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The CAIA Program

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.

 Significant changes have been made to the curriculum readings for March 2010. Take a moment to review the new curriculum below. 

LEVEL I - March 2010 Curriculum Outline
  Topic 1: Professional Standards and Ethics
    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)
  Topic 2: Alpha Drivers and Beta Drivers
    What is an Alternative Asset Class?
Why Alternative Asset Classes are Important: Beta Drivers and Alpha Drivers
The Beta Continuum
Alpha vs Beta Separation in the Asset Management Industry
The Calculus of Active Management
  Topic 3: Real Estate
    Real Estate Investment Trusts
Introduction to NCREIF
Real Estate as an Investment
Core, Value Added, and Opportunistic Real Estate
  Topic 4: Hedge Funds
    Introduction to Hedge Funds
Establishing a Hedge Fund Program
Due Diligence for Hedge Fund Managers
Risk Management
Hedge Fund Benchmarks and Asset Allocation
Hedge Fund Incentive Fees and the "Free Option"
Hedge Fund Collapses
  Topic 5: Commodities and Managed Futures
    Introduction to Commodity Markets
Investing in Commodity Futures
Commodity Futures in a Portfolio Context
Managed Futures
  Topic 6: Private Equity
    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
  Topic 7: Credit Derivatives
    Introduction to Structured Products
Collateralized Debt Obligations
Risks and New Developments in Structured Products
 
LEVEL II - March 2010 Curriculum Outline
  Topic 1: Professional Standards and Ethics
    CFA Institute Standards of Professional Conduct
  Topic 2: Venture Capital and Private Equity Funds
    Private Equity Market Landscape
Routes Into Private Equity
Private Equity Funds Structure
The Investment Process
Private Equity Portfolio Design
Private Equity Fund Manager Selection
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
  Topic 3: Commodities
    Key Concepts in Commodity Market Analysis
Role of Commodities in Asset Allocation
Methods of Delivering Long Commodity Exposure
Methods of Delivering Commodity Alpha
Commodity Indexes
Investment Vehicles and Asset Allocation
The Oil Markets: Let the Data Speak for Itself
  Topic 4: Managed Futures
    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?
  Topic 5: Real Estate
    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
  Topic 6: Hedge Funds
    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
  Topic 7: Structured Products, New Products and New Strategies
    Performance Characteristics of Infrastructure Investments
Coping with Climate Change
Passive Hedge Fund Replication: A Critical Assessment of Existing Techniques
The Convergence of Private Equity and Hedge Funds
Credit Derivatives
  Topic 8: Asset Allocation
    Dynamic Strategies for Asset Allocation
Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors
The Strategic and Tactical Value of Commodity Futures
Global Commercial Real Estate
  Topic 9: Current Topics
    Amaranth Lessons Thus Far
What Happened To The Quants In August 2007
The Subprime Credit Crisis of 2007
  Topic 10: Portfolio and Risk Management
    Tail Risk Management
Taming Global Village Risk
Portfolio Management with Illiquid Investments
Risk Management
  Topic 11: Research Issues in Alternative Investments
    Facts and Fantasies about Commodity Futures
Smoothing and Implications for Asset Allocation Choices
Hedge Funds: An Industry in Its Adolescence
How Good are Private Equity Returns?

 
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