Structure of the Hedge Fund Industry Macro and Managed Futures Funds Event-Driven Hedge Funds Relative Value Hedge Funds Equity Hedge Funds Funds of Hedge Funds Private Equity Introduction to Private Equity Equity Types of Private Equity Debt Types of Private Equity Structured Products Introduction to Structuring Credit Risk and Credit Derivatives CDO Structuring of Credit Risk Equity-Linked Structured Products The CAIA Association recommends that candidates devote 200 or more hours of study to prepare for the Level I exam. Level II The CAIA Level II exam consists of 100 multiple-choice questions, plus three sets of constructed-response (essay) questions. The Level II curriculum is broadly divided into two sections: alternative investments and Core and Integrated Topics. Candidates must apply the skills and knowledge from Level I to gain a deeper understanding of issues involved in each of the areas of alternative investments. The Core and Integrated Topics text is updated annually to reflect the latest industry and research developments. The Level II curriculum covers: Topic 1 - Emerging Topics Topic 2 - Ethics, Regulation and ESG Topic 3 - Models Topic 4 - Institutional Asset Owners and Investment Policies Topic 5 - Risk and Risk Management Topic 6 - Methods for Alternative Investing Topic 7 - Accessing Alternative Investments Topic 8 - Due Diligence and Selecting Strategies Topic 9 - Volatility and Complex Strategies The CAIA Association recommends that candidates devote 200 or more hours of study to prepare for the Level II exam. Historical pass rates Grading begins once the examination window is closed, and Level I results are posted within three weeks after the final examination day. Level II exam results are available within six weeks after the last exam day, due to the need to grade essay questions. The percentage of candidates that pass the CAIA exams changes from exam to exam. As of Fall 2020, less than 34% of candidates are able to pass both CAIA Level I and Level II exams on consecutive first attempts. Candidates may augment their study of the CAIA curriculum materials with third-party preparation programs. Those programs are offered by: UpperMark, Kaplan Schweser, Top Finance, Kaplan Finance with Schweser—Hong Kong, Kaplan Finance, with Schweser—London, Hong Kong Securities and Investment Institute (HKSI), IEB (Instituto de Estudios Bursatiles), and NYSSA. Chapters Once the program and eligibility requirements have been met, CAIA Members are able to join Chapters. There are thirty CAIA Chapters around the