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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。
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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 |
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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% |
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The CAIA Level II exam covers the following:
| Level II Topic |
Approximate Exam Weight |
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Question Format |
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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% |
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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
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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
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