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"Your course helped me understand all the concepts required to pass the Level 1 exam. It was well structured and taught very well. The provided notes were more than enough as a source of review material for the CAIA Level 1 exam."

Daniel Tai
RBC Capital Markets Corporation.

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Courses

UpperMark's popular courses are known to enhance individual study efforts significantly. Clear instruction by CAIA content experts and award-winning educators boost comprehension, speed up the learning process, and provide valuable exam-taking tips that give candidates a competitive advantage.

The Course set on All Topics (1-6) is included in our Platinum and Diamond Suite study packages.

   CAIA Level I Courses Length
All Topics: 1-6 37 hours $399
Topic 1:  Professional Standards and Ethics moremore less 1.5 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: Investments Analysis, Recommendations, and Action.
  • Demonstrate knowledge of Standard VI: Conflicts of Interest.
Topic 2:  Introduction to Alternative Investments moremore less 9 hours $149
  Reading 2.1 -  What Is an Alternative Investment?
 
  • Demonstrate knowledge of the view of alternative investments by exclusion.
  • Demonstrate knowledge of various alternative investment types.
  • Demonstrate knowledge of the defining characteristics of alternative investments.
  • Demonstrate knowledge of the history of alternative investments in the United States.
  • Demonstrate knowledge of how alternative and traditional investments are distinguished by return characteristics.
  • Demonstrate knowledge of how alternative and traditional investments are distinguished by methods of analysis.
  • Demonstrate knowledge of other characteristics that distinguish alternative investments from traditional investments.
  • Demonstrate knowledge of the goals of alternative investing.
  • Demonstrate knowledge of the two pillars of alternative investment management
  Reading 2.2 -  The Environment of Alternative Investments
 
  • Demonstrate knowledge of the participants in the alternative investing environment.
  • Demonstrate knowledge of the legal structures in alternative investing.
  • Demonstrate knowledge of the key features of fund structures.
  • Demonstrate knowledge of the financial markets involved in alternative investments.
  • Demonstrate knowledge of the regulatory environment of alternative investments.
  • Demonstrate knowledge of liquid alternative investments.
  • Demonstrate knowledge of taxation of investments.
  • Demonstrate knowledge of short-selling processes and mechanics.
  Reading 2.3 -  Quantitative Foundations
 
  • Demonstrate knowledge of return and rate mathematics.
  • Demonstrate knowledge of returns based on notional principal.
  • Demonstrate knowledge of the internal rate of return (IRR) approach to alternative investment analysis
  • Demonstrate knowledge of the problems associated with the internal rate of return (IRR).
  • Demonstrate knowledge of other performance measures associated with illiquid investments.
  • Demonstrate knowledge of illiquidity, accounting conservatism, IRR, and the J-Curve as they relate to the valuation of alternative investments.
  • Demonstrate knowledge of the distribution of cash waterfall.
  Reading 2.4 -  Statistical Foundations
 
  • Demonstrate knowledge of the characteristics of return distributions.
  • Demonstrate knowledge of moments of return distributions (i.e., mean, variance, skewness, and kurtosis).
  • Demonstrate knowledge of various measures of correlation of returns.
  • Demonstrate knowledge of standard deviation (volatility) and variance.
  • Demonstrate knowledge of methods used to test for normality of distributions.
  • Demonstrate knowledge of time-series return volatility models.
  Reading 2.5 -  Foundations of Financial Economics
 
  • Demonstrate knowledge of the concept of informational market efficiency.
  • Demonstrate knowledge of the time value of money, prices, and rates.
  • Demonstrate knowledge of the three primary theories of the term structure of interest rates.
  • Demonstrate knowledge of forward interest rates.
  • Demonstrate knowledge of arbitrage-free financial models.
  • Demonstrate knowledge of binominal tree models.
  • Demonstrate knowledge of single factor default-free bond models.
  • Demonstrate knowledge of single factor equity pricing models.
  Reading 2.6 -  Derivatives and Risk-Neutral Valuation
 
