The Chartered Alternative Investment Analyst (CAIA) Association, a global leader in alternative investment education, is marking the successful first year of its ‘stackable credential program’, which allows a limited number of qualified members of CFA Institute to move directly to Level II of the rigorous two-part CAIA exam.
Since the program’s inception, more than 1,000 CFA charterholders from 30 countries have enrolled. Many of the largest asset owners, asset managers, and pension consultants are among the employers consistently seen in the profiles of the Candidates approved to participate in this program.
“We have been very pleased with the reaction to our stackable credential initiative and look forward to welcoming more CFA charterholders to the ranks of CAIA Members,” says William J Kelly, CEO of CAIA. “We always looked upon this program as ultimately a benefit to the asset owners for whom we all have the pleasure and obligation to serve. The early indications are that we are attracting the type of professional who needs to have the requisite tools and training to approach an increasingly diverse set of product offerings.”
The essence of this pilot-based program came about as a result of a detailed mapping of all three levels of the CFA exam into the CAIA Level I program. The common learning outcomes cleared a pathway for the CFA charterholder to extend and demonstrate their learning across the entire risk premia spectrum, using the rigour of the CAIA Level II exam as the completion portfolio.
A recent research report by Preqin is forecasting a 60 per cent growth in alternative assets in the next five years. Allocators and asset owners from the largest sovereign wealth funds to the mass affluent will continue to look beyond just the more traditional asset classes as they seek to augment the 60/40 portfolio allocation. Absolute return strategies or other uncorrelated asset classes will become even more common, as investors look for lower volatility and better risk-adjusted returns over time.
“The CFA Program and designation represent the highest distinction of professionalism in the investment management industry,” says Stephen Horan, CFA, CIPM, CAIA Managing Director, Credentialing at CFA Institute. “The partnership with CAIA highlights the combined benefits these two programs have for professionals involved in multi-asset strategies.”
Registration for the Spring 2019 exam cycle is now open, with discounts available for those who register before 13 May. The CAIA Association offers the only credential focused on the alternative investment space and has become the global benchmark for alternative investment education.
