About the CAIA Curriculum
The global investment landscape has undergone a profound transformation since the inception of the CAIA Charter Program. And with it, a redefining of the very nature of institutional investing and reshaping the role of alternative investments within portfolio construction. As a professional body dedicated to creating greater alignment, transparency, and knowledge for all investors, the CAIA Association has incorporated this evolution within the CAIA curriculum.
It is updated annually, with revisions resulting in roughly 10-20% change in exam content. This revision process ensures the curriculum will reflect the most relevant and up-to-date industry analysis, tools, and best practices.
The CAIA Association releases the revised curriculum at the start of the registration period in October for the following year. This updated curriculum then applies to the two exam cycles in that calendar year. For example, updated curriculum for 2025 exams is released in October 2024 and should be studied for the March 2025 exam and the September 2025 exam.
It is important to note that that exams are based exclusively on the curriculum
associated with that exam year. Use of prior editions is not recommended.
Next is here. An Evolution in Learning
Beyond a singular focus on individual investment strategies, today’s investment professionals must wield a holistic proficiency encompassing an array of disciplines. From portfolio construction and thematic investing trends to geopolitical shifts, regulatory intricacies, and technological innovations, the modern investment landscape necessitates the multi-dimensional approach found within the CAIA curriculum.
For Level I, the curriculum takes a bottom-up approach to the alternative investments industry. The readings offer detailed insights into the variety of institutional-quality strategies spanning the alternatives universe. Upon completing Level I, Candidates should have working knowledge of the relevant strategies available for investment, along with the basic tools to evaluate them.
The Level II curriculum takes a top-down approach and provides Candidates with the skills and tools to conduct due diligence, monitor investments, and appropriately construct an investment portfolio. In addition, the Level II curriculum contains Emerging Topic readings; articles written by academics and practitioners designed to further inform and provoke the Candidate’s investment management process.
For additional details about the Level I and Level II curriculum - including learning objectives and keywords to support your studies, please review the Level appropriate Curriculum Companion.
What's new?
2025 saw substantial revisions in Level II along with a number of updates to Level I. Level II was reorganized to improve the natural flow of the readings and better emphasize the essential top-down concepts permeating across the Level II curriculum.
2025 Highlights:
- We prepared new readings on Infrastructure and Real Estate in Level I to further inform our Candidates and offer deeper insights into these two important strategies.
- In Level II we introduce an institutional organizational investment framework known as the Total Portfolio Approach as a contrast to the traditional asset allocation models.
- Level II saw meaningful revisions in nearly every topic to reflect the latest in best practices across the industry and ensure the curriculum remains current and topical.
- Additional new readings include topics such as accessing digital assets, GP-led secondaries, insights from research on venture capital, and shorting strategies in equity hedge funds.