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 | |
| Topic | Weight |
| Professional Standards and Ethics | 15-25% |
| Introduction to Alternative Investments | 20-28% |
| Real Assets including Commodities | 11-17% |
| Hedge Funds | 12-20% |
| Private Equity | 11-17% |
| Structured Products | 10-14% |
*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 | ||
| Topic | Weight | |
| Multiple Choice | Constructed Response (Essay) | |
| Ethics, Regulation, and ESG | 0% | 10% |
| Models | 8-12% | 0-10% |
| Institutional Asset Owners and Investment Policies | 8-12% | 0-10% |
| Risk and Risk Management | 8-12% | 0-10% |
| Accessing Alternative Investments | 8-12% | 0-10% |
| Methods for Alternative Investing | 8-12% | 0-10% |
| Due Diligence and Selecting Strategies | 8-12% | 0-10% |
| Volatility and Complex Strategies | 8-12% | 0-10% |
| Current and Integrated Topics |
0% | 10% |
CAIA® Exam Fees
| CAIA Exam Fees ⇒ | Level I | Level II | |||
| Early | Standard | Early | Standard | ||
| Exam Registration | USD 1150 | USD 1250 | USD 1150 | USD 1250 | |
| Program Enrollment | USD 400 | USD 400 | |||
| Total | USD 1550 | USD 1650 | USD 1150 | USD 1250 | |
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*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 |
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CAIA® Exam Schedule
September 2021
| Registration Open | Early Registration | Registration Close | Level I Exam Window | Level II Exam Window |
| April 05, 2021 | May 17, 2021 | Aug 09, 2021 | Aug 30 - Sept 10, 2021 | Sept 13-24, 2021 |
March 2022
| Registration Open | Early Registration | Registration Close | Level I Exam Window | Level II Exam Window |
| Oct 04, 2021 | Nov 15, 2021 | Feb 07, 2022 | Feb 28 - March 12, 2022 | March 14-25, 2022 |
For more information about the CAIA Exam: Click here
CAIA® Study Packages by Kaplan Schweser
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Essential Packages for the CAIA® Level I Exam |
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What's Included:
Core
Pass Guarantee
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Premium Packages for the CAIA® Level I Exam |
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What's Included:
Core
Instruction
Pass Guarantee
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