Curso preparatorio para la obtención del Chartered Alternative Investment Analyst I (CAIA)

Curso preparatorio para la obtención del Chartered Alternative Investment Analyst I (CAIA)

Prepárate para la obtención de la Certificación CAIA con los mejores profesionales. 

Precio: 1000 €
Fechas y horarios: Se puede empezar en cualquier momento

Presentación del curso

La certificación financiera CAIA es la referencia global en inversión alternativa. Desde el primer examen en febrero de 2003, miles de profesionales de más de 80 países se han acreditado.

La gestión alternativa no se trata con la suficiente profundidad en la mayoría de la formación académica y textos especializados sobre inversión, por lo este curso constituye una excelente oportunidad para aprender un conjunto de herramientas y vehículos de inversión de gran utilidad para inversores institucionales, gestores de carteras, gestores de riesgos, inversores particulares, y en definitiva, cualquier persona interesada en ampliar su conocimiento sobre las herramientas y modelos de gestión más avanzados y actuales.

Escuela FEF ofrece este curso preparatorio para la obtención del Nivel I del CAIA en modalidad on line, poniendo a disposición de los alumnos: 
  • El libro oficial de la certificación CAIA de nivel I. “Alternative Investments: CAIA Level I”. Chambers, Anson, Black, and Kazemi.John Wiley & Sons. Tercera Edición.
  • Dos libros de ejercicios con 1000 preguntas tipo test como las que se encontrará el día del examen. Todas las preguntas se acompañan de solución razonada, y en estos libros se incluye también un completo resumen sobre el código ético de la asociación CFA Institute.
  • Vídeos explicativos que abarcan toda la materia incluida en el libro oficial de la certificación y en el código ético del CFA ofrecidos a través de la plataforma on line de FEF. El objetivo de estos vídeos es el de hacer más comprensible la materia y facilitar el repaso de la materia expuesta a examen.
  • Buzón de dudas: posibilidad de realizar consultas con el tutor del curso que serán resueltas en un plazo máximo de 48 horas hábiles también a través de la plataforma on line de FEF.

Toda la documentación se ofrece en inglés, excepto las grabaciones de las clases que se ofrecen en español. El acceso a la plataforma on line se ofrece durante un periodo de 1 año. 

No es preciso titulación ni experiencia para la realización del curso*.

*Para la realización de los exámenes de certificación CAIA Associaton exige un grado o titulación equivalente y un año de experiencia laboral, o contar con 4 años de experiencia laboral. Por experiencia laboral se define un trabajo a tiempo completo en una entidad financiera, banco, entidad regulatoria, o similares. El alumno deberá gestionar directamente su inscripción para estos exámenes en la CAIA Association. Más información en www.caia.org

 

¿A quién va dirigido?

El curso se dirige, tanto a profesionales del sector de las inversiones alternativas, como a cualquier persona que quiera conseguir un conocimiento global de dicho sector.

Dentro del ámbito profesional algunos ejemplos serían los siguientes:

  • entidades financieras,
  • prime brokers,
  • entidades de consultoría y asesoramiento financiero,
  • entidades gestoras,
  • entidades gestoras de pensiones,
  • fundaciones,
  • family offices
  • compañías aseguradoras.

No se precisan conocimientos básicos ya que el curso comienza con una introducción a los fundamentos cuantitativos necesarios para una mejor compresión de las áreas de estudio.

Objetivos

Formar a los alumnos en un conocimiento global de la gestión alternativa en todas sus variantes y preparar a los alumnos para el primer nivel de la certificación financiera de referencia en dicha materia, Chartered Alternative Investment Analyst.

En este curso, el alumno aprenderá a:

  • Ampliar el universo de activos que se pueden incorporar a una cartera, como las commodities, los activos inmobiliarios, o los derivados de crédito.
  • Entender las diferentes estrategias que utilizan los Hedge Funds y su categorización.
  • Diferenciar entre los diferentes productos de private equity: LBOs, capital riesgo, deuda mezzanine, etc.
  • Comprender cómo funcionan los complejos productos estructurados: CDOs, CMOs, etc.
  • Aplicar las herramientas cuantitativas que se utilizan en el mercado con los vehículos de inversión alternativa.

Claustro

Alexey De La Loma Jiménez. Socio CEO de Financer Training.

CFA, CAIA, FRM, CMT, EFA, CFTe. 

