Chartered Alternative Investment Analyst Programme Curriculum - September 2008
The CAIA Curriculum
The CAIASM curriculum is divided into two distinct levels. Level I uses the tools of investment analysis to examine the fundamentals of each alternative class. Level II deals with advanced topics and applies analytics within an asset allocation and decision making framework. Both levels incorporate segments on ethics and professional conduct.
The curriculum is regularly revised to include the latest developments in applied research and industry practices. Latest additions include such topics as hedge fund and private equity convergence; hedge fund replication; hedge fund unwinding; 130/30 strategies; MiFID; infrastructure investments and insights on the credit crisis.
CAIASM Programme Curriculum – Level 1 – September 2008 Examination
Part 1: Quantitative Methods
- Topic 1: Characteristics of Hedge Funds
- Topic 2: Measuring Return
- Topic 3: Return and Risk Statistics
- Topic 4: Risk-Adjusted Performance Measures
- Topic 5: Databases, Indices, and Benchmarks
- Topic 6: Covariance and Correlation
- Topic 7: Regression Analysis
- Topic 8: Asset Pricing Models
- Topic 9: Styles, Clusters and Classification
- Topic 10: Benefits and Risks Revisited
- Topic 11: Strategic Asset Allocation
- Topic 12: Risk Measurement and Management
- Topic 13: CFA Institute Standards of Professional Conduct (Standards I and II)
- Topic 14: CFA Institute Standards of Professional Conduct (Standards III and IV)
- Topic 15: CFA Institute Standards of Professional Conduct (Standards V and VI)
- Topic 16: Introduction to Real Estate Valuation
- Topic 17: Debt and Mortgages
- Topic 18: Real Estate Returns
- Topic 19: Introduction to Hedge Funds
- Topic 20: Establishing a Hedge Fund Investment Program
- Topic 21: Due Diligence
- Topic 22: Risk Management
- Topic 23: Regulation of Hedge Funds
- Topic 24: Introduction to Commodity Markets
- Topic 25: Investing in Commodity Futures
- Topic 26: Commodity Futures in a Portfolio Context
- Topic 27: Managed Futures
- Topic 28: Introduction to Private Equity
- Topic 29: Performance Measurement for Private Equity
- Topic 30: Trends in Private Equity
- Topic 31: Introduction to Credit Derivatives
- Topic 32: Introduction to Collateralized Debt Obligations
CAIA Programme Curriculum – Level 2 – September 2008 Examination
Part 1: Professional Standards and Ethics*
- Topic 1: CFA Institute Standards of Professional Conduct (I , II, and III)
- Topic 2: CFA Institute Standards of Professional Conduct (IV, V, and VI)
- Topic 3: Selected Hedge Fund Strategy — Convertible Arbitrage
- Topic 4: Quantitative Trading Strategies
- Topic 5: Venture Capital and Private Equity Funds
- Topic 6: Real Estate Investment Trusts
- Topic 7: New Products and Strategies
- Topic 8: Securitization and Structured Products
- Topic 9: Asset Allocation
- Topic 10: Research Issues in Alternative Investments
- Topic 11: Regulation
- Topic 12: Current Topics and Case Analyses
*Note to candidates: The CAIA Association recognizes the Chartered Financial Analyst Institute (CFA®) Code of Ethics and Standards of Professional Conduct and expects CAIA candidates to know them and to abide by them. The Professional Conduct Program of the CFA® Institute maintains jurisdiction only over CFA® members, CFA® charterholders, and candidates in the CFA® Program.
