CAIA (Chartered Alternative Investment Analyst)
CAIA Association
Complete guide to passing the CAIA (Chartered Alternative Investment Analyst) exam on your first attempt.
$1,250 per level (2 levels)
~55%
Lifetime (with annual dues)
Global
CAIA Association
$120k-$250k+
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Complete Overview
The Chartered Alternative Investment Analyst (CAIA) Charter is a two-level professional designation awarded by the CAIA Association for expertise in hedge funds, private equity, private debt, real assets, digital assets and portfolio construction across alternatives. A first-time Level I candidate pays a one-time US$400 enrollment fee plus an exam registration fee of US$995 during early registration or US$1,395 during standard registration, with the digital curriculum included in either case. Candidates are typically fund analysts, allocators at endowments and pension plans, private wealth advisers, fund operations and due diligence staff, and CFA charterholders adding an alternatives specialisation.
The Level I exam is 200 multiple-choice questions. The Level II exam is 100 multiple-choice questions plus three sets of constructed-response (essay-type) questions, with the multiple-choice section counting for 70 percent of the score and the constructed-response section for 30 percent. Both levels run to the same exam-day clock: a five-minute nondisclosure agreement, five minutes of instructions, a 130-minute first section, an optional 30-minute break, and a 130-minute second section, for a total exam session of five hours.
Level I is examined across eight topic areas whose published weights are ranges rather than fixed percentages: professional standards and ethics 15 to 25 percent, introduction to alternative investments 20 to 28, real assets 11 to 17, private equity 6 to 10, private debt 10 to 15, hedge funds 11 to 17, digital assets 4 to 8, and funds of funds 2 to 6. The bands overlap, so they do not sum to 100. Level II uses a separate table in which seven topics each carry 8 to 12 percent of the multiple-choice section, and Universal Investment Considerations and Emerging Topics carry 10 percent each of the constructed-response section.
Exams are held twice a year, in March and September, at Prometric test centers. Online proctored delivery is available by exception only and requires an approved accommodation. The September 2026 cycle closed to registration on August 3, 2026, with the Level I testing window August 31 to September 11 and Level II September 14 to 25. The March 2027 cycle opens for registration on October 12, 2026, with the early deadline December 7, 2026 and registration closing February 1, 2027; the Level I window is March 1 to 12, 2027 and Level II March 15 to 26, 2027.
The CAIA Association recommends a minimum of 200 hours of study per level and states that the average candidate completes the program in 12 to 18 months. The digital curriculum written by the Association is the only preparation material it endorses, and roughly 10 to 20 percent of exam content changes each year, with the next calendar year's curriculum published each October. A curriculum edition is valid only for the calendar year the exam is sat in, so the 2026 edition covered both the March and September 2026 sittings and the 2027 edition governs the March 2027 sitting.
CAIA does not release the passing score or individual candidate scores. The passing score is set after the exam window closes and all results are collected, and candidates receive only a pass or fail outcome plus a Candidate Performance Report that ranks their topic-by-topic performance against a reference group drawn from the bottom quartile of candidates who passed that cycle. Level I results are generally released within five weeks of the last day of the testing window and Level II results within eight weeks.
Passing Level II makes you eligible to join the CAIA Association as a Member and use the designation. Membership requires a bachelor's degree plus one year of relevant professional experience, or four years of experience without a degree, or standing as a CFA charterholder, plus two professional references. Full membership dues are US$350 per year or US$650 for two years, with a US$100 per year rate for members resident in emerging markets as defined by the MSCI indices. Membership always expires on May 31 regardless of when you join, and CAIA does not prorate.
Why Get CAIA (Chartered Alternative Investment Analyst) Certified?
The Charter covers eight Level I topic areas spanning hedge funds, private equity, private debt, real assets, digital assets and funds of funds, which is a wider alternatives map than any single-asset-class credential offers.
Two exams held twice a year in March and September mean a determined candidate can finish both levels inside 12 months, against the multi-year timetable of most comparable finance designations.
The digital curriculum is included at no extra charge with every new registration, so the US$1,395 standard registration fee already covers the only study material the Association endorses.
Registering early saves US$400 per level: US$995 versus US$1,395 for a first-time exam registration.
CAIA membership reaches more than 14,000 members across over 100 countries with 35 global chapters, giving a distribution network for roles in allocation and fund selection.
Level II tests constructed-response writing on asset allocation, due diligence and universal investment considerations, which is closer to the memos an allocator actually writes than a pure multiple-choice exam.
CFA charterholders can enter through the Stackable Credential Program and register directly for Level II, skipping Level I entirely.
