• Portfolio Managers
• Alternatives Analysts
• Asset Managers
• Investment Advisers
• Fund Analysts
• Risk Managers
• Asset Allocators

CAIA Ethical Principles

• Apply alternative investment ethics
• Resolve complex professional dilemmas
• Protect fiduciary decision integrity
• Apply fiduciary duties consistently

Institutional Asset Owners

• Analyze institutional investor objectives
• Assess governance and constraints
• Align portfolios with liabilities
• Evaluate policy constraints and governance

Asset Allocation

• Construct strategic asset allocations
• Integrate illiquid alternative assets
• Apply portfolio rebalancing techniques
• Incorporate alternatives into portfolio design

Risk and Risk Management

• Measure portfolio risk exposures
• Manage alternative investment risks
• Evaluate risk budgeting decisions
• Stress-test exposures across market scenarios

Methods and Models

• Apply advanced analytical methods
• Interpret alternative valuation models
• Evaluate model assumptions critically
• Validate models against decision objectives

Accessing Alternative Investments

• Compare investment access structures
• Evaluate implementation route tradeoffs
• Assess liquidity and governance implications
• Compare direct and indirect access

Due Diligence and Selecting Managers

• Conduct investment due diligence
• Evaluate manager skill and process
• Assess operational due diligence
• Document manager risks and concerns

Volatility and Complex Strategies

• Analyze volatility-based investment strategies
• Evaluate complex payoff structures
• Manage embedded strategy risks
• Stress-test nonlinear strategy exposures

Universal Investment Considerations

• Assess geopolitical investment implications
• Evaluate regulatory market influences
• Integrate sustainability investment considerations
• Integrate tax liquidity and regulation

Emerging Topics

• Evaluate current digital integration
• Analyze private market developments
• Assess evolving portfolio practices
• Translate market developments into decisions