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CAIA Level 1 September CAIA Level 2 September

Frequently Asked Questions

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  1. What products do you offer?
    Kaplan Schweser offers the following selection of products designed to fully prepare candidates for the September 2010 CAIA® Exam. All products listed below are available for both levels:
     
    • Weekly Online Program
    • SchweserNotes™
    • SchweserPro™ QBank
    • Flashcards
    • Schweser's QuickSheet™
    • InstructorLink™
    • Final Review Pack which includes:
      • Schweser's Secret Sauce®
      • Final Review Workshop (3-hour online review session)
      • Final Review Exam

    Combinations of these products are also offered in efficient Study Solutions. Please view our September 2010 CAIA® Product Brochure for more detailed information on our products.

  2. Can I return the materials if I don't like them?
    Please view our return policy.
  3. When will Kaplan Schweser products be available?
    We are currently accepting product orders for both levels of the September 2010 Exam products. You can check for product availability updates for Level 1 and Level 2. If you have questions, please contact us for more information.
  4. How are the SchweserNotes™ organized?
    The SchweserNotes™ are organized by Topic and by Learning Objective (LO). The curriculum is presented in LO order, making studying for the exam a simple process: read the LO to determine the specific knowledge to be gained; read the comprehensive explanation immediately following the LO; and test yourself using Concept Checker questions. The practice exams included with the study notes will help you assess your exam readiness and identify areas of weakness.
  5. Can I watch the Weekly Online Program anytime I want or do I have to show up for the live session?
    All online seminars will be available on-demand for your review, meaning you can watch any session at your leisure. However, if you wish to ask questions during the presentation, you will need to attend the live sessions. You can, of course, watch a previous session and then submit questions during Instructor-led Office Hours.
  6. How do I contact you if I find an error in the Kaplan Schweser products?
    To report potential errors, please use our online errata reporting tool. We respond to all errata submissions that identify actual errors, and we generally respond to other inquires as well.
  7. Are changes / amendments to the Kaplan Schweser products posted on your website?
    Yes. Once you are logged in under the CAIA section on our website, click "Updates / Errata".
  1. What is the CAIA program all about?
    The Chartered Alternative Investment AnalystSM designation was started in 2002 and is gaining momentum. Over 2,700 candidates registered to take the March 2010 Exam. The designation covers alternative investments such as real estate, private equity, commodities, hedge funds, and managed futures. The Chartered Alternative Investment Analyst Association® (CAIAA) is the governing body of the CAIA exam; therefore it is in charge of determining candidates' eligibility, administering and grading the exams, and deciding who is awarded the designation.
  2. What are the CAIA program requirements?
    You must have a U.S. Bachelor's degree (or equivalent) and possess over one year of professional experience in the financial industry or possess a minimum of four years' professional experience in the financial industry. In addition, you must provide two professional references, complete the online CAIA Membership Agreement, submit annual membership dues, and pass both levels of the CAIA exam.
  3. How soon do I need to take Level 2?
    There are two levels of the CAIA exam. Both levels must be passed to obtain the charter. The Level 2 exam must be completed within three years of passing the Level 1 exam. You cannot take both exams within the same testing window.
  4. What are the fees involved for the CAIA program?

    CAIA® Exam Registration Fees
      Standard AIMA / CISDM Member Companies ***
      Early Registration Registration Early Registration Registration
    Dates Apr. 5 – May 17, 2010 May 18 – Aug. 2, 2010 Apr. 5 – May 17, 2010 May 18 – Aug. 2, 2010
    Program Enrollment Fee * $400
    Level 1 Exam Registration Fee ** $900 $1,000 $675 $750
    Total $1,300 $1,400 $1,075 $1,150
    * The Program Enrollment Fee is one-time-only fee for new candidates.
    Level 2 Exam Registration Fee ** $900 $1,000 $675 $750
    Total $900 $1,000 $675 $750
    ** Exam Retakes - the cost to retake either exam (Level 1 or 2) is $350
    		     
    Membership Fees
      Standard AIMA / CISDM Member Companies ***
    First Year Only Membership Dues $250 $150
    Subsequent Annual Membership Dues $250 $250
    		 

