asia, with new enrollment numbers for the September 2011 CAIA exams up 105% from 6 months ago in Singapore," said Caroline Bault, Managing Director of Global Business Development at the CAIA Association. "The FWA's endorsement will allow more professionals to distinguish themselves in the area of alternative investments."
Thio Chin Loo, President of FWA and Senior Forex and Interest Rate Strategist, BNP Paribas, said: "The Financial Women's Association of Singapore is committed to developing future leaders in the finance industry, which requires us to be committed to providing our members with educational opportunities in the field of alternative investments. To meet that goal, we choose to endorse the benchmark for alternative investment education – the CAIA designation."
FWA members will receive a discount on standard exam registration fees for the Level I and Level II CAIA exams. Professionals must pass both levels to qualify for the CAIA designation. The CAIA curriculum covers five core areas of alternative investments: hedge funds, managed futures, private equity, commodities, and real assets. The CAIA exams are held worldwide twice a year, making it possible for candidates to earn the designation within one year.
CAIA Named Official Designation of the New Zealand Absolute Return Association (NZARA)
The Chartered Alternative Investment Analyst (CAIA) Association announced that the CAIA designation, the highest standard of education in alternative investments, is the official educational designation of the New Zealand Absolute Return Association (NZARA). The association represents the hedge fund, commodity trading advisor, and absolute return equity industry in New Zealand.
"We welcome the addition of NZARA to the growing list of leading alternative investment industry associations to publicly endorse the CAIA designation," said Florence Lombard, CEO of the CAIA Association. "We are proud to have been selected by NZARA as their exclusive educational designation as they continue to raise the profile of alternative investment professionals in New Zealand."
Anthony Limbrick, chairman of NZARA said: "One of our four principal objectives is the encouragement of best practices in the alternative investment industry within New Zealand. It is for that reason that a partnership with the CAIA Association makes perfect sense. We see CAIA as the pre-eminent standard of excellence in alternative investment education."
NZARA members will receive a discount on standard exam registration fees for the Level I and Level II CAIA exams. Professionals must pass both levels to qualify for the CAIA designation. The CAIA curriculum covers five core areas of alternative investments: hedge funds, managed futures, private equity, commodities, and real assets. The CAIA exams are held worldwide twice a year, making it possible for candidates to earn the designation within one year.
CAIA Association Signs Partnership Agreement with Trinity College Dublin
The Chartered Alternative Investment Analyst (CAIA) Association, the benchmark in alternative investment education, has announced an Academic Partnership with Trinity College Dublin (TCD). This is the first academic partnership with a university in Ireland and the seventh globally for the CAIA Association, which selects only partners that are committed to alternative investment education. Officials from the CAIA Association and Trinity College will attend a signing ceremony at the Long Room Hub at Trinity at 6 p.m. on Thursday, Sept. 22. Students, faculty, and CAIA members are invited.
"We are pleased to collaborate with Ireland's premier university, with its 400 years of excellence, in preparing students for successful careers in alternative investments, the fastest growing segment of the asset management industry," said Hossein Kazemi, Program Director at the CAIA Association. "Through the partnership, TCD School of Business Master in Finance students will have access to courses that cover 60 percent of the material required to earn the CAIA designation and a chance at a CAIA Level I exam scholarship."
Professor Brian Lucey at TCD School of Business said, "Our vision is to further strengthen TCD's reputation as a university of global consequence. This partnership will allow our students to prepare for a globally recognized industry designation while studying for their Masters. The combination will give them a powerful advantage in the job market."
The CAIA curriculum covers hedge funds, managed futures, private equity, commodities, and real assets. Through the CAIA Academic Partnership Program, faculty may nominate qualified students for Level I exam scholarships covering 100 percent of the exam enrollment fee and 90 percent of the CAIA Level I exam registration fee. A CAIA scholarship program is also available for Academic Partner professors.
CAIA Association Introduces New Online Candidate Information Sessions
To continue its efforts to support candidates, CAIA Association offered a new webinar to registered candidates. The sessions, covering the study guides and exam process, were conducted by representatives from curriculum, candidate services, and business development who presented and answered attendees' questions in real time.
Information sessions are also offered to prospective candidates. Click here to see the available sessions.
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Exam News
September 2011 Exams In Session
The September examinations are now underway. We wish the best of luck to the over 3,200 individuals who have registered for this exam cycle.
Grading will commence after the examination window closes on September 30th. Please do not contact the Association for grades at this time. When the results are released, you will receive an email instructing you to log in to the CAIA website to view your CAIA Candidate Performance Report.
Level I exam results are usually distributed within three weeks of the close of the testing window. Level II exam results are usually distributed within six weeks of the close of the testing window. Candidates are encouraged to keep their contact information up-to-date to ensure the timely receipt of exam results.
For more information about the grading process, please visit Grading FAQs.
Registration for the next exam period opens October 3, 2011. Exam dates:
Level I Exam Session: March 8 – 21, 2012.
Level II Exam Session: March 1 – 14, 2012.
CAIA Out Front
Keith Black, CAIA Association's Associate Director of Curriculum, will be speaking at two upcoming events:
Sep 19 2011: IMN's 9th Annual Alternative Investments Summit, Miami
Oct 4 2011: World Agriculture Investment Conference Europe, London
Chapter Events
CAIA Canada Educational Event, Montreal, Quebec
Tuesday, September 20, Bourse de Montréal
Francois Magny, CAIA, Chief Executive Officer, RDA Capital; Guy Talarico, CEO and Founder, Alaric Compliance Services LLC; Ranjan Bhaduri, Ph.D, CFA, CAIA, MMath MBA, Chief Research Officer - Global Head of Research, AlphaMetrix Alternative Investment Advisors, LLC; Philippe Arnau, Managing Director, Risk Management, Innocap Investment Management; Fabio Savoldelli, Chief Investment Officer, Optima Fund Management
Moderator: Ron Cheshire
Event Chair: Faruk Patel
CAIA Switzerland Social Event, Zurich
Wednesday, September 28, Sugar Lounge
Industry Events
Global Alpha Forum Greenwich 2011
September 22, 2011, 7:30 AM – September 23, 2011, 12:30 PM
Hyatt Regency Greenwich
Fiduciary Gatekeeper Research Manager Summit
September 26, 2011, 5:00 PM – September 28, 2011, 12:30 PM
The Boston Park Plaza Hotel & Towers