A final-revision summary for the CAIA. Study aid only - no notes in the proctored exam (an approved calculator is permitted).
The format
Two levels. Level I = 200 multiple-choice questions. Level II = 100 multiple-choice questions plus 3 sets of constructed-response (essay) questions. Ethics is tested at both.
The alternative asset classes
| Class | What it is |
|---|---|
| Real assets | Real estate, infrastructure, natural resources, commodities |
| Hedge funds | Pooled funds using a wide range of strategies |
| Private equity | Buyout, venture and growth investing in private companies |
| Private debt / credit | Direct lending and other private credit strategies |
| Structured products | Securitised and structured finance instruments |
Key ideas
Carried interest and the GP/LP structure · the J-curve in private equity · illiquidity and lock-ups · fund-of-funds · due diligence and manager selection · alpha vs beta in alternatives.
Exam-day reminders
Two levels · ethics at both · Level II adds essays (write concise, on-point answers) · master the approved calculator · manage time per question.