Exam Format & Structure
Duration
Total exam session time of 5 hours: 5 minutes for the nondisclosure agreement, 5 minutes of exam instructions, 130 minutes for Section 1, an optional 30-minute break, and 130 minutes for Section 2
Questions
Level I: 200 multiple-choice questions, delivered as 100 in each section. Level II: 100 multiple-choice questions in Section 1 and three sets of constructed-response questions in Section 2
Passing Score
Not published by the CAIA Association. The passing score is determined after the exam window closes and all candidate results are collected, and CAIA explicitly does not release it. Individual candidate scores are never released either, and CAIA states there is no such thing as a high pass or a low pass.
Question Types
- Multiple-choice questions with three or four answer choices, asking for the BEST answer
- Item sets where a scenario or vignette is followed by several related questions
- Constructed-response (essay-type) questions at Level II only, presented in several parts
- Calculation questions requiring an approved financial calculator, with no equation list supplied
Delivery Method
Computer-based testing at Prometric test centers worldwide. Remote proctored testing through Prometric ProProctor is available by exception only and requires an approved accommodation; remote candidates use a digital scratchpad because physical pen and paper are prohibited.
Exam Domains & Topics
CAIA Ethical Principles covering ethics, professionalism and fiduciary responsibilities. The topic is tested at both levels and applies the Standards of Practice to scenarios involving conflicts of interest, fee disclosure, valuation of illiquid holdings and the duties an alternatives manager owes clients.
Key Topics to Master:
- Standards of professional conduct applied to fund managers
- Fiduciary duty in a fund-of-funds and advisory context
- Conflicts of interest and disclosure obligations
- Fair dealing and suitability for alternative products
- Performance presentation and marketing of fund returns
- Valuation policy for hard-to-value assets
- Material nonpublic information and trading restrictions
The largest Level I topic by published weight and the quantitative backbone of the exam. It covers quantitative and statistical foundations, financial economics, alpha and beta estimation, hypothesis testing, derivatives and risk-neutral valuation, and measures of risk and performance, then places all of it in the environment of alternative investments.
Key Topics to Master:
- What is an alternative investment and the environment of alternatives
- Quantitative foundations and statistical foundations
- Alpha and beta estimation
- Alpha, beta and hypothesis testing
- Financial economics foundations
- Derivatives and risk-neutral valuation
- Measures of risk, including drawdown and downside deviation
- Performance measures including Sharpe, Sortino and information ratios
Land, natural resources, commodities and real estate. Candidates cover commodity futures pricing and roll yield, the structure of natural resource investments, and real estate across its asset types, valuation methods and vehicles. The real estate readings carry three separate sections in the curriculum, so this topic rewards systematic coverage rather than skimming.
Key Topics to Master:
- Commodities and commodity futures pricing
- Natural resources and land investments
- Other real assets, including infrastructure and intangibles
- Overview of real estate as an asset class
- Real estate assets and property types
- Real estate valuation methods
- Real estate investment vehicles and REIT structures
Buyout, venture capital and growth equity. Candidates cover the mechanics of private equity investing, including fund structures, capital calls, carried interest, J-curve behaviour, and the specific value creation levers in a leveraged buyout as against a venture-stage company. Performance measurement using IRR and multiple-based metrics sits here.
Key Topics to Master:
- Buyout fund mechanics and leverage
- Venture capital and growth equity stages
- Private equity investing structures and terms
- Capital calls, distributions and the J-curve
- Carried interest and management fee arrangements
- IRR, TVPI, DPI and RVPI as performance measures
- Exit routes and holding period returns
Credit risk, credit derivatives, insurance linked strategies, structuring, and private credit in both asset-based and cash-based forms. This topic has grown in the curriculum as private credit has grown in the market, and it draws directly on the derivatives and risk-neutral valuation material from the introductory topic.
Key Topics to Master:
- Credit risk modelling and credit derivatives
- Credit default swaps and their pricing
- Insurance linked strategies including catastrophe bonds
- Introduction to structuring and tranching
- Private credit and asset based strategies
- Private credit and cash based strategies
- Recovery rates, default rates and loss given default
The hedge fund industry and its four strategy families. Candidates cover equity hedge funds, event-driven strategies, macro and managed futures, and relative value, with attention to the return drivers, typical risk exposures and fee structures of each. Questions frequently ask which strategy fits a described return pattern or market environment.
