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

*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 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

Essential Packages for the CAIA® Level I Exam

caia level 1 What'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

Didn’t pass the exam? Your next study package is on us, free of charge. Terms and conditions apply.

Didn’t pass the exam? Your next study package is on us, free of charge. Terms and conditions apply.