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 (%)	Exam Questions
Professional Standards and Ethics (11th Edition)	15 - 25	30 - 50
Introduction to Alternative Investments	20 - 28	40 – 56
Real Assets	11 – 17	22 – 34
Private Equity	6 – 10	12 – 20
Private Debt	9 - 14	18 – 28
Hedge Funds	12 - 17	24 – 34
Digital Assets	4 - 8	8 - 16
Funds of Funds	4 - 8	8 - 16

[Level I 주요 주제]

Topic 1 Professional Standards and Ethics
Reading 1.1 CFA Institute Standards of Practice
Topic 2 Introduction to Alternative Investments
Reading 2.1 What Is an Alternative Investment? Reading 2.2 The Environment of Alternative Investments Reading 2.3 Accessing Alternative Investments Reading 2.4 Quantitative Foundations Reading 2.5 Statistical Foundations Reading 2.6 Financial Economics Foundations Reading 2.7 Derivatives and Risk-Neutral Valuation Reading 2.8 Measure of Risk and Performance Reading 2.9 Alpha, Beta, and Hypothesis Testing
Topic 3 Real Assets
Reading 3.1 Natural Resources and Land Reading 3.2 Commodities Reading 3.3 Other Real Assets Reading 3.4 Overview of Real Estate Reading 3.5 Real Estate Assets Reading 3.6 Real Estate Methods
Topic 4 Private Equity
Reading 4.1 Private Equity Investing Reading 4.2 Venture Capital Reading 4.3 Buyout
Topic 5 Private debt
Reading 5.1 Private Credit and Cash Based Strategies Reading 5.2 Private Credit and Asset Based Strategies Reading 5.3 Insurance-Linked Strategies Reading 5.4 Introduction to Structuring Reading 5.5 Credit Risk and Credit Derivatives
Topic 6 Hedge Funds
Reading 6.1 Structure of the Hedge Fund Industry Reading 6.2 Macro and Managed Futures Funds Reading 6.3 Event-Driven Hedge Funds Reading 6.4 Relative Value Hedge Funds Reading 6.5 Equity Hedge Funds
Topic 7 Digital Assets
Reading 7.1 Distributed Ledger Technology
Topic 8 Additional Strategies
Reading 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.

[CAIA Level 2 Exam Weight]

Level 2 Topic	Exam Weight (%)
	Multiple-choice	Constructed-Response
Institutional Asset Owners	8-12	0-10
Asset Allocation	8-12	0-10
Risk and Risk Management	8-12	0-10
Methods and Models	8-12	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	0	10
Emerging Topics	0	10
Total	70	30

[Level 2 주요 주제]

Topic 1 Institutional Asset Owners
Reading 1.1 Types of Asset Owners and the Investment Policy Statement Reading 1.2 Foundations and the Endowment Model Reading 1.3 Pension Fund Portfolio Management Reading 1.4 Sovereign Wealth Funds Reading 1.5 Family Offices and the Family Office Model
Topic 2 Asset Allocation
Reading 2.1 Asset Allocation Processes and the Mean-Variance Model Reading 2.2 Total Portfolio Approach Reading 2.3 Other Asset Allocation Approaches Reading 2.4 Active Management
Topic 3 Risk and Risk Management
Reading 3.1 Hedging, Rebalancing, and Monitoring Reading 3.2 Benchmarking and Performance Attribution Reading 3.3 Applied Benchmarking Reading 3.4 Liquidity and Funding Risks Reading 3.5 Risk Measurement, Risk Management, and Risk Systems
Topic 4 Methods and Models
Reading 4.1 Modeling Overview and Fixed Income Models Reading 4.2 Valuation and Hedging Using Binomial Trees Reading 4.3 Multifactor Equity Pricing Models Reading 4.4 Directional Strategies and Methods Reading 4.5 Multivariate Empirical Methods and Performance Persistence Reading 4.6 Relative Value Methods Reading 4.7 Valuation Methods for Private Assets: The Case of Real Estate
Topic 5 Accessing Alternative Investments
Reading 5.1 Hedge Fund Replication Reading 5.2 Diversified Access to Hedge Funds Reading 5.3 Access to Real Estate and Commodities Reading 5.4 The Risk and Performance of Private and Listed Assets
Topic 6 Due Diligence and Selecting Managers
Reading 6.1 Selection of a Fund Manager Reading 6.2 Cases in Tail Risk Reading 6.3 Investment Process Due Diligence Reading 6.4 Operational Due Diligence Reading 6.5 Due Diligence of Terms and Business Activities
Topic 7 Volatility and Complex Strategies
Reading 7.1 Volatility as a Factor Exposure Reading 7.2 Volatility, Correlation, and Dispersion Products and Strategies Reading 7.3 Complexity and Structured Products Reading 7.4 Access through Private Structures Reading 7.5 Complexity and the Case of Cross-Border Real Estate Investing
Topic 8 Universal Investment Considerations
Reading 8.1 Professionalism and Fiduciary Responsibilities Reading 8.2 Global Regulation Reading 8.3 Geopolitics Reading 8.4 Sustainability and Alternative Investments Reading 8.5 Sustainability Analysis and Application
Topic 9 Emerging Topics
Reading 9.1 Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets Reading 9.2 Web 3.0 Tokenization and Decentralized Finance (DeFi) Reading 9.3 From ELIZA to ChatGPT: The Evolution of NLP and Financial Applications Reading 9.4 Assessing Long-Term Investor Performance: Principles, Policies and Metrics Reading 9.5 Value Creation in Private Equity Reading 9.6 Cash for Calls: A Quantitative Approach to Managing Liquidity for Capital Calls Reading 9.7 Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations Reading 9.8 An Introduction to Portfolio Rebalancing Strategies