Who should attend
There are no entry requirements, however you should have an understanding of the basic concepts of finance and quantitative analysis.
About the course
The first level of CAIA is suitable for financial professionals wanting to diversify their knowledge and learn about the Alternative Investments sector. As well as building your knowledge of various alternative asset classes, you will learn the tools and techniques used to evaluate the risk-return attributes of each. Ethics and professional standards are also a key part of this level.
CAIA Level 1 consists of seven topics (also known as subjects) which are mandatory and examined by a multiple-choice computer based exam. The exam has 200 questions in total, which are divided into two sections of 100 questions each. You have two hours for each 100 question section with an optional 30 minute break.
Below is a syllabus overview detailing topics (subjects) and their approximate exam weighting.
Level 1 topic Approximate exam weight
- Professional Standards and Ethics 15% - 20%
- Introduction to Alternative Investments 20% - 25%
- Real Assets 10% - 20%
- Hedge Funds 10% - 20%
- Private Equity 5% - 10%
- Structured Products 10% - 15%
- Risk Management and Portfolio Management 5% - 10%
Professional Standards and Ethics
You’ll explore professionalism in the industry, such as the integrity of capital markets, your duties to clients and employers, investment analysis, recommendations, actions, and potential conflicts of interest.
Introduction to Alternative Investments
This subject introduces you to fundamentals of alternative investments, including: quantitative foundations, statistical foundations, measures of risk and performance, foundations of financial economics, benchmarking and performance attribution, alpha, beta, and hypothesis testing, and regression, multivariate, and nonlinear methods.
Learn and understand real assets, such as natural resources and land, commodity forward pricing, commodities: applications and evidence, operationally-intensive real assets, liquid and fixed-income real estate and real estate equity investments.
This subject will teach you the structure of the hedge fund industry, macro and managed futures funds, event-driven hedge funds, relative value hedge funds, equity hedge funds, and funds of hedge funds.
Develop an understanding of private equity, including equity types of private equity and debt types of private equity.
Explore an introduction to structuring, credit risk and credit derivatives, CDO structuring of credit risk and equity-linked structured products.
Risk Management and Portfolio Management This topic will teach you about cases in tail events, investment process, operations and risk, due diligence of fund managers and portfolio management, alpha, and beta.
Why study CAIA Level 1 with Kaplan?
Learn from world-class tutors with years of teaching and industry experience - rest assured you are in capable hands.
Flexible study options
Our study tools are flexible enough to fit around your lifestyle. From online to classroom, we give you all the support and materials you need to succeed.
Pass commitment assurance
We know the exams are tough but we’re here to help you every step of the way. Should you need a second chance we’ll put you back on track with our pass commitment.
Unrivalled study materials
We understand that CAIA is a big time commitment, which is why you will get access to comprehensive Schweser study materials and practice questions to keep you on track.
Videos and materials
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.