What is the Pass Rate for the CAIA® Exam
Pass rates for both CAIA levels are unpredictable, especially in the last five years where we’ve seen rates as high as 81% in March 2020 for the Level II exam and as low as 45% in March 2023 for the Level I exam. Each CAIA level is difficult but giving yourself enough time to study and using good prep tools and strategies will increase your chances of passing.
Key Takeaways
- Recent CAIA exam pass rates have gotten closer to all-time averages but Level I rates have continued to trend down over time.
- Each CAIA level is difficult but Level I has the lower pass rates of the two exams.
- You should be prepared to allocate at least 250 hours to studying for each level.
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CAIA Exams Pass Rate
CAIA exams are graded using a pass/fail system. The exams are not curved so the grade you get is not impacted by other candidates' performance. After you take the exam, you will receive a Candidate Performance Report.
This report will show you your strengths and weaknesses on each CAIA topic. To score your performance in each topic the CAIA exam graders will compare you to what is referred to as a “reference group”. Reference groups are made up of candidates who passed the exam you sat for but scored on the lower end of passing.
Recent CAIA Level I Exam Pass Rates
Recent Level I pass rates for the CAIA exam are on a downward trend most likely due to both an increase in candidates enrolling in the CAIA Program and inadequate study preparation.
CAIA Level I Exam Administration | CAIA Level I Exam Pass Rate |
| September 2024 CAIA Level I Exam | 45% pass rate |
| March 2024 CAIA Level I Exam | 46% pass rate |
| September 2023 CAIA Level I Exam | 48% pass rate |
| March 2023 CAIA Level I Exam | 45% pass rate |
| September 2022 CAIA Level I Exam | 49% pass rate |
| March 2022 CAIA Level I Exam | 49% pass rate |
| September 2021 CAIA Level I Exam | 51% pass rate |
| March 2021 CAIA Level I Exam | 54% pass rate |
| September 2020 CAIA Level I Exam | 52% pass rate |
| March 2020 CAIA Level I Exam | 54% pass rate |
Recent CAIA Level II Exam Pass Rates
Recent Level II pass rates for the CAIA exam are on an upward trend however whether they will get back to 2020 rates or not is unknown.
CAIA Level II Exam Administration | CAIA Level II Exam Pass Rate |
| September 2024 CAIA Level II Exam | 60% pass rate |
| March 2024 CAIA Level II Exam | 59% pass rate |
| September 2023 CAIA Level II Exam | 65% pass rate |
| March 2023 CAIA Level II Exam | 61% pass rate |
| September 2022 CAIA Level II Exam | 57% pass rate |
| March 2022 CAIA Level II Exam | 58% pass rate |
| September 2021 CAIA Level II Exam | 58% pass rate |
| March 2021 CAIA Level II Exam | 59% pass rate |
| September 2020 CAIA Level II Exam | 65% pass rate |
| March 2020 CAIA Level II Exam | 81% pass rate |
Why are Recent CAIA Level I Exam Pass Rates So Low?
Most likely recent CAIA pass rates are so low because more candidates are enrolling in the CAIA Program, the CAIA curriculum is getting more sophisticated, and some candidates may not be using effective exam prep. Another common reason we see candidates failing CAIA exams is that they rely too heavily on only reading the curriculum and neglect to practice questions and take mock exams.
For those who have yet to take the exam, considering a CAIA Exam prep package could be highly beneficial. These packages offer comprehensive study materials and strategies designed to enhance your understanding of the CAIA exam and boost your chances of passing each exam on the first attempt.
Considering taking the CAIA Exam? Download the free eBook, Before You Sit for the CAIA® Exam, for invaluable advice from successful CAIA professionals.
How Hard is the CAIA Exam?
CAIA exams are difficult because they require you to become a specialist in Alternative Investments, which are just one type of investment. They also require you to be able to provide written responses at Level II which can be difficult for some candidates. The CAIA curriculum is broken down into multiple topic areas for Level I and Level II. While the CAIA exams are rigorous, students often say the CFA exam is just as challenging (or even a bit more difficult).
CAIA Level I Topics and Weights
There are eight topics covered in the Level I CAIA exam which is comprised of 200 multiple-choice questions.
Level I Exam Topic | Approximate Exam Weight |
| 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% |
CAIA Level II Topics and Weights
There are nine topics covered in the Level II CAIA exam which is comprised of 100 multiple-choice questions and three sets of constructed-response questions.
Level II Exam Topic | Multiple-Choice Weight | Constructed Response Weight |
| Institutional Asset Owners | 8–12% | 0–10% |
| Asset Allocation | 8–12% | 0–10% |
| Risk and Risk Management | 8–12% | 0–10% |
| Methods and Models | 8–12% | 0–10% |
| Accessing Alternative Investments | 8–12% | 0–10% |
| Due Diligence and Selecting Managers | 8–12% | 0–10% |
| Volatility and Complex Strategies | 8–12% | 0–10% |
| Universal Investment Considerations | 0% | 10% |
| Emerging Topics | 0% | 10% |
CAIA Level Difficulty: Which CAIA Exam is the Hardest?
According to historical and recent pass rates of the CAIA exam, Level I is the hardest CAIA exam, however if you struggle with writing, Level II may be the most difficult exam for you. This is because at Level II, “Constructed Response” questions are introduced, which are questions you will need to provide a written response.
As you can see, Universal Investment Considerations and Emerging Topics are the Level II topics that require the most writing. That’s because those topics really ask you to demonstrate your understanding of Alternative Investments and your thought process as an investment manager.
Study Tips: How to Pass the CAIA Exam
Be prepared to allocate at least 250 hours studying for the CAIA exam. As you develop your study plan, block 30–40% of your time for reading and preparing, 40–50% of your time practicing questions and answering techniques, and 20% of your time taking mock exams.
These tips will help you develop the knowledge and confidence to increase your odds of passing the exam:
- Create your CAIA study plan, and start studying early.
- Focus on the Learning Objectives from the CAIA Association because they detail exactly what you are expected to do on exam day.
- Sign up for a CAIA exam preparation class.
- Develop a steady, regular study routine.
- Alternate between reading and practicing. Include breaks to allow concepts and their application to settle in your mind.
- Take at least one CAIA mock exam to get familiar with the testing experience and build up your confidence.
CAIA Exam Review Strategies >>
Next Steps for CAIA Candidates
Learn more about CAIA exams if you are interested in becoming a Chartered Alternative Investment Analyst. If you are interested in taking (or re-taking) the exam, check out our CAIA study materials.
FREE eBook: Before You Decide to Sit for the CAIA® Exam
Free eBook: CAIA® Fundamentals
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