FAQs

We are committed to supporting our Candidates and Members by providing timely and accurate information during the dynamic nature of the COVID-19 pandemic. As such, we will follow the Centers for Disease Control and Prevention (CDC) as well as government and WHO recommendations while working to minimize the impact on our Candidates and Membership. Click here for full FAQs.

Level I results are usually released within three weeks of the last examination day. Level II, which includes essays, takes more time. Level II results are generally released within six weeks of the last examination day. 
When results are released, you will receive an email with notification of your results.  Candidates are encouraged to keep their contact information up to date to ensure the timely receipt of exam results.

The CAIA curriculum and CAIA study tools are the only preparation materials endorsed by the CAIA Association and are the Candidate’s best source of information regarding what content is eligible to be tested on the CAIA exams. All the content on the CAIA exams comes directly from the CAIA curriculum readings.

If you are registered for Level I then you may identify yourself as a "Level I Candidate in the CAIA program." If you are registered for Level II you may identify yourself as a "Level II Candidate in the CAIA program." You may not list "CAIA Level I" or "CAIA Level II" after your name, although you may indicate that you passed Level I or Level II. You may only use the CAIA designation after you have met the Membership Requirements.

Arrive at the test center at least 30 minutes prior to your scheduled appointment to allow time for check-in procedures.  Late arrivals may not be permitted to sit for the exam.

CAIA Charter Candidates who register during the first six weeks of any registration period automatically receive a US$100 discount on exam registration fees only. To qualify for this discount, payment must be submitted by the early registration deadline. Exam retake fees are not eligible for the early registration discount.

Please visit the Exam Dates and Fees page to learn about exam registration fees.

Once you have purchased your exam, you will receive a confirmation email that will include a link that will allow you to schedule your exam appointment with our global testing provider, Pearson VUE. You may also use the “Schedule Your Exam” button on the CAIA Exam Schedule page of caia.org.

• Log into your CAIA Account
• Select Programs>Charter Candidates>Schedule your exam
• This will bring you to the Pearson VUE scheduling page; click on the exam name in blue
• Follow the rest of the blue prompts in the lower right corner all the way to the end-summary to ensure it is scheduled
• You will receive a confirmation email when completed

Neither the CAIA Association nor Pearson VUE can guarantee availability of appointments at any test center for any given exam or on a specific date.  Candidates are encouraged to schedule appointments as early as possible, as examination centers have limited capacity.  Appointments are on a first-come, first-served basis. If a Candidate’s preferred location and time are not available, it is solely the Candidate's responsibility to locate, and arrange for transportation to, an alternate testing center. Deferments will not be granted to Candidates who are unable to sit for the exam due to lack of preferred site availability or failure to schedule an appointment.

Individuals with disabilities are entitled to a reasonable accommodation to ensure that they have full and equal access to the educational resources of CAIA.  Individuals with disabilities wishing to request a reasonable testing accommodation must contact the ADA Compliance Coordinator at accommodations@caia.org, at least six (6) weeks before the first day of the testing window for the level of exam he/she is registered.  The request should be made after registering for the exam and before scheduling an exam appointment with the testing provider.  For more information about how to request reasonable testing accommodations, see the Testing Accommodation and Grievance Policy in the Candidate Policy Manual on caia.org.

If you need to change your exam appointment, you may reschedule to another date and/or location within the same testing window without incurring an additional charge. You can reschedule up to 72 hours before your original appointment by contacting Pearson VUE. Keep in mind that appointments do fill up quickly and a reschedule can only be completed if there is an appointment available at your requested time/location.

• Log into your CAIA Account
• Select Programs>Charter Candidates> Schedule your exam
• This will bring you to the Pearson VUE scheduling page; click on the exam name in blue.
• Click on the "Reschedule" button to the right.
• Follow the rest of the blue prompts in the lower right corner all the way to the end summary to ensure it is scheduled.
• You will receive a confirmation email when completed.

Calculator Policy

ID policy

The one-time program enrollment fee is non-refundable. The CAIA Association will grant refunds of exam registration and exam retake fees, but only if the refund is requested within 30 days of the date of purchase OR no later than the business day prior to the beginning of exam administration, whichever happens first via an email to candidate@caia.org. For complete details, please refer to the General Policies, Fee Schedule. Exam registrations cannot be transferred to other individuals. 

