The CAIA Program is designed to facilitate self-directed learning for today's busy professionals through a comprehensive set of readings on risk-return attributes of institutional quality alternative assets. The program is organized into two levels of study. The Level I and Level II exams are offered twice each year, in March and September, giving candidates the opportunity to earn the CAIA Designation within a single year.

Beginning with the September 2012 Level I exam, the CAIA Association is introducing the revised and updated CAIA Level I: An Introduction to Core Topics in Alternative Investments, Second Edition. This textbook and the accompanying study guide contain everything candidates need to know to build a solid foundation in alternative investment markets and to prepare for the CAIA Level I exam. They include comprehensive insights into all of the various strategies within each alternative asset class as well as portfolio management concepts central to alternative investments.

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The CAIA Designation demonstrates mastery of alternative investment concepts, tools, and practices and promotes adherence to the highest standards of professional conduct.

Alternative investment topics covered in the CAIA Program include:

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