I found out about CAIA in 2007 when I started a new job at the South Carolina Retirement Systems - my boss was working on their CAIA Charter and it seemed like a good idea, given how many new asset types I was being introduced to in that role. I have not always needed the CAIA connection, as roles since I attained the designation have veered from private markets to public markets to a little of everything and now solely focused on private markets. But when I did need to come back to alts, or learn about new happenings in the space, I had a ready network and source of further education through CAIA.
I took the CAIA exams when I was having to get up to speed on a lot of alternative investments while at the State of South Carolina - everything but PE, which I had had some experience with previously. While the education was great, I would say that the most noteworthy benefit of becoming a CAIA Member has been having a more direct connection with CAIA Members globally via participation in the grading jamborees, of which I have done many. I have also been able to leverage my CAIA Membership as I have moved regions and found other professionals to interact with in New York, Minnesota, and now on the Executive Board in Seattle for the CAIA Pacific Northwest Chapter.
I now work at a data provider but provide institutional-level research on private funds as well as sustainable investment topics. So, what I think another Member should know more about is the high quality of research the team I am part of puts out on everything from emerging technologies to VC to leveraged loans and more. I would put our research up against any research in the industry on the topics we cover. And most of it is not behind a paywall, including the most recent piece I collaborated on: The State of Private Market ESG and Impact Investing in 2024.
Seattle has a surprising number of people interested in alternatives, given the low number of asset managers headquartered here. But the private wealth channel is strong here and extremely sophisticated in the alternatives space. Last fall I was delighted to host a round table here on the transition of alternatives into private wealth channels, a joint effort of the local CAIA chapter and another Seattle group focused on alternatives.
For someone just starting out their career, I would suggest not being too targeted in deciding what you want to do. An investment career should involve continuous learning and intellectual curiosity is a must. So, start with something interesting but be open to trying new things as you go, as you will only enhance your abilities as you see more of the picture over time. Really the same advice to the mid-career person - always be learning and listening and thinking about what you know and what more you need to know. There is always more to learn!
Hilary Wiek, CAIA, CFA
Hilary is a Senior Strategist for Pitch Book Data. She spends her time authoring reports and white papers on private market funds and investors. She also has an internal and external consultative role to continuously improve the product and help address customer problems. She has been a CAIA Member since 2008.