Chartered Alternative Investment Analyst (CAIA) (pronounced "KAI-ah") is a professional designation offered by the CAIA Association to investment professionals who complete a course of study and pass two examinations. The "alternative investments" industry is characterized as dealing with asset classes and investments other than standard equity or fixed income products. Alternative investments can include hedge funds, private equity, real assets, commodities, and structured products. The CAIA curriculum is designed to provide finance professionals with a broad base of knowledge in alternative investments. The Chartered Alternative Investment Analyst Association was founded in 2002 by the Alternative Investment Management Association (AIMA) and the Center for International Securities and Derivatives Markets (CISDM). The CAIA Association is an independent, not-for-profit, global organization committed to education and professionalism in the field of alternative investments. CAIA designees are required to maintain membership in the CAIA Association and adhere to professional and ethical standards. As of 2021, there are over 12,000 CAIA members. The Journal of Alternative Investments is the official publication of the CAIA Association. The JAI is one of nine journals published by Institutional Investor Journals. Curriculum The CAIA program is divided into two levels. The Level I curriculum focuses on the fundamentals of alternative investment markets, while Level II concentrates on advanced topics in alternative investments. Both levels take a global perspective and incorporate issues of ethics and professional conduct. Candidates can take exams from anywhere in the World. Level I The CAIA Level I exam consists of 200 multiple-choice questions. The Level I curriculum covers six topics, listed below. CAIA Level I candidates are assumed to have an elementary undergraduate understanding of the basic concepts of traditional finance and quantitative analysis. The Level I curriculum covers: Professional Standards and Ethics Standard 1: Professionalism Standard 2: Integrity of Capital Markets Standard 3: Duties to Clients Standard 4: Duties to Employers Standard 5: Investment Analysis, Recommendations, and Actions Standard 6: Conflicts of Interest Standard 7: Responsibilities as a CFA (CAIA) Institute Member or CFA (CAIA) Candidate Introduction to Alternative Investments What is an Alternative Investment? The Environment of Alternative Investments Quantitative Foundations Statistical Foundations Measures of Risk and Performance Foundations of Financial Economics Benchmarking and Performance Attribution Alpha, Beta, and Hypothesis Testing Regression, Multivariate, and Nonlinear Methods Real Assets Natural Resources and Land Commodity Forward Pricing Commodities: Application and Evidence Operationally Intensive Real Assets Liquid and Fixed-Income Real Estate Real Estate Equity investments Hedge Funds