CAIA Charter Program
The Chartered
Alternative Investment Analyst program provides a broad-based curriculum in
alternative investments. The program covers the main areas of hedge funds,
private equity, commodities, real estate and managed futures.
The CAIA program is
organized into two levels, with Level I using investment analytics to examine
the fundamentals of each alternative asset class. Level II applies these
analytics within an asset allocation and decision-making framework. Both
incorporate segments on ethics and professional conduct - essential components
of the CAIA program. The CAIA Association recognizes the work of the CFA Institute in developing the internationally accepted Standards of Practice Handbook and has incorporated it into the CAIA curriculum.
Level I
The Level I curriculum
is broadly divided into two sections - quantitative methods and an introduction
to alternative investments. Candidates study the application of basic
analytical tools, as well as the fundamentals of alternative investment
vehicles. Candidates learn to differentiate between the various AI
trading strategies and performance measurements. Candidates registered for the
program are assumed to have an elementary undergraduate understanding of the
basic concepts of traditional finance.
The Level I curriculum covers such areas as:
- quantitative analysis
- regulatory frameworks
- trading strategies
- performance measurement
- credit derivatives
Level II
The Level II curriculum
is also broadly divided into two sections - alternative investments and Current and Integrated Topics. Both sections take a global perspective. Candidates must apply the skills and knowledge from Level I
to gain a deeper understanding of issues involved in each of the areas of
alternative investments. Current and Integrated Topics is updated annually
to reflect the latest industry and research developments, such as new products and advances in risk
management techniques.
The Level II curriculum covers such areas as:
- asset allocation
- portfolio management
- style analysis
- risk management
- structured products
- indexation and benchmarking
- current topics and case analyses