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Courses

UpperMark courses are known to enhance individual study efforts significantly. Taught by award-winning educators and content experts, our web-based courses provide clear instruction to boost comprehension and speed up the learning process. Instructors also provide valuable exam-taking tips to give candidates a competitive advantage.

Select from two popular options -

  • Complete Course - Structured coverage of all Topics in the curriculum and essential faculty access.
  • Course by Topic - Select courses on specific CAIA exam Topics.

Complete Course # Lectures Total Length
  • All lectures for Topic 1 to Topic 8
  • Live: Tuesdays 5:30-9pm; 20 Dec; 3 - 31 Jan; 7 - 21 Feb;
              Thursday 5:30-9pm; 16 Feb
  • On-demand course recordings
18 32.5 $499

Course by Topic - Select courses based on individual Topics listed below.
Topic 1:  Professional Standards and Ethics moremore less 1 2 hours $49
Standards  I-VI
  • Demonstrate knowledge of Standard I: Professionalism.
  • Demonstrate knowledge of Standard II: Integrity of Capital Markets.
  • Demonstrate knowledge of Standard III: Duties to Clients.
  • Demonstrate knowledge of Standard IV: Duties to Employers.
  • Demonstrate knowledge of Standard V: Investment Analysis, Recommendations, and Actions.
  • Demonstrate knowledge of Standard VI: Conflicts of Interest.
Topic 2:  Current and Integrated Topics moremore less 2 4 hours $89
Chapter 1 -  The Science and Art of Manager Selection
  • Demonstrate knowledge of active manager returns.
  • Demonstrate knowledge of manager selection processes.
Chapter 2 -  Understanding the Cost of Investment Management
  • Demonstrate knowledge of investment costs.
  • Demonstrate knowledge of the importance of investment costs.
Chapter 3 -  Long-Term Portfolio Guide
  • Demonstrate knowledge of the five core action areas for institutional investors to improve long-term outcomes.
  • Demonstrate knowledge of guiding principles for investors to focus on in developing long term investment strategies.
Chapter 4 -  Dynamic Strategies for Asset Allocation
  • Demonstrate knowledge of dynamic trading strategies.
  • Demonstrate knowledge of the payoff curves related to dynamic trading strategies.
  • Demonstrate knowledge of resetting in dynamic strategies.
Chapter 5 -  Developing an asset owner climate change strategy
  • Demonstrate knowledge of the six Principles for Responsible Investment.
  • Demonstrate knowledge of the three steps for developing a climate change strategy.
  • Demonstrate knowledge of the three key strategies for managing the climate impact of portfolio investments.
  • Demonstrate knowledge of case studies of institutional investors implementing climate change strategies.
  • Demonstrate knowledge of climate change risks and opportunities within asset classes.
Chapter 6 -  Private Equity Secondaries
  • Demonstrate knowledge of the mechanics of the private equity secondary market.
  • Demonstrate knowledge of the history, growth, and pricing evolution of the secondary markets.
  • Demonstrate knowledge of the benefits of investing in secondary transactions.
  • Demonstrate knowledge of the development of a secondaries program.
Chapter 7 -  Risk in non-traditional secondary strategies
  • Demonstrate knowledge of traditional versus nontraditional strategies in secondary private equity markets.
Chapter 8 -  Making Waves: Cresting Co-Investment Opportunity
  • Demonstrate knowledge of co-investment strategy.
Chapter 9 -  Longevity Risk Transfer Markets: Market Structure, Growth Drivers and Impediments, and Potential Risks
  • Demonstrate knowledge of longevity risk transfer instruments.
  • Demonstrate knowledge of longevity risk transfer market drivers and impediments.
  • Demonstrate knowledge of risk management challengers in longevity risk transfer transactions.
Topic 3:  Asset Allocation and Portfolio Management moremore less 3 4.5 hours $99
Chapter 1 -  Asset Allocation Processes and the Mean-Variance Model
  • Demonstrate knowledge of the importance of asset allocation.
  • Demonstrate knowledge of the five steps of the asset allocation process.
  • Demonstrate knowledge of categories of asset owners.
  • Demonstrate knowledge of the objectives and constraints of asset owners.
  • Demonstrate knowledge of investment policy objectives.
  • Demonstrate knowledge of investment policy constraints.
  • Demonstrate knowledge of the preparation of an investment policy statement (IPS).
  • Demonstrate knowledge of the implementation of an IPS.
Chapter 2 -  Tactical Asset Allocation, Mean-Variance Extensions, Risk Budgeting, Risk Parity, and Factor Investing
  • Demonstrate knowledge of tactical asset allocation (TAA).
  • Demonstrate knowledge of extensions to the mean-variance approach.
  • Demonstrate knowledge of risk budgeting.
  • Demonstrate knowledge of risk parity.
  • Demonstrate knowledge of factor investing.
