What is CAIA®?

Distinguish yourself with knowledge, expertise, and a clear career advantage – become a CAIA (Chartered Alternative Investment Analyst^SM) Charterholder. CAIA is offered by CAIA Association, the CAIA Charter is recognized globally as the benchmark for analysis, application, and standards of practice in the alternative investments arena. What are alternative investments? They are investments that are not stocks, bonds, and cash. Examples include real estate, infrastructure, natural resources, commodities, hedge funds, private equity, collateralized debt obligations, and credit derivatives.

To earn the charter, you must take and pass the Level I and Level II CAIA exams. There are no degree or work requirements for taking the exams, but after you pass both, you must earn or finish earning a bachelor’s degree or equivalent and have at least 1 year of professional experience, or complete a minimum of 4 years of professional experience without a degree. You also have to join CAIA Association and submit two professional references to the association.

The CAIA^® exam date is administered over a period called a “window” twice a year, in March and September. Those who register for the exam can choose a date within the window for their exams. The Level I CAIA exam is 200 multiple-choice questions. The exam length is 4 hours. There are 100 questions in the first 2 hours, followed by a break, and then 100 more questions in the last 2 hours. The CAIA exam 2021 for level 2 comprises 100 questions, of which 70% are multiple choice questions and 30% are constructed response (essay-type) questions. 

The exam results for CAIA level 1 are released approximately three weeks after the last date of the exam window. The results for Chartered Alternative Investment Analyst level 2 are generally released around six weeks after the last date of the exam window. Candidates will be notified regarding the CAIA exam result via their registered email and therefore are encouraged to ensure that their contact information is up-to-date.

CAIA® Exam Subjects

*The Level I CAIA exam is 200 multiple-choice questions. The exam length is 4 hours. There are 100 questions in the first 2 hours, followed by a break, and then 100 more questions in the last 2 hours.

CAIA® Exam Fees

CAIA® Exam Schedule

September 2021

March 2022

For more information about the CAIA Exam: Click here