Curriculum
The CAIA program is divided into two levels. The Level I curriculum focuses on the fundamentals of alternative investment markets, while Level II concentrates on advanced topics in alternative investments. Both levels take a global perspective and incorporate issues of ethics and professional conduct. Candidates can take exams from anywhere in the World.Level I
The CAIA Level I exam consists of 200 multiple-choice questions. The Level I curriculum covers six topics, listed below. CAIA Level I candidates are assumed to have an elementary undergraduate understanding of the basic concepts of traditional finance and quantitative analysis. The Level I curriculum covers: * Professional Standards and Ethics **Standard 1: Professionalism **Standard 2: Integrity of Capital Markets **Standard 3: Duties to Clients **Standard 4: Duties to Employers **Standard 5: Investment Analysis, Recommendations, and Actions **Standard 6: Conflicts of Interest **Standard 7: Responsibilities as a CFA (CAIA) Institute Member or CFA (CAIA) Candidate * Introduction to Alternative Investments **What is an Alternative Investment? **The Environment of Alternative Investments **Quantitative Foundations **Statistical Foundations **Measures of Risk and Performance **Foundations of Financial Economics **Benchmarking and Performance Attribution **Alpha, Beta, and Hypothesis Testing **Regression, Multivariate, and Nonlinear Methods * Real Assets **Natural Resources and Land **Commodity Forward Pricing **Commodities: Application and Evidence **Operationally Intensive Real Assets **Liquid and Fixed-Income Real Estate **Real Estate Equity investments * Hedge Funds **Structure of the Hedge Fund Industry **Macro and Managed Futures Funds **Event-Driven Hedge Funds **Relative Value Hedge Funds **Equity Hedge Funds **Funds of Hedge Funds * Private Equity **Introduction to Private Equity **Equity Types of Private Equity **Debt Types of Private Equity * Structured Products **Introduction to Structuring **Credit Risk and Credit Derivatives **CDO Structuring of Credit Risk **Equity-Linked Structured Products The CAIA Association recommends that candidates devote 200 or more hours of study to prepare for the Level I exam.Level II
The CAIA Level II exam consists of 100 multiple-choice questions, plus three sets of constructed-response (essay) questions. The Level II curriculum is broadly divided into two sections: alternative investments and Core and Integrated Topics. Candidates must apply the skills and knowledge from Level I to gain a deeper understanding of issues involved in each of the areas of alternative investments. The Core and Integrated Topics text is updated annually to reflect the latest industry and research developments. The Level II curriculum covers: * Topic 1 - Emerging Topics * Topic 2 - Ethics, Regulation and ESG * Topic 3 - Models * Topic 4 - Institutional Asset Owners and Investment Policies * Topic 5 - Risk and Risk Management * Topic 6 - Methods for Alternative Investing * Topic 7 - Accessing Alternative Investments * Topic 8 - Due Diligence and Selecting Strategies * Topic 9 - Volatility and Complex Strategies The CAIA Association recommends that candidates devote 200 or more hours of study to prepare for the Level II exam.Historical pass rates
Grading begins once the examination window is closed, and Level I results are posted within three weeks after the final examination day. Level II exam results are available within six weeks after the last exam day, due to the need to grade essay questions. The percentage of candidates that pass the CAIA exams changes from exam to exam. As of Fall 2020, less than 34% of candidates are able to pass both CAIA Level I and Level II exams on consecutive first attempts. Candidates may augment their study of the CAIA curriculum materials with third-party preparation programs. Those programs are offered by: UpperMark, Kaplan Schweser, Top Finance, Kaplan Finance with Schweser—Hong Kong, Kaplan Finance, with Schweser—London, Hong Kong Securities and Investment Institute (HKSI), IEB (Instituto de Estudios Bursatiles), and NYSSA.Chapters
Once the program and eligibility requirements have been met, CAIA Members are able to join Chapters. There are thirty CAIA Chapters around the world, including Atlanta, Boston, Chicago, Singapore, London, and Los Angeles. Chapter activities include educational panels with expert speakers and deliver on CAIA's mission to educate Candidates and Members about relevant issues in alternatives.See also
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