Chapter 3 -  The Endowment Model
  • Demonstrate knowledge of endowments and foundations.
  • Demonstrate knowledge of intergenerational equity, inflation, and spending challenges for endowments and foundations.
  • Demonstrate knowledge of the endowment model.
  • Demonstrate knowledge of key advantages enjoyed by large endowments.
  • Demonstrate knowledge of the risks of the endowment model.
Chapter 4 -  Pension Fund Portfolio Management
  • Demonstrate knowledge of the development of pension plans, the motivations driving the use of pension plans, and types of pension plans.
  • Demonstrate knowledge of pension plan risk tolerance and asset allocation.
  • Demonstrate knowledge of defined benefit plans.
  • Demonstrate knowledge of governmental social security plans.
  • Demonstrate knowledge of the contrasts between DB plans and defined contribution (DC) plans.
  • Demonstrate knowledge of annuities used for retirement income.
Chapter 5 -  Sovereign Wealth Funds
  • Demonstrate knowledge of the sources of sovereign wealth.
  • Demonstrate knowledge of four types of SWFs.
  • Demonstrate knowledge of the establishment and management of SWFs.
  • Demonstrate knowledge of the emergence of SWFs.
  • Demonstrate knowledge of the governance and political risks of SWFs.
  • Demonstrate knowledge of the economics of the management of three SWFs.
Chapter 6 -  The Family Office Model
  • Demonstrate knowledge of the identification of family offices.
  • Demonstrate knowledge of the goals, benefits, and business models of family offices.
  • Demonstrate knowledge of how the goals of family offices are affected by the stage of the family life cycle.
  • Demonstrate knowledge of the macroeconomic exposures of family offices.
  • Demonstrate knowledge of the macroeconomic exposures of family offices.
  • Demonstrate knowledge of the lifestyle assets of family offices.
  • Demonstrate knowledge of the governance of family offices.
  • Demonstrate knowledge of charity, philanthropy, and impact investing.
  • Demonstrate knowledge of the ten competitive advantages of family offices.
Topic 4:  Private Equity moremore less 4 5 hours $99
Chapter 7 -  Private Equity Market Structure
  • Demonstrate knowledge of the main strategies of private equity investment.
  • Demonstrate knowledge of the main differences between venture capital and buyout.
  • Demonstrate knowledge of how private equity funds as intermediaries.
  • Demonstrate knowledge of private equity funds of funds as intermediaries.
  • Demonstrate knowledge of the relationship life cycle between private equity limited partners (LPs) and general partners (GPs).
  • Demonstrate knowledge of the key features of private equity limited partnerships.
  • Demonstrate knowledge of private equity co-investments.
Chapter 8 -  Private Equity Benchmarking
  • Demonstrate knowledge of the role of benchmarks in private equity investing.
  • Demonstrate knowledge of the valuation of private equity assets.
  • Demonstrate knowledge of methods used to measure performance of private equity funds.
  • Demonstrate knowledge of types of private equity benchmarks.
  • Demonstrate knowledge of asset-based benchmarks.
  • Demonstrate knowledge of private equity peer groups and their use in the private equity benchmarking process.
  • Demonstrate knowledge of methods for determining what constitutes an appropriate private equity benchmark.
  • Demonstrate knowledge of benchmarking private equity funds.
  • Demonstrate knowledge of benchmarking a portfolio of private equity funds.
Chapter 9 -  Fund Manager Selection and Monitoring
  • Demonstrate knowledge of issues regarding performance persistence among private equity fund managers.
  • Demonstrate knowledge of private equity fund manager selection and deal sourcing.
  • Demonstrate knowledge of decision making and commitment for private equity investment.
  • Demonstrate knowledge of principles for monitoring private equity funds.
  • Demonstrate knowledge of the objectives for monitoring private equity funds.
  • Demonstrate knowledge of information gathering as part of the monitoring of private equity funds.
  • Demonstrate knowledge of the actions that result from monitoring.
  • Demonstrate knowledge of the secondary market for private equity investment.
Chapter 10 -  Private Equity Operational Due Diligence
  • Demonstrate knowledge of the scope and importance of operational due diligence (ODD).
  • Demonstrate knowledge of the eight core elements of the operational due diligence process.
  • Demonstrate knowledge of the document collection process in private equity ODD.
  • Demonstrate knowledge of the analysis of legal documentation in private equity ODD.
  • Demonstrate knowledge of stages of operational due diligence other than the analysis of legal documents.
  • Demonstrate knowledge of on-site visits with private equity fund managers.
  • Demonstrate knowledge of evaluating meta risks.
