The Chartered Alternative Investment Analyst Association is known for having a desirable certification in the world of investments.

Now, with a program change, CAIA Association’s credential could become an even more worthwhile investment of its own.

This week, the association announced a new pilot program that will allow some members of the Chartered Financial Analyst Institute to “stack” their credentials when going for their CAIA credential. The program, which will be offered to as many as 500 candidates, will allow CAIA candidates with CFA certifications to skip the Level I exam and start preparing for the Level II exam. Those who successfully pass the exam and are allowed entry into the CAIA Association will earn the CAIA Charter designation.

Speaking about the potential benefits of the pilot program, CAIA Association CEO William J. Kelly noted that the group plans to use the pilot program to better decide upon future changes to the certification program that work more effectively for test-takers.

“The ways in which people work and learn are going through a massive upheaval,” Kelly noted in a news release. “’Stacking’ is a concept we have been closely following in the worlds of both professional credentialing and academia; rolling out a cutting-edge stacking program like this with an excellent collaborator like CFA Institute is something we’re very excited to be able to do.”

The approach—which in this case leverages a broader credential to strengthen a more specialized one—is one that is gaining interest in the world of associations of late. For example, CompTIA recently announced a stackable certification approach that will allow those with existing IT certifications to add onto them and reach higher-level certifications that highlight the workers’ skills and seniority in the industry.

Kelly clearly has sights on something similar with the CAIA designation.

“Building from the tremendous base that one forges in earning the CFA designation, the most successful professionals tend to branch out in the next phase of their education, delving into areas of specialization that can deliver a powerful boost not only to them individually but also to the firms where they apply their trade,” Kelly added. “In rolling out this new stackable credential initiative, we’re pleased to provide another avenue for the next generation of alternative investment industry leaders to earn their CAIA Charter and take their next steps.”

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