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Chartered Alternative Investment Analyst – CAIA

The CAIA Charter gives you professional credibility, access, and connections. The rigorous, self-directed two-level qualifying exam covers the alternative asset classes, including private equity, venture capital, hedge funds, managed futures, as well as real assets, risk management and professional ethics.

 

WHAT IS THE ELIGIBILITY & WHO CAN DO?:

Hold a bachelor’s degree, or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience. Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related fields.

WHAT IS THE COURSE STRUCTURE?

CAIA Level I - Exam Topics (March 2023 Exam)

Level I Topic

Approximate Exam Weight

Professional Standards and Ethics 15-25%
Introduction to Alternative Investments 20-28%
Real Assets 11-17%
Private Securities 12-20%
Hedge Funds 11-17%
Structured Products 10-14%

CAIA Level I - Outline

• Professionalism
• Integrity of Capital Markets
• Duties to Clients
• Duties to Employers
• Investment Analysis, Recommendations, and Actions
• Conflicts of Interest

• What Is an Alternative Investment?
• The Environment of Alternative Investments
• Quantitative Foundations
• Statistical Foundations
• Foundations of Financial Economics
• Derivatives and Risk-Neutral Valuation
• Measures of Risk and Performance
• Alpha, Beta, and Hypothesis Testing

• Natural Resources and Land
• Commodities
• Other Real Assets
• Real Estate and Debt
• Real Estate Equity

• Private Equity Assets
• Private Equity Funds
• Private Equity Funds of Funds
• Evolution of Investing in Private Equity
• Private Credit and Distressed Debt

• Structure of the Hedge Funds
• Macro and Managed Future Funds
• Event-Driven & Relative Value Hedge Funds
• Equity Hedge Funds
• Funds of Hedge Funds

• Introduction to Structuring
• Credit Risk and Credit Derivatives
• CDO Structuring of Credit Risk
• Equity-Linked Structured Products

CAIA Level II - Exam Topics (March 2023 Exam)

Level II Topic

Approximate Exam Weight

Multiple Choice Constructed Response
Emerging Topics 0% 10%
Ethics, Regulation, and ESG 0% 10%
Models 8-12% 0-10%
Institutional Asset Owners and Investment Policies 8-12% 0-10%
Risk and Risk Management 8-12% 0-10%
Methods for Alternative Investing 8-12% 0-10%
Accessing Alternative Investments 8-12% 0-10%
Due Diligence and Selecting Strategies 8-12% 0-10%
Volatility and Complex Strategies 8-12% 0-10%
Total 70% 30%

CAIA Level II - Outline

• Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets
• Technical Guide for Limited Partners: Responsible Investing in Private Equity
• Channels for Exposure to Bitcoin
• Assessing Long-Term Investor Performance: Principles, Policies and Metrics
• Demystifying Illiquid Assets: Expected Returns for Private Equity
• An Introduction to Portfolio Rebalancing Strategies
• Longevity and Liabilities: Bridging the Gap

• Asset Manager Code
• Recommendations and Guidance
• Global Regulation
• ESG and Alternative Investments
• ESG Analysis and Application

• Modeling Overview and Interest Rate Models
• Credit Risk Models
• Multi-Factor Equity Pricing Models
• Asset Allocation Processes and the Mean-Variance Model
• Other Asset Allocation Approaches

• Types of Asset Owners and the Investment Policy Statement
• Foundations, and The Endowment Model
• Pension Fund Portfolio Management
• Sovereign Wealth Funds
• Family Offices and the Family Office Model

• Cases in Tail Risk
• Benchmarking and Performance Attribution
• Liquidity and Funding Risks
• Hedging, Rebalancing, and Monitoring
• Risk Measurement, Risk Management, and Risk Systems

• Valuation and Hedging Using Binomial Trees
• Directional Strategies and Methods
• Multivariate Empirical Methods and Performance Persistence
• Relative Value Methods
• Valuation Methods for Private Assets: The Case of Real Estate

• Hedge Fund Replication
• Diversified Access to Hedge Funds
• Access to Real Estate and Commodities
• Access Through Private Structures
• The Risk and Performance of Private and Listed Assets

• Active Management and New Investments
• Selection of a Fund Manager
• Investment Process Due Diligence
• Operational Due Diligence
• Due Diligence of Terms and Business Activities

• Volatility as a Factor Exposure
• Volatility, Correlation, and Dispersion Products and Strategies
• Complexity and Structured Products
• Insurance-Linked and Hybrid Securities
• Complexity and the Case of Cross-Border Real Estate Investing

HOW WE TEACH (VIDEO GALLERY):

WHAT IS THE EXAM INFORMATION?

CAIA Level-I CAIA Level-II
EXAM FORMAT 200 multiple-choice questions with an optional 30-minute break between each section. Sections 1 and 2 each consist of 100 multiple-choice questions, which measure candidates’ knowledge of the CAIA Level I curriculum 100 multiple-choice questions and three sets of constructed-response (essay-type) questions that measure candidates’ knowledge of the CAIA Level II curriculum
EXAM DURATION 4 hours with an optional 30-minute break between each section 2 hours to complete the multiple-choice question section and 2 hours to complete the constructed-response section
EXAM DATES Exam cycles occur in March and September

 

WHAT IS THE EXAM FEE?

First-Time Level I First-Time Level II First-Time Level II CFA Stackers Retake
Early* Standard Early* Standard Early* Standard
Exam registration 995 $ 1395 $ 995 $ 1395 $ 995 $ 1395 $ 450 $
Program enrollment 400 $ 400 $ 400 $ 400 $
1395 $ 1795 $ 995 $ 1395 $ 1395 $ 1795 $ 450 $

 

WHAT IS THE EXAM LOCATION?

CAIA exams are administered in computerized format exclusively at proctored Pearson VUE test centers around the globe.

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