Level I · 2026 curriculum · 7–10% of the exam
Alternative Investments
Alternative Investments covers private capital, real estate, infrastructure, natural resources, hedge funds and digital assets, including fee calculations.
Exam weight7–10%
≈ Questions in a 180-question exam15
What the questions cover
- Features, categories and ways of investing in alternatives
- Management and incentive fees, hurdles and high-water marks
- Private equity and private debt
- Real estate and infrastructure investments and valuation
- Natural resources and commodities
- Hedge fund strategies and digital assets
How to study it
- Fee questions follow the exact wording: is the incentive fee calculated before or after the management fee?
- Know the sources of commodity futures returns and how contango and backwardation affect them.
See how you do on Alternative Investments under exam conditions
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