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 | 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 | 8 - 12 | 16 – 24 |
| Hedge Funds | 11 - 17 | 22 – 34 |
| Digital Assets | 4 - 8 | 8 - 16 |
| Additional Strategies | 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 Alternative Investment? Reading 2.2 The Environment of Alternative Investments Reading 2.3 Accessing Alternative Investments Reading 2.4 Quantitative Foundations Reading 2.5 Statistcal Foundations Reading 2.6 Financial Economics Foundaitons 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 Real Estate Assets Reading 3.5 Real Estate Methods |
| Topic 4 Private Equity |
| Reading 4.1 Private Equity Assets Reading 4.2 Private Equity Funds |
| Topic 5 Private debt |
| Reading 5.1 Private Credit and Distressed Debt Reading 5.2 Introduction to Structing Reading 5.3 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 and Relative Value Hedge Funds Reading 6.4 Equity Hedge Funds |
| Topic 7 Digital Assets |
| Reading 7.1 Distributed Ledger Technology |
| Topic 8 Additional Strategies |
| Reading 8.1 Funds of Funds Reading 8.2 Equity-Linked Structured Products |
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 | |
| Emerging Topics | 0 | 10 |
| Universal Investment Considerations | 0 | 10 |
| Models | 8-12 | 0-10 |
| Institutional Asset Owners and Investment Policies | 8-12 | 0-10 |
| Risk and Risk Management | 8-12 | 0-10 |
| Methods for Alternative Investing | 8-12 | 0-10 |
| Accessing Alternative Investments | 8-12 | 0-10 |
| Due Diligence and Selecting Strategies | 8-12 | 0-10 |
| Volatility and Complex Strategies | 8-12 | 0-10 |
| Total | 70% | 30% |
[Level 2 주요 주제]
| Topic 1 Emerging Topics |
|---|
| Reading 1.1 Channels for Exposure to Bitcoin Reading 1.2 On Blockchain- and Smart Contract-Based Financial Markets Reading 1.3 Tokenization and Decentralized Finance (DeFi) Reading 1.4 Accessing Long-Term Investor Performance Reading 1.5 Demystifying Illiquid Assets Reading 1.6 Value Creation in Private Equity Reading 1.7 Cash for Calls: A Quantitative Approach to Managing Liquidity for Capital Calls Reading 1.8 An Introduction to Portfolio Rebalancing Strategies |
| Topic 2 Universal Investment Considerations |
| Reading 2.1 Professionalism and Fiduciary Responsibilties Reading 2.2 Global Regulation Reading 2.3 Geopolitics Reading 2.4 ESG and Altertnative Investments Reading 2.5 ESG Analysis and Application |
| Topic 3 Models |
| Reading 3.1 Modeling Overview and Interest Rate Models Reading 3.2 Credit Risk Models Reading 3.3 Multifactor Equity Pricing Models Reading 3.4 Asset Allocation Processes and the Mean-Variance Model Reading 3.5 Other Asset Allocation Approaches |
| Topic 4 Institutional Asset Owners and Investment Policies |
| Reading 4.1 Types of Asset Owners and the Investment Policy Statement Reading 4.2 Foudnation and the Endowment Model Reading 4.3 Pension Fund Portfolio Management Reading 4.4 Sovereign Welath Funds Reading 4.5 Family Offices and the Family Office Model |
| Topic 5 Risk and Risk Management |
| Reading 5.1 Cases in Tail Risk Reading 5.2 Benchmarking and Performance Attribution Reading 5.3 Liquidity and Funding Risks Reading 5.4 Hedging Rebalancing and Monitoring Reading 5.5 Risk Measuremtn, risk Management, and Risk Systems |
| Topic 6 Methods for Alternative Investments |
| Reading 6.1 Valuation and Hedging Using Binominal Trees Reading 6.2 Directional Strategies and Methods Reading 6.3 Multivariate Emprical Methods and Performance Persistence Reading 6.4 Relative Value Methods Reading 6.5 Valuation Methods for Private Assets: The Case of Real Estate |
| Topic 7 Accessing Alternative Investments |
| Reading 7.1 Hedge Fund Replication Reading 7.2 Diversified Access to Hedge Funds Reading 7.3 Access to Real Estate and Commodities Reading 7.4 Access through Private Structures Reading 7.5 The Risk and Performance of Private and Listed Assets |
| Topic 8 Due Diligence and Selecting Managers |
| Reading 8.1 Active Management and New Investments Reading 8.2 Selection of a Fund Manager Reading 8.3 Investment Process Due Diligence Reading 8.4 Operational Due Diligence Reading 8.5 Due Diligence of Terms and Business Activites |
| Topic 9 Volatility and Complex Strategies |
| Reading 9.1 Volatility as a Factor Exposure Reading 9.2 Voiatility, Correlation, and Dispersion Products and Strategies Reading 9.3 Compexity and Structtred Products Reading 9.4 Insuarce-Linked Products and Hybrid Securities Reading 9.5 Complexity and the Case of Cross-Border Real Estate Investing |
