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Welcome to the Hedge Funds Training and Certification pages
 
Hedge Funds Training and Certification Step 1
Become member of the CAIA Association
 
Hedge Funds Training and Certification Step 2
Learn about the CAIA program. There are two levels.
Level I uses fundamental knowledge and investment analytics to examine each alternative asset class.
Level II applies the knowledge and analytics learned in Level I within an asset allocation framework. Both incorporate segments on ethics and professional conduct — essential components of the CAIA program.
 
The curriculum provides investment professionals with a broad foundation of knowledge covering
the unique
risk and return attributes associated with alternative vehicles, including real estate, private equity, commodities, hedge funds and managed futures.

Study materials are chosen for their clarity, depth and synthesis of industry insights. To maintain the program’s currency, the curriculum is revised regularly, incorporating new products and research.
 
 
Level I
Professional Standards and Ethics
Quantitative Analysis
Performance Measures
Pricing Models
Asset Allocation
Hedge Funds
Investment Strategies
Due Diligence
Risk Management
Regulation
Commodities and Managed Futures
Investing in Commodities
Portfolio Implications
Managed Futures
Private Equity
Investing in Private Equity and Venture Capital
Leveraged Buyouts
Mezzanine and Distressed Debt
Performance Measurement
Real Estate
Valuation
Mortgages
Risk and Return
Credit Derivatives
Risk & Return Characteristics
Collateralized Debt Obligations

Level II
Professional Standards and Ethics
Hedge Funds and Managed Futures
Convertible Arbitrage Strategies
Trend Following Strategies
Venture Capital and Private Equity
Fund Management
Real Estate
Real Estate Investment Trusts (REITs)
Current and Integrated Topics
Asset Allocation in a Global Setting
Securitization and Structured Products
Risk Management
Regulatory Environment
New Research in Alternative Investments
Case Studies
 
Hedge Funds Training and Certification Step 2
Sit for the CAIA Examinations

CAIA examinations are offered semi-annually, giving candidates the opportunity to complete the CAIA program within a calendar year.
They are computer-based and administered at proctored test centers around the world.

Both exams allow candidates to review their responses and offer feedback.

Level I - 200 Multiple Choice Questions
The Level I exam challenges a candidate’s understanding of the alternative investment market’s tools and terms.
Candidates are asked to distinguish among various trading strategies and performance measurements. Specific knowledge areas include:
• quantitative methods
• professional standards
• risk and return characteristics of real estate, private equity,
commodities, hedge funds, and managed futures
• credit derivatives

Level II - 100 Multiple Choice Plus 3 Essay Questions
The Level II exam is a multifaceted assembly of questions and problem solving tasks. The tools and terms introduced in Level I provide the basis for a more in-depth investigation.
Specific knowledge areas include:
• asset allocation
• risk management
• structured products
• indexing and benchmarking
• current topics
• case analyses
 
The CAIA Association facilitates job placement in the field of alternative investments through its online Job Board. As the industry continues to expand, so too does the need for qualified professionals.
 
The Job Board enables financial institutions to alert CAIA designees to existing employment opportunities
 
TO SEE WHAT IS COVERED IN THE EXAM, YOU MAY HAVE A LOOK AT THE RECOMMENDED READING (FROM CAIA)
 

 
 
 

 

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