Free CAIA Level II Lessons

All 28 CAIA Level II lessons are free to read, each with worked examples and audio narration. No signup required.

CAIA Ethical Principles

• Ethical Principles in Practice (31 min)

Institutional Asset Owners

• Investment Policy Statements and the Endowment Model (33 min)
• Pension Plans and Sovereign Wealth Funds (36 min)
• Family Offices and Goals-Based Investing (34 min)

Asset Allocation

• Mean-Variance Optimization and the Total Portfolio Approach (40 min)
• Quantitative Allocation Strategies: Risk Budgeting, Risk Parity, and TAA (35 min)
• Liquidity, Co-Investments, Secondaries, and Rebalancing (40 min)

Risk and Risk Management

• Managing Risk with Options and Delta Hedging (23 min)
• Alpha, Benchmarking, and Performance Attribution (38 min)
• VaR, Smoothing, Liquidity Risk, and Risk Aggregation (35 min)

Methods and Models

• Fixed Income Models and Credit Risk (37 min)
• Binomial Trees and Factor Models (37 min)
• Directional and Relative Value Strategies (29 min)
• Statistical Methods, Regression, and Tax-Aware Returns (35 min)

Accessing Alternative Investments

• Hedge Fund Replication and Access Strategies (29 min)
• Private, Listed, and Digital Asset Access (31 min)
• Illiquidity Premium and Private Asset Performance Evaluation (30 min)

Due Diligence and Selecting Managers

• Fund Selection and Manager Evaluation (25 min)
• Tail Events, Fraud, and Investment Due Diligence (31 min)
• Operational Due Diligence and Fund Documentation (30 min)

Volatility and Complex Strategies

• Volatility Measures, Modeling, and Option-Based Strategies (42 min)
• Complex Strategies, Structured Products, Currency, and Crypto (43 min)

Emerging Topics

• Tokenization and Artificial Intelligence in Alternatives (26 min)
• Private Markets Research: Value Creation, Cash Flows, and Liquidity (27 min)

Universal Investment Considerations

• Global Regulation of Alternative Investments (31 min)
• Geopolitics and Investing (21 min)
• Sustainability Across Alternative Asset Classes (21 min)
• Sustainability Analysis and Application (23 min)