Both Levels have been updated for the 2023 exam cycle and each exam reflects content from the 2023 digital or digital + print curriculum only.
For your convenience, the 2023 digital curriculum package is now INCLUDED with new Candidate registration fees. If you prefer a print version, you may purchase one here. Please note - since the digital curriculum is automatically part of the registration fee, we are not able to issue a credit if you select to purchase the print version separately.
To get started, explore curriculum details and download the official CAIA Study Guides.
Level I Study Guide | Level II Study Guide |
The CAIA curriculum and CAIA study guides are the only preparation materials written and prepared by the CAIA Association and are a CAIA Charter Candidate's best source of study materials!
CAIA Level I 2023 Exam Topics
Professional Standards and Ethics
- CFA Institute Standards of Practice – Free access available to registered Candidates through login.
Introduction to Alternative Investments
- What Is an Alternative Investment?
- The Environment of Alternative Investments
- Quantitative Foundations
- Statistical Foundations
- Financial Economics Foundations
- Derivatives and Risk-Neutral Valuation
- Measures of Risk and Performance
- Alpha, Beta, and Hypothesis Testing
Real Assets
- Natural Resources and Land
- Commodities
- Other Real Assets
- Real Estate Assets and Debt
- Real Estate Equity
Private Securities
- Private Equity Assets
- Private Equity Funds
- Private Equity Fund of Funds
- Evolution of Investing in Private Equity
- Private Credit and Distressed Debt
Hedge Funds
- Structure of the Hedge Fund Industry
- Macro and Managed Futures Funds
- Event-Driven and Relative Value Hedge Funds
- Equity Hedge Funds
- Funds of Hedge Funds
Structured Products
- Introduction to Structuring
- Credit Risk and Credit Derivatives
- CDO Structuring of Credit Risk
- Equity-Linked Structured Products
CAIA Level II 2023 Exam Topics
Emerging Topics - Free access available to registered Candidates through login.
- Digital Assets: Blockchain, Bitcoin, and DeFi
- Private Equity: Sustainable Investing in Private Equity, and Forecasting Returns
- Portfolio Management: Rebalancing Illiquid Portfolios, Longevity Risk, and Assessing Long Term Performance
Ethics Regulations and ESG
- Asset Manager Code
- Recommendations and Guidance
- Global Regulation
- ESG and Alternative Investments
- ESG Analysis and Application
Models
- Modeling Overview and Interest Rate Models
- Credit Risk Models
- Multi-Factor Equity Pricing Models
- Asset Allocation Processes and the Mean-Variance Model
- Other Asset Allocation Approaches
Institutional Asset Owners and Investment Policies
- Types of Asset Owners and the Investment Policy Statement
- Foundations, and The Endowment Model
- Pension Fund Portfolio Management
- Sovereign Wealth Funds
- Family Offices and the Family Office Model
Risk and Risk Management
- Cases in Tail Risk
- Benchmarking and Performance Attribution
- Liquidity and Funding Risks
- Hedging, Rebalancing, and Monitoring
- Risk Measurement, Risk Management, and Risk Systems
Methods for Alternative Investments
- Valuations and Hedging Using Binomial Trees
- Directional Strategies and Methods
- Multivariate Empirical Methods and Performance Persistence
- Relative Value Methods
- Valuation Methods for Private Assets: The Case of Real Estate
Accessing Alternative Investments
- Hedge Fund Replication
- Diversified Access to Hedge Funds
- Access to Real Estate and Commodities
- Access through Private Structures
- The Risk and Performance of Private and Listed Assets
Due Diligence & Selecting Managers
- Active Management and New Investments
- Selection of a Fund Manager
- Investment Process Due Diligence
- Operational Due Diligence
- Due Diligence of Terms and Business Activities
Volatility and Complex Strategies
- Volatility as a Factor Exposure
- Volatility, Correlation, and Dispersion Products and Strategies
- Complexity and Structured Products
- Insurance-Linked and Hybrid Securities
- Complexity and the Case of Cross-Border Real Estate Investing