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CAIA Curriculum
Becoming a CAIA
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The CAIA Examinations

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CAIA Level I
Certificate in
          ESG Investing

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 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 Level II curriculum is revised once a year to ensure adherence to the latest developments in research and industry practices.

LEVEL 1 - Sept 2024 Curriculum Outline
 Topic 1. Professional Standards and Ethics
    Reading S. CFA Institute Standards of Practice
 Topic 2. Introduction to Alternative Investments
    Reading 2.1. What Is an Alternative Investment?
Reading 2.2. The Environment of Alternative Investments
Reading 2.3. Accessing Alternative Investments
Reading 2.4. Quantitative Foundations
Reading 2.5. Statistical Foundations
Reading 2.6. Financial Economics Foundations
Reading 2.7. Derivatives and Risk-Neutral Valuation
Reading 2.8. Measures of Risk and Performance
Reading 2.9. Alpha, Beta, and Hypothesis Testing
 Topic 3. Real Assets
    Reading 3.1. Natural Resources and Land
Reading 3.2. Commodities
Reading 3.3. Other Real Assets
Reading 3.4. Real Estate Assets
Reading 3.5. Real Estate Methods
 Topic 4. Private Equity
    Reading 4.1. Private Equity Assets
Reading 4.2. Private Equity Funds
 Topic 5. Private Debt
    Reading 5.1. Private Credit and Distressed Debt
Reading 5.2. Introduction to Structuring
Reading 5.3. Credit Risk and Credit Derivatives
 Topic 6. Hedge Funds
    Reading 6.1. Structure of the Hedge Fund Industry
Reading 6.2. Macro and Managed Futures Funds
Reading 6.3. Event-Driven and Relative Value Hedge Funds
Reading 6.4. Equity Hedge Funds
 Topic 7. Digital Assets
    Reading 7.1. Distributed Ledger Technology
 Topic 8. Additional Strategies
    Reading 8.1. Funds of Funds
Reading 8.2. Equity-Linked Structured Products

LEVEL 2 - Sept 2024 Curriculum Outline
 Topic 1. Emerging Topics
    Reading 1.1. Channels for Exposure to Bitcoin
Reading 1.2. Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets
Reading 1.3. Web 3.0 Tokenization
Reading 1.4. Assessing Long-Term Investor Performance: Principles, Policies and Metrics
Reading 1.5. Demystifying Illiquid Assets: Expected Returns for Private Equity
Reading 1.6. Value Creation in Private Equity
Reading 1.7. Managing Liquidity for Capital Calls
Reading 1.8. Introduction to Portfolio Rebalancing Strategies
 Topic 2. Universal Investment Considerations
    Reading 2.1. Professionalism and Fiduciary Responsibilities
Reading 2.2. Global Regulation
Reading 2.3. Geopolitics
Reading 2.4. ESG and Alternative Investments
Reading 2.5. ESG Analysis and Application
 Topic 3. Models
    Reading 3.1. Modeling Overview and Interest Rate Models
Reading 3.2. Credit Risk Models
Reading 3.3. Multi-Factor Equity Pricing Models
Reading 3.4. Asset Allocation Processes and the Mean-Variance Model
Reading 3.5. Other Asset Allocation Approaches
 Topic 4. Institutional Asset Owners and Investment Policies
    Reading 4.1. Types of Asset Owners and the Investment Policy Statement
Reading 4.2. Foundations and the Endowment Model
Reading 4.3. Pension Fund Portfolio Management
Reading 4.4. Sovereign Wealth Funds
Reading 4.5. Family Offices and the Family Office Model
 Topic 5. Risk and Risk Management
    Reading 5.1. Cases in Tail Risk
Reading 5.2. Benchmarking and Performance Attribution
Reading 5.3. Liquidity and Funding Risks
Reading 5.4. Hedging, Rebalancing, and Monitoring
Reading 5.5. Risk Measurement, Risk Management, and Risk Systems
 Topic 6. Methods for Alternative Investments
    Reading 6.1. Valuation and Hedging Using Binomial Trees
Reading 6.2. Directional Strategies and Methods
Reading 6.3. Multivariate Empirical Methods and Performance Persistence
Reading 6.4. Relative Value Models
Reading 6.5. Valuation Methods for Private Assets: The Case of Real Estate
 Topic 7. Accessing Alternative Investments
    Reading 7.1. Hedge Fund Replication
Reading 7.2. Diversified Access to Hedge Funds
Reading 7.3. Access to Real Estate and Commodities
Reading 7.4. Access Through Private Structures
Reading 7.5. The Risk and Performance of Private and Listed Assets
 Topic 8. Due Diligence and Selecting Managers
    Reading 8.1. Active Management and New Investments
Reading 8.2. Selection of a Fund Manager
Reading 8.3. Investment Process Due Diligence
Reading 8.4. Operational Due Diligence
Reading 8.5. Due Diligence of Terms and Business Activities
 Topic 9. Volatility and Complex Strategies
    Reading 9.1. Volatility as a Factor Exposure
Reading 9.2. Volatility, Correlation, and Dispersion Products and Strategies
Reading 9.3. Complexity and Structured Products
Reading 9.4. Insurance-Linked Products and Hybrid Securities
Reading 9.5. Complexity and the Case of Cross-Border Real Estate Investing

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