CAIA Syllabus
Level I
Level II
Level I
Candidates study the application of basic analytical tools, as well as the fundamentals of alternative investment vehicles. In addition to reviewing essential concepts in finance, investments and statistics, candidates learn to differentiate between the various AI trading strategies and performance measurements.
The level I curriculum covers:
- Quantitative analysis
- Investment theory
- Regulatory issues
- Trading strategies
- Performance measurement
Level II
The Level II curriculum is roughly divided into two sections – alternative investments and integrated topics. Candidates must apply the skills and knowledge from Level I to gain a deeper understanding of issues involved in each of the areas of alternative investments: hedge funds, managed futures, commodities, real estate, and private equity. The integrated topics section is updated annually to reflect the latest developments in issues common to all areas of alternative investments, such as new regulatory developments and advances in risk management techniques.
The level II curriculum covers such areas as:
- Asset allocation
- Portfolio oversight
- Style analysis
- Risk management
- Alternative asset securitisation
- Secondary market creation
- Performance and style attribution
