Studying for the Level I Exam Is Crucial, and It Takes a Substantial Effort.
There are no shortcuts. The one thing standing between you and success on the CAIA Level I exam is hard work. CAIA Association recommends you aim to spend at least 200 hours preparing for the Level II exam. Schweser’s Prepare, Practice, Perform® methodology gives you the structure you need to get the most out of your study time.
Previous Knowledge
Prior to enrolling in the CAIA program, you are required to have a bachelor’s degree, or be in the final year of a bachelor’s degree program. That degree does not need to be in a particular area of study, but you will be in a much stronger position if your education is finance-based. The CAIA program is designed to be a supplement to a finance-related education and investment experience already completed by an investment professional. In short, you don’t need to have a finance degree, but you will face greater challenges than those who do have a finance-based education.
Level I Curriculum
- Professional Standards and Ethics
- Introduction to Alternative Investments
- Real Assets
- Private Equity
- Private Debt
- Hedge Funds
- Digital Assets
- Funds of Funds
CAIA Level I Exam Details
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.
