CAIA Exam Preparation
CAIA® Exam Details
About the CAIA Program
With new retail products and structures, investments from insurance companies and pensions, and government investments in infrastructure and green technology, many companies are in need of alternative investing experience. Completion of the CAIA program demonstrates an understanding of alternative investments, including hedge funds, real assets, private equity, and structured products.
CAIA Level I Registration and Exam Dates
September 2025
Registration Opens
April 14, 2025
Early Registration Deadline
June 9, 2025
Registration Closes
August 4, 2025
Level I Exam Window
September 1-12, 2025
CAIA Level I Exam Details
Body of Knowledge
With the Level I topics, you will learn the tools to analyze alternative investments. The 2025 Level I curriculum includes the following:
Professional Standards and Ethics
Introduction to Alternative Investments
Real Assets
Private Equity
Private Debt
Hedge Funds
Digital Assets
Funds of Funds
Level I Exam Format
The CAIA Level I exam is divided into two sections.
4 hours to complete the 200 multiple-choice questions (optional 30-minute break between each section).
Sections 1 and 2 each consist of 100 multiple-choice questions
Based on candidate surveys performed by CAIA Association, 250–300 hours of study are recommended to prepare.
Level I Topic Weights
The topics are weighted as follows:
Professional Standards and Ethics: 15–25%
Introduction to Alternative Investments: 20–28%
Real Assets: 11–17%
Private Equity: 6–10%
Private Debt: 10–15%
Hedge Funds: 11–17%
Digital Assets: 4–8%
Funds of Funds: 2-6%
These topic weights were used to develop a Level I study plan you can follow to ensure complete coverage of the material.
CAIA Level I Requirements to Earn the Charter
To be eligible to earn the CAIA charter, you must accomplish the following:
Pass Level I and Level II of the CAIA exam.
Exams must be taken in separate exam cycles
Exam cycles occur in March and September
Meet one of the two requirements below:
Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
Have a minimum of four years of professional experience
Note: Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
Agree to abide by the terms and conditions of the CAIA Association Member Agreement.
Agreement renewal is required on an annual basis
Provide two professional references
Establish and maintain membership in the CAIA Association
Membership fees apply; renewed on an annual or bi-annual basis
One-year membership fee is $350; two-year membership fee is $650
Give yourself the best chance to pass your CAIA Exam with Level I Study Packages.
CAIA Level II Registration and Exam Dates
September 2025
Registration Opens
April 14, 2025
Early Registration Deadline
June 9, 2025
Registration Closes
August 4, 2025
Level II Exam Window
September 15-26, 2025
CAIA Level II Exam Details
Body of Knowledge
The 2025 Level II curriculum includes the following:
Institutional Asset Owners
Asset Allocation
Risk and Risk Management
Methods and Models
Accessing Alternative Investments
Due Diligence and Selecting Managers
Volatility and Complex Strategies
Universal Investment Considerations
Emerging Topics
Level II Exam Format
The CAIA Level II exam is composed of:
100 multiple-choice questions (2 hour time limit)
3 sets of constructed-response (essay-type) questions (2 hour time limit) optional 30-minute break between each section
Optional 30-minute break between each section.
Based on candidate surveys performed by CAIA Association, 250–300 hours of study are recommended to prepare.
Topic Weights - Multiple choice
For the 2025 Level II multiple choice topic weights:
Institutional Asset Owners: 8–12%
Asset Allocation: 8–12%
Risk and Risk Management: 8–12%
Methods and Models: 8–12%
Accessing Alternative Investments: 8–12%
Due Diligence and Selecting Managers: 8–12%
Volatility and Complex Strategies: 8–12%
Universal Investment Considerations: 0%
Emerging Topics: 0%
Total: 70%
Topic Weights - Essay
For the 2025 Level II essay topic weights:
Institutional Asset Owners: 0–10%
Asset Allocation: 0–10%
Risk and Risk Management: 0–10%
Methods and Models: 0–10%
Accessing Alternative Investments: 0–10%
Due Diligence and Selecting Managers: 0–10%
Volatility and Complex Strategies: 0–10%
Universal Investment Considerations: 10%
Emerging Topics: 10%
Total: 30%
CAIA Level II Requirements to Earn the Charter
To be eligible to earn the CAIA charter, you must accomplish the following:
Pass Level I and Level II of the CAIA exam.
Exams must be taken in separate exam cycles
Exam cycles occur in March and September
Meet one of the two requirements below:
Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
Have a minimum of four years of professional experience
Note: Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
Agree to abide by the terms and conditions of the CAIA Association Member Agreement.
Agreement renewal is required on an annual basis
Provide two professional references
Establish and maintain membership in CAIA Association
Membership fees apply; renewed on an annual or bi-annual basis
One-year membership fee is $350; two-year membership fee is $650
Give yourself the best chance to pass your CAIA Exam with Level II Study Packages.