The CAIA program provides finance professionals with an extensive foundation of knowledge in alternative investment vehicles, including hedge funds, commodities, managed futures, real estate, and private equity.
The curriculum is designed by leading academics and practitioners, and is divided into two levels. Level I
introduces the candidate to the core topics in the field of alternative investments and Level II
covers advanced topics in the field. Both Levels I and II cover topics relating to ethics and standards of
professional conduct. The CAIA curriculum is revised twice a year to ensure adherence to the latest developments in research and industry practices.
Candidates registered for the CAIA program are assumed to have an understanding of the prerequisite material. For further information on the Prerequisite Program, please visit the CAIA prerequisite webpage.
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LEVEL I - September 2010 Curriculum Outline
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Topic 1: Professional Standards and Ethics
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CFA Institute Standards of Professional Conduct (Standards I and II)
CFA Institute Standards of Professional Conduct (Standards III and IV)
CFA Institute Standards of Professional Conduct (Standards V and VI)
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Topic 2: Alpha Drivers and Beta Drivers
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What is an Alternative Asset Class?
Why Alternative Asset Classes are Important
The Beta Continuum
Alpha vs Beta
The Calculus of Active Management
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Topic 3: Real Estate
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Real Estate Investment Trusts
Introduction to NCREIF and the NCREIF Indexes
Real Estate as an Investment
Core, Value Added, and Opportunistic Real Estate
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Topic 4: Hedge Funds
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Introduction to Hedge Funds
Establishing a Hedge Fund Program
Due Diligence for Hedge Fund Managers
Risk Management Part I: Hedge Fund Return Distributions
Risk Management Part II: More Hedge Fund Risks
Hedge Fund Benchmarks and Asset Allocation
Hedge Fund Incentive Fees and the "Free Option"
Hedge Fund Collapses
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Topic 5: Commodities and Managed Futures
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Introduction to Commodity Markets
Investing in Commodity Futures
Commodity Futures in a Portfolio Context
Managed Futures
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Topic 6: Private Equity
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Introduction to Venture Capital
Introduction of Leveraged Buyouts
Debt as Private Equity Part I: Mezzanine Debt
Debt as Private Equity Part II: Distressed Debt
Trends in Private Equity
The Economics of Private Equity
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Topic 7: Credit Derivatives
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Introduction to Credit Derivatives
Collateralized Debt Obligations
Risks and New Developments in CDOs
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LEVEL II - September 2010 Curriculum Outline
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Topic 1: Professional Standards and Ethics
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CFA Institute Standards of Professional Conduct
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Topic 2: Venture Capital and Private Equity Funds
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Private Equity Market Landscape
Routes Into Private Equity
Private Equity Funds Structure
The Investment Process
Private Equity Portfolio Design
Fund Manager Selection Process
Benchmarking in the Private Equity World
Monitoring Private Equity Investments
Private Equity Fund Valuation
Private Equity Fund Discount Rate
The Management of Liquidity
The IRR
Distribution Waterfall
What Drives PE? Analyses of Success Factors for PE Funds
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Topic 3: Commodities
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Key Concepts in Commodity Market Analysis
Role of Commodities in Asset Allocation
Methods of Delivering Long Commodity Exposure
Methods of Delivering Commodity Alpha
Commodity Indices
Investment Vehicles and Asset Allocation
The Oil-Price Spike of 2008: Inferences from Price Relationships and Other Publicly Available Data
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Topic 4: Managed Futures
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Managed Futures Industry Development and Regulation
Managed Futures Strategies
Risk and Performance Measurement in Managed Futures Strategies
Benchmarking and Investment Products
Investment Analysis in Managed Futures
Do Professional Currency Managers Beat the Benchmark?
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Topic 5: Real Estate
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Real Estate Investments
Real Estate Indices
Real Estate Equity Valuation
Real Estate Investment Risks and Due Diligence
Residential and Commercial Mortgages
Mortgage Backed Securities
Real Estate and Asset Allocation
Alternative Real Estate Investment Vehicles
Real Estate Development
Assessing and Managing Risk in Institutional Real Estate Investment
Risks, Returns, and Correlations for Global Private Real Estate Markets
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Topic 6: Hedge Funds
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Convertible Arbitrage
Global Macro
Equity Long/Short
Fund of Hedge Funds and Investible Indices
Strategy Specific Due Diligence
Operational Risk
Hedge Fund Investing in Distressed Securities
Are Funds of Funds Simply Multi-Strategy Managers with Extra Fees
Hedge Fund Investing: A Quantitative Approach to Hedge Fund Manager Selection and De-Selection
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Topic 7: Structured Products, New Products, Strategies, and Regulation
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Credit Derivatives
Coping with Climate Change
Passive Hedge Fund Replication: A Critical Assessment of Existing Techniques
The Economics of Structured Finance
The Fundamental Principles of Financial Regulation
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Topic 8: Asset Allocation
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Dynamic Strategies for Asset Allocation
Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors
The Strategic and Tactical Value of Commodity Futures
Smoothing and Implications for Asset Allocation Choices
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Topic 9: Portfolio and Risk Management
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Risk Management for Alternative Investments
A Perspective on Liquidity Risk and Horizon Uncertainty
Portfolio Management with Illiquid Investments
Jumping the Gates: Using Beta-Overlay Strategies to Hedge Liquidity Constraints
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Topic 10: Research Issues in Alternative Investments
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Facts and Fantasies about Commodity Futures
The Changing Face of Private Equity: How Modern Private Equity Firms Manage Investment Portfolios
Beware of Venturing into Private Equity
REIT Momentum and the Performance of Real Estate Mutual Funds
Locking in the Profits or Putting It All on Black? An Empirical Investigation into the
Risk-Taking Behavior of Hedge Fund Managers
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Topic 11: Current Topics
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What Happened To The Quants In August 2007
The Subprime Credit Crisis of 2007
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