Exam Details for the CAIA Exam 2025
The CAIA® Program consists of a structured sequence of two exams—Level I and Level II—that must be completed in order.
Candidates are advised to dedicate at least 200 hours of study per exam level, though the actual time required may vary based on individual experience and background. Each candidate is allowed unlimited attempts per exam level and can progress through the program at their own pace.
To ensure relevance in the rapidly evolving alternative investment landscape, the CAIA Program curriculum is regularly updated, incorporating the latest industry trends, risk management techniques, and asset class developments.
CAIA Level I - Exam Overview
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The CAIA Level I exam consists of 200 multiple-choice questions, divided into two sections:
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Section 1: 100 questions (2 hours)
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30-minute break
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Section 2: 100 questions (2 hours)
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The total exam duration is 4 hours. The exam is offered twice a year (March and September) at test centers worldwide, with online proctored exams available by exception only.
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The CAIA Level I exam covers the foundational knowledge required for alternative investments. Topics include:
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Professional Standards and Ethics (15%–25%)
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Introduction to Alternative Investments (20%–28%)
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Real Assets (11%–17%)
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Private Equity (6%–10%)
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Private Debt (9%–14%)
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Hedge Funds (12%–17%)
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Digital Assets (4%–8%)
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Funds of Funds (2%–6%)
The curriculum is updated annually to reflect industry trends and regulatory changes.
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Candidates are recommended to dedicate 250–300 hours of study over several months. The CAIA Association provides digital study materials, and additional prep courses or study guides can be helpful. The best preparation strategies include:
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Reviewing the official curriculum
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Taking practice exams
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Focusing on key topic weights
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Using structured study plans
The pass rate for the Level I is 45% (September 2024).
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To sit for the CAIA Level I exam, there are no formal education or work experience requirements. However, to obtain the CAIA Charter, candidates must:
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Pass both Level I and Level II exams
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Hold a bachelor’s degree (or equivalent) and 1 year of professional experience, OR
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Have 4 years of professional experience in financial services or a related field
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Submit two professional references
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Become a CAIA Association member
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The cost of the CAIA Level I exam depends on the registration period:
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Enrollment Fee: $400 (one-time, non-refundable)
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Exam Registration Fee (Includes Digital Curriculum):
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Early Registration: $995
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Standard Registration: $1,395
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Retake Fee: $795
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Total Cost:
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Early Registration: $1,395
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Standard Registration: $1,795
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Retake Fee: $795
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Important Notes:
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Fees are non-refundable.
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Exam registrations cannot be deferred or transferred.
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Candidates must register for a specific exam window (March or September) and cannot switch between sessions.
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