  • Demonstrate knowledge of foundations of forward contracts.
  • Demonstrate knowledge of the impacts of forward contracts on rates.
  • Demonstrate knowledge of the impacts of forward contracts on equities.
  • Demonstrate knowledge of the impact of forward contracts on assets with benefits and costs of carry.
  • Demonstrate knowledge of forward and futures contracts.
  • Demonstrate knowledge of managing long-term futures exposures.
  • Demonstrate knowledge of option exposures.
  • Demonstrate knowledge of option pricing models.
  • Demonstrate knowledge of option sensitivities.
  Reading 2.7 -  Measures of Risk and Performance
 
  • Demonstrate knowledge of measures of risk.
  • Demonstrate knowledge of methods for estimating value at risk (VaR).
  • Demonstrate knowledge of benchmarking and performance attribution.
  • Demonstrate knowledge of ratio-based performance measures used in alternative investment analysis.
  • Demonstrate knowledge of risk-adjusted performance measures used in alternative investment analysis.
  Reading 2.8 -  Alpha, Beta, and Hypothesis Testing
 
  • Demonstrate knowledge of beta and alpha.
  • Demonstrate knowledge of the concepts of ex ante and ex post alpha.
  • Demonstrate knowledge of single-factor regression models.
  • Demonstrate knowledge of empirical approaches to inferring ex ante alpha from ex post alpha.
  • Demonstrate knowledge of return attribution.
  • Demonstrate knowledge of ex ante alpha estimation and return persistence.
  • Demonstrate knowledge of return drivers.
  • Demonstrate knowledge of statistical methods for locating alpha.
  • Demonstrate knowledge of sampling and testing problems.
  • Demonstrate knowledge of statistical issues in analyzing alpha and beta.
Topic 3:  Real Assets moremore less 6 hours $99
  Reading 3.1 -  Natural Resources and Land
 
  • Demonstrate knowledge of natural resources other than land.
  • Demonstrate knowledge of land as an alternative asset.
  • Demonstrate knowledge of timber and timberland as alternative assets.
  • Demonstrate knowledge of farmland as an alternative asset.
  • Demonstrate knowledge of valuation and volatility of real assets.
  • Demonstrate knowledge of pricing and historic data analysis.
  • Demonstrate knowledge of contagion, price indices, and biases in real estate values.
  • Demonstrate knowledge of observations regarding historical returns of timberland.
  • Demonstrate knowledge of observations regarding historical returns of farmland.
  Reading 3.2 -  Commodities
 
  • Demonstrate knowledge of investing in commodities without futures.
  • Demonstrate knowledge of the term structure of forward prices on commodities.
  • Demonstrate knowledge of rolling of forward and futures contracts.
  • Demonstrate knowledge of normal backwardation and normal contango.
  • Demonstrate knowledge of commodity exposure and diversification.
  • Demonstrate knowledge of expected returns on commodities.
  • Demonstrate knowledge of commodity indices.
  • Demonstrate knowledge of commodity risk attributes.
  • Demonstrate knowledge of observations regarding historical returns of commodities.
  Reading 3.3 -  Other Real Assets
 
  • Demonstrate knowledge of commodity producers.
  • Demonstrate knowledge of liquid alternative real assets.
  • Demonstrate knowledge of infrastructure in the alternative investment space.
  • Demonstrate knowledge of intellectual property.
  • Demonstrate knowledge of cash flows of intellectual property.
  • Demonstrate knowledge of historical performance data on visual works of art.
  • Demonstrate knowledge of research and development and patents as unbundled intellectual property.
  Reading 3.4 -  Real Estate Assets and Debt
 
  • Demonstrate knowledge of categories of real estate.
  • Demonstrate knowledge of advantages, disadvantages, and styles of real estate investments.
  • Demonstrate knowledge of real estate style boxes.
  • Demonstrate knowledge of residential mortgages.
  • Demonstrate knowledge of commercial mortgages in the context of alternative investments.
  • Demonstrate knowledge of mortgage-backed securities.
  • Demonstrate knowledge of liquid alternatives: real estate investment trusts (REITs).
  • Demonstrate knowledge of observations regarding historical returns of mortgage REITs
  Reading 3.5 -  Real Estate Equity
 
