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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。

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

 

 

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

 

 

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