Hello all, I just registered for the level I on late January (after the FRM result was released) and I had a lot of struggle signing up for the CAIA exam because of the costs ($1,400 + $599 for exams and Schweser) and I am not sure the value of it. I looked into the level II and I do like the curriculum very much and they are interesting. My earlier objective was just to get through level I in order to get to level II. Since I am done with CFA and FRM already, I would like to keep learning whilst I am still looking for a job. After about two weeks of study (the exam is scheduled at the end of March 09), I enjoy the study materials (using Schweser) very much. In terms of study materials, it is not as massive and broad as CFA program at level I (I took it quite a while ago) but I do appreciate SOME of the materials and depth of them. They’re not seen in either CFA or FRM program. The designations are just different. It might not be even fair to say CAIA level I is relatively easy since I already went through the “grilling process” of the CFA and FRM program. e.g. FRM program spent a great deal on distributions and all four moments and I learned a lot. In the CAIA level I curriculum, I did see the application and analysis of all four moments in different hedge funds. They are good stuff and you will not see it in both the CFA and FRM programs. Don’t get me wrong. Both CFA and FRM are still the golden standard for general finance and risk management. The all have different values and focus. Philip
Hi Philip, Considering that you have the CFA designation along with the FRM, why are you planning to give the CAIA when jobs themselves are not forthcoming. I understand that you want to keep in touch with education but why give the certification. The knowledge could be obtained without actually signing up. Just wanted to understand your point of view. Thanks.
Arakhanna, I understand your point. You might think the marginal benefit of obtaining it is smaller the marginal costs. However, how many times we actually sit down and finish the books we would like to read. CAIA is very unique as the CFA and FRM. A certificate can prove you have certain level of competence in terms of knowledge of alternative investment world and your discipline. (I agree CFA should be sufficient by itself to prove competence but I do need some disciplines during this searching jobs period). I actually think the CFA and FRM help me a lot to understand and appreciate the CAIA program materials. In terms of cost, it is still very inexpensive compared to graduate schools. Economy will take its time to heal provided our government and private sectors do the right thing. Hedge fund/Alternative investments might just flourish again. Philip
phishwong Your doing exactly what I am planning on doing, except the FRM I will be completing last. Unfortunately that means one more test then you had to complete. Any advice for me starting out, that you would now do differently?
cfacowtown, Sorry for the late response. I am not sure your situation. Can you clarify your question again? Here is just my general comment. For the FRM, it could take a lot of time (very different from CFA and it could be more difficult for the new format in my opinion) and I don’t recommed taking it together with CFA (I guess just apply to level I on December) and CAIA level II either unless you are studying them on full-time basis. CAIA is still the most expensive certificate among others, I would recommend finishing CFA and then FRM, but it also depended on your area of interest. Philip