Use this to compare to the September Curriculum. We may be able to get by on used material then. LEVEL I - March 2010 Curriculum Outline Topic 1: Professional Standards and Ethics CFA Institute Standards of Professional Conduct (Standards I and II) CFA Institute Standards of Professional Conduct (Standards III and IV) CFA Institute Standards of Professional Conduct (Standards V and VI) Topic 2: Alpha Drivers and Beta Drivers What is an Alternative Asset Class? Why Alternative Asset Classes are Important: Beta Drivers and Alpha Drivers The Beta Continuum Alpha vs Beta Separation in the Asset Management Industry The Calculus of Active Management Topic 3: Real Estate Real Estate Investment Trusts Introduction to NCREIF Real Estate as an Investment Core, Value Added, and Opportunistic Real Estate Topic 4: Hedge Funds Introduction to Hedge Funds Establishing a Hedge Fund Program Due Diligence for Hedge Fund Managers Risk Management Hedge Fund Benchmarks and Asset Allocation Hedge Fund Incentive Fees and the “Free Option” Hedge Fund Collapses Topic 5: Commodities and Managed Futures Introduction to Commodity Markets Investing in Commodity Futures Commodity Futures in a Portfolio Context Managed Futures Topic 6: Private Equity Introduction to Venture Capital Introduction of Leveraged Buyouts Debt as Private Equity Part I: Mezzanine Debt Debt as Private Equity Part II: Distressed Debt Trends in Private Equity The Economics of Private Equity Topic 7: Credit Derivatives Introduction to Structured Products Collateralized Debt Obligations Risks and New Developments in Structured Products LEVEL II - March 2010 Curriculum Outline Topic 1: Professional Standards and Ethics CFA Institute Standards of Professional Conduct Topic 2: Venture Capital and Private Equity Funds Private Equity Market Landscape Routes Into Private Equity Private Equity Funds Structure The Investment Process Private Equity Portfolio Design Private Equity Fund Manager Selection Benchmarking in the Private Equity World Monitoring Private Equity Investments Private Equity Fund Valuation Private Equity Fund Discount Rate The Management of Liquidity The IRR Distribution Waterfall What Drives PE? Analyses of Success Factors for PE Funds Topic 3: Commodities Key Concepts in Commodity Market Analysis Role of Commodities in Asset Allocation Methods of Delivering Long Commodity Exposure Methods of Delivering Commodity Alpha Commodity Indexes Investment Vehicles and Asset Allocation The Oil Markets: Let the Data Speak for Itself Topic 4: Managed Futures Managed Futures Industry Development and Regulation Managed Futures Strategies Risk and Performance Measurement in Managed Futures Strategies Benchmarking and Investment Products Investment Analysis in Managed Futures Do Professional Currency Managers Beat the Benchmark? Topic 5: Real Estate Real Estate Investments Real Estate Indices Real Estate Equity Valuation Real Estate Investment Risks and Due Diligence Residential and Commercial Mortgages Mortgage Backed Securities Real Estate and Asset Allocation Alternative Real Estate Investment Vehicles Real Estate Development Assessing and Managing Risk in Institutional Real Estate Investment Risks, Returns, and Correlations for Global Private Real Estate Markets Topic 6: Hedge Funds Convertible Arbitrage Global Macro Equity Long/Short Fund of Hedge Funds and Investible Indices Strategy Specific Due Diligence Operational Risk Hedge Fund Investing in Distressed Securities Are Funds of Funds Simply Multi-Strategy Managers with Extra Fees Hedge Fund Investing: A Quantitative Approach to Hedge Fund Manager Selection and De-Selection Topic 7: Structured Products, New Products and New Strategies Performance Characteristics of Infrastructure Investments Coping with Climate Change Passive Hedge Fund Replication: A Critical Assessment of Existing Techniques The Convergence of Private Equity and Hedge Funds Credit Derivatives Topic 8: Asset Allocation Dynamic Strategies for Asset Allocation Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors The Strategic and Tactical Value of Commodity Futures Global Commercial Real Estate Topic 9: Current Topics Amaranth Lessons Thus Far What Happened To The Quants In August 2007 The Subprime Credit Crisis of 2007 Topic 10: Portfolio and Risk Management Tail Risk Management Taming Global Village Risk Portfolio Management with Illiquid Investments Risk Management Topic 11: Research Issues in Alternative Investments Facts and Fantasies about Commodity Futures Smoothing and Implications for Asset Allocation Choices Hedge Funds: An Industry in Its Adolescence How Good are Private Equity Returns?