CAIA LEVEL I EXAM:

Curriculum Overview
The CAIA Charter exam curriculum is revised regularly
to incorporate relevant, practical industry developments,
and the latest academic research.

Professional Standards and Ethics Hedge Funds

• Professionalism • Structure of the Hedge Fund Industry
• Integrity of Capital Markets
• Duties to Clients
• Macro and Managed Futures Funds
• Event-Driven Hedge Funds
LEVEL I
• Duties to Employers
• Investment Analysis, Recommendations,
• Relative Value Hedge Funds
• Equity Hedge Funds
TEXTS
and Actions • Funds of Hedge Funds
• Conflicts of Interest

Introduction to Alternative Investments
• What Is an Alternative Investment?
• The Environment of Alternative
Investments
• Quantitative Foundations
• Statistical Foundations
• Measures of Risk and Performance
Private Equity
• Introduction to Private Equity
• Equity Types of Private Equity
• Debt Types of Private Equity
Structured Products
Alternative Investments:
• Introduction to Structuring CAIA Level I Wiley, 2015.

• Foundations of Financial Economics • Credit Risk and Credit Derivatives

• Benchmarking and Performance • CDO Structuring of Credit Risk

Attribution • Equity-Linked Structured Products
• Alpha, Beta, and Hypothesis Testing
• Regression, Multivariate, and Risk Management and Portfolio
Nonlinear Methods Management
• Cases in Tail Events
Real Assets • Investment Process, Operations,
• Natural Resources and Land and Risk

• Commodity Forward Pricing • Due Diligence of Fund Managers

• Portfolio Management, Alpha, and Beta Standards of Practice
• Commodities: Applications and Evidence Handbook 11th edition
• Operationally-Intensive Real Assets CFA Institute, 2014

• Liquid and Fixed-Income Real Estate

• Real Estate Equity Investments

Established in 2002, the Chartered Alternative Investment Analyst

Association is the world leader in alternative investment education. C AIA . O R G
CAIA LEVEL II EXAM:

Curriculum Overview

Asset Allocation and Commodities

Institutional Investors • Key Concepts in Commodity Markets
• Asset Allocation Processes and the
Mean-Variance Model
• Allocation to Commodities
• Accessing Commodity Investment
LEVEL II
• Tactical Asset Allocation, Mean-Variance
Extensions, Risk Budgeting, Risk Parity,
and Factor Investing
Products
TEXTS
• The Endowment Model
Hedge Funds and Managed Futures
• Pension Fund Portfolio Management
• Managed Futures
• Sovereign Wealth Funds
• Investing In CTAs
• The Family Office Model
• Relative Value Strategies
• Hedge Funds - vs. : Directional Strategies
Private Equity • Hedge Funds - vs. : Credit Strategies
• Private Equity Market Structure • Volatility, Correlation, and Dispersion
Alternative Investments:
Products and Strategies CAIA Level II Wiley, 2016
• Private Equity Benchmarking
• Hedge Fund Replication
• Fund Manager Selection and Monitoring
• Funds of Hedge Funds and
• Private Equity Operational Due Diligence Multistrategy Funds
• Private Equity Investment Process and • Hedge Fund Operational Due Diligence
Portfolio Management
• Measuring Private Equity Risk
• The Management of Liquidity
Structured Products
• Regulation and Compliance
• Structured Products I - vs. : Fixed-income CAIA Level II: Guide to
Real Assets Derivatives and Asset-backed Securities
Current and Integrated Topics

• Real Estate as an Investment • Structured Products II - vs. : Insurance-

• Real Estate Indices and Unsmoothing Linked Products and Hybrid Securities
Techniques
• Investment Styles, Portfolio Allocation,
and Real Estate Derivatives
CONTACT
• Listed Versus Unlisted Real Estate
AMERICAS APAC
Investments Amherst HQ Hong Kong
• International Real Estate Investments Tel: +1.413.253.7373 Tel: +852.3752.0495
Email: gbd@caia.org Email: apac@caia.org
• Infrastructure as an Investment
Singapore Standards of Practice
• Farmland and Timber Investments EMEA Handbook 11th edition CFA
Tel: +65.6536.4241
Geneva Institute, 2014
• Investing in Intellectual Property Email: apac@caia.org
Tel: +41 0.22.347.4590
Email: emea@caia.org

Established in 2002, the Chartered Alternative Investment Analyst

Association is the world leader in alternative investment education. C AIA . O R G