No. Each registration period is for one level-specific exam only. The Association does not allow prepayment for future exams.

Candidates are not permitted to bring their own writing materials (pens, pencils, or paper) into the testing room.  The test administrator will provide you with one erasable noteboard and a marker (no other writing materials or instruments are allowed).  If you fill up your noteboard during the exam and need another, you should raise your hand and the administrator will collect the noteboard and provide you with a replacement.  Your noteboard and marker will be collected at the end of the first section of the exam, and you will be provided with a clean noteboard and a marker at the start of the second section.  You may not remove the noteboard or marker from the testing room during or after the exam, and you must return them to the administrator after the exam.

The Level I and Level II exams are offered twice each year, in September and late February/March, giving candidates the opportunity to complete the CAIA program within a single year, should they choose to do so. The Level I and Level II exams cannot be taken within the same exam window.  CAIA Candidates have unlimited time to pass the Level II exam after passing Level I to qualify for the CAIA Charter.

During the Registration process, select Pay by Check or Wire as your method of payment. Once completed, you may print an invoice directly from your CAIA account. Simply navigate to your Profile and click on My Invoices. Select the invoice and click on Details. You will then see a Print option to the right. Please note that your registration will not be completed and you will not be able to schedule an exam appointment until payment is received.

If you are paying by check or money order, mail the check to:
The CAIA Association
100 University Drive
Amherst, MA USA 01002
NOTE:  Checks must be in U.S. currency drawn from a US bank.
Please include the CAIA Candidate/Member name and invoice number on the check memo field.

For bank wire transfers:

Please refer to the instructions on your invoice. You may print an invoice directly from our website. Simply navigate to your Profile and click on My Invoices. Select the invoice and click on Details. You will then see a Print option to the right. 

Alternatively, you may contact candidate@caia.org for information.

The CAIA exams are administered via computer exclusively at proctored Pearson VUE testing centers around the world. Review the current list of exam locations to determine where the CAIA exams are offered. If a location does not appear on this list, the CAIA exams are not currently delivered there.  For more information and to view a list of current sites offering the CAIA exams, visit Exam Locations.

No, registration is exam-specific and not open-ended. By registering for a single exam, you are committing yourself to a date- and time-specific exam, and you may not postpone from one testing window to another; e.g., you cannot change your September exam registration to late February/March. If you are unable to sit for the exam for which you are currently registered, or if you do not pass, you will need to re-register to take the exam during a future exam window.  The fee for retaking an exam is US$450, whether or not you sat for the exam the first time.

My employer requires an invoice for my Membership dues. What should I do?

• Paid invoices can be printed directly from your account at caia.org. Receipts can be printed directly from your account at caia.org. Log in to your CAIA account with your email and password and click on your email address in the top right corner of your screen to access your profile. All past invoices will be stored on your profile under the “Your Invoices” section. 

• If you need an invoice for submission to your employer, please complete the Membership application or renewal process, and select Pay by Check or Wire when you reach your shopping cart. Your unpaid invoice will be available to be printed or saved from within your profile. 

I need a receipt for payment. What should I do?

• Receipts can be printed directly from your account at caia.org. Log in to your CAIA account with your email and password and click on your email address in the top right corner of your screen to access your profile. All past invoices will be stored on your profile under the “Your Invoices” section.

As a CAIA Member, I understand that I receive a complimentary Research Archives subscription on AllAboutAlpha.com. How do I get access?

• CAIA Members in good standing are automatically subscribed. You will receive your access information via email. If you allow your Membership to lapse, your account will be suspended.

What is included in AllAboutAlpha's Research Archives subscription?

The Knowledge Base offers unlimited access to:

• AllAboutAlpha's archive white papers covering the history and development of alternative investing;

I see that CAIA Members frequently contribute to AllAboutAlpha. How can I go about submitting a piece for publication?

• One of the goals of AllAboutAlpha.com is to introduce new voices to thought leadership in alternative investments. Members with writing experience may submit a sample to editorial@allaboutalpha.com for consideration as a guest contributor.

• If you are looking to join or make a dues payment you will find the link to do so in a box at the top of your profile. 

• You are welcome to pay by credit card through the checkout process, or you may select the Pay by Check or Wire option at checkout. 