  • Demonstrate knowledge of fund service provider review and confirmation.
  • Demonstrate knowledge of ongoing private equity ODD monitoring considerations.
Chapter 11 -  Private Equity Investment Process and Portfolio Management
  • Demonstrate knowledge of the private equity investment process.
  • Demonstrate knowledge of private equity portfolio design.
  • Demonstrate knowledge of private equity portfolio construction.
  • Demonstrate knowledge of risk-return management of a private equity portfolio.
Chapter 12 -  Measuring Private Equity Risk
  • Demonstrate knowledge of four significant risks of private equity.
  • Demonstrate knowledge of the modeling of private equity.
  • Demonstrate knowledge of methods for determining the value of a private equity asset.
  • Demonstrate knowledge of how to apply the value at risk (VaR) concept to private equity.
  • Demonstrate knowledge of calculating VaR based on cash flow at risk (CFaR).
Chapter 13 -  The Management of Liquidity
  • Demonstrate knowledge of liquidity risk and cash flow management.
  • Demonstrate knowledge of private equity cash flow schedules.
  • Demonstrate knowledge of five sources of liquidity.
  • Demonstrate knowledge of investment strategies for managing undrawn capital.
  • Demonstrate knowledge of approaches to modeling cash flow projections.
  • Demonstrate knowledge of three approaches to forming model projections.
  • Demonstrate knowledge of the use of an overcommitment strategy in private equity funds.
Topic 5:  Real Assets moremore less 4 10.5 hours $149
Chapter 14 -  Real Estate as an Investment
  • Demonstrate knowledge of the attributes of real estate.
  • Demonstrate knowledge of real estate asset allocation.
  • Demonstrate knowledge of methods of categorizing real estate.
  • Demonstrate knowledge of the return drivers for real estate.
  • Demonstrate knowledge of the four-quadrant model.
Chapter 15 -  Real Estate Indices and Unsmoothing Techniques
  • Demonstrate knowledge of real estate indices and unsmoothing.
  • Demonstrate knowledge of the concept of smoothed pricing.
  • Demonstrate knowledge of models of price and return smoothing.
  • Demonstrate knowledge of the process of unsmoothing a price or return series.
  • Demonstrate knowledge of the application of the unsmoothing process.
  • Demonstrate knowledge of noisy pricing.
  • Demonstrate knowledge of appraisal-based real estate indices.
  • Demonstrate knowledge of transaction-based real estate indices.
  • Demonstrate knowledge of major real estate indices.
  • Demonstrate knowledge of the historical performance of real estate indices.
Chapter 16 -  Investment Styles, Portfolio Allocation, and Real Estate Derivatives
  • Demonstrate knowledge of the three NCREIF real estate investment styles.
  • Demonstrate knowledge of eight attributes used to differentiate the NCREIF real estate investment styles.
  • Demonstrate knowledge of three purposes of real estate style analysis.
  • Demonstrate knowledge of real estate style boxes.
  • Demonstrate knowledge of capitalization (cap) rates and the expected returns of real estate.
  • Demonstrate knowledge of using real estate styles to develop investment risk and return expectations.
  • Demonstrate knowledge of the characteristics of real estate derivatives.
  • Demonstrate knowledge of the types of tradable real estate derivatives and specialized real estate indices.
Chapter 17 -  Listed Versus Unlisted Real Estate Investments
  • Demonstrate knowledge of unlisted real estate funds.
  • Demonstrate knowledge of listed real estate funds.
  • Demonstrate knowledge of market-based versus appraisal-based returns.
  • Demonstrate knowledge of arbitrage, liquidity, and segmentation with regard to real estate funds.
Chapter 18 -  International Real Estate Investments
  • Demonstrate knowledge of the basic concepts of international real estate investing.
  • Demonstrate knowledge of the opportunities associated with international real estate investing.
  • Demonstrate knowledge of the challenges associated with international real estate investing.
  • Demonstrate knowledge of strategies for establishing a global real estate investment program.
Chapter 19 -  Infrastructure as an Investment
  • Demonstrate knowledge of infrastructure assets.
  • Demonstrate knowledge of the key characteristics of infrastructure that dictate its risk-return profile.
  • Demonstrate knowledge of attributes of infrastructure assets that make infrastructure attractive as a defensive investment.
  • Demonstrate knowledge of methods used to access infrastructure investment opportunities.
  • Demonstrate knowledge of infrastructure fund strategy classification.
  • Demonstrate knowledge of how infrastructure compares with other asset classes.
  • Demonstrate knowledge of public-private partnerships (PPPs).
  • Demonstrate knowledge of how regulation and public policy affect infrastructure assets.
