How to Become a CAIA^® Charterholder

The CAIA exam has two levels, and you’ll need to take and pass both of them. The exam cycles for both levels are in March and September, and you’ll need to take each level in separate cycles. For example, you can take Level I in March and Level II in September.

Level I and Level II require a minimum of 250 hours of study each. There are no education prerequisites for taking these exams, but studying for each is critical. If you are in the process of earning a degree or diploma, you can still take the exam.

CAIA Level I Topics

The topics covered in the CAIA Level I exam focus on the tools used to analyze alternative investments. The current topics for Level I are:

• Professional Standards and Ethics
  
• Introduction to Alternative Investments
  
• Real Assets
  
• Private Equity
  
• Private Debt
  
• Hedge Funds
  
• Digital Assets
  
• Funds of Funds
  

How to Pass the CAIA Level I Exam >>

CAIA Level II Topics

CAIA Level II topics focus on how to apply the tools learned in Level I to analyze and invest in alternative investments. The current topics for Level II are:

• 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
  

How to Pass the CAIA Level II Exam >>

Step 2: Meet Education or Experience Requirements

After you pass the exam, you’ll want to make sure you meet one of these two requirements:

Step 3: Find Two Professional References

Part of becoming a CAIA Charterholder includes applying to be a member of the CAIA Association^®. One of the requirements is that you provide two professional references. They do not have to be CAIA Charterholders.

Supervisors are the preferred professional reference, but you can name other individuals who can describe and attest to your experience. It’s best to choose your references before you apply, and it’s a good idea to let them know.

Step 4: Apply for Membership in the CAIA Association^®

To apply to be a member of the CAIA Association, go to their registration page, and create an account. There is a fee of $350 for one year (renewable annually), or $650 for two years (renewable biannually). There are a number of benefits of being a member and pursuing your charter.

Step 5: Agree to Abide by the Terms and Conditions of the CAIA Association^® Member Agreement

This document lets the CAIA Association know that you have read and agree to abide by the rules in its Candidate Policy Manual, Member Policy Manual, fee schedules, code of ethics, privacy policy, intellectual property policy, and discipline procedures. The agreement also makes you aware that all policies are subject to change. You can find all this information on the CAIA Association’s policy page.

Next Steps For After You Become a CAIA^® Charterholder

Besides the obvious boost to your career and your standing in the investment community, being a CAIA charterholder entitles you to a number of benefits from the CAIA Association. For example, you get your custom charter, access to as many as 250 events each year, and news and updates about continuing education, research, and opportunities for building professional networks and relationships. The benefits are with you at every stage of your career.