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I have applied to the CFA Level 2 exam, and I am now also considering applying to the CAIA program. Below are some pros and cons and interesting facts that I discovered doing my little research on the subject: FACTS (1) Number of chartholders: Charted Financial Analyst (CFA): approximately 78,000 Chartered Alternative Investment Analyst (CAIA): over 3,000  ( Source: Wikipedia) (2) Preparation required   CFA Minimum 250 hours per level   Total: 750+ hours CAIA Level 1: 150-200 hours Level 2: 200 or more hours Total: 350-400+ hours (Source: schweser.com)   (3) Membership Annual Dues CFA US$225. In Japan, there are reportedly additional fees for the CFA Society of Japan membership, which bring the total amount to approximately $400. CAIA US$250. (Sources: CFA website , CAIA website ) (4) Exam and Enrollment Fees CFA Program Enrollment: US$400* Level 1 Exam Registration: $690* Level 2 & 3 Exam Registration: $710* * Fees vary depending on the date...

Investment Banking Series Post 6 Equity Story 1. What is it anyway? Equity Story is, in its essence, the reasoning why the particular stock should be bought by investors. It emphasizes the strong side of the company and places the stock in either the value or the growth category. In a nutshell, the value stock is expected to have little price appreciation, but pay out relatively high dividend, whereas the growth stock is expected to have a high appreciation potential, but not necessarily pay much dividend. How a stock is classified depends on several factors, such as where in the industry life cycle it is, what the macro conditions are, what industry it belongs to, or sometimes even if it has a hot buzzword in its description. For instance, a power generation company would usually be classified as a value stock: there is very little growth potential, but the cash flows are steady and not as much correlated with the economic conditions. An Internet portal or a biotech company ar...

Today it was officially announced that an article on timberland investments, on which I have been working with two colleagues for about three months will be published in the September issue of the Japanese Securities Analysts Journal (in Japanese). You will easily find my name on the announcement page, because it is the only one in katakana (the only foreign name).