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CAIA learn topics
30 structured study articles across every CAIA sitting — weights, traps, stem patterns, and practice loops.
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30
Sittings
2
Per sitting
15
Format
Structured blocks
Level I(15 topics)
Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- CAIA Ethical PrinciplesCAIA Ethical Principles has a published allocation of 8–12% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Introduction to Alternative InvestmentsIntroduction to Alternative Investments has a published allocation of 20–28% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Real AssetsReal Assets has a published allocation of 14–20% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Private EquityPrivate Equity has a published allocation of 8–12% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Private DebtPrivate Debt has a published allocation of 12–16% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Hedge FundsHedge Funds has a published allocation of 15–19% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Digital AssetsDigital Assets has a published allocation of 4–8% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Funds of FundsFunds of Funds has a published allocation of 1–5% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and alternative asset classes. Two timed sections of 130 minutes; 200 multiple-choice questions.
- Hedge Fund Fee and Liquidity MechanicsLevel I traps: fee waterfalls and liquidity terms that change strategy comparison answers.
- Private Equity Deal StructuresEntry structures, leverage, and exit paths that Level I PE stems test beyond strategy names.
- Real Asset Valuation DriversIncome, cost, and market approaches for real assets — match the driver to the asset type.
- Private Debt Covenant AnalysisCovenant packages and seniority that Level I private-debt weight rewards over product labels.
- Digital Asset Risk TaxonomyOperational, market, and custody risks for digital assets in the Level I outline.
- Funds of Funds Diversification Trade-offsFee layering vs diversification benefits — Level I FoF stems punish one-sided answers.
- Ethics Case Application for AlternativesProfessional standards applied to alternatives fact patterns, not memorised code numbers alone.
Level II(15 topics)
Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- CAIA Ethical PrinciplesCAIA Ethical Principles has a published allocation of MCQ 0%; constructed response 10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Institutional Asset OwnersInstitutional Asset Owners has a published allocation of MCQ 8–12%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Asset AllocationAsset Allocation has a published allocation of MCQ 8–12%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Risk and Risk ManagementRisk and Risk Management has a published allocation of MCQ 8–12%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Methods and ModelsMethods and Models has a published allocation of MCQ 12–15%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Accessing Alternative InvestmentsAccessing Alternative Investments has a published allocation of MCQ 8–12%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Due Diligence and Selecting ManagersDue Diligence and Selecting Managers has a published allocation of MCQ 8–12%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Volatility and Complex StrategiesVolatility and Complex Strategies has a published allocation of MCQ 8–12%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Universal Investment ConsiderationsUniversal Investment Considerations has a published allocation of MCQ 6–11%; constructed response 0–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Emerging TopicsEmerging Topics has a published allocation of MCQ 0%; constructed response 10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Application of alternatives in portfolios. Section 1: 100 MCQ (130 minutes). Section 2: three constructed-response sets (130 minutes). Handbook allocates roughly 70% MCQ / 30% constructed response.
- Institutional Investor Constraint MappingLevel II skill: map asset-owner constraints before recommending alternatives access methods.
- Manager Due Diligence WorkpapersOperational and investment due-diligence checklists that Level II MCQ and CR sets both reward.
- Risk Budgeting for AlternativesHow Level II risk topics allocate risk across illiquid and liquid sleeves.
- Complex Strategy Payoff MappingVolatility and complex-strategy stems — draw the payoff before selecting the multiple-choice option.
- Constructed Response Structure DrillUniversal Investment Considerations and Emerging Topics — answer with headings that match the ask.
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The CAIA charter specialises in alternative investments. Level I covers the tools and asset classes; Level II applies them to portfolio construction, risk, and manager due diligence.
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