Temario

TOPIC 1: PROFESSIONAL STANDARDS AND ETHICS

CHAPTER 1.1: STANDARD I. PROFESSIONALISM.
A. Knowledge of the Law.
B. Independence and Objectivity.
C. Misrepresentation.
D. Misconduct.

CHAPTER 1.2: STANDARD II. INTEGRITY OF CAPITAL MARKETS.
A. Material Nonpublic Information.
B. Market Manipulation.

CHAPTER 1.3: STANDARD III. DUTIES TO CLIENTS.
A. Loyalty, Prudence, and Care.
B. Fair Dealing.
C. Suitability.
D. Performance Presentation.
E. Preservation of Confidentiality.

CHAPTER 1.4: STANDARD IV. DUTIES TO EMPLOYERS.
A. Loyalty.
B. Additional Compensation Arrangements.
C. Responsibilities of Supervisors.

CHAPTER 1.5: STANDARD V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS.
A. Diligence and Reasonable Basis.
B. Communication with Clients and Prospective Clients.
C. Record Retention.

CHAPTER 1.6: STANDARD VI. CONFLICTS OF INTEREST.
A. Disclosure of Conflicts.
B. Priority of Transactions.
C. Referral Fees.



TOPIC 2: INTRODUCTION TO ALTERNATIVE INVESTMENTS

CHAPTER 2.1: WHAT IS AN ALTERNATIVE INVESTMENT?
1. Defining Alternative Investments.
2. Structures among Alternative Investments.
3. Investments are distinguished by Return Characteristics.
4. Investments are distinguished by Method of Analysis.
5. Investments are distinguished by Other Factors.
6. Goals of Alternative Investing.
7. Review Questions.

CHAPTER 2.2: THE ENVIRONMENT OF ALTERNATIVE INVESTMENT.
1. The Participants.
2. Financial Markets.
3. Regulatory Environment.
4. Liquid Alternative Investments.
5. Taxation.
6. Review Questions.

CHAPTER 2.3: QUANTITATIVE FOUNDATIONS.
1. Return and Rate Mathematics.
2. Returns Based on Notional Principal.
3. Internal Rate of Return.
4. Problems with IRR.
5. Distribution of Cash Waterfall.
6. Review Questions.

CHAPTER 2.4: STATISTICAL FOUNDATIONS.
1. Return Distributions.
2. Moments of the Distribution: Mean, Variance, Skewness, and Kurtosis.
3. Covariance, Correlation, Beta, and Autocorrelation.
4. Interpreting Standard Deviation and Variance.
5. Testing for Normality.
6. Time-series Return Volatility Models.
7. Review Questions.

CHAPTER 2.5: MEASURES OF RISK AND PERFORMANCE.
1. Measures of Risk.
2. Estimating Value at Risk (VaR).
3. Ratio-Based Performance Measures.
4. Risk-Adjusted Return Measures.
5. Review Questions.

CHAPTER 2.6: FOUNDATIONS OF FINANCIAL ECONOMICS
1. Informational Market Efficiency.
2. Single-factor and ex ante asset pricing.
3. Multifactor and empirical models.
4. Arbitrage-free models.
5. The term structure of forward contracts.
6. Option exposures.
7. Option pricing models.
8. Option sensitivities.
9. Review Questions.

CHAPTER 2.7: BENCHMARKING AND PERFORMANCE ATTRIBUTION.
1. Benchmarking.
2. Types of Models.
3. Performance Attribution.
4. Distinctions regarding alternative asset benchmarking.
5. Review Questions.

CHAPTER 2.8: ALPHA, BETA, AND HYPOTHESIS TESTING.
1. Overview of beta and alpha.
2. Ex ante versus ex post alpha.
3. Inferring ex ante alpha from ex post alpha.
4. Return attribution, alpha, and beta.
5. Ex ante alpha estimation and return persistence.
6. Return drivers.
7. Using statistical methods to locate alpha.
8. Sampling and testing problems.
9. Statistical issues in analyzing alpha and beta.
10. Review Questions.

CHAPTER 2.9: REGRESSION, MULTIVARIATE, AND NONLINEAR METHODS.
1. Single-Factor Models and Regression.
2. Multifactor Models and Regression.
3. Three Dynamic Risk Exposure Models.
4. Two Approaches to Modeling Changing Correlation.
5. Four Multifactor Approaches to Understanding Hedge Fund Returns.
6. Evidence on Fund Performance Persistence.
7. Review Questions.


TOPIC 3    REAL ASSETS.