  • Demonstrate knowledge of the historical performance of infrastructure funds.
Chapter 20 -  Farmland and Timber Investments
  • Demonstrate knowledge of the motivations for, and characteristics of, farmland investment.
  • Demonstrate knowledge of the global demand for agricultural products.
  • Demonstrate knowledge of investor approaches to accessing the returns of agricultural assets.
  • Demonstrate knowledge of the factors that contribute to the returns to farmland.
  • Demonstrate knowledge of investing in agriculture infrastructure.
  • Demonstrate knowledge of global investing in timberland.
  • Demonstrate knowledge of farmland and timber investments, as compared with other real assets investments.
Chapter 21 -  Investing in Intellectual Property
  • Demonstrate knowledge of the characteristics of intellectual property.
  • Demonstrate knowledge of the investment properties of film production and distribution.
  • Demonstrate knowledge of the investment properties of visual works of art.
  • Demonstrate knowledge of the investment properties of research and development (R&D) and patents.
  • Demonstrate knowledge of six characteristics common to both IP and real assets.
Topic 6:  Commodities moremore less 1 2.5 hours $49
Chapter 22 -  Key Concepts in Commodity Markets
  • Demonstrate knowledge of the economics of commodity spot markets.
  • Demonstrate knowledge of commodity trading firms, risks, and speculation.
  • Demonstrate knowledge of the economics of commodity futures markets.
  • Demonstrate knowledge of commodity forward curve theories.
  • Demonstrate knowledge of the decomposition of returns to futures-based commodity investment.
  • Demonstrate knowledge of the use of commodities as an inflation hedge.
  • Demonstrate knowledge of the relationship between commodity prices and exchange rates.
  • Demonstrate knowledge of the effects of rebalancing and the historical performance of commodity futures.
Chapter 23 -  Allocation to Commodities
  • Demonstrate knowledge of the five beneficial characteristics of allocations to commodity futures.
  • Demonstrate knowledge of commodity investment strategies.
  • Demonstrate knowledge of directional strategies.
  • Demonstrate knowledge of relative value strategies.
  • Demonstrate knowledge of commodity futures and options spreads.
  • Demonstrate knowledge of capital structure and commodity-based corporations.
Chapter 24 -  Accessing Commodity Investment Products
  • Demonstrate knowledge of the benefits and drawbacks of direct ownership of physical commodities.
  • Demonstrate knowledge of the benefits and drawbacks of indirect ownership of commodities.
  • Demonstrate knowledge of leveraged and option-based commodity investment structures.
  • Demonstrate knowledge of the basic concepts associated with commodity indices.
  • Demonstrate knowledge of eight sources of commodity index returns.
  • Demonstrate knowledge of the factors to be considered in designing commodity indices.
  • Demonstrate knowledge of performance enhancements provided by second-generation and third-generation commodity indices.
  • Demonstrate knowledge of commodity index return calculations.
Topic 7:  Hedge Funds and Managed Futures moremore less 1 2.5 hours $49
Chapter 25 -  Managed Futures
  • Demonstrate knowledge of the structure of the managed futures industry.
  • Demonstrate knowledge of four core dimensions of managed futures investment strategies.
  • Demonstrate knowledge of the foundations of managed futures.
  • Demonstrate knowledge of the benefits of commodity trading advisors (CTAs).
  • Demonstrate knowledge of systematic futures portfolio construction.
Chapter 26 -  Investing In CTAs
  • Demonstrate knowledge of the historical performance of commodity trading advisors (CTAs).
  • Demonstrate knowledge of the diversification benefits provided by CTAs.
  • Demonstrate knowledge of CTA risk measurement and risk management.
  • Demonstrate knowledge of three approaches to the benchmarking of CTAs.
  • Demonstrate knowledge of CTA managed accounts and platforms.
Chapter 27 -  Relative Value Strategies
  • Demonstrate knowledge of the limits to arbitrage of relative valuation.
  • Demonstrate knowledge of convertible arbitrage.
  • Demonstrate knowledge of equity market-neutral investment strategies, particularly pairs trading
Chapter 28 -  Hedge Funds - directional strategies
  • Demonstrate knowledge of the financial economics of directional strategies.
  • Demonstrate knowledge of equity long/short hedge fund strategies.
  • Demonstrate knowledge of global macro hedge funds and strategies.
  • Demonstrate knowledge of the historical performance of directional strategies.
Chapter 29 -  Hedge Funds: Credit Strategies
  • Demonstrate knowledge of the economics of credit risk.
  • Demonstrate knowledge of credit risk modeling.
  • Demonstrate knowledge of the Merton model.
  • Demonstrate knowledge of the Kealhover, McQuown, and Vasicek (KMV) credit risk model.
