What areas are covered in the exams, and what is the exam structure?
The Level I exam challenges a candidate’s understanding of the alternative investment market’s tools and terms. Candidates are asked to distinguish among various trading strategies and performance measurements. Specific knowledge areas include: quantitative methods; professional standards; risk and return characteristics of real estate, private equity, commodities, hedge funds, and managed futures; and credit derivatives. The Level II exam is a multifaceted assembly of questions and problem solving tasks. The tools and terms introduced in Level I provide the basis for more in-depth investigation. Specific knowledge areas include asset allocation; risk management; structured products; indexing and benchmarking; current topics; and case analyses.
