Well I’ve submitted my application to CAIA, let’s see how this goes.
This just came through:
Dear xxxx,
Thank you for your interest in pursuing the CAIA designation through the CAIA Association’s Stackable Credential Pilot Program.
Your application has been received and we are verifying your eligibility for the program.* Please note that the verification process may take up to 3 business days. In that timeframe, we will notify you of your status at this email address. If approved, you will then receive further instruction for completing your registration for the September 2018 exam.
*If you have previously received a waitlist notification, please know that you have now been added to the eligibility queue and may register once your eligibility has been confirmed.
Please feel free to contact us at candidate@caia.org regarding all candidate-related issues and inquiries. In turn, please make sure your contact information in your profile remains updated so that we may reach you regarding program announcements other pertinent information.
Again, thank you for your interest in the Stackable Credential Pilot Program.
over/under on years until CAIA is acquired by CFA Institute
I spent over $1000 on CAIA level 1 and this news is devastating…
sent them a message and expressed my concerns
I understand everybody’s reaction. I would be concerned / pissed as well if I held the CAIA designation as a stand-alone, or was a CFA that had already spent the time / money to pass CAIA Level I.
That said . . . . I may be a beneficiary of this pilot program. I earned my CFA charter a few years ago. Truthfully, the CAIA curriculum is probably more relevant for me as I work in the alts space. I have long toyed with the idea of sitting for the CAIA, but never pulled the trigger because it seemed a bit superflous after earning the CFA. Plus, I just couldn’t stomach sitting for more exams!
Now, however, I am more tempted given that it is only one more exam for me. Should I go for it? Curious to hear others thoughts.
Call me an idiot, but I think I am still going to register for Level I even though I am a CFA Charterholder. Based off the curriculum page on the CAIA website, there look to be some topics that weren’t covered / covered in areas of the test that I didn’t focus much time and energy on. Hell, I know its a terrible ROI, but I look at this as a learning opportunity… I know, I know I could just order the curriculum book and read on my own, while jumping straight to level II but I also know that I have to have an end goal (exam) to motivate me and actually make myself read the 800+ pages.
I applaud you for doing so…though financially or if you consider the additional time spent it may not seem like a wise decision… you are exactly right, if the curiccullum stays the same, if anyone directly appears for level 2, they will likely miss out on enough learning opportunity the course offers … as it stands these courses try and bring together a lot of material which you otherwise have to go through many sources to come abreast with and if you end you missing on half of that material it might seem somewhat of a folly depending on what you are trying to get out of the course …just a designation which people do not know how much value it holds yet and is still is in the process of building value around it OR the content which helps you understand the markets better.
Three cheers to you!!
In my opinion, as a CFA charterholder, there is a LOT of stuff on CAIA level 1 that is NOT covered in the CFA curriculum. The basics, yes - some formulas like Sharpe ratio, the difference between backwardation and contango, etc. But that’s about it. I learned a lot of new stuff studying for CAIA level 1. So frustrating that I didn’t have to take it now though hahaha! But it really was a good learning experience.
More of this. I applaud you.
i mirror the above sentiment. i believe CAIA LI had some pretty unique topics that either grazed or potentially not even breached via CFA curriculum. thought it was a worthwhile exercise to read through all topics and feel much more well rounded, as a result. obviously, we’re all a little salty given the dynamic CAIAA has employed with one’s ability to rack up credentials. however, am i upset that i had to sit for CAIA LI? nah. like i noted earlier, i feel like it helped build a better foundation to my current knowledge base and improved my skill set even more so than before.
This is sad.
For people that have completed CAIA, do you need Level 1 concepts to complete Level 2 or can you kind of pick it up?
It’s been four years since I completed the CFA and to be honest much of the material is forgotten or needs refreshed. It would make more sense to me if CAIA allowed CFA charterholders to skip quant, ethics, etc on an abbreviated level 1 test specifically designed for CFA charterholders.
