CAIA® Exam Prep

CAIA® is the globally-recognized credential for professionals managing, analyzing, distributing, or regulating alternative investments.

What is CAIA®?

Distinguish yourself with knowledge, expertise, and a clear career advantage – become a CAIA (Chartered Alternative Investment AnalystSM) 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

Level I
TopicWeight
Professional Standards and Ethics15-25%
Introduction to Alternative Investments20-28%
Real Assets including Commodities11-17%
Hedge Funds12-20%
Private Equity11-17%
Structured Products10-14%

*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.

 

Level II
TopicWeight
 Multiple ChoiceConstructed Response (Essay)
Ethics, Regulation, and ESG0%10%
Models8-12%0-10%
Institutional Asset Owners and Investment Policies8-12%0-10%
Risk and Risk Management8-12%0-10%
Accessing Alternative Investments8-12%0-10%
Methods for Alternative Investing8-12%0-10%
Due Diligence and Selecting Strategies8-12%0-10%
Volatility and Complex Strategies8-12%0-10%
Current and Integrated Topics
0%10%

 

CAIA® Exam Fees

CAIA Exam Fees ⇒Level ILevel II
EarlyStandardEarlyStandard
Exam RegistrationUSD 1150USD 1250USD 1150USD 1250
Program EnrollmentUSD 400USD 400 
TotalUSD 1550USD 1650USD 1150USD 1250

*There is one time program enrollment fee for the new candidate

*If you retake any level of the CAIA exam,you will be charged for USD 450

CAIA® Exam Schedule

September 2021

Registration OpenEarly RegistrationRegistration CloseLevel I Exam WindowLevel II Exam Window
April 05, 2021May 17, 2021Aug 09, 2021Aug 30 - Sept 10, 2021Sept 13-24, 2021

 

March 2022

Registration OpenEarly RegistrationRegistration CloseLevel I Exam WindowLevel II Exam Window
Oct 04, 2021Nov 15, 2021Feb 07, 2022Feb 28 - March 12, 2022March 14-25, 2022

 

For more information about the CAIA Exam: Click here

CAIA® Study Packages by Kaplan Schweser

Essential Packages for the CAIA® Level I Exam

caia level 1What's Included:

Core
  • Activity Feed
  • Practice Exam (2 Full Exams)
  • QuickSheet
  • Resource Library
  • SchweserNotes™
  • SchweserPro™ QBank
Pass Guarantee

 

Premium Packages for the CAIA® Level I Exam

What's Included:

Core
  • Activity Feed
  • Practice Exam (2 Full Exams)
  • QuickSheet
  • Resource Library
  • SchweserNotes™
  • SchweserPro™ QBank
Instruction
  • Ask Your Instructor
  • Live Online Class (Weekly)
Pass Guarantee
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