First off, for those which keep inquiring about the quantitative nature of this designation, don’t worry - it is hardly quantitative at all! I have just completed the lvl 1 readings but instead of reviewing, I found the material so interesting that I just received the lvl 2 readings - again, hardly any ‘quantitative’ areas. This will most likely push up my first attempt at the lvl 1 test to the second half of next year. Do you see a different pattern here: unlike most in this community (including the CFA) I am trying to incorporate the knowledge into better decision making. This is different than the postings I see which state: “I have 4 weeks until the exam, if I cram 3/4 sections what is the likelihood of me passing the minimum score to get the designation…” Abysmal…no one cares about these certs; it’s the knowledge (which most people binged on and then forgot since they use study notes and get small pass). Take the time and actually learn the material!! If you are looking for a quantitative challenge, do the CQF (as I did). Interesting part is that there is hardly any overlap between the material of the CAIA, CFA and CQF; they are great complements for the knowledge.
Amen. The CAIA materials are very well-done and generally fascinating. I believe that actually learning the material (and the resulting better decision making) will win out in the long run over cramming to just get the designation. Based even on what you say in this one post, I wouldn’t wait to take the Level I exam if there’s no particular reason to - it’s so easy I’ll bet you could pass it if it you were forced to walk into the exam room and take it right now. I hope they will make the exams harder (and more consistent with the quality of the materials) going forward.
Thanks for the vote of confidence Mr. Windjammer; I am not so overconfident to underestimate any exam. I have begun reading the lvl 2 Advanced Core but did not order the integrated topics; it appears this is the most frequently changed material for each 6 month exam cycle and since the earliest I would take lvl 2 would be September. Question-> how many pages is the integrated topics? Are they well organized as the Advanced Core?
The Current and Integrated Topics are around 640 pages but don’t seem as dense as the Advanced Core Topics. The former is made of a bunch (29 I think) of research pieces, mostly journal articles. I think the simple volume of material in the former is no greater than in the latter. Others have said that only 4 articles changed in the Current and Integrated Topics from 2010 to 2011.
Anything on High Frequency Trading (From what I’ve seen, doesn’t appear so). Algorithmic trading/HFT are most likely the major topics in alternatives which will need to be addressed in the coming years. Also, more articles on Sovereign risk (what happens when the risk-free-rate is not risk free!!!) and behavioral finance.
Nothing on Algorithmic trading/HFT in the Current and Integrated Topics right now; good point. Shoot me an email if you would please Keys.
Indeed, this qualification doesn’t seem to mean much to anyone presently. So if you don’t know why you want it, then don’t do it.
You don’t understand this post… I do these designations not to highlight them on a resume or impress an interviewer but simply to increase my thought process when investing; I use the tests as a benchmark to measure if I retained the information. It is highly annoying to see people posting - Part A: "well, I’m sitting for lvl 1 CFA in June, and then I’ll do CAIA lvl 1 in September with the CMT, and the June CFA lvl 2 followed by CAIA lvl 2 and FRM lvl 1… Part B: "Is this achievable since I really wanna make millions of dollars, pop bottles and date models in ____ (fill in the blank with Hedge Fund, Private Equity, et. al) These are obviously misguided individuals; designation flippers. How much do these people actually retain in a cram session of 2 months? When they go to an interview, they can spurt off various concepts but have not implemented or reflected on the knowledge.
Keys, Cannot agree with you more - i can’t put it any better myself knowledge and experience > any designations
I agree with the general sentiment of that argument, but if you’ve learned a lot on the road to achieving those designations then surely there is value in doing them? I believe there is anyway. Personally I think the major waste is repeating a level of these exams whereby you spend an equal amount of time preparing for them but ultimately you aren’t learning anything new. From my point of view I’m very glad to have tried the CAIA program. I think their approach to the content is top notch, with a more heavy focus on trading strategies on the underlying asset types than the CFA for example. I’ve found myself thinking of the concepts and looking forward to these readings. My one criticism would be of the C&I topics in which I think they used articles/research papers that were very difficult to read. I’m sure they could have found better papers to present.