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CAIA Curriculum
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The CAIA Examinations

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Level I
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The CAIA Program

The CAIA program provides finance professionals with an extensive foundation of knowledge in alternative investment vehicles, including hedge funds, commodities, managed futures, real estate, and private equity.

The curriculum is designed by leading academics and practitioners, and is divided into two levels. Level I introduces the candidate to core topics in the field of alternative investments and Level II covers advanced topics in the field. Both Levels I and II cover topics relating to ethics and standards of professional conduct. The CAIA Level II curriculum is revised once a year to ensure adherence to the latest developments in research and industry practices.

LEVEL I - September 2019 Curriculum Outline
  Topic 1: Professional Standards and Ethics
  Topic 2: Introduction to Alternative Investments
    Chapter 1 - What is an Alternative Investment?
Chapter 2 - The Environment of Alternative Investments
Chapter 3 - Quantitative Foundations
Chapter 4 - Statistical Foundations
Chapter 5 - Measures of Risk and Performance
Chapter 6 - Foundations of Financial Economics
Chapter 7 - Benchmarking and Performance Attribution
Chapter 8 - Alpha, Beta, and Hypothesis Testing
Chapter 9 - Regression, Multivariate, and Nonlinear Methods
  Topic 3: Real Assets
    Chapter 10 - Natural Resources and Land
Chapter 11 - Commodity Forward Pricing
Chapter 12 - Commodities: Applications and Evidence
Chapter 13 - Operationally-Intensive Real Assets
Chapter 14 - Liquid and Fixed-Income Real Estate
Chapter 15 - Real Estate Equity Investments
  Topic 4: Hedge Funds
    Chapter 16 - Structure of the Hedge Fund Industry
Chapter 17 - Macro and Managed Futures Funds
Chapter 18 - Event-Driven Hedge Funds
Chapter 19 - Relative Value Hedge Funds
Chapter 20 - Equity Hedge Funds
Chapter 21 - Funds of Hedge Funds
  Topic 5: Private Equity
    Chapter 22 - Introduction to Private Equity
Chapter 23 - Equity Types of Private Equity
Chapter 24 - Debt Types of Private Equity
  Topic 6: Structured Products
    Chapter 25 - Introduction to Structuring
Chapter 26 - Credit Risk and Credit Derivatives
Chapter 27 - CDO Structuring of Credit Risk
Chapter 28 - Equity-Linked Structured Products
  Topic 7: Risk Management Portfolio Management
    Chapter 29 - Case in Tail Events
Chapter 30 - Investment Process, Operations, and Risk
Chapter 31 - Due Diligence of Fund Managers
Chapter 32 - Portfolio Management, Alpha, and Beta
 
LEVEL II - September 2019 Curriculum Outline
  Topic 1: Professional Standards and Ethics
  Topic 2: Current and Integrated Topics
    1. A Guide to Hedge Fund Business & Operational Due Diligence, Skybridge Capital, March 2016 (13)
2. Understanding the Cost of Investment Management (8), October 2015, Commonfund.
3. Dynamic Strategies for Asset Allocation (12), 1995, CFA.
4. Developing an Asset Owner Climate Change Strategy, Principles for Responsible Investing, 2015 (38)
5. Introductory Guide to Investing in Private Equity Secondaries, Capital Dynamics, February 2016. (20)
6. Making Waves: Cresting Co-Investment Opportunity (24), March 2015, Cambridge Associates.
7. Longevity Risk Transfer Markets: Market Structure, Growth Drivers and Impediments, and Potential Risks, Bank for
    International Settlements, 2013. (30)
8. Private Credit Strategies, Cambridge Associates, 2017. (13)
9. Blockchain and Financial Market Innovation (13)
  Topic 3: Asset Allocation and Portfolio Management
    Chapter 1 - Asset Allocation Processes and the Mean-Variance Model
Chapter 2 - Tactical Asset Allocation, Mean-Variance Extensions, Risk Budgeting, Risk Parity, and Factor Investing
Chapter 3 - The Endowment Model
Chapter 4 - Pension Fund Portfolio Management
Chapter 5 - Sovereign Wealth Funds
Chapter 6 - The Family Office Model
  Topic 4: Private Equity
    Chapter 7 - Private Equity Market Structure
Chapter 8 - Private Equity Benchmarking
Chapter 9 - Fund Manager Selection and Monitoring
Chapter 10 - Private Equity Operational Due Diligence
Chapter 11 - Private Equity Investment Process and Portfolio Management
Chapter 12 - Measuring Private Equity Risk
Chapter 13 - The Management of Liquidity
  Topic 5: Real Assets
    Chapter 14 - Real Estate as an Investment
Chapter 15 - Real Estate Indices and Unsmoothing Techniques
Chapter 16 - Investment Styles, Portfolio Allocation, and Real Estate Derivatives
Chapter 17 - Listed Versus Unlisted Real Estate Investments
Chapter 18 - International Real Estate Investments
Chapter 19 - Infrastructure as an Investment
Chapter 20 - Farmland and Timber Investments
Chapter 21 - Investing in Intellectual Property
  Topic 6: Commodities
    Chapter 22 - Key Concepts in Commodity Markets
Chapter 23 - Allocation to Commodities
Chapter 24 - Accessing Commodity Investment Products
  Topic 7: Hedge Funds and Managed Futures
    Chapter 25 - Managed Futures
Chapter 26 - Investing In CTAs
Chapter 27 - Relative Value Strategies
Chapter 28 - Hedge Funds - directional strategies
Chapter 29 - Hedge Funds - Credit Strategies
Chapter 30 - Volatility, Correlation, and Dispersion Products and Strategies
Chapter 31 - Hedge Fund Replication
Chapter 32 - Funds of Hedge Funds and Multistrategy Funds
Chapter 33 - Hedge Fund Operational Due Diligence
  Topic 8: Structured Products
    Chapter 34 - Regulation and Compliance
Chapter 35 - Structured Products I - Fixed-income Derivatives and Asset-backed Securities
Chapter 36 - Structured Products II - Insurance-Linked Products and Hybrid Securities

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