CAIA Level 1 Curriculum: An Overview

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caia level 1 curriculumCAIA Level 1 curriculum introduces the foundations (e.g. ethics) and various asset classes in alternative investment.

I list out a list of exam content below for your reference. To learn more about what candidates are expected to know in each topic, you can download the CAIA Level I Study Guide and Errata for free.

If you have decided to take the exam, you can go straight to the official study guide or third-party CAIA review courses for details.

CAIA Level 1 Curriculum Overview

1. Ethics

  • Professionalism, Integrity of Capital Markets
  • Duties to Clients and Employers
  • Investment Analysis, Recommendations, Actions, and Conflicts of Interest

2. Introduction to Alternative Investments

  • What is an Alternative Investment?
  • The Environment of Alternative Investments
  • Statistical Foundations
  • Risk, Return, and Benchmarking
  • Correlation, Alternative Returns, and Performance Measurement
  • Alpha and Beta
  • Hypothesis Testing in Alternative Investments

3. Real Assets

  • Land, Infrastructure, and Intangible Real Assets
  • Real Estate Fixed-Income Investments
  • Real Estate Equity Investments

4. Hedge Funds

  •  Introduction to Hedge Funds
  • Hedge Fund Returns and Asset Allocation
  • Macro and Managed Futures Funds
  • Event-Driven Hedge Funds
  • Relative Value Hedge Funds
  • Equity Hedge Funds
  • Funds of Hedge Funds

5. Commodities

  • Commodities: Applications and Evidence Commodity
  • Futures Pricing

6. Private Equity

  • Introduction to Private Equity
  • Equity Types of Private Equity
  • Debt Types of Private Equity

7. Structured Products

  • Credit Risk and the Structuring of Cash Flows
  • Credit Derivatives
  • Collateralized Debt Obligations

8. Risk Management and Portfolio Management

  • Lessons from Hedge Fund Failures
  • Risk Analysis
  • Due Diligence of Fund Managers
  • Regression, Multivariate, and Nonlinear Methods
  • Portfolio Optimization and Risk Parity
  • Portfolio Management, Alpha, and Beta

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