The CAIA has two levels: Level I introduces the alternative asset classes through multiple-choice; Level II goes deeper and adds essays. Ethics is tested at both levels. Confirm the current curriculum with the CAIA Association.
Level I (foundations and asset classes)
| Area | Note |
|---|---|
| Professional Standards and Ethics | The CAIA standards, applied to scenarios |
| Quantitative foundations | Statistics and return concepts for alternatives |
| Real assets | Real estate, infrastructure, natural resources, commodities |
| Hedge funds | Strategies and structures |
| Private equity | Buyout, venture and growth |
| Private debt / credit | Direct lending and credit strategies |
| Structured products | Securitisation and structured finance |
Level II (depth, risk and current topics)
| Area | Note |
|---|---|
| Each asset class in depth | Deeper treatment and models |
| Risk and risk management | Measuring and managing alternatives risk |
| Accessing alternatives | Funds, co-investments and vehicles |
| Due diligence and manager selection | Selecting and monitoring managers |
| Emerging / current topics | Readings on current market themes |
| Constructed-response (essays) | Short written answers alongside multiple-choice |
How the levels connect
Level I is the map of alternatives; Level II is the depth plus application (risk, due diligence, current topics). Master the asset-class foundations first. Confirm current content with the CAIA Association.