Contents
Introduction to the Level I Program.................................................................................... 1
Foundations of the CAIA Curriculum ................................................................................ 1
Preparing for the Level I Examination................................................................................ 2
Level I Examination Topic Weights ................................................................................... 3
Errata Sheet ......................................................................................................................... 3
Calculator Policy................................................................................................................. 3
Level I Sample Questions ................................................................................................... 4
The Level II Examination and Completion of the Program ............................................... 4
CAIA Level I Outline ......................................................................................................... 5
Topic 1: Professional Standards and Ethics.................................................................... 8
Topic 2: Alpha Drivers and Beta Drivers ..................................................................... 12
Topic 3: Real Estate ...................................................................................................... 17
Topic 4: Hedge Funds................................................................................................... 21
Topic 5: Commodities and Managed Futures ............................................................... 34
Topic 6: Private Equity ................................................................................................. 40
Topic 7: Credit Derivatives........................................................................................... 46
Sample Questions Answer Key ........................................................................................ 52
Action Words .................................................................................................................... 53