Level 1은 대체투자상품의 자산군(asset class)별 특징과 가치평가, 직무윤리 등 대체투자의 기초를 다룹니다. 총 200문항의 사지선다형 객관식으로 출제되며, 계산 문제는 약 30% 이내입니다.
7개출제 토픽
200문항객관식 (2 Section)
4시간Section당 2시간
CAIA Level 1 Exam Weight (2027)
※ 막대는 협회가 발표한 출제 비중 범위(최소~최대)를 나타냅니다.
Level 1 주요 학습 내용
1CAIA Ethical Principles7–13%
- Professional and Fiduciary Responsibilities
- Ethics
2Introduction to Alternative Investments21–27%
- What Is an Alternative Investment?
- Alternative Investment Funds and Terms
- Quantitative Foundations
- Statistical Foundations
- Financial Economics Foundations
- Derivatives and Risk-Neutral Valuation
- Measures of Risk and Performance
- Alpha Estimation and Return Attribution
3Real Assets16–22%
- Natural Resources and Land
- Commodities (Commodity Producers, MLPs 포함)
- Infrastructure
- Overview of Real Estate
- Real Estate Assets
- Real Estate Methods
4Private Equity8–14%
- Private Equity Investing
- Venture Capital & Growth Equity
- Buyout
5Private Debt10–16%
- Private Credit and Cash Based Strategies (Infrastructure Debt)
- Private Credit and Asset Based Strategies
- Insurance Linked Strategies (Catastrophe Bonds)
- Introduction to Structuring
- Credit Risk and Credit Derivatives
6Hedge Funds15–21%
- The Hedge Fund Industry
- Macro and Managed Futures Funds
- Event-Driven Hedge Funds
- Relative Value Hedge Funds
- Equity Hedge Funds
7Digital Assets3–9%
- Distributed Ledger Technology
- Allocating to Cryptocurrencies
※ 각 토픽을 누르면 세부 학습 내용을 펼쳐 볼 수 있습니다.
본 내용은 CAIA Association 2027 Curriculum 기준이며, 협회 정책에 따라 변경될 수 있습니다.
Level 2는 Level 1에서 익힌 지식을 바탕으로 자산배분, 리스크관리, 운용사 선정과 실사 등 기관투자자 관점의 실무 응용 능력을 평가합니다. 객관식 100문항과 서술형 3세트로 출제되며, 직무윤리와 Emerging Topics는 서술형에서만 각 10%씩 출제됩니다.
70%Section 1 · 객관식 100문항 · 2시간
30%Section 2 · 서술형 3세트 · 2시간
CAIA Level 2 Exam Weight (2027)
※ 막대는 객관식 출제 비중 범위(최소~최대)를 나타냅니다.
Level 2 주요 학습 내용
1CAIA Ethical Principles서술형 10%
- Professional and Fiduciary Responsibilities
- Ethics
2Institutional Asset Owners객관식 5–11%
- Types of Asset Owners and the IPS
- Endowments and Foundations
- Pension Plans (Liability Management with Interest Rate Swaps)
- Sovereign Wealth Funds
- Family Offices and Goals-Based Investing
3Asset Allocation객관식 10–16%
- Asset Allocation Processes, MVO and the Black-Litterman Model
- Total Portfolio Approach (TPA) — Transitioning, Implementing, Maintaining
- Other Asset Allocation Approaches
- Cash Flow Management — Overcommitment, Takahashi-Alexander, Monte Carlo Models
- Private Market Access — Direct Investment, Co-Investments, Secondaries, Funds of Funds
- Rebalancing
4Risk and Risk Management객관식 5–11%
- Managing Risk with Options and Delta Hedging
- Alpha, Benchmarking and Performance Attribution
- VaR, Return Smoothing, Liquidity Risk and Risk Aggregation
5Methods and Models객관식 7–13%
- Credit Risk Models — Merton, KMV, Reduced-Form Models
- Multi-Factor Models and Asset and Strategy Complexity
- Directional Strategies (Digital Asset Valuation 포함)
- Statistical Methods
- Relative Value Strategies
- Tax Shields and Indices
6Accessing Alternative Investments객관식 3–9%
- Replication
- Private vs. Listed Access — Real Estate, Commodities, Digital Assets
- Tokenization
7Due Diligence and Selecting Managers객관식 6–12%
- Manager Selection
- Fund Failures and Tail Events
- Investment Due Diligence (The Alternative Investment Standards)
- Operational Due Diligence (ODD Framework)
8Volatility and Complex Strategies객관식 5–11%
- Volatility Strategies and Derivatives
- Structured Products
9Universal Investment Considerations객관식 4–10%
- Regulation of Alternative Investments
- Sustainability in Alternative Investments (Infrastructure)
10Emerging Topics서술형 10%
- A CIO Blueprint
- Direct Value Creation and Capture in the Pension Fund Industry
- Value Creation in Private Equity
- Scale, Scope, and Speed in Private Capital Funds
- Continuation Funds: Considerations for LPs and GPs
- The Illiquidity Premium
- From ELIZA to ChatGPT
- Quantum Computing
※ 각 토픽을 누르면 세부 학습 내용을 펼쳐 볼 수 있습니다. Emerging Topics는 협회 홈페이지에 게재된 아티클 원문 기준으로 학습합니다.
본 내용은 CAIA Association 2027 Curriculum 기준이며, 협회 정책에 따라 변경될 수 있습니다.