CAIA

CAIA, the Chartered Alternative Investment Analyst, is a professional designation administered by the CAIA Association. Established in 2002, it focuses on knowledge and practice in alternative investments, including hedge funds, private equity, real estate, commodities, and other non-traditional asset classes, as well as risk management, due diligence, and portfolio construction.

Program structure and requirements: The credential is earned by completing two levels of examinations, Level I and Level II, and by meeting the association’s ethics and professionalism requirements. Level I emphasizes fundamental knowledge of alternative investments and market structure, while Level II emphasizes application, portfolio construction, and risk management through case studies. Applicants typically have a bachelor’s degree or equivalent and professional investment experience, though prerequisites can vary by region. In addition to exams, professional conduct and ongoing development are encouraged to maintain the designation.

Global scope and relevance: The CAIA designation is recognized by investment firms, pension funds, endowments, and other institutional investors worldwide as a marker of expertise in non-traditional investments. It is commonly pursued by professionals in asset management, research, risk management, and related roles who work with hedge funds, private markets, real assets, commodities, and structured products. The charter is designed to complement traditional finance credentials and is often pursued alongside or after other qualifications such as the CFA designation or an MBA.

Administration and ethics: The CAIA Association administers the program and sets the ethics framework. Holders who maintain the designation are expected to adhere to the code of ethics and participate in ongoing professional development.