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

Investment Banking Series: Equity Story

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...
3 comments
Read more

US fund set to invest in Russian tech hub

The following link to an FT article is an interesting piece of reading. I follow with some comments in Russian. Даже не будучи специалистом в российском законодательстве, и зная об особенностях национального бизнеса только из комментариев бывших одноклассников и знакомых бизнесменов, сразу вижу в этом проекте легко узнаваемый шаблон: президент сказал "надо!", и все бросились поднимать "наш ответ Силиконовой Долине". Начинание похвальное, но оно игнорирует принципиальное отличие Калифорнии от Подмосковья: отлаженную правовую базу. Какие бы там не создавались "зоны" и "технопарки", до тех пор пока регистрация нового предприятия исчисляется не в днях, а в месяцах, никакой "Силиконовой Долины" в России не будет. И как говорится, как бы я хотел, чтобы я был не прав! US fund set to invest in Russian tech hub : "Siguler Guff, the private equity group, will invest $250m in a high-technology hub outside Moscow" ■
Post a Comment
Read more