  • Demonstrate knowledge of reduced-form models.
  • Demonstrate knowledge of the pros and cons of structural and reduced-form models.
  • Demonstrate knowledge of empirical credit models.
  • Demonstrate knowledge of distressed debt investment strategies.
  • Demonstrate knowledge of bankruptcy laws across the globe.
  • Demonstrate knowledge of the implementation of distressed debt investment strategies.
  • Demonstrate knowledge of the implementation of distressed debt investment strategies.
  • Demonstrate knowledge of asset-based lending.
Chapter 30 -  Volatility, Correlation, and Dispersion Products and Strategies
  • Demonstrate knowledge of volatility, risk factors, and risk premiums.
  • Demonstrate knowledge of how options can be used to manage the volatility exposure and risk premiums of a portfolio.
  • Demonstrate knowledge of modeling of volatility processes.
  • Demonstrate knowledge of volatility products.
  • Demonstrate knowledge of option-based volatility strategies.
  • Demonstrate knowledge of volatility hedge funds and their strategies.
Chapter 31 -  Hedge Fund Replication
  • Demonstrate knowledge of the basics of hedge fund replication products.
  • Demonstrate knowledge of the potential benefits of replication products.
  • Demonstrate knowledge of the case for using hedge fund replication.
  • Demonstrate knowledge of the unique benefits provided by replication products.
  • Demonstrate knowledge of the factor-based approach to replication.
  • Demonstrate knowledge of the payoff-distribution approach to replication.
  • Demonstrate knowledge of the algorithmic (or bottom-up) approach to replication.
  • Demonstrate knowledge of alternative mutual funds (AMFs).
  • Demonstrate knowledge of exchange-traded funds (ETFs).
Chapter 32 -  Funds of Hedge Funds and Multistrategy Funds
  • Demonstrate knowledge of the approaches used by investors to gain hedge fund exposure.
  • Demonstrate knowledge of the characteristics of funds of hedge funds.
  • Demonstrate knowledge of the performance of funds of hedge funds.
  • Demonstrate knowledge of approaches to fund of hedge funds portfolio construction.
  • Demonstrate knowledge of factors affecting manager selection for a fund of hedge funds.
  • Demonstrate knowledge of benefits of allocating to funds of hedge funds.
  • Demonstrate knowledge of disadvantages of allocating to funds of hedge funds.
  • Demonstrate knowledge of the differences between funds of hedge funds and multistrategy funds.
  • Demonstrate knowledge of how funds of hedge funds add value for investors.
  • Demonstrate knowledge of hedge fund indices.
Chapter 33 -  Hedge Fund Operational Due Diligence
  • Demonstrate knowledge of the differences in the operational due diligence (ODD) processes for hedge fund investment and private equity investment.
  • Demonstrate knowledge of the four operational steps in the analysis of hedge fund operational trading procedures.
  • Demonstrate knowledge of the analysis of hedge fund cash management and movement.
  • Demonstrate knowledge of the analysis of hedge fund external parties.
  • Demonstrate knowledge of the analysis of hedge fund compliance considerations.
  • Demonstrate knowledge of documenting the ODD process.
  • Demonstrate knowledge of operational decision making and allocation considerations.
  • Demonstrate knowledge of investigative due diligence.
  • Demonstrate knowledge of four approaches to resource allocation for ODD.
  • Demonstrate knowledge of the governance of hedge funds.
  • Demonstrate knowledge of hedge fund insurance.
  • Demonstrate knowledge of the process for performing ODD on funds of hedge funds.
Chapter 34 -  Regulation and Compliance
  • Demonstrate knowledge of three foundational principles of financial market regulation.
  • Demonstrate knowledge of the regulation of alternative investments in the United States.
  • Demonstrate knowledge of the regulation of alternative investments in Europe.
  • Demonstrate knowledge of the regulation of hedge funds in Asia.
Topic 8:  Structured Products moremore less 1 0.5 hours $29
Chapter 35 -  Structured Products I - Fixed-income Derivatives and Asset-backed Securities
  • Demonstrate knowledge of the main approaches to term structure modeling.
  • Demonstrate knowledge of equilibrium models of the term structure.
  • Demonstrate knowledge of arbitrage-free models of the term structure.
  • Demonstrate knowledge of interest rate derivatives.
  • Demonstrate knowledge of asset-backed securities (ABSs).
  • Demonstrate knowledge of auto loan-backed securities (ALBSs).
  • Demonstrate knowledge of credit card receivables (CCRs).
Chapter 36 -  Structured Products II: Insurance-Linked Products and Hybrid Securities
  • Demonstrate knowledge of insurance-linked securities.
  • Demonstrate knowledge of catastrophe (cat) bonds.
  • Demonstrate knowledge of longevity and mortality risk-related products.
  • Demonstrate knowledge of mezzanine debt.

