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EXAM INFORMATION
HOMECAIACAIA 수험정보과목 및 출제비중

과목 및 출제비중

Level 1의 주요 시험주제는 대체투자상품의 자산군(asset class) 별로 투자대상물의 특징, 가치평가 및 직무윤리 등입니다. Level 1은 총 200문제의 사지선다형으로 출제되며, 계산 문제는 30% 미만입니다. 출제비중과 주요주제는 다음과 같습니다.

[CAIA Level 1 Exam Weight]
CAIA Level 1 Exam Weight
Level 1 Topic Approximate Exam Weight
Professional Standards and Ethics 15% – 25%
Introduction to Alternative Investments 20% – 28%
Real Assets 11% – 17%
Hedge Funds 12% – 20%
Private Equity 11% – 17%
Structured Products 10% – 14%
[Level I Topic 주요 주제]
Level I Topic 주요 주제
Part Topic
Part 1 :
Professional Standards and Ethics  
- Standards of Practice Handbook, 11th Edition, CFA Institute, 2014.
- Standard I: Professionalism
- Standard II: Integrity of Capital Markets
- Standard III: Duties to Clients
- Standard IV: Duties to Employers
- Standard V: Investment Analysis, Recommendations, and Actions
- Standard VI: Conflicts of Interest
Part 2 :
Introduction to Alternative Investments
- Alternative Investments: CAIA Level I, Fourth Edition, Wiley, 2020. Part One: Introduction to Alternative Investments, Chapters 1 – 8.
- Chapter 1: What is an Alternative Investment?
- Chapter 2: The Environment of Alternative Investments
- Chapter 3: Quantitative Foundations
- Chapter 4: Statistical Foundations
- Chapter 5: Foundations of Financial Economics
- Chapter 6: Derivatives and Risk-Neutral Valuation
- Chapter 7: Measures of Risk and Performance
- Chapter 8: Alpha, Beta, and Hypothesis Testing
Part 3 :
Real Assets 
- Alternative Investments: CAIA Level I, Fourth Edition, Wiley, 2020. Part Two: Real Assets, Chapters 9 – 13.
- Chapter 9: Natural Resources and Land
- Chapter 10: Commodities
- Chapter 11: Other Real Assets
- Chapter 12: Real Estate and Debt
- Chapter 13: Real Estate Equity
Part 4 :
Hedge Funds     
- Alternative Investments: CAIA Level I, Fourth Edition, Wiley, 2020. Part Three: Hedge Funds, Chapters 14 – 19.
- Chapter 14: Structure of the Hedge Fund Industry
- Chapter 15: Macro and Managed Futures Funds
- Chapter 16: Event-Driven Hedge Funds
- Chapter 17: Relative Value Hedge Funds
- Chapter 18: Equity Hedge Funds Chapter 19: Funds of Hedge Funds
- Chapter 19: Funds of Hedge Funds
Part 5 :
Private Equity
- Alternative Investments: CAIA Level I, Fourth Edition, Wiley, 2020. Part Four: Private Equity, Chapters 20 – 22.
- Chapter 20: Private Equity Assets
- Chapter 21: Private Equity Funds
- Chapter 22: Private Credit and Distressed Debt
Part 6 :
Structured Products 
- Alternative Investments: CAIA Level I, Fourth Edition, Wiley, 2020. Part Five: Structured Products, Chapters 23 – 26.
- Chapter 23: Introduction to Structuring
- Chapter 24: Credit Risk and Credit Derivatives
- Chapter 25: CDO Structuring of Credit Risk
- Chapter 26: Equity-Linked Structured Products

Level 2 Exam의 주요내용은 Level 1의 내용을 바탕으로 대체투자상품까지 고려한 최적의 자산배분(asset allocation)과 구성된 포트폴리오를 운용 관리하는데 수반되는 각종 의사결정능력 및 직무윤리 등으로 구성되어 있습니다.

Level 1과는 달리 Level 2의 경우 Section 1은 100문항의 4지선다형으로 출제되며 Section 2는 간단한 단답형의 essay type으로 출제됩니다. 출제비중은 Section 1이 70%, Section 2가 30%를 차지합니다.

계산 문제는 30% 미만으로 출제 됩니다. Level 2 Exam의 출제비중과 주요내용 다음과 같습니다.