  •    *Please note that we only accept checks from US domestic banks. 

The SET is a CAIA Member benefit offered as a tool for Members to stay current with the CAIA curriculum. The SET includes a series of multiple-choice and essay questions designed to familiarize Members with CAIA curriculum updates. 

What is the purpose?

• The questions are based on recent CAIA Level II curricula and are intended to provide Members with a means for assessing their understanding of current policy, practice, and/or topical developments in alternative investments. 

• After completing the SET, each Member's SET results include an indication of whether each question was answered correctly, supplemented with explanatory notes and links to the corresponding CAIA readings for further review. 

• After completing the SET, CAIA Members may review the questions to identify the areas in which they may have demonstrated a learning need.  

What is the process?

• The CAIA Association recommends that CAIA Members complete the SET once every three years as part of their ongoing professional development. 

• While there is no "pass" requirement for maintaining the CAIA designation, CAIA suggests Members carefully review and answer the questions at minimum once every three years. 

• Members will be asked to answer 20 questions (a combination of multiple-choice questions and constructed-response questions). This should take approximately 20 to 30 minutes. 

• Each time a Member goes through the process, the "requirement" clock will be reset for the next three years. 

What are the benefits of participating in the SET?

• Each Member's SET results include an indication of whether each question was answered correctly, supplemented with explanatory notes and links to the corresponding CAIA readings for further review.  

• Members successful completion of the SET enhances their ongoing professional development and provides the resources to fill any knowledge gaps. 

Can I use my CAIA Charter to fulfill continuing education requirements or credits for other professional designations?

• CAIA Members with three or more years of industry experience are eligible for membership with the Chartered Institute for Securities & Investments (CISI). 

• CAIA Members with at least three years of industry experience qualify for full membership (MCSI). 

• CAIA Members with less than three years of industry experience are eligible to join as Associate (ACSI) members. 

• After submitting payment, you are now officially a CAIA charterholder in good standing and have earned the right to use the CAIA designation.  

• After submitting payment, you will receive an email confirmation that your Membership application has been approved.  

• Please refer to the Intellectual Property Policy for details on the usage of the CAIA marks, available on our website. 

Do I get a diploma/certificate for earning the CAIA designation?

• A personal Charter will be sent to your primary address within the first quarter following your joining the CAIA Association as a full Member. 

• Important: Please be sure to keep your contact information updated so that we can successfully deliver your CAIA Charter. To update your address, please log in to your CAIA account with your email and password and click on your email address in the top right corner of you screen to access your profile. 

When will my Charter be shipped?

• Your Charter should arrive approximately within one business quarter after you join. Please ensure your primary mailing address can accommodate an oversized, inflexible envelope so that your Charter is successfully delivered to you. 

I lost/accidentally threw away/ruined my Charter. Can I get a scanned copy of the Charter? How can I order another copy of my Charter?

• Since we do not keep copies of your Charter on file, it is not possible for us to provide you with a scanned copy If you would like to have your Charter reprinted for a fee, please email your request to member@caia.org.  

When can I start using the CAIA designation?

• Once your Membership application has been approved, you have earned the right to use the CAIA designation. You will receive an email confirming your Membership once you have joined and paid the Membership fee. 

Do I have to renew my Membership to continue using the CAIA designation?

• Yes, only CAIA Charterholders in good standing have the exclusive right to use the CAIA designation. 

• If you allow your Membership to lapse, you will have forfeited the right to use the CAIA designation. 

Can Affiliate Members or Retired Members use the CAIA designation?

• Affiliate Members have not yet fulfilled their Membership requirements and may not use the CAIA designation. 

• Members who have renewed as Retired Members have the right to use the CAIA designation. 

What is the proper way to use the CAIA marks?

• You may use CAIA after your name with or without the registered marks. Proper: Jane Smith, CAIA ® -OR- Jane Smith, CAIA 

• For details on the proper usage of the CAIA marks, please refer to the Intellectual Property Policy in the Policy section of our website. 

Can you send me documentation regarding my CAIA Charter? 

• A verification letter is available for an active Member and can be found directly within the Member Account Profile. Once logged in, go to My Profile and click on the Member Verification Letter tab for a downloadable pdf.

• If necessary, we send email verifications for your CAIA designation at the request of a CAIA Member. 

