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CAIA Level 1 Curriculum: An Overview
CAIA 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