Skip to main content

CAIA Level 1 Exam

Last Friday I took a day off and headed to a local test center to sit my CAIA Level 1 exam. Without going into too much detail so as not to violate the non-disclosure clause one has to sign before taking the exam, here are some notes and personal reflections:
  • The test is completely computer-based. No filling those circles on the answer sheet, as I had to for CFA.
  • The test's difficulty was largely in line with my expectation, based on the CAIA Schweser Notes practice exams. I find the Notes slightly more complex and going into more detail, as a matter of fact.
  • There was a number of questions that I am sure were not in the Notes, so for those who have the time, buying the official study materials is highly recommended.
I will be angxiously waiting for the results now, while preparing for the upcoming CFA Level 2 exam in June.

RELATED POSTS:
Labels:

Comments

Anonymous said…
How is your prep for Level II? What do you think of the content?

CAIALevelIICandidate
June 25, 2010 at 11:51 PM
Knarkh said…
Well, I have just started reading Schweser Notes about a week ago, so it is too early to tell, but my initial impression is that Level II is more difficult, especially the essay questions.
Having said that, I think it's doable.
June 26, 2010 at 1:40 AM
Unknown said…
Just curious...I would like to hear more about your motivation for sitting for CAIA. If you have CFA designation, do you feel that CAIA is additive in the AI industry or are you just doing it because you are interested in the material or both? I am awaiting results of Level 3 CFA and am considering CAIA. I am in sell-side research right now but am considering moving to Buy Side. Would like to work at endowment/pension.
July 8, 2010 at 6:53 AM
Knarkh said…
To mschorr24

Thank you for the comment.

CAIA comes naturally to me as I am currently working for a third-party marketing firm specialized in Alternative Investments.

However, I strongly believe that CFA is much more useful both in terms of self-education and reputation, and I am aiming to get the designation (I am a L2 candidate now).

CAIA is a good addition to CFA, and only makes sense as a standalone certification if you are specialized in the Alternative Investments space. You can earn it much faster too.

If you are thinking about an endowment/pension, it's nice to have both CFA and CAIA, but if you have to choose one, go for CFA.

Hope this helps.
July 12, 2010 at 12:52 PM
Post a Comment

Popular posts from this blog

Investment Banking Series: Pitch Books

Investment Banking Series Post 3 Pitch Books 1. What is it anyway? A pitch book is the paramount of days and nights of a banker's hard work. It is a marketing tool that tries to set apart basically very similar banks and to support the claim that THIS bank, and NO ANY OTHER should be selected to arrange the deal. They say pitch books used to be actual books, but in the present world they are Power Point presentations printed out and bound in a plastic cover. The main purpose of the pitch book is to deliver two messages to the prospective client: (1) "we understand your business very well", and (2) "when it comes to arranging your deal, we are the best fit". Both claims are usually weak at best, but they are made elaborately and extensively, and the resulting multi page document often looks impressive. 2. Typical structure A pitch book will have varying structure depending on what product is being proposed, but there is a lot of similarities. Below is o...
1 comment
Read more

Invesment Banking Series: Roadshows

Investment Banking Series Post 7 Roadshows 1. What is it anyway? Roadshow is basically marketing of the firm issuing securities to the potential investors. CFO, CEO and a few more people from senior managers hit the road and make presentations to all kind of investors in both group and one-to-one meetings. The presentation's contents are typically heavily curated by investment bankers to make sure that the equity story is as smooth and persuasive as possible, and they show and tell only the positive sides of their business. There would be an explanation of the existing business, and the expansion plans that will be financed by the proceeds from fund-raising. It is actually also a good opportunity for junior bankers to meet the company that they spend many days and nights to make look good in the pitch book. And the savvy ones would make good use of it to connect with the CEOs and CFOs that in the future may benefit from their investment banking services. 2. Inv...
Post a Comment
Read more

Investment Banking Series: Valuation Part 1

Investment Banking Series Post 4 Valuation, Part 1 1. What is it anyway? Valuation is the process of calculating and otherwise assessing the Enterprise Value (in case of equity) or any other appropriate metric to be used as a base for setting the fair price range for the offering. Along with the distribution network, the ability to produce the appropriate valuation is supposed to be the core expertise of an investment bank. There are books out there that would give you much detail on the valuation techniques. The one I would personally recommend is Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions . It's a step-by-step easy to follow practical description. I do not intend to go anywhere that far, and will just introduce the important concepts here. 2. The great myth and the not-so-impressive reality Valuation is often rumored to be a highly numerical and sophisticated procedure, both science and art, requiring in-depth understanding of financia...
1 comment
Read more