• This email includes the date you became a Member, the dates you passed the Level I and Level II exams, as well as the date your Membership expires. 

Verifications

Please check your Member account profile or if you need to complete a verification for an employment screening or background check, please send a request along with a signed release from your candidate to the appropriate area of CAIA:

• For verifying a CAIA Membership, send your request to member@caia.org 

• For verifying a Candidate’s enrollment in the CAIA Charter program, send your request to candidate@caia.org 

• For verifying completion of the Fundamentals of Alternative Investment course, send your request to CAIALMS@caia.org.

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Besides contributing to AllAboutAlpha.com, what other volunteer opportunities are available to CAIA Members?

• Assisting with exam grading.  

• Assisting with exam development. 

• Assisting with curriculum development.  

• Assisting with Member/Chapter events.  

• Promoting the CAIA designation in my company/community. 

• Assisting with scholarship reviews. 

Please contact member@caia.org for more information. 

How do I express my interest in these activities?

• Log in to your CAIA account with your email and password and click on your email address in the top right corner of your screen. Choose the "My Volunteer Interests" link under My Account Link. From there you can click on the boxes next to the volunteer activities you are interested in. Once you have made your selections, click the Save button. 

How do I get my annual digital JAI subscription?

• Active CAIA Members are automatically subscribed. You do not need to do anything. You will receive a link to the digital version via email as soon as it becomes available. 

What if I already have a paid subscription to JAI?

• The CAIA Association will renew your digital subscription when your current subscription expires. 

How do I get online access to the JAI, and JAI Practical Applications Reports?

• Once you log in to your CAIA account, please select "Journal Access" from the Members navigation dropdown at the top of your screen and select the appropriate Access link from that page.  

• Note that the online version of JAI is different from the digital version which is in an “e-zine” format, readable on your phone, tablet or desktop – accessible only via the link in the quarterly email you will receive. 

When is The Journal of Alternative Investments published?

• The Journal of Alternative Investments is published quarterly in March, June, September and December.

When will I receive my first JAI issue?

• If you become a Member following the March LII exams, your first digital journal will be the Summer issue, which should arrive to your primary email address in July. 

• If you become a Member following the September LII exams, your first digital journal will be the Winter issue, which should arrive to your primary email address listed in your CAIA account in January. 

Who can participate in Member Spotlight?

• Active CAIA Members are invited to participate. 

• This is an opportunity for you to share the news about your new job/venture, promotion, speaking engagement, award, published article, or any other notable accomplishment. 

What kind of information do I need to submit?

• Quote explaining the value of your CAIA Membership/Charter. 

• Bio, beginning with your recent accomplishments and then your job history and educational background. Upon request, we are available to provide editing and proofreading. 

• Head shot with the highest resolution and largest size possible, against a neutral background, without alterations. 

How do I submit payment?

• If you are looking to join or make a dues payment you will find the link to do so in a box at the top of your profile. 

• You are welcome to pay by credit card through the checkout process, or you may select the Pay by Check or Wire option at checkout. 

  • *Please note that we only accept checks from US domestic banks. 

If I select Pay by Check or Wire, is my Membership registration/renewal process complete?

• Your Membership registration or renewal will not be considered complete until CAIA has received your dues payment. 

I’ve passed the Level II exam.  What are the other requirements for CAIA Membership?

• Hold a bachelor's degree or the equivalent and have more than one year of full-time professional experience within the regulatory, banking, financial or related fields.  

• Alternatively, a Candidate must have at least four years of full-time professional experience within the regulatory, banking, financial or related fields.  

• Submit payment for a one- or two-year CAIA Association Membership. 

• Agree on an annual or biennial basis to abide by the Member Agreement. 

• Please keep in mind that we offer Affiliate Membership as an option if you do not meet the CAIA Membership requirements when you pass your Level II exam.  (Please contact member@caia.org to request an Affiliate Membership.) 

Do I have to apply for CAIA Membership within a certain period after passing my Level II exams?  If I wait too long, will I have to retake my exams?

• There are no time restrictions on the validity of your exam results. To enjoy a full of year of benefits, we encourage you to apply for Membership as soon as possible after passing the CAIA exams.  

• Please keep in mind that we offer Affiliate Membership as an option if you do not meet the CAIA Membership requirements when you pass your Level II exam.  (Please see CAIA Affiliate Membership information.) 

