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CAIACAIA 수험정보과목 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.
[CAIA Level 1 Exam Weight]| Level 1 Topic | Exam Weight (%) |
|---|---|
| CAIA Ethical Principles | 8 - 12 |
| Introduction to Alternative Investments | 20 - 28 |
| Real Assets | 14 – 20 |
| Private Equity | 8 – 12 |
| Private Debt | 12 - 16 |
| Hedge Funds | 15 - 19 |
| Digital Assets | 4 - 8 |
| Funds of Funds | 1 - 5 |
| Topic 1 CAIA Ethical Principles |
|---|
| 1.1 Professional and Fiduciary Responsibilities 1.2 Ethics |
| Topic 2 Introduction to Alternative Investments |
| 2.1 What Is an Alternative Investment? 2.2 Alternative Investment Funds and Terms 2.3 Quantitative Foundations 2.4 Statistical Foundations 2.5 Financial Economics Foundations 2.6 Derivatives and Risk-Neutral Valuation 2.7 Measure of Risk and Performance 2.8 Alpha, Beta, and Hypothesis Testing |
| Topic 3 Real Assets |
| 3.1 Natural Resources and Land 3.2 Commodities 3.3 Other Real Assets 3.4 Overview of Real Estate 3.5 Real Estate Assets 3.6 Real Estate Methods |
| Topic 4 Private Equity |
| 4.1 Private Equity Investing 4.2 Venture Capital & Growth Equity 4.3 Buyout |
| Topic 5 Private Debt |
| 5.1 Private Credit and Cash Based Strategies 5.2 Private Credit and Asset Based Strategies 5.3 Insurance Linked Strategies 5.4 Introduction to Structuring 5.5 Credit Risk and Credit Derivatives |
| Topic 6 Hedge Funds |
| 6.1 The Hedge Fund Industry 6.2 Macro and Managed Futures Funds 6.3 Event-Driven Hedge Funds 6.4 Relative Value Hedge Funds 6.5 Equity Hedge Funds |
| Topic 7 Digital Assets |
| 7.1 Distributed Ledger Technology 7.2 Allocating to Cryptocurrencies |
| Topic 8 Additional Strategies |
| 8.1 Funds of Funds |
Level 2 Exam의 주요내용은 Level 1의 내용을 바탕으로 대체투자상품까지 고려한 최적의 자산배분(asset allocation)과 구성된 포트폴리오를 운용 관리하는데 수반되는 각종 의사결정 방법으로 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 Topic | Exam Weight (%) | |
|---|---|---|
| Multiple-choice | Constructed-Response | |
| CAIA Ethical Principles | 0 | 10 |
| Institutional Asset Owners | 8-12 | 0-10 |
| Asset Allocation | 8-12 | 0-10 |
| Risk and Risk Management | 8-12 | 0-10 |
| Methods and Models | 12-15 | 0-10 |
| Accessing Alternative Investments | 8-12 | 0-10 |
| Due Diligence and Selecting Managers | 8-12 | 0-10 |
| Volatility and Complex Strategies | 8-12 | 0-10 |
| Universal Investment Considerations | 6-11 | 10 |
| Emerging Topics | 0 | 10 |
| Total | 70 | 30 |
| Topic 1 CAIA Ethical Principles |
|---|
| 1.1 Professional and Fiduciary Responsibilities 1.2 Ethics |
| Topic 2 Institutional Asset Owners |
| 2.1 Types of Asset Owners and the Investment Policy Statement 2.2 Foundations and the Endowment Model 2.3 Pension Fund Portfolio Management 2.4 Sovereign Wealth Funds 2.5 Family Offices and the Family Office Model |
| Topic 3 Asset Allocation |
| 3.1 Asset Allocation Processes and the Mean-Variance Model 3.2 Total Portfolio Approach 3.3 Other Asset Allocation Approaches 3.4 Portfolio Construction Approaches 3.5 Rebalancing Strategies |
| Topic 4 Risk and Risk Management |
| 4.1 Hedging Portfolios 4.2 Benchmarking and Performance Attribution 4.3 Applied Benchmarking 4.4 Liquidity and Funding Risks 4.5 Risk Measurement, Risk Management, and Risk Systems |
| Topic 5 Methods and Models |
| 5.1 Modeling Overview and Fixed Income Models 5.2 Valuation and Hedging Using Binomial Trees 5.3 Multifactor Equity Pricing Models 5.4 Directional Strategies and Methods 5.5 Multivariate Empirical Methods and Performance Persistence 5.6 Relative Value Methods 5.7 Valuation Methods for Private Assets: The Case of Real Estate |
| Topic 6 Accessing Alternative Investments |
| 6.1 Hedge Fund Replication 6.2 Diversified Access to Hedge Funds 6.3 Access to Real Assets 6.4 The Risk and Performance of Private and Listed Assets |
| Topic 7 Due Diligence and Selecting Managers |
| 7.1 Selection of a Fund Manager 7.2 Cases in Tail Risk 7.3 Investment Process Due Diligence 7.4 Operational Due Diligence 7.5 Due Diligence of Terms and Business Activities |
| Topic 8 Volatility and Complex Strategies |
| 8.1 Volatility as a Factor Exposure 8.2 Volatility, Correlation, and Dispersion Products and Strategies 8.3 Complexity and Structured Products 8.4 Complexity and the Case of Cross-Border Real Estate Investing 8.5 Cryptocurrency Investing and Trading |
| Topic 9 Universal Investment Considerations |
| 9.1 Global Regulation 9.2 Geopolitics 9.3 Sustainability and Alternative Investments 9.4 Sustainability Analysis and Application |
| Topic 10 Emerging Topics |
| 10.1 Web 3.0 Tokenization and Decentralized Finance (DeFi) 10.2 From ELIZA to ChatGPT: The Evolution of NLP and Financial Applications 10.3 Assessing Long-Term Investor Performance: Principles, Policies and Metrics 10.4 Value Creating in Private Equity 10.5 Scale, Scope and Speed in Private Capital Funds 10.6 Cash for Calls: A Quantitative Approach to Managing Liquidity for Capital Calls 10.7 Takahashi-Alexander Revised: Modeling Private Equity Portfolio Outcomes Using Historical Simulations 10.8 Direct Value Creation and Capture in the Pension Fund Industry: Five Examples |
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