Key Topics to Master:
- The hedge fund industry, fee structures and hurdle rates
- Equity hedge funds including long/short and market neutral
- Event-driven hedge funds including merger arbitrage and distressed
- Macro and managed futures funds
- Relative value hedge funds including convertible arbitrage
- Hedge fund replication and factor exposures
- Survivorship and backfill bias in hedge fund indices
A standalone Level I topic covering distributed ledger technology and the case for allocating to cryptocurrencies. It is small by weight but self-contained, which makes it one of the highest-yield areas per hour of study. Candidates cover consensus mechanisms, token types and the portfolio characteristics of crypto assets.
Key Topics to Master:
- Distributed ledger technology and consensus mechanisms
- Allocating to cryptocurrencies within a portfolio
- Token classification and smart contracts
- Custody and operational risk in digital assets
- Volatility and correlation characteristics of crypto assets
- Regulatory treatment of digital assets
The smallest Level I topic by published weight, covering the fund-of-funds structure, its second layer of fees, the diversification and access benefits it offers smaller allocators, and the due diligence a fund-of-funds manager performs on underlying managers. Expect a handful of questions rather than a large block.
Key Topics to Master:
- Fund of funds structures and share classes
- Double fee layers and their drag on net returns
- Diversification benefits and manager access
- Multi-strategy funds versus funds of funds
- Manager selection and monitoring by a fund of funds
- Liquidity terms and gating provisions
Recommended Study Plan
- 1Log in to your CAIA account and download the digital curriculum included with your registration, plus the Level I Curriculum Companion and the Exam Handbook.
- 2Check the Level I Errata page, since CAIA publishes corrections against the printed curriculum.
- 3Set up a Texas Instruments BA II Plus or an HP 12C, the only two calculator families CAIA authorizes, and learn the TVM and cash flow keys.
- 4Read the quantitative foundations and statistical foundations readings in Introduction to Alternative Investments.
- 5Note that CAIA supplies no equation list on the exam, so start a formula sheet you will eventually memorise.
- 1Work through alpha and beta estimation and the hypothesis testing reading.
- 2Practise regression interpretation questions, since the exam asks you to read coefficients rather than run regressions.
- 3Cover financial economics foundations and the informational market efficiency material.
- 4Build worked examples for each of the risk and performance measures in the curriculum.
- 5Take a 40-question quiz on this topic and log every miss by reading number.
- 1Study derivatives and risk-neutral valuation, which underpins the later private debt and volatility material.
- 2Work option payoff and put-call parity problems on your approved calculator.
- 3Read the environment of alternative investments and what is an alternative investment.
- 4Consolidate topic 2 into a single summary document, since it carries the 20 to 28 percent weight.
- 5Sit a 50-question timed block at 78 seconds per question, the pace implied by 100 questions in 130 minutes.
- 1Cover commodities, including futures curve shape, roll yield, contango and backwardation.
- 2Study natural resources and land, then other real assets such as infrastructure.
- 3Work the commodity return decomposition calculations until you can do them without notes.
- 4Draw a one-page comparison of the return drivers for each real asset category.
- 5Complete the real assets section of the CAIA Level I Sample Exam.
- 1Work the three real estate readings: overview of real estate, real estate assets, and real estate methods.
- 2Practise the income capitalisation, discounted cash flow and comparable sales valuation approaches.
- 3Learn the REIT structures and the tax treatment that drives them.
- 4Compare private real estate and listed real estate return and risk characteristics.
- 5Take a mixed 60-question quiz spanning topics 2 and 3.
- 1Study buyout, private equity investing, and venture capital and growth equity.
- 2Work through capital call and distribution timelines and the resulting J-curve.
- 3Practise IRR, TVPI, DPI and RVPI calculations on the cash flow worksheet of your calculator.
- 4Learn the carried interest waterfall mechanics, including hurdle and catch-up.
- 5Answer the private equity questions in the Level I Sample Exam and review every explanation.
- 1Cover credit risk and credit derivatives, then introduction to structuring.
- 2Study private credit and asset based strategies alongside private credit and cash based strategies.
- 3Work through insurance linked strategies, including catastrophe bond structures.
- 4Practise tranche loss attachment and detachment point calculations.
- 5Revisit the derivatives reading from week three, since credit default swap pricing depends on it.
- 1Read the hedge fund industry reading, then each of the four strategy readings in turn.
- 2Build a table of strategy, return driver, typical exposure and main risk for every sub-strategy named in the curriculum.
- 3Work incentive fee and high water mark calculations, including the effect of a hurdle rate.
- 4Learn the index biases: survivorship, backfill and selection.
- 5Sit a 50-question hedge funds and private markets block under timed conditions.
- 1Work distributed ledger technology and allocating to cryptocurrencