Whether you work in a hedge fund, for a pension fund, or in a large investment bank, understanding alternative investment strategies is more important than ever.

So how strong is your alternative investment knowledge?

Do you know how to:

• Compare and contrast the conflicts of interest affecting stock and operating performance of internally-advised REITs versus externally-advised REITs?

• Understand and construct hedges, including stock hedge with mandatory issues, basket hedge, synthetic worksheet hedge, and dividend reduction convertible hedge, and analyze associated risks?

• Identify how adding a passive commodity index to a portfolio of stocks and bonds changes the efficient frontier?

• Discuss how asymmetry of information and illiquidity in the private equity markets presents problems for performance measurement?

Test your AI savvy with the CAIA Mini Quiz

The full set of sample questions are also available for Level I and Level II.  These sample questions can also be downloaded in PDF form below.

Level I (PDF)

Level II (PDF)

Please note: These sample questions are provided as a barometer for your AI knowledge only. They do not cover the complete CAIA curriculum and are not intended to simulate the CAIA exams.