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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, 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% – 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%
[Level I Topic 주요 주제]
Level I Topic 주요 주제
Part Topic
Part 1 :
Professional Standards and Ethics  
- Professionalism
- Integrity of Capital Markets
- Duties to Clients
- Duties to Employers
- Investment Analysis, Recommendations, and Actions
- Conflicts of Interest
Part 2 :
Introduction to Alternative Investments
- What is an Alternative Investment?
- The Environment of Alternative Investments
- Quantitative Foundations
- Statistical Foundations
- Measures of Risk and Performance
- Foundations of Financial Economics
- Benchmarking and Performance Attribution
- Alpha, Beta, and Hypothesis Testing
- Regression, Multivariate, and Nonlinear Methods
Part 3 :
Real Assets 
- Natural Resources and Land
- Commodity Forward Pricing
- Commodities: Applications and Evidence
- Operationally-Intensive Real Assets
- Liquid and Fixed-Income Real Estate
- Real Estate Equity Investments
Part 4 :
Hedge Funds     
- Structure of the Hedge Fund Industry
- Macro and Managed Futures Funds
- Event-Driven Hedge Funds
- Relative Value Hedge Funds
- Equity Hedge Funds
- Funds of Hedge Funds
Part 5 :
Private Equity
- Introduction to Private Equity
- Equity Types of Private Equity
- Debt Types of Private Equity
Part 6 :
Structured Products 
- Introduction to Structuring
- Credit Risk and Credit Derivatives
- CDO Structuring of Credit Risk
- Equity-Linked Structured Products
Part 7 :
Risk Management Portfolio Management
- Case in Tail Events
- Investment Process, Operations, and Risk
- Due Diligence of Fund Managers
- Portfolio Management, Alpha, and Beta

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.

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
Professional Standards and Ethics 0% 10%
Current and Integrated Topics 0% 10%
Asset Allocation and Institutional Investors 8% – 12% 0% – 10%
Private Equity 11% – 15% 0% – 10%
Real Assets 13% – 17% 0% – 10%
Commodities 5% – 7% 0% – 10%
Hedge Funds and Managed Futures 18% – 22% 0% – 10%
Structured Products 5% – 7% 0% – 10%
Total 70% 30%
[CAIA Level 2 Topic 주요주제]
CAIA Level 2 Topic 주요주제
Part Topic
Part 1:
Professional Standards and Ethics
- 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 :
Current and Integrated Topics
- The Science and Art of Manager Selection
- Understanding the Cost of Investment Management
- Long-Term Portfolio Guide
- Dynamic Strategies for Asset Allocation
- Developing an Asset Owner Climate Change Strategy
- Private Equity Secondaries
- Risk in Non-traditional Secondary Strategies
- Making Waves: Cresting Co-Investment Opportunity
- Longevity Risk Transfer Markets: Market Structure
Part 3 :
Asset Allocation and Institutional Investors
- Asset Allocation Processes and the Mean-Variance Model
- Tactical Asset Allocation, Mean-Variance Extensions, Risk Budgeting, Risk Parity, and
   Factor Investing
- The Endowment Model
- Pension Fund Portfolio Management
- Sovereign Wealth Funds
- The Family Office Model
Part 4 :
Private Equity
- Private Equity Market Structure
- Private Equity Benchmarking
- Fund Manager Selection and Monitoring
- Private Equity Operational Due Diligence
- Measuring Private Equity Risk
- The Management of Liquidity
Part 5 :
Real Assets
- Real Estate as an Investment
- Real Estate Indices and Unsmoothing Techniques
- Investment Styles, Portfolio Allocation, and Real Estate Derivatives
- Listed Versus Unlisted Real Estate Investments
- International Real Estate Investments
- Infrastructure as an Investment
- Farmland and Timber Investments
- Investing in Intellectual Property
Part 6 :
Commodities
- Key Concepts in Commodity Markets
- Allocation to Commodities
- Accessing Commodity Investment Products
Part 7 :
Hedge Funds and Managed Futures
- Managed Futures
- Investing in CTAs
- Relative Value Strategies
- Hedge Funds: Directional Strategies
- Hedge Funds: Credit Strategies
- Volatility, Correlation, and Dispersion Products and Strategies
- Hedge Fund Replication
- Funds of Hedge Funds and Multistrategy Funds
- Hedge Fund Operational Due Diligence
Part 8 :
Structured Products
- Structured Products I - Fixed-income Derivatives and Asset-backed Securities
- Structured Products II - Insurance-Linked Products and Hybrid Securities

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