The Chartered Alternative Investment Analyst Association (CAIAA) offers a professional certification process for those with a strong background in accountancy, including a basic knowledge of trading in conventional markets, portfolio theory, and successful models of financial instruments. The Chartered Alternative Investment Analyst (CAIA) designation is earned through successfully passing examinations on two different levels. After passing the Level I examination, candidates have three years to complete the Level II Test.

The core of the Level I Test deals with measurements of performance, strategies of trading, regulations and rules, strategies for measuring success, and other analytical basics. The Level II Test covers material on a more universal level. Some of the areas covered are indexing and benchmarking, assessing risks, managing a portfolio, and allocating assets, among others.

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Several companies offer courses that can prepare an individual for these tests. Some universities offer a curriculum that is designed to help those wishing to test for the Chartered Alternative Analyst Certificate, and most of these courses may be done online. There are also private businesses who have established pathways for those seeking this prestigious designation. If a candidate wishes to study without using a conventional method, the CAIAA has study guides online and also offers study groups. Past candidates have indicated that time wise, mastering the material to obtain a CAIA certification takes around four hundred hours of intensive self-study.

The tests for obtaining a Chartered Alternative Investment Analyst Association certification are given twice a year, once in the spring and again in the fall. Once these tests have been mastered, those with the certification of a Chartered Alternative Investment Analyst may work in the areas of private equity, hedge funds, and managed futures. They are also especially equipped to work in real estate, venture capital, and foreign exchange investments.

This expertise will make them valuable employees in investment firms, banks, loan agencies, and credit companies. The Chartered Alternative Investment Analyst certification also gives them the credentials needed to work internationally so this adds to the number of job markets available. Because of this great demand, salaries are outstanding in this field but exact numbers always depend on the success of the analyst.