CHAPTER 3.1: NATURAL RESOURCES AND LAND.
1. Natural Resources other than Land.
2. Land.
3. Timber and Timberland.
4. Farmland.
5. Valuation and Volatility of Real Assets.
6. Historical Risks and Returns.
7. Review Questions.

CHAPTER 3.2: COMMODITY FORWARD PRICING.
1. Forward Contracts versus Futures Contracts.
2. Rolling Contracts.
3. The Term Structure of Forward Prices on Commodities.
4. Backwardation and Contango.
5. Returns on Forward Contracts.
6. Review Questions.

CHAPTER 3.3: COMMODITIES: APPLICATIONS AND EVIDENCE.
1. Commodity Investing for Diversification.
2. Commodity investing for Return Enhancement.
3. Investing in Commodities without Futures.
4. Commodity Exposure through Futures Contracts.
5. Commodity Futures Indices.
6. Commodity Risks and Returns.
7. Historical Risks and Returns.
8. Review Questions.

CHAPTER 3.4: OPERATIONALLY INTENSIVE REAL ASSETS.
1. Commodity Producers.
2. Liquid Alternative Real Assets.
3. Infrastructure.
4. Intellectual Property.
5. Review Questions.

CHAPTER 3.5: LIQUID AND FIXED-INCOME REAL ESTATE.
1. Real Estate as an Investment.
2. Residential Mortgages.
3. Commercial Mortgages.
4. Mortgage-backed Securities Market.
5. Liquid Alternatives: Real Estate Investment Trusts.
6. Review Questions.    

CHAPTER 3.6: REAL ESTATE EQUITY INVESTMENT.            
1. Real Estate Development.
2. Valuation and Risks of Real Estate Equity.
3. Alternative Real Estate Investment Vehicles.
4. Real Estate and Depreciation.
5. Real Estate Equity Risks and Returns.
6. Review Questions.


TOPIC 4    HEDGE FUNDS

CHAPTER 4.1: STRUCTURE OF THE HEDGE FUND INDUSTRY.
1. Distinguishing Hedge Funds.
2. Hedge Fund Fees.
3. Hedge Fund Classification.
4. Hedge Fund Returns and Asset Allocation.
5. Evaluating a Hedge Fund Investment Program.
6. Do Hedge Funds Adversely Affect the Financial Markets?
7. Hedge Fund Indices.
8. Review Questions.

CHAPTER 4.2: MACRO AND MANAGED FUTURES FUNDS.
1. Major Distinctions Between Strategies.
2. Global Macro.
3. Managed Futures.
4. Systematic Trading.
5. Systematic Trading Strategies.
6. Evidence on Managed Futures Returns.
7. Review Questions.

CHAPTER 4.3: EVENT-DRIVEN HEDGE FUNDS.
1. The Sources of Most Event Strategy Returns.
2. Activist Investing.
3. Merger Arbitrage.
4. Distressed Securities Funds.
5. Event-Driven Multistrategy Funds.
6. Review Questions.

CHAPTER 4.4: RELATIVE  VALUE HEDGE FUNDS.
1. Overview of Relative Value Strategies.
2. Convertible Bond Arbitrage.
3. Volatility Arbitrage.
4. Fixed-Income Arbitrage.
5. Review Questions.

CHAPTER 4.5: EQUITY HEDGE FUNDS.
1. Sources of Return.
2. Market Anomalies.
3. The Fundamental Law of Active Management (FLOAM).
4. Implementing Anomaly Strategies.
5. The Three Equity Strategies.
6. Equity Hedge Fund Risks.
7. Review Questions.

CHAPTER 4.6: FUNDS OF HEDGE FUNDS.
1. Overview of Funds of Hedge Funds.
2. Investing in Multistrategy Funds.
3. Investing in Funds of Hedge Funds.
4. Investing in Portfolios of Single Hedge Funds.
5. Multialternatives and other Hedge Fund Liquid Alternatives.
6. Historical Returns of Funds of Funds.
7. Review Questions.


TOPIC 5    PRIVATE EQUITY

CHAPTER 5.1: INTRODUCTION TO PRIVATE EQUITY.
1. Private Equity Terminology and Background.
2. Private Equity as Equity Securities.
3. Private Equity as Debt Securities.
4. Private Equity Liquid Alternatives.
5. Trends and Innovation in Private Equity.
6. Review Questions.