     
  5. When can I take the exam?
    Exam windows for each level are held in March and September of each year.
  6. When do I register for the exam?
    Registration for the March Exam is open mid-October through the end of January, while registration for the September exam is open early April through early August. Early registration periods take place during the first six weeks of registration. During this time, candidates will receive 10% off their registration fees. Registration is exam-specific and cannot be transferred to future exam sessions.
  7. How do I register for the exam?
    There is a registration section on the CAIA Association's webpage where you will register for the exam. You are required to create an account before you are allowed to register. Visit the How the Process Works section of the CAIA website for more information.
  8. Can I register and pay for both levels at once?
    No, you will pay an enrollment fee up front, which will cover both exams, but after that you must register and pay for each exam level separately.
  9. Where do I take the exam?
    The CAIA exams are administered by computer at proctored test centers around the world. After registering for an exam, candidates are required to schedule an appointment with a testing center. For a current list of domestic and international testing centers, see Exam Locations.
  10. How do I schedule an exam appointment?
    After registering for a CAIA exam, you will receive a confirmation email from CAIAA that will explain how to schedule your exam appointment. You will be asked to choose a testing center from a list of available sites, as well as a specific date and time within the two-week exam period for which you are registered.
  11. What is the format of the exams?
    The Level 1 exam lasts 4 hours, and consists of 200 multiple-choice questions. Level 2 lasts only 3.5 hours, and consists of 100 multiple-choice and several essay questions.
  12. What topics are covered in the curriculum?
    For Level 1, topics include quantitative analysis, investment theory, regulatory frameworks, trading strategies, performance measurement, and credit derivatives. For Level 2, topics include asset allocation, portfolio management, style analysis, risk management, structured products, indexation and benchmarking, current topics and case analyses.
  13. When will I receive my exam results?
    Typically, results are distributed by CAIAA within 30 days of the closing of the exam window.
  14. What score must I receive to pass the exams?
    The CAIAA exam committee uses 70% of the total points as the initial benchmark so that candidates who earn 70% or more of the total points pass the exam. Because the Association compares a candidate's score against the average exam score, there is the potential for a curve. The curve effectively moves the passing score below 70%.
  15. What are the pass rates of the exams?
    These percentages are fluid and change from exam to exam. The very first Level 1 exam had a pass rate of over 90%. Since then, the percentage of candidates who successfully pass the exams has fallen into the 67% to 83% range. In the September 2009 exam window, the Level 1 exam pass rate was 68%, and the Level 2 exam pass rate was 58%. These stated percentages include only those candidates who sit for exams.
  16. What is the CAIA Association's contact information?
    CAIA Association
    29 South Pleasant Street
    Amherst, MA 01002

    Phone: (413) 253-7373
    Fax: (413) 253-4494
    Email: info@caia.org
    Web: www.caia.org
***

The fees and dues listed for the AIMA and CISDM are only applicable to members of the Center for International Securities and Derivatives Markets (CISDM) and the Alternative Investment Management Association (AIMA).

  1. How long should I study for the exam?
    Past candidate surveys show that the average study time is 150-200 hours of study for Level 1 and 200 or more for Level 2.
  2. Do I need to read the CAIA Association's recommended readings, or can I just use your notes?
    Our SchweserNotes™ are written to be a comprehensive guide of the recommended readings for the CAIA exam. The decision on whether or not to read the original texts is up to you, and often depends on your own academic background, strengths, and weaknesses.
  3. What calculators are allowed for the CAIA exam?
    The CAIA Association® allows candidates to use the TI Business Analyst Plus II (including the TI Business Analyst II Professional) or the HP 12C (including the HP 12C Platinum). No other calculators will be allowed in the exam room.
  1. I cannot get into the session. How can I verify that I have everything needed to access the CAIA video webcasts?
    You can test your system's connection and compatability with the video webcast system. This page will test your connection to the internet to verify that you have the proper connection speed to run the audio and video of the webcasts.
  2. What are the general requirements for viewing a Kaplan Schweser Webcast?
    Stream57 is the technology used for delivering our Online Classes (webcasts), including the Weekly Online Program and the Final Review Workshop. The following are the System Requirements required to run the CAIA video webcasts:

    Operating System Processor RAM
    • Windows Vista
    • Windows XP
      (with Service Pack 2)
    • Windows 2000
    		 At least 500Mhz Intel Pentium/Celeron Family or AMD K6/Athlon/Duron Family or compatible 256 MB RAM
    Software Connectivity Display
    Broadband (cable/DSL/T-1), Download speed 500K +
    • 800 x 600
      minimum
    • 1024 x 768
      recommended

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ChFC®, Chartered Financial Consultant®, CLU®, Chartered Life Underwriter®, and CASL®, Chartered Advisor for Senior Living®, are registered marks owned by The American College. Kaplan Schweser is not affiliated or associated in any way with The American College. The American College does not endorse, promote, review, or warrant the accuracy of any courses, exam preparation materials, or other products or services offered by Kaplan Schweser and does not verify or endorse any claims made by Kaplan Schweser regarding such products or services, including any claimed pass rates.