In keeping with the CAIA Association's curriculum goals, revisions to the September 2006 curriculum were implemented to ensure that the CAIA program responds to the dynamic nature of the alternative investment area. Most significantly, 12 new articles were incorporated into the Level II required readings list, nearly doubling the number of required readings. Among the new articles are "Credit Correlations: A Guide", published by JP Morgan Credit Derivatives Strategy; the classic W.F Sharpe and A.F. Perold piece "Dynamic Strategies for Asset Allocation"; and a recent Harvard Business School case study on timber investing.

Additionally, the curriculum now includes suggested supplemental readings. This reflects a new direction for the Curriculum and Examination Committee, as candidates are encouraged to review supplemental materials to augment the required and tested readings. Finally, the new Level I and Level II study guides now incorporate the changes found in the newly revised 9th edition of CFA's Standards of Practice Handbook.

Looking forward, the March 2007 curriculum will include a new section on credit derivatives and updates resulting from the release of Mark Anson's new edition of the Handbook of Alternative Assets.

The mission of the Curriculum Committee, as determined by the CAIA Advisory Board, is to ensure that the reading materials and corresponding learning objectives in the CAIA study guides cover all the elements essential to a fundamental understanding of private equity, real estate, commodities, managed futures and hedge funds. To keep pace with research advancements and new product development, the CAIA curriculum is reviewed and updated on a regular basis.