CHAPTER 5.2: EQUITY TYPES OF PRIVATE EQUITY.
1. Contrasts between Venture Capital and Buyouts.
2. The Underlying Businesses of Venture Capital.
3. Venture Capital Funds.
4. The Dynamics of venture capital.
5. Venture Capital Risks and Returns.
6. Types of Buyouts.
7. Leveraged Buyouts Details.
8. Review Questions.

CHAPTER 5.3: DEBT TYPES OF PRIVATE EQUITY.
1. Mezzanine Debt.
2. Distressed Debt.
3. Review Questions.


TOPIC 6    STRUCTURED PRODUCTS

CHAPTER 6.1: INTRODUCTION TO STRUCTURING.
1. Overview of Financial Structuring.
2. Major Types of Structuring.
3. The Primary Economic Role of Structuring.
4. Collateralized Mortgage Obligations (CMOs).
5. Structural Model Approach to Credit Risk.
6. Introduction to Collateralized Debt Obligations (CDOs).
7. Review Questions.    

CHAPTER 6.2: CREDIT RISK AND CREDIT DERIVATIVES.
1. An Overview of Credit Risk.
2. Reduced-Form Modeling of Credit Risk.
3. Credit Derivatives Markets.
4. Credit Default Swaps.
5. Other Credit Derivatives.
6. CDS Index Products.
7. Five Key Risks of Credit Derivatives.
8. Review Questions.

CHAPTER 6.3: CDO STRUCTURING OF CREDIT RISK.
1. Overview of CDO Variations.
2. Balance Sheet CDOs and Arbitrage CDOs.
3. Mechanics of and Motivations for an Arbitrage CDO.
4. Cash-Funded CDOs versus Synthetic CDOs.
5. Cash Flow CDOs versus Market Value CDOs.
6. Credit Enhancements.
7. Developments in CDOs.
8. Risks of CDOs.
9. Review Questions.

CHAPTER 6.4: EQUITY-LINKED STRUCTURED PRODUCTS.
1. Structured Products and Six Types of Wrappers.
2. Four Potential Tax Effects of Wrappers.
3. Structured Products with Exotic Option Features.
4. Global Structured Product Cases.
5. Structured Product Pricing.
6. Motivations of Structured Products.
7. Review Questions.


TOPIC 7    RISK MANAGEMENT AND PORTFOLIO MANAGEMENT

CHAPTER 7.1: CASES IN TAIL EVENTS.
1. Problems driven by Market Losses.
2. Trading Technology and Financial Crises.
3. Failures driven by Fraud.
4. Four Major Lessons from Cases in Tail Events.
5. Review Questions.

CHAPTER 7.2: INVESTMENT PROCESS, OPERATIONS, AND RISK.
1. Investment Strategy and Process.
2. Investment Process and Market Risk.
3. The Three Internal Fund Activities.
4. Operational Risk.
5. Controlling Operational Risk.
6. Controlling Risk of Portfolios with Options.
7. Review Questions.    

CHAPTER 7.3: DUE DILIGENCE OF FUND MANAGERS.
1. Due Diligence Evidence and Organization.
2. Screening with Three Fundamental Questions.
3. Structural Review.
4. Strategic Review.
5. Administrative Review.
6. Performance Review.
7. Portfolio Risk Review.
8. Legal Review.
9. Reference Review.
10. Evidence on Operational Risk.
11. Review Questions.    

CHAPTER 7.4: PORTFOLIO MANAGEMENT, ALPHA, AND BETA.
1. Alpha and Smart Beta.
2. The Estimation of Alpha and Beta.
3. The Separation of Alpha and Beta.
4. Portable Alpha.
5. Alpha, Beta, and Portfolio Allocation.
6. Review Questions.

Localización

Dirección: Basílica 17
Código Postal: 28020
Teléfono: 91 598 25 50
Fax: 91 563 25 75
Transporte:


Horario: 09:00 a 22:00

Documentación / Admisión

A los alumnos matriculados se les entrega de forma gratuita el libro: "CAIA Level I: An Introduction to Core Topics in Alternative Investments" by CAIA Association, Mark J. P. Anson, Donald R. Chambers, Keith H. Black , Hossein Kazemi. También se les entregará dos tomos de manual de ejercicios. 

Estos libros se enviarán de forma gratuita a península y Baleares. 

 

Además, los alumnos disponen, a través de la plataforma de estudio on line, de las transparencias utilizadas por los ponentes durante las sesiones presenciales.

Si estás interesado en realizar el curso debes enviar el boletín de inscripción que puedes descargarte aquí junto con el justificante de pago de la matrícula a formacion@fef.es