Check out details of our courses below.

Online Courses Instructors System Requirements  

Both course options provide unlimited access to recordings of course sessions from any computer and tablet/iPad until the end of the current CAIA exam period.

  • Complete Course - perfect for professionals who want both flexibility and structure in their study programs. Set your personal study schedule and then work through the curriculum with the instructor-guided program.
  • Course by Topic - perfect for candidates who prefer a self-study approach, but want guidance on specific Topics.

UpperMark courses explain and summarize CAIA exam material, carefully demonstrate calculations, and provide personal guidance for success on the exam. Other essential components of our courses -

  • Thorough instruction of the CAIA exam material.
  • Clear explanations of concepts and formulas.
  • Step-by-step presentations of calculations.
  • Personal guidance from UpperMark's experienced faculty.
  • Exclusive lecture notes for each course session - print lecture notes and annotate them while watching the course. Our lecture notes are an excellent summary of the CAIA material - an ideal study resource.

Complete Course attendees also have access to valuable office hours and recordings of office-hour sessions.

Start your studies early and study at your own pace!

 

Course

DETAILS
  • Course: Complete Set (Topics 1-8)
  • Course: Topic 1
  • Course: Topic 2
  • Course: Topic 3
  • Course: Topic 4
  • Course: Topic 5
  • Course: Topic 6
  • Course: Topic 7
  • Course: Topic 8
  • Course: Topic 9
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