[CAIA Level 2 Exam Weight]
CAIA Level 2 Exam Weight
Level 2 Topic Question Format
Multiple-choice Constructed-Response
Ethics, Regulation, and ESG 0% 10%
Models 8-12% 0-10%
Institutional Asset Owners and Investment Policies 8-12% 0-10%
Risk and Risk Management 8-12% 0-10%
Methods for Alternative Investing 8-12% 0-10%
Accesing Alternative Investments 8-12% 0-10%
Due Diligence and Selecting Strategies 8-12% 0-10%
Volatility and Complex Strategies 8-12% 0-10%
Current and Integrated Topics 0% 10%
Total 70% 30%
[CAIA Level 2 Topic 주요주제]
CAIA Level 2 Topic 주요주제
Part Topic
Topic 1:
Ethics, Regulation, and ESG
Chapter 1: Asset Manager Cpode
- Chapter 2: Recommendations and Guidance
- Chapter 3: Global Regulation
- Chapter 4: ESG and Alternative Investments
- Chapter 5: ESG Analysis and Application
Topic 2:
Models
- Chapter 6: Modeling Overview and Interest Rate Models
- Chapter 7: Credit Risk Models
- Chapter 8: Multi-Factor Equity Pricing Models
- Chapter 9: Asset Allocation Processes and the Mean-Variance Model
- Chapter 10: Other Asset Allocation Approaches
Topic 3:
Institutional Asset Owners
and Investment Policies
- Chapter 11: Types of Asset Owners and the Investment Policy Statement
- Chapter 12: Foundations and the Endowment Model
- Chapter 13: Pension Fund Portfolio Management
- Chapter 14: Sovereign Wealth Funds
- Chapter 15: Family Offices and the Family Office Model
Topic 4:
Risk and
Risk Management
- Chapter 16: Cases in Tail Risk
- Chapter 17: Benchmarking and Performance Attribution
- Chapter 18: Liquidity and Funding Risks
- Chapter 19: Hedging, Rebalancing, and Monitoring
- Chapter 20: Risk Measurement, Risk Management, and Risk Systems
Topic 5:
Methods for
Alternative Investing
- Chapter 21: Valuation and Hedging Using Binomial Trees
- Chapter 22: Directional Strategies and Methods
- Chapter 23: Multivariate Empirical Methods and Performance Persistence
- Chapter 24: Relative Value Methods
- Chapter 25: Valuation Methods for Private Assets: The Case of Real Estate
Topic 6:
Accesing
Alternative Investments
- Chapter 26: Hedge Fund Replication
- Chapter 27: Diversified Access to Hedge Funds
- Chapter 28: Access to Real Estate and Commodities
- Chapter 29: Access through Private Structures
- Chapter 30: The Risk and Performance of Private and Listed Assets
Topic 7:
Due Diligence
and Selecting Strategies
- Chapter 31: Active Management and New Investments
- Chapter 32: Selection of a Fund Manager
- Chapter 33: Investment Process Due Diligence
- Chapter 34: Operational Due Diligence
- Chapter 35: Due Diligence of Terms and Business Activities
Topic 8:
Volatility and
Complex Strategies
- Chapter 36: Volatility as a Factor Exposure
- Chapter 37: Volatility, Correlation, and Dispersion Products and Strategies
- Chapter 38: Complexity and Structured Products
- Chapter 39: Insurance-Linked and Hybrid Securities
- Chapter 40: Complexity and the Case of Cross-Border Real Estate Investing
Topic 9:
Current and
Integrated Topics
Current and Integrated Topics. These readings can be downloaded free of charge from the CAIA website. 1. “Dynamic Strategies for Asset Allocation,” Andre F. Perold and William F. Sharpe, Financial Analyst Journal, January-February 1995. 2. “Technical Guide for Limited Partners: Responsible Investing in Private Equity,” Principles for Responsible Investing, 2020. 3. “Asset Owners, Investment Management, and Commitment: An Organizational Framework,” Gordon L. Clark and Ashby H. B. Monk, The Journal of Retirement, Winter 2019. 4. “Building a Better Portfolio: Balancing Performance and Liquidity,” Junying Shen, Ding Li, Grace Qiu, Vishv Jeet, Michelle Teng and Ki Cheong Wong, GIC EIS and PGIM IAS, 2020. Pages 1-24. 5. “Demystifying Illiquid Assets: Expected Returns for Private Equity,” Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, The Journal of Alternative Investments, Winter 2020. 6. “An executive’s guide to AI,” Michael Chui and Michael Chui, McKinsey Analytics, 2019. 7. “Longevity and Liabilities: Bridging the Gap,” PGIM, Inc., 2017. 8. “Blockchain and Financial Market Innovation,” Economic Perspectives, Federal Reserve Bank of Chicago, July 2017.

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