| LEVEL 2 - 2026 Curriculum Outline |
| | Topic 1. CAIA Ethical Principles |
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Reading 1.1. Professionalism and Fiduciary Responsibility
Reading 1.2. Ethics
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| | Topic 2. Types of Asset Owners and the Investment Policy Statement |
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Reading 2.1. Types of Asset Owners and the Investment Policy Statement
Reading 2.2. Foundations and the Endowment Model
Reading 2.3. Pension Fund Portfolio Management
Reading 2.4. Sovereign Wealth Funds
Reading 2.5. Family Offices and the Family Office Model
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| | Topic 3. Asset Allocation |
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Reading 3.1. Asset Allocation Processes and the Mean-Variance Model
Reading 3.2. Total Portfolio Approach
Reading 3.3. Other Asset Allocation Approaches
Reading 3.4. Active Management
Reading 3.5. Rebalancing Strategies
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| | Topic 4. Risk and Risk Management |
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Reading 4.1. Hedging, Rebalancing, and Monitoring
Reading 4.2. Benchmarking and Performance Attribution
Reading 4.3. Applied Benchmarking
Reading 4.4. Liquidity and Funding Risks
Reading 4.5. Risk Measurement, Risk Management, and Risk Systems
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| | Topic 5. Methods and Models |
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Reading 5.1. Modeling Overview and Fixed-Income Models
Reading 5.2. Valuation and Hedging Using Binomial Trees
Reading 5.3. Multi-Factor Equity Pricing Models
Reading 5.4. Directional Strategies and Methods
Reading 5.5. Multivariate Empirical Methods and Performance Persistence
Reading 5.6. Relative Value Models
Reading 5.7. Valuation Methods for Private Assets: The Case of Real Estate
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| | Topic 6. Accessing Alternative Investments |
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Reading 6.1. Hedge Fund Replication
Reading 6.2. Diversified Access to Hedge Funds
Reading 6.3. Access to Real Assets
Reading 6.4. The Risk and Performance of Private and Listed Assets
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| | Topic 7. Due Diligence and Selecting Managers |
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Reading 7.1. Selection of a Fund Manager
Reading 7.2. Cases in Tail Risk
Reading 7.3. Investment Process Due Diligence
Reading 7.4. Operational Due Diligence
Reading 7.5. Due Diligence of Terms and Business Activities
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| | Topic 8. Volatility and Complex Strategies |
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Reading 8.1. Volatility as a Factor Exposure
Reading 8.2. Volatility, Correlation, and Dispersion Products and Strategies
Reading 8.3. Complexity and Structured Products
Reading 8.4. Complexity and the Case of Cross-Border Real Estate Investing
Reading 8.5. Cryptocurrency Investing and Trading
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| | Topic 9. Universal Investment Considerations |
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Reading 9.1. Global Regulation
Reading 9.2. Geopolitics
Reading 9.3. Sustainability and Alternative Investments
Reading 9.4. Sustainability Analysis and Application
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| | Topic 10. Emerging Topics |
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Reading 10.1. Web 3.0 Tokenization
Reading 10.2. From ELIZA to ChatGPT
Reading 10.3. Assessing Long-Term Investor Performance: Principles, Policies and Metrics
Reading 10.4. Value Creation in Private Equity
Reading 10.5. Scale, Scope, and Speed in Private Capital Funds
Reading 10.6. Managing Liquidity for Capital Calls
Reading 10.7. Takahashi-Alexander Revisited
Reading 10.8. Direct Value Creation and Capture in the Pension Fund Industry
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