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Nelson J. Lacey is the Director of Examinations for CAIA, a position he has held since 2004. In this role Professor Lacey directs a team that is responsible for managing the exam process from creation to post-exam analysis. Professor Lacey also directs the CAIA grading sessions (or Grading Jamborees, as they've come to be known), when members of the Association come to Amherst to evaluate Level II candidate essay responses. Professor Lacey has been with the CAIA Association since inception, and, as CAIA’s first Director of Program, he was part of a small team that launched the Association through the creation of CAIA’s curriculum and study guide. Professor Lacey is a professor of finance at the Isenberg School of Management at the University of Massachusetts. He served as the Chairman of the Finance and Operations Management Department from 1994 through 2006. He began his academic career in Amherst in 1985 after having earned his Ph.D. in finance from the Pennsylvania State University. At Penn State he studied corporate finance and fixed income markets, topics that would guide his research over the next twenty five years. He also worked in modeling the state economy and designed a set of leading indicators for Pennsylvania. He earned an MBA from the Arizona State University in 1980 and became a CFA Charterholder in 1999. Professor Lacey's academic work has led to over 50 publications in finance and economics. His work in interest rate risk management and control led to the development of higher order closed form solutions for duration and convexity. His work in corporate finance examined fundamental stock analysis, the insurance liability crisis, FDA decisions on the acceptance and rejection of new drugs, and most recently in sports betting markets. His corporate finance text book is now in its seventh edition. He was part of a consortium of academics that assisted in the establishment of a business school at the Jagiellonian University in Krakow Poland in