Are there any disadvantages in delaying my Membership registration?

• To enjoy a full of year of benefits, we encourage you to apply for Membership as soon as possible after passing the CAIA exams.  

• Whether you complete the program in September or March, your Membership will expire May 31st of the following year.  

Will I receive a certificate for completing the CAIA program?

• No, we do not issue certificates for completing the exams. 

• Once your CAIA Membership has been approved, you will receive your CAIA Charter. 

• See CAIA Charter information for details. 

How much does Membership cost?

• A one-year Membership costs US$350 and a two-year Membership is US$650. 

  • CAIA also offers an Emerging Market rate for Membership. A one-year Emerging Market Membership costs US$100 and a two-year is US$200. 

Do my references have to be CAIA Members?

• Membership in the CAIA Association is not a requirement to serve as a reference. 

• The only requirement for your references is that they have relevant information regarding your professional experience. 

Can you tell me who will be contacting my professional references, so I can alert them?

• We do not contact professional references on a routine basis. However, we reserve the right to contact all references if we perform a random audit. 

I completed the Membership application, but wanted to check my answers/make some changes. What should I do?

• Once the Member application is completed, you will not be able to move back to review the information or to make any changes. 

• If you would like to change or review your professional reference information, please send your request to member@caia.org. 

• All other updates may be made in your profile by logging into your CAIA account, click on your email address in the top right corner of your screen to access your profile. 

When do I need to renew my Membership?

• Regardless of when you passed your Level II exam, your Membership expires on May 31. You may renew at any time prior to May 31. 
• When you log in to your account, you will have access to the renewal link in the gray box at the top of your user profile.

How do I renew my Membership?

• Log in to your account at CAIA.org. After logging into the CAIA website the easiest route will be to click on your email address in the top right corner. From there you will see a Renew Now link in the orange box at the top of your profile.

What happens if I don’t renew my Membership on time?

• Please keep in mind that only CAIA Members in good standing have the exclusive right to use the CAIA designation.  

• To enjoy a full year of benefits, we encourage you to renew your Membership on time.  Please also keep in mind that we do not prorate Membership dues. 

• Regardless of when you first apply for or last renew your Membership, your Membership always expires on May 31. 

Can I apply for Affiliate Membership?  Do you offer any Membership options at a reduced cost?
• CAIA Affiliate Membership is offered to eligible new Members only.  We offer Retired Membership status as an option for renewing Members who are unemployed, retired, full-time students, or experiencing other extenuating financial or personal circumstances, and are unable to pay the full Membership fee.  The annual Membership cost for Affiliate and Retired Status Membership is US$175 and US$175 respectively.   
• See Affiliate Membership and Retired Membership Status for additional details.

I lost my job and can no longer afford to pay the full Membership fee. Do you offer any options that would allow me to continue my CAIA Membership?

• We offer Retired Membership status at a reduced cost to renewing Members who are unemployed, retired, returning to school, or experiencing other extenuating financial or personal circumstances and are unable to pay the full Membership fee. 
• Please see Retired Membership status for details.

Who is eligible for CAIA Affiliate Membership?

• Affiliate Membership is reserved for CAIA Candidates who have passed the Level II exam and who are working to meet the requirements for full Membership.  Affiliate Membership is designed for Candidates who hold a bachelor's degree, or the equivalent, and have less than one year of professional experience.  In absence of a bachelor’s degree, Candidates who have fewer than four years of professional experience are also eligible for Affiliate Membership. 

• Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related fields.  

• Once Affiliate Members have acquired enough experience, Members are required to apply for full CAIA Membership to obtain the CAIA Charter and use the CAIA designation. 

What are the requirements of Affiliate Membership?

To qualify for Affiliate Membership, Candidates are required to do the following: 

• Pass both the CAIA Level I and Level II exams. 

• Contact member@caia.org for further instruction. 

What are the benefits of CAIA Affiliate Membership?

• Access to CAIA’s global community of over 11,000 Members in more than 95 countries who represent hundreds of employers 

• Online access to the Alternative Investment Analyst Review, CAIA’s quarterly, digital research digest 

• CAIA’s Media Center for instructive videos, live presentations, and recordings on a range of alternative investment topics 

• Chapter events 

*Note that only full CAIA Members may use the CAIA Marks. Affiliate Members are thus not allowed to use the CAIA Marks until they become full CAIA Members. 

