Yes CAIA do cover alternative investments which can provide enough knowledge of alternative investments which parrallels with your work ex in hedge funds as hedge funds do come under alternative investments. CAIA shall only be beneficial to you ,yes you can take your knowledge to another level and could provide you enough insights into hedge funds and other alternatives. The exam is manageable i think in terms of time and course coverage. Having CAIA shall only improve your knowledge which shall help you to propogate your career further provided you have time and finances to support your CAIA studies. Itd better shall augment your level. I would ofcourse advise to go for it.