If your goal is simply to get the CAIA letters, you can go directly to level 2 without worrying you are at a test taking disadvantage. There is limited crossover in terms of questions. In my opinion at least.
I would recommend in that case to use Schweser and/or Uppermark to study, focus mostly on the question banks, and pass the test… Either before the test or afterwards I very strongly urge you to buy a used version of both the level 1 and level 2 Wiley official course hardcopy books off Amazon to keep as personal references and bodies of knowledge.
Those official course books are great value and act as nice resources in future practice if you need to look something up. Probably not necessary to read them to pass the exam but they are super, super useful to own and I like them more than the CFA paperbacks or CMT books that I have. Two cents from an old guy.
In the email I received from CAIA, CEO Kelly encouraged us to contact him directly with feedback so I did and I encourage as many of you to do the same. His email address is wjkelly@caia.org. The email reads as follows:
Dear ,
Today, the CAIA Association will be issuing a press release about a pilot program that will begin coincident with the opening of our registration for the September 2018 exam cycle. This program tests a multi-channel learning pathway approach that will involve two new stackable routes to the CAIA credential.
Many masters programs in higher education, and even certain credentials like the CFA, are expansive learning instruments that cover a very wide array of complex topics. Other credentials, such as CAIA, are more tailored curricula that cut much more deeply into a very specific area of study, which in our case is alternative investments. Our end consumers are allocators and other investment professionals, and we must occasionally take a strategic step above the fray and anticipate and react to developing trends in the industry.
The traditional MBA programs, for example, are not going away, but visit any university website and you will find a plethora of micro masters’ programs or certificate-based offerings that are much more highly specialized. One very relevant example here is the new Masters in Alternative Investments Program offered by one of our founders, the Isenberg School of Management at University of Massachusetts Amherst. Here, the curriculum will be taught directly from the CAIA Level I textbook, with an eye toward bringing more targeted and trained alternative investment professionals into the market.
The CFA program, a gold standard in our industry, must too react to an ever-changing world where not everything will comfortably fit into a very deep and comprehensive curriculum. This is especially true as we look forward to not just the growth of alternative asset classes but to the greater emergence of subjects such as ESG, FinTech, artificial intelligence, big data, and distributed ledger technologies. The pathway to lifelong learning and acquiring deeper expertise “somewhere else” will become commonplace. It will be less about a Member benefit, and more about what it means to be an informed professional on a career path that is likely to see more change in the next five years than has been seen in the last five decades.
CAIA’s Stackable Credential Pilot Program will, therefore, enable three pathways to the CAIA credential: the standard CAIA LI plus CAIA LII exams, the Isenberg Masters’ program plus CAIA LII exam, and finally the CFA LI through LIII exams plus CAIA LII. We have done a deep and diligent review, mapping specific learning objectives, and concluded that these pathways, while unique, will not allow for any slippage in absorbing a full body of knowledge. To be even more certain, this pilot program will be available for a period of three years to a controlled but global sample of qualified candidates. Any decision around a permanent implementation will be thoughtful and include initial and ongoing input that most notably will also include the observations from you, our Members.
For a comprehensive explanation of the Stackable Credential Pilot Program, including the eligibility requirements, application process, and fees, please click here. If you have any initial thoughts regarding the rollout of this pilot program, I strongly encourage you to contact me directly. I will, of course, be providing interim updates in the period ahead as we assess the developments of this program and the continued pace of change in the market that we have the pleasure and obligation to serve.
Kind regards,
William J. Kelly Chief Executive Officer CAIA Association
Thought this was interesting. Today registration begins for the CMT fall exam period. I am reading the information and lo and behold - CFA Charterholders are now exempt from the level 1 exam.
+1
Good stuff. I’m taking about taking advantage of this pilot program as well.
This is the biggest crock of shit ever!!
Wow, that is now a far stretch. I don’t think anything in the CFA really overlaps with CMT Level I.