1
Level I - CAIA Ethical Principles
Whose interests govern? | Conflicts in a fund recommendation | Stewardship after investment | Acting when a rule is silent
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Chartered Alternative Investment Analyst (CAIA) Free Practice Test
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An investment adviser discovers that a material benchmark calculation in a client report is wrong. The report has been sent to some clients but not all. Which response best reflects professional, client-first conduct?
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Exam Syllabus
Core Chartered Alternative Investment Analyst (CAIA) topics
2
Level I - Introduction to Alternative Investments
What makes an investment alternative? | The price of illiquidity | Cash timing changes returns | Evergreen and drawdown funds
3
Level I - Real Assets
Property income and value | Commodity futures returns | Contracted real-asset cash flows
4
Level I - Private Equity
Stages of private equity | Leverage in a buyout | Order of fund distributions
5
Level I - Private Debt
Direct-lending capacity | Where private lenders rank | Tranches absorb loss in order
6
Level I - Hedge Funds
Long-short exposure | Market neutral is a risk claim | High-water-mark fees
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Chartered Alternative Investment Analyst (CAIA) video course
Treasury Conquer brings guided video study, worked examples, and exam-style practice into one study flow.
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Show cash visibility, forecast reasoning and financial decision support. Project, analytics and supply-chain studies are transferable inputs, not treasury designations.
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Treasury analyst
Finance operations analyst seeking treasury responsibilities, with experience reconciling inputs and explaining forecast differences. Preparing the next credential step while building practical cash-analysis evidence.
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Reconciled a fictional 13-week cash forecast to bank and ledger inputs and documented four timing differences.
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Learner reviews
What learners say about the Chartered Alternative Investment Analyst (CAIA) practice tools
Feedback from learners using Treasury Conquer to make Chartered Alternative Investment Analyst (CAIA) preparation more focused and manageable.
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Aisha M.
Treasury Conquer learner
“While preparing for CAIA, I keep a small list of mistakes from Ethics, Safety, and Professional Standards. Reviewing why each answer went wrong keeps my study sessions more focused than simply rereading notes.”
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Treasury Conquer learner
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Treasury Conquer learner
“For CAIA, Case Analysis and Exam-Style Scenarios was the area I kept postponing. Breaking it into a few practice questions at a time makes the material much easier to revisit after work.”
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Treasury Conquer learner
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FAQ
Common questions about Chartered Alternative Investment Analyst (CAIA)
How does the focus change from Level I to Level II?
Level I builds the vocabulary and mechanics of alternative assets, including how their cash flows, leverage, and investment structures work. Level II asks you to apply those ideas to allocation, risk, access routes, manager selection, and ethical decisions.
Why should I examine both IRR and a cash multiple for a private fund?
A cash multiple compares value received with capital invested, while IRR also reflects when contributions and distributions occur. An early distribution can raise IRR without increasing the total proceeds, so inspect the dated cash flows alongside both measures.
Why might an alternatives portfolio be less diversified than it appears?
Different strategy labels can conceal shared exposure to credit conditions, leverage, or a need for liquidity. In a stress scenario, losses and funding demands may arrive together. Look through holdings and financing terms, and question correlations estimated from infrequent valuations.
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