CAIA Level 1 Exam Results 2025 Timeline & Pass-Rate Trends Explained

Kateryna Myrko
Apr 23
4 min read

The March and September 2025 CAIA Level I testing windows are behind us, and thousands of alternative-investment professionals are counting the days until the results hit their inbox. Whether you sat for the exam this spring or plan to do so in the fall, understanding the result-

release process—and knowing what to do with the information—can give you a strategic edge.

When and How Results Arrive CAIA Level 1 Exam Results 2025 , CAIA Level 1 Exam Results

CAIA Association commits to delivering Level I results within five weeks of the exam window’s close, but historic patterns are tighter: most candidates see the email 21-28 days after their last possible testing date. For the March 2025 cohort, that places results squarely in early to mid-April; September candidates should circle early to mid-October.

The email itself does not include your outcome; instead, it prompts you to log in to your CAIA account. Because the message can be filtered into junk folders, add @caia.org to your safe-sender list and set a calendar reminder roughly 25 days post-exam.

Understanding the Score Report

CAIA reports only “Pass” or “Did Not Pass.” Below that headline, a diagnostic matrix compares your performance in each curriculum area—Ethics, Introduction to Alts, Real Assets, Hedge Funds, Private Equity, Structured Products, and Risk & Portfolio Management—to the median candidate (“Higher,” “Comparable,” or “Lower”). There is no numerical score or minimum passing mark disclosed.

Take a screenshot immediately; once you register for another exam, the grid disappears from your profile. If you pass, it still helps identify weaker topics you’ll encounter again in Level II. If you do not pass, the grid becomes the blueprint for your re-study plan.

Pass-Rate Trends

Pass rates fluctuate with curriculum changes and cohort composition, but the recent trajectory matters:

Exam Window	Pass Rate
March 2023	52 %
September 2023	46 %
March 2024	45 %
September 2024	44 %

Early indications from the March 2025 sitting suggest the rate will remain in the mid-40 percent range, underscoring the exam’s rigor despite its computer-based format and two-hour sections.

If You Passed: Mapping the Road to the Charter

Enroll for Level II quickly. Seats fill fast, and momentum fades faster. Most newly minted Level I candidates target the September 2025 Level II window, compressing the learning curve into about five months.
Refine your study plan. Level II doubles down on portfolio construction, due diligence, and manager selection. Shift your focus from definitional knowledge to application and synthesis.
Log your experience hours. The Charter requires one year of professional experience in relevant fields if you hold a bachelor’s degree (four years without). Start collecting employer confirmations now so paperwork doesn’t delay your Charter after Level II.

If You Didn’t Pass: Turning Diagnostics into Direction

A setback is common—many charterholders needed multiple attempts. Approach the retake scientifically:

Quantify the gap. Spot clusters of “Lower” ratings to see where incremental study hours pay the biggest dividends.
Adjust resources. If self-study covered ethics well but left quant topics lagging, consider a prep provider with adaptive question banks.
Book the next exam strategically. March 2026 allows a longer runway; September 2025 preserves momentum but demands intensive review starting now. Whichever window you choose, register early to secure your preferred test center.

Productive Waiting: Staying Engaged Before Results Drop

The limbo between exam day and results day can feel unproductive. Use the time to:

Stay current on markets. Read alternative-asset industry reports to keep concepts fresh.
Network purposefully. Join local CAIA chapters’ webinars; conversations with charterholders can clarify Level II expectations or career applications.
Audit your study workflow. Note which tools, time blocks, or environments worked best so you can replicate success—or correct inefficiencies—in the next phase.

Final Thoughts

The CAIA program is designed to reward persistence, practical insight, and ethical rigor. Regardless of your 2025 Level I outcome, treat the result not as a verdict but as actionable feedback. Pass, and build on the diagnostic grid to dominate Level II. Miss the mark, and leverage that same grid to target weaknesses with surgical precision. Either path keeps you moving toward the end goal: adding the CAIA letters after your name and signaling mastery of the rapidly evolving world of alternative investments.

By approaching results day with preparation and perspective, you turn a single email into a strategic springboard for the next chapter of your professional journey.

CAIA Level 1 Exam Results 2025 , CAIA Level 1 Exam Results

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