CAIA Level 2 curriculum covers the advanced level of the topics in Level 1.
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 II 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 2 Curriculum Overview
1. Asset Allocation and Portfolio Management
The Endowment Model
Risk Management for Endowment and Foundation Portfolios
Pension fund Portfolio Management
2. Private Equity
Private Equity Market Landscape
Private Equity Fund Structure
The Investment Process
Private Equity Portfolio Design
Fund Manager Selection Process
Measuring Performance and Benchmarking in the Private Equity World
Monitoring Private Equity Fund Investments
Private Equity Fund Valuation
Private Equity Fund Discount Rates
The Management of Liquidity
3. Real Assets
Real Estate as an Investment
Unsmoothing of Appraisal Based Returns
Core, Value-Added, and Opportunistic Real Estate
Real Estate Indices
Public versus Private Real Estate Risks
Portfolio Allocation within Real Estate
Farmland and Timber Investments
Investing in Intellectual Property
4. Commodities
Key Concepts in Commodity Market Analysis
Role of Commodities in Asset Allocation
Methods of Delivering Commodity Alpha
Methods of Delivering Commodity Beta: Indices, Swaps, Notes, and Hedge Funds
Macroeconomic Determinants of Commodity Futures Returns
Effective Risk Management Strategies for Commodity Portfolios
5. Hedge Funds and Managed Futures
Structure of the Managed Futures Industry
Managed Futures: Strategies and Sources of Return
Risk and Performance Analysis in Managed Futures Strategies