CAIA® Exam Details
About the CAIA® Program
Launched in 2002 and sponsored by CAIA Association®, the Chartered Alternative Investment AnalystSM (CAIA®) Charter is the only educational standard uniquely designed for individuals specializing in alternative investments.
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.
Select Your CAIA Exam Level
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
View Level I Packages »
CAIA® Exam Format
The Level I CAIA exam is divided into 2 sections. Candidates are given 4 hours to complete the 200 multiple-choice questions with an optional 30-minute break between each section. Sections 1 and 2 each consist of 100 multiple-choice questions, which measure candidates’ knowledge of the CAIA Level I curriculum. Based on candidate surveys performed by CAIA Association, 250-300 hours of study are recommended to prepare.
Registration and CAIA® Exam Dates
September 2025 Exam:
- Registration Opens: April 14, 2025
- Early Registration Deadline: June 9, 2025
- Registration Closes: August 4, 2025
- Level I Exam Window: September 1-12, 2025
Topic Weights by Level
Level I
- 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%
Requirements to Earn the CAIA® Charter
- 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
- 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 $350; two-year membership $650
Give yourself the best chance to pass your CAIA Exam with Level I Study Packages.
Body of Knowledge
With the Level II topics, you will learn how to apply the tools learned in Level I to analyze and invest in alternative investments. 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
Master these concepts with a comprehensive Level II study package:
CAIA® Exam Format
The Level II CAIA exam is composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, which measure candidates’ knowledge of the CAIA Level II curriculum. Candidates are given 2 hours to complete the multiple-choice question section and 2 hours to complete the constructed-response section with an optional 30-minute break between each section. Based on candidate surveys performed by CAIA Association, 250-300 hours of study are recommended to prepare.
Registration and CAIA® Exam Dates
March 2025 Exam:
- Registration Opens: October 14, 2024
- Early Registration Deadline: December 9, 2024
- Registration Closes: February 3, 2025
- Level II Exam Window: March 17-28, 2025
September 2025 Exam:
- Registration Opens: April 14, 2025
- Early Registration Deadline: June 9, 2025
- Registration Closes: August 4, 2025
- Level II Exam Window: September 15-26, 2025
Topic Weights by Level
Level II
- Multiple choice
- 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%
- Essay
- 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%
Requirements to Earn the CAIA® Charter
- 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
- 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 $350; two-year membership $650
Give yourself the best chance to pass your CAIA Exam with Level II Study Packages.
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Skip the guesswork in your CAIA® exam preparation. Our representatives are ready to help you choose the right education package for your exam-day success. Schedule a time to talk to one of our financial education experts and have all your questions answered.
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Effective preparation requires a study schedule that covers the entire CAIA Charter curriculum and practice that resembles exam content. Our Packages create a study plan adaptive to your schedule and include integrated study tools that provide practice of key concepts of the curriculum.