I noticed that there are two sets of name fields in my profile.  Where do you use my non-legal name as entered in my profile?

• Your non-legal first name is typically used in our email messages. 

• Your non-legal first and last names will be used for the CAIA Member directory. 

• You are free to update your non-legal name in your profile at any time 

Where is my Legal name used?

• Your Legal name without the prefix is printed on your Charter. You may update your Legal name from within your profile. 

Can I add my other credentials to my Profile/Legal/Charter name?

• The CAIA Charter reflects your legal name only. Only suffixes which are part of your Legal name, e.g., Jr, Sr, III, etc., will be printed on your Charter Prefixes e.g., Miss or Dr, and credentials e.g., PhD or CMT, should not be added as CAIA is unable to verify other credentials. 

How can I find other Members near me?

• Finding other CAIA Members is convenient using our CAIA Member Directory. Simply log into your account to access this feature. Searches can be done by Name, Chapter, City, State, or Country. Having trouble logging in? Contact member@caia.org for assistance with your login access. 

Who is eligible for CAIA Retired Membership?

• Retired Membership is reserved for active CAIA Members who are retired, unemployed, enrolled in a degree program, or experiencing extenuating circumstances.  
• During Membership renewal, active Members may apply for Retired Membership through the renewal process.

What are the requirements of Retired Membership Status?

• To qualify for Retired Membership Status, Members are required to do the following: 

1. Select the Retired Membership option when renewing your Membership.  

2. Agree on an annual basis to abide by the Member Agreement.  

3. Submit payment of US$175 for the annual Retired Membership fee.

What are the benefits of Retired Membership?

•CAIA does not make distinctions between Retired Status Members and CAIA Members.  Retired Status Members enjoy all the benefits and rights of full CAIA Membership. 

1. Use of the CAIA designation 

2. Access to CAIA’s global community of over 11,000 Members in more than 90 countries who represent hundreds of employers 

3. Online access to The Journal of Alternative Investments, the official publication of the CAIA Association 

4. Online access to the Alternative Investment Analyst Review, CAIA’s quarterly, digital research digest 

5. AllAboutAlpha.com Knowledge Base, CAIA’s comprehensive library of research on alternative investments 

6. CAIA Job Board postings for which employers around the world actively seek CAIA Charterholders 

7. CAIA’s Media Center for instructive videos, live presentations, and recordings on a range of alternative investment topics 

8. Chapter events 

9. Monthly Member Update 

How much does CAIA Retired Status Membership cost?

• The annual Retired Status Membership fee is US$175.

We are committed to supporting our Candidates and Members by providing timely and accurate information during the dynamic nature of the COVID-19 pandemic. As such, we will follow the Centers for Disease Control and Prevention (CDC) as well as government and WHO recommendations while working to minimize the impact on our Candidates and Membership. Click here for full FAQs.

The CAIA program consists of a two-tier exam process through which one may earn the CAIA charter, the designation for alternative investment professionals offered by the CAIA Association. The CAIA charter is the global mark of distinction in alternative investments.

The Level I exam is composed of 200 multiple-choice questions, which measure Candidates’ knowledge of the CAIA Level I curriculum. The Level I curriculum introduces Candidates to alternative asset classes and discusses potential benefits of allocating to actively managed investment strategies. Candidates are asked to distinguish among various alternative investment strategies and products and to understand the difference between alternative investments and traditional products. Specific knowledge areas include: professional standards and ethics, quantitative analysis of alternative investments, real assets and commodities, hedge funds and managed futures, private equity, structured products, as well as risk management and portfolio management.

The Level II exam is composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, which measure Candidates’ knowledge of the CAIA Level II curriculum. The Level II curriculum builds on Candidates’ understanding of various asset classes and focuses on asset allocation in a multi-asset framework, and various methods for accessing alternative asset classes. Through the Level II curriculum, candidates gain deeper understanding of risk management techniques and tools as well as various structured products. Specific knowledge areas include: professional standards and ethics; private equity; real assets and commodities; hedge funds and managed futures; structured products; asset allocation and portfolio management; risk and risk management; as well as manager selection, due diligence, and regulation.