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2010 CAIA (Chartered Alternative Investment Analyst) Exam Preparation Courses

The CfBS preparation courses for the 2010 CAIA exams take place in Zurich. The courses consist of 40 lessons for each level and are structured in accordance with the Learning Objectives of the CAIA Association. The courses teach the most complex and frequently asked concepts and give a framework to structure the exam preparation.

CfBS Center for Business Studies is an officially-recognized course provider of the CAIA Association.


CAIA Program

The Chartered Alternative Investment Analyst (CAIA) program is a globally recognized certification for professionals working in the field of alternative investments. The CAIA program covers the concepts, tools and practices essential for understanding alternative investments and is committed to high standards of professional conduct. The Chartered Alternative Investment Analyst (CAIA) Association® was founded in 2002 and is the sponsoring organization for the CAIA designation. Since inception the CAIA program has grown rapidly and more than 6,000 candidates participated in the 2008 exams worldwide.

The exams for levels I and II are held twice each year, in March and September. Candidates can take only one exam within the same exam period and are only admitted to take the level II exam after passing the level I exam. The program can be completed within one year. The CAIA exams are computer-based. The level I exam has a multiple-choice format and lasts four hours. The level II exam is composed of multiple-choice and essay questions and lasts three and a half hours.

More information about the CAIA program may be found at www.caia.org.

2010 CAIA Curriculum (March Exams)

The CAIA level I curriculum is tested with 200 multiple-choice questions and covers the following topics:
Prerequisite Material: Quantitative Analysis: Time Value of Money, Probability Distributions, Sampling, Hypothesis Testing, Correlation, Regression, Time Series Analysis, and Portfolio Concepts.
Prerequisite Material: Markets, Instruments, Valuation, and Investment Theory: Markets and Instruments, Fixed Income Securities, Equity Securities, Risk and Return, Market Efficiency, Portfolio Management, Options, Black-Scholes Option Pricing Model, Futures, Forwards, and Swaps.
Professional Standards and Ethics (15% to 20%): CFA Institute Standards of Professional Conduct.
Alpha Drivers and Beta Drivers (10% to 15%): Importance of Alternative Asset Classes, Beta Continuum, Alpha versus Beta Separation, Calculus of Active Management.
Real Estate (10% to 15%): Real Estate Investment Trusts, Introduction to NCREIF (National Council of Real Estate Investment Fiduciaries), Real Estate as an Investment Class, Core, Value Added, and Opportunistic Real Estate.
Hedge Funds (20% to 25%): Hedge Fund Strategies, Establishing a Hedge Fund Investment Program, Due Diligence, Risk Management, Hedge Fund Benchmarks and Asset Allocation, Incentive Fees and Free Option, Collapses of Hedge Funds.
Commodities and Managed Futures (10% to 15%): Commodity Markets, Investing in Commodity Futures, Commodity Futures in a Portfolio Context, Managed Futures.
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bullet Private Equity (10% to 15%): Venture Capital, Leveraged Buyouts, Mezzanine Debt, Distressed Debt, Trends, and Economics of Private Equity.
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bullet Credit Derivatives (10% to 15%): Types of Credit Derivatives, Collateralized Debt Obligations.
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The prerequisite material of Quantitative Analysis and Markets, Instruments, Valuation, and Investment Theory is an integrated part of the CAIA program and candidates are assumed to have an understanding of this material. This prerequisite material is incorporated into level I and level II examination questions.
The level II curriculum contains the following topics:
Professional Standards and Ethics (10% to 15%): CFA Institute Standards of Professional Conduct.
Venture Capital and Private Equity (10% to 15%): Private Equity Funds Structure, Investment Process, Portfolio Context, Fund Manager Selection, Benchmarking, Monitoring, Valuation, Management of Liquidity, IRR, Distribution of Waterfall.
Commodities (5% to 10%): Commodity Markets Analysis, Asset Allocation, Long Commodity Exposure, Commodity Alpha, Commodity Indexes, Oil Markets.
Managed Futures (5% to 10%): Industry Development and Regulation, Managed Futures Strategies, Risk and Performance Measurement, Benchmarking, Investment Products, and Investment Analysis.
Real Estate (5% to 10%): Real Estate Investments, Indices, Real Estate Equity Valuation, Investment Risks and Due Diligence, Residential and Commercial Mortgages, Mortgage Backed Securities, Asset Allocation, Alternative Real Estate Investment Vehicles.
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bullet Hedge Funds (15% to 20%): Convertible Arbitrage, Global Macro, Equity Long/Short, Fund of Hedge Funds and Investable Indices, Due Diligence, Operational Risk, Distressed Securities Performance Fees, Hedge Fund Manager Selection and De-Selection.
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bullet Current and Integrated Topics (30% to 40%): Structured Products, New Products and Strategies, Asset Allocation to Alternatives, Subprime Credit Crisis of 2007, Portfolio Management, Risk Management, and Research Issues in Alternative Investments.
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All topics of the level II curriculum are tested in multiple-choice and essay format.
 
“CAIAA does not endorse, promote, review or warrant the accuracy of the products or services offered by CfBS Center for Business Studies, nor does it endorse any pass rates claimed by the provider. CAIAA is not responsible for any fees or costs paid by the user to CfBS Center for Business Studies nor is CAIAA responsible for any fees or costs of any person or entity providing any services to CfBS Center for Business Studies. CAIA®, CAIA Association®, Chartered Alternative Investment AnalystSM, and Chartered Alternative Investment Analyst Association® are service marks and trademarks owned by CHARTERED ALTERNATIVE INVESTMENT ANALYST ASSOCIATION, INC., a Massachusetts non-profit corporation with its principle place of business at Amherst, Massachusetts, and are used by permission.”