  • Demonstrate knowledge of real estate development in the context of alternative investments.
  • Demonstrate knowledge of commercial real estate valuation.
  • Demonstrate knowledge of valuation and risks of real estate equity.
  • Demonstrate knowledge of the income method of real estate valuation.
  • Demonstrate knowledge of alternative real estate investment vehicles.
  • Demonstrate knowledge of equity REIT returns.
  • Demonstrate knowledge of historical risks and returns of equity real estate investment trusts (REITs).
Topic 4:  Private Securities moremore less 6.5 hours $99
  Reading 4.1 -  Private Equity Assets
 
  • Demonstrate knowledge of the terms and background of private equity.
  • Demonstrate knowledge of pre-IPO private equity investing.
  • Demonstrate knowledge of venture capital.
  • Demonstrate knowledge of venture capital as a compound option.
  • Demonstrate knowledge of growth equity.
  • Demonstrate knowledge of buyouts and leveraged buyouts.
  • Demonstrate knowledge of buyouts of private companies.
  • Demonstrate knowledge of leveraged buyouts (LBOs).
  • Demonstrate knowledge of merchant banking.
  • Demonstrate knowledge of the dynamics of private equity opportunities.
  • Demonstrate knowledge of the exit strategies for private equity investments.
  Reading 4.2 -  Private Equity Funds
 
  • Demonstrate knowledge of private equity (PE) funds.
  • Demonstrate knowledge of PE funds as intermediaries.
  • Demonstrate knowledge of the limited partner (LP) and general partner (GP) relationship life cycle in private equity.
  • Demonstrate knowledge of subscription lines in private equity.
  • Demonstrate knowledge of PE fund fees and terms.
  • Demonstrate knowledge of key determinations of VC fund risks and returns.
  • Demonstrate knowledge of three key distinctions of VC and buyout managers.
  • Demonstrate knowledge of leveraged buyout (LBO) funds.
  • Demonstrate knowledge of liquid alternatives in the private equity sector.
  • Demonstrate knowledge of private investments in public equity (PIPEs).
  • Demonstrate knowledge of secondary markets and structures within the private equity sector.
  • Demonstrate knowledge of long-hold buyout funds.
  Reading 4.3 -  Private Equity Funds of Funds
 
  • Demonstrate knowledge of funds-of-funds in the private equity sector.
  • Demonstrate knowledge of the private equity funds of funds investment process.
  • Demonstrate knowledge of the private equity funds of funds investment.
  • Demonstrate knowledge of the private equity funds of funds historical returns.
  Reading 4.4 -  Evolution of Investing in Private Equity
 
  • Demonstrate knowledge of the trend of LP preference for direct investment.
  • Demonstrate knowledge of co-investments.
  • Demonstrate knowledge of the challenges in co-Investing.
  • Demonstrate knowledge of the historical returns of co-investment.
  Reading 4.5 -  Private Credit and Distressed Debt
 
  • Demonstrate knowledge of types of fund private credit vehicles.
  • Demonstrate knowledge of fixed income analysis.
  • Demonstrate knowledge of credit risk analysis and the bankruptcy process.
  • Demonstrate knowledge of leveraged loans.
  • Demonstrate knowledge of direct lending.
  • Demonstrate knowledge of mezzanine debt.
  • Demonstrate knowledge of distressed debt.
  • Demonstrate knowledge of venture debt.
  • Demonstrate knowledge of private credit performance and diversification.
Topic 5:  Hedge Funds moremore less 6 hours $99
  Reading 5.1 -  Structure of the Hedge Fund Industry
 
  • Demonstrate knowledge of the distinguishing features of hedge funds and their growth and concentration over time.
  • Demonstrate knowledge of hedge fund fees.
  • Demonstrate knowledge of various types of hedge funds.
  • Demonstrate knowledge of hedge fund returns and asset allocation.
  • Demonstrate knowledge of the process of evaluating a hedge fund investment program.
  • Demonstrate knowledge of research studies on whether hedge funds adversely affect the financial markets.
  • Demonstrate knowledge of hedge fund indices.
  Reading 5.2 -  Macro and Managed Futures Fund
 
  • Demonstrate knowledge of macro and managed futures strategies.
  • Demonstrate knowledge of global macro.
  • Demonstrate knowledge of managed futures.
  • Demonstrate knowledge of systematic trading.
  • Demonstrate knowledge of the core dimensions of managed futures investment strategies.
  • Demonstrate knowledge of systemic futures portfolio construction.
  • Demonstrate knowledge of various core benefits of managed futures for investors.
  • Demonstrate knowledge of evidence on managed futures returns.
  • Demonstrate knowledge of benefits of managed futures funds.
  Reading 5.3 -  Event-Driven and Relative Value Hedge Funds
 
  • Demonstrate knowledge of the sources of most event strategy returns.
  • Demonstrate knowledge of activist investing.
  • Demonstrate knowledge of merger arbitrage.
  • Demonstrate knowledge of distressed securities hedge funds.
  • Demonstrate knowledge of event-driven multistrategy funds.
  • Demonstrate knowledge of relative value strategies.
  • Demonstrate knowledge of convertible bond arbitrage.
  • Demonstrate knowledge of volatility arbitrage.
  • Demonstrate knowledge of fixed-income arbitrage.
  • Demonstrate knowledge of relative value multistrategy funds.
  Reading 5.4 -  Equity Hedge Funds
 
  • Demonstrate knowledge of commonalities between equity hedge funds.
  • Demonstrate knowledge of sources of return for equity hedge funds.
  • Demonstrate knowledge of market anomalies.
  • Demonstrate knowledge of implementing anomaly strategies.
  • Demonstrate knowledge of various (three) equity strategies.
  Reading 5.5 -  Funds of Hedge Funds
 
  • Demonstrate knowledge of the benefits and costs of diversification in hedge fund investing.
  • Demonstrate knowledge of investing in multistrategy funds.
  • Demonstrate knowledge of the process of investing in funds of hedge funds.
  • Demonstrate knowledge of building a portfolio of single hedge funds.
  • Demonstrate knowledge of multialternatives and other hedge fund liquid alternatives.
  • Demonstrate knowledge of observations regarding historical returns of funds of funds.
Topic 6:  Structured Products moremore less 6 hours $99
  Reading 6.1 -  Introduction to Structuring
 
  • Demonstrate knowledge of the overview of financial structuring.
  • Demonstrate knowledge of the major types of structuring.
  • Demonstrate knowledge of the primary economic role of structuring.
  • Demonstrate knowledge of collateralized mortgage obligations.
  • Demonstrate knowledge of the structural model approach to credit rik.
  • Demonstrate knowledge of interest rate options.
  • Demonstrate knowledge of collateralized debt obligations.
  Reading 6.2 -  Credit Risk and Credit Derivatives
 
  • Demonstrate knowledge of credit risk.
  • Demonstrate knowledge of reduced form modeling of credit risk.
  • Demonstrate knowledge of credit derivatives markets.
  • Demonstrate knowledge of interest rate swaps.
  • Demonstrate knowledge of credit default swaps.
  • Demonstrate knowledge of credit options and credit-linked notes.
  • Demonstrate knowledge of credit default swap indices.
  • Demonstrate knowledge of the five key risks of credit derivatives.
  Reading 6.3 -  CDO Structuring of Credit Risk
 
  • Demonstrate knowledge of collateralized debt obligations (CDOs).
  • Demonstrate knowledge of balance sheet CDOs and arbitrage CDOs.
  • Demonstrate knowledge of the mechanics of and motivations for arbitrage CDOs.
  • Demonstrate knowledge of cash-funded CDOs and synthetic CDOs.
  • Demonstrate knowledge of cash flow and market value CDOs.
  • Demonstrate knowledge of credit risk and enhancement of CDOs.
  • Demonstrate knowledge of new developments in CDOs.
  • Demonstrate knowledge of the risks of CDOs.
  Reading 6.4 -  Equity-Linked Structured Products
 
  • Demonstrate knowledge of structured products and types of wrappers.
  • Demonstrate knowledge of potential tax effects of wrappers.
  • Demonstrate knowledge of structured products with exotic option features.
  • Demonstrate knowledge of popular structured products types.
  • Demonstrate knowledge of the EUSIPA classification.
  • Demonstrate knowledge of global structured product cases.
  • Demonstrate knowledge of structured product valuation.
  • Demonstrate knowledge of motivations of structured products.

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.

Start your studies early and study at your own pace!

 

Course
DETAILS
  • Course: Topics 1-6
  • 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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