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"Your course helped me understand all the concepts required to pass the Level 1 exam. It was well structured and taught very well. The provided notes were more than enough as a source of review material for the CAIA Level 1 exam."

Daniel Tai
RBC Capital Markets Corporation.

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Courses

UpperMark courses are known to enhance individual study efforts significantly. Taught by award-winning educators and content experts, our web-based courses provide clear instruction to boost comprehension and speed up the learning process. Instructors also provide valuable exam-taking tips to give candidates a competitive advantage.

Select from two popular options -

  • Complete Course - Structured coverage of all Topics in the curriculum and essential faculty access.
  • Course by Topic - Select courses on specific CAIA exam Topics.

Complete Course # Lectures Total Length
  • All lectures for Topic 1 to Topic 7
  • On-demand course recordings
  • Faculty workshops
12 32.5 $499

Course by Topic - Select courses based on individual Topics listed below.
Topic 1:  Professional Standards and Ethics moremore less 1 2 hours $49
Standards  I-VI
  • Demonstrate knowledge of Standard I: Professionalism.
  • Demonstrate knowledge of Standard II: Integrity of Capital Markets.
  • Demonstrate knowledge of Standard III: Duties to Clients.
  • Demonstrate knowledge of Standard IV: Duties to Employers.
  • Demonstrate knowledge of Standard V: Investments Analysis, Recommendations, and Action.
  • Demonstrate knowledge of Standard VI: Conflicts of Interest.
Topic 2:  Introduction to Alternative Investments moremore less 3 9 hours $149
Chapter 1 -  What is an Alternative Investment?
  • Demonstrate knowledge of the view of alternative investments by exclusion.
  • Demonstrate knowledge of various alternative investment types.
  • Demonstrate knowledge of the concept of structures in investments.
  • Demonstrate knowledge of how alternative and traditional investments are distinguished by return characteristics.
  • Demonstrate knowledge of how alternative and traditional investments are distinguished by methods of analysis.
  • Demonstrate knowledge of other factors that distinguish alternative investments from traditional investments.
  • Demonstrate knowledge of the goals of alternative investing.
Chapter 2 -  The Environment of Alternative Investments
  • Demonstrate knowledge of participants in the alternative investing environment.
  • Demonstrate knowledge of the financial markets involved in alternative investments.
  • Demonstrate knowledge of the regulatory environment as it applies to alternative investments.
  • Demonstrate knowledge of liquid alternative investments.
  • Demonstrate knowledge of taxation of investments.
Chapter 3 -  Quantitative Foundations
  • Demonstrate knowledge of return and rate mathematics.
  • Demonstrate knowledge of returns based on notional principal.
  • Demonstrate knowledge of the internal rate of return (IRR) approach to alternative investment analysis.
  • Demonstrate knowledge of problems with the use of IRR in alternative investment analysis.
  • Demonstrate knowledge of the distribution of cash waterfall.
Chapter 4 -  Statistical Foundations
  • Demonstrate knowledge of the characteristics of return distributions.
  • Demonstrate knowledge of moments of return distributions (i.e., mean, variance, skewness, and kurtosis).
  • Demonstrate knowledge of various measures of correlation of returns.
  • Demonstrate knowledge of standard deviation (volatility) and variance.
  • Demonstrate knowledge of methods used to test for normality of distributions.
  • Demonstrate knowledge of time-series return volatility models.
Chapter 5 -  Measures of Risk and Performance
  • Demonstrate knowledge of measures of financial risk.
  • Demonstrate knowledge of methods for estimating value at risk (VaR).
  • Demonstrate knowledge of ratio-based performance measures used in alternative investment analysis.
  • Demonstrate knowledge of risk-adjusted performance measures used in alternative investment analysis.
Chapter 6 -  Foundations of Financial Economics
  • Demonstrate knowledge of the concept of informational market efficiency.
  • Demonstrate knowledge of single-factor asset pricing models and ex ante pricing.
  • Demonstrate knowledge of multifactor and empirical asset pricing models.
  • Demonstrate knowledge of arbitrage-free financial models.
  • Demonstrate knowledge of the term structure of forward contracts.
  • Demonstrate knowledge of option exposures.
  • Demonstrate knowledge of option pricing models.
  • Demonstrate knowledge of option sensitivities.
Chapter 7 -  Benchmarking and Performance Attribution
  • Demonstrate knowledge of benchmarking and its role in the analysis of risk and return of investments.
  • Demonstrate knowledge of various types of asset pricing models.
  • Demonstrate knowledge of various approaches to performance attribution.
  • Demonstrate knowledge of the limitations of the CAPM approach for analysis of alternative investments.
Chapter 8 -  Alpha, Beta, and Hypothesis Testing
  • Demonstrate knowledge of beta and alpha.
  • Demonstrate knowledge of the concepts of ex ante and ex post alpha.
  • Demonstrate knowledge of empirical approaches to inferring ex ante alpha from ex post alpha.
  • Demonstrate knowledge of return attribution.
  • Demonstrate knowledge of ex ante alpha estimation and return persistence.
  • Demonstrate knowledge of return drivers.
  • Demonstrate knowledge of statistical methods for locating alpha.
  • Demonstrate knowledge of sampling and testing problems.
  • Demonstrate knowledge of statistical issues in analyzing alpha and beta.
Chapter 9 -  Regression, Multivariate, and Nonlinear Methods
  • Demonstrate knowledge of single-factor regression models.
  • Demonstrate knowledge of multifactor regression models.
  • Demonstrate knowledge of dynamic risk exposure models.
  • Demonstrate knowledge of methods for modeling changing correlation.
  • Demonstrate knowledge of approaches to analyzing hedge fund returns using multifactor models.
  • Demonstrate knowledge of estimating hedge fund performance persistence.
Topic 3:  Real Assets moremore less 2 6 hours $109
Chapter 10 -  Natural Resources and Land
  • Demonstrate knowledge of natural resources other than land.
  • Demonstrate knowledge of land as an alternative asset.
  • Demonstrate knowledge of timber and timberland as alternative assets.
  • Demonstrate knowledge of farmland as an alternative asset.
  • Demonstrate knowledge of valuation and volatility of real assets.
  • Demonstrate knowledge of historical performance of timber and farmland.
Chapter 11 -  Commodity Forward Pricing
  • Demonstrate knowledge of forward and futures contracts.
  • Demonstrate knowledge of the rolling futures positions.
  • Demonstrate knowledge of the term structure of forward prices on commodities.
  • Demonstrate knowledge of the concepts of backwardation, normal backwardation, contango, and normal contango.
  • Demonstrate knowledge of the characteristics of returns on futures and forward contracts.
Chapter 12 -  Commodities: Applications and Evidence
  • Demonstrate knowledge of the diversification benefits of commodities.
  • Demonstrate knowledge of commodities as potential return enhancers.
  • Demonstrate knowledge of investing in commodities without futures.
  • Demonstrate knowledge of commodity investment through futures contracts.
  • Demonstrate knowledge of commodity indices.
  • Demonstrate knowledge of risks associated with commodity investments.
  • Demonstrate knowledge of the return characteristics of commodity investments.
Chapter 13 -  Operationally Intensive Real Assets
  • Demonstrate knowledge of commodity producers.
  • Demonstrate knowledge of liquid alternative real assets.
  • Demonstrate knowledge of infrastructure as an alternative asset.
  • Demonstrate knowledge of intellectual property as an alternative asset.
Chapter 14 -  Liquid and Fixed-Income Real Estate
  • Demonstrate knowledge of real estate as an investment.
  • Demonstrate knowledge of residential mortgages in the context of alternative investments.
  • Demonstrate knowledge of commercial mortgages in the context of alternative investments.
  • Demonstrate knowledge of mortgage-backed securities.
  • Demonstrate knowledge of real estate investment trusts (REITs).
  • Demonstrate knowledge of historical performance of mortgage REITs.
Chapter 15 -  Real Estate Equity Investments
  • Demonstrate knowledge of real estate development in the context of alternative investments.
  • Demonstrate knowledge of valuation and risks of real estate equity.
  • Demonstrate knowledge of alternative real estate investment vehicles.
  • Demonstrate knowledge of depreciation of real estate.
  • Demonstrate knowledge of real estate equity risks and returns as represented by real estate indices.
  • Demonstrate knowledge of historical performance of equity REITs.
Topic 4:  Hedge Funds moremore less 3 9 hours $149
Chapter 16 -  Structure of the Hedge Fund Industry
  • Demonstrate knowledge of the distinguishing features of hedge funds and their growth and concentration over time.
  • Demonstrate knowledge of hedge fund fees.
  • Demonstrate knowledge of various types of hedge funds.
  • Demonstrate knowledge of various hedge fund strategies.
  • Demonstrate knowledge of hedge fund investment programs.
  • Demonstrate knowledge of the market impact of hedge funds.
  • Demonstrate knowledge of hedge fund indices.
Chapter 17 -  Macro and Managed Futures Funds
  • Demonstrate knowledge of major distinctions within the category of macro and managed futures funds.
  • Demonstrate knowledge of global macro funds.
  • Demonstrate knowledge of the historical performance of macro investing.
  • Demonstrate knowledge of managed futures.
  • Demonstrate knowledge of systematic trading.
  • Demonstrate knowledge of systematic trading strategies.
  • Demonstrate knowledge of empirical research on managed futures.
  • Demonstrate knowledge of historical performance of managed futures and macro funds.
Chapter 18 -  Event-Driven Hedge Funds
  • Demonstrate knowledge of the sources of event-driven strategy returns.
  • Demonstrate knowledge of activist investing.
  • Demonstrate knowledge of merger arbitrage.
  • Demonstrate knowledge of distressed securities hedge funds.
  • Demonstrate knowledge of event-driven multistrategy funds.
Chapter 19 -  Relative Value Hedge Funds
  • Demonstrate knowledge of relative value strategies.
  • Demonstrate knowledge of convertible bond arbitrage.
  • Demonstrate knowledge of volatility arbitrage.
  • Demonstrate knowledge of fixed-income arbitrage.
  • Demonstrate knowledge of relative value multistrategy funds.
Chapter 20 -  Equity Hedge Funds
  • Demonstrate knowledge of sources of return for equity hedge funds.
  • Demonstrate knowledge of market anomalies.
  • Demonstrate knowledge of the Fundamental Law of Active Management (FLOAM).
  • Demonstrate knowledge of approaches to implementing anomaly strategies.
  • Demonstrate knowledge of the three major strategies of equity hedge funds.
  • Demonstrate knowledge of risk associated with equity hedge funds.
Chapter 21 -  Funds of Hedge Funds
  • Demonstrate knowledge of the benefits and costs of diversification in hedge fund investing.
  • Demonstrate knowledge of investing in multistrategy funds.
  • Demonstrate knowledge of the process of investing in funds of hedge funds.
  • Demonstrate knowledge of building a portfolio of single hedge funds.
  • Demonstrate knowledge of multialternatives and other hedge fund liquid alternatives.
  • Demonstrate knowledge of historical performance of funds of hedge funds.
Topic 5:  Private Equity moremore less 1 1.5 hours $49
Chapter 22 -  Introduction to Private Equity
  • Demonstrate knowledge of private equity terminology.
  • Demonstrate knowledge of the major forms of private equity investments that involve direct ownership of equity claims.
  • Demonstrate knowledge of the major forms of private equity that involve direct ownership of debt securities.
  • Demonstrate knowledge of liquid alternatives in the private equity sector.
  • Demonstrate knowledge of trends and innovations in private equity markets.
Chapter 23 -  Equity Types of Private Equity
  • Demonstrate knowledge of the relationships between venture capital and leveraged buyouts.
  • Demonstrate knowledge of the underlying businesses (portfolio companies) of venture capital.
  • Demonstrate knowledge of venture capital funds.
  • Demonstrate knowledge of the dynamics of investing in venture capital.
  • Demonstrate knowledge of the risk and return characteristics of venture capital investments.
  • Demonstrate knowledge of types of buyout transactions.
  • Demonstrate knowledge of leveraged buyout (LBO) transactions.
Chapter 24 -  Debt Types of Private Equity
  • Demonstrate knowledge of mezzanine debt.
  • Demonstrate knowledge of distressed debt as a form of private equity investment.
Topic 6:  Structured Products moremore less 1 2 hours $49
Chapter 25 -  Introduction to Structuring
  • Demonstrate knowledge of financial structuring.
  • Demonstrate knowledge of the major types of structuring.
  • Demonstrate knowledge of the primary economic role of structuring.
  • Demonstrate knowledge of collateralized mortgage obligations (CMOs).
  • Demonstrate knowledge of the structural approach to credit risk modeling.
  • Demonstrate knowledge of the concept of structuring cash flows using collateralized debt obligations (CDO).
Chapter 26 -  Credit Risk and Credit Derivatives
  • Demonstrate knowledge of credit risk.
  • Demonstrate knowledge of approaches to credit risk modeling.
  • Demonstrate knowledge of credit derivatives markets.
  • Demonstrate knowledge of credit default swaps.
  • Demonstrate knowledge of credit options and credit-linked notes.
  • Demonstrate knowledge of credit default swap indices.
  • Demonstrate knowledge of the five key risks of credit derivatives.
Chapter 27 -  CDO Structuring of Credit Risk
  • Demonstrate knowledge of collateralized debt obligations (CDOs).
  • Demonstrate knowledge of balance sheet CDOs and arbitrage CDOs.
  • Demonstrate knowledge of the mechanics of and motivations for arbitrage CDOs.
  • Demonstrate knowledge of cash-funded CDOs and synthetic CDOs.
  • Demonstrate knowledge of cash flow and market value CDOs.
  • Demonstrate knowledge of credit risk and enhancement of CDOs
  • Demonstrate knowledge of new developments in CDOs.
  • Demonstrate knowledge of the risks of CDOs.
Chapter 28 -  Equity-Linked Structured Products
  • Demonstrate knowledge of structured products and types of wrappers.
  • Demonstrate knowledge of potential tax effects of wrappers.
  • Demonstrate knowledge of structured products with exotic option features.
  • Demonstrate knowledge of examples of global structured products.
  • Demonstrate knowledge of structured product pricing.
  • Demonstrate knowledge of motivations of structured products.
Topic 7:  Risk Management and Portfolio Management moremore less 1 3 hours $69
Chapter 29 -  Cases in Tail Events
  • Demonstrate knowledge of the effect of market forces in generating hedge fund losses..
  • Demonstrate knowledge of the impact of trading technologies in financial crises.
  • Demonstrate knowledge of major fund failures caused by fraud.
  • Demonstrate knowledge of four major lessons from analysis of fund failures.
Chapter 30 -  Investment Process, Operations, and Risk
  • Demonstrate knowledge of investment strategy and process.
  • Demonstrate knowledge of investment process and market risk.
  • Demonstrate knowledge of the three internal fund activities.
  • Demonstrate knowledge of operational risk.
  • Demonstrate knowledge of methods for controlling the operational risk of an investment.
  • Demonstrate knowledge of methods for controlling the risk of portfolios with options.
Chapter 31 -  Due Diligence of Fund Managers
  • Demonstrate knowledge of due diligence evidence and organization.
  • Demonstrate knowledge of the three questions critical to understanding the nature of a manager’s investment program.
  • Demonstrate knowledge of the due diligence of hedge fund structures.
  • Demonstrate knowledge of the strategic review of fund managers in the due diligence process.
  • Demonstrate knowledge of the administrative review of funds.
  • Demonstrate knowledge of the procedure for conducting a performance review of a fund manager in the due diligence process.
  • Demonstrate knowledge of the procedure for conducting a portfolio risk review of a fund manager in the due diligence process.
  • Demonstrate knowledge of the procedure for conducting a legal review of a fund manager in the due diligence process.
  • Demonstrate knowledge of the procedure for conducting reference checks on service providers and other fund investors.
  • Demonstrate knowledge of the procedure for measuring operational risk.
Chapter 32 -  Portfolio Management, Alpha, and Beta
  • Demonstrate knowledge of smart beta strategies.
  • Demonstrate knowledge of factors involved in the estimation of alpha and beta.
  • Demonstrate knowledge of the concept of separating alpha and beta.
  • Demonstrate knowledge of portable alpha.
  • Demonstrate knowledge of asset allocation using the concepts of alpha and beta.

Check out details of our courses below.

Online Courses Instructors System Requirements  

Both course options provide unlimited access to recordings of course sessions from any computer and tablet/iPad until the end of the current CAIA exam period.

  • Complete Course - perfect for professionals who want both flexibility and structure in their study programs. Set your personal study schedule and then work through the curriculum with the instructor-guided program.
  • Course by Topic - perfect for candidates who prefer a self-study approach, but want guidance on specific Topics.

UpperMark courses explain and summarize CAIA exam material, carefully demonstrate calculations, and provide personal guidance for success on the exam. Other essential components of our courses -

  • Thorough instruction of the CAIA exam material.
  • Clear explanations of concepts and formulas.
  • Step-by-step presentations of calculations.
  • Personal guidance from UpperMark's experienced faculty.
  • Exclusive lecture notes for each course session - print lecture notes and annotate them while watching the course. Our lecture notes are an excellent summary of the CAIA material - an ideal study resource.

Complete Course attendees also have access to valuable office hours and recordings of office-hour sessions.

Start your studies early and study at your own pace!

 

Course

DETAILS
  • Course: Complete Set (Topics 1-7)
  • Course: Topic 1
  • Course: Topic 2
  • Course: Topic 3
  • Course: Topic 4
  • Course: Topic 5
  • Course: Topic 6
  • Course: Topic 7
  • Course: Topic 8
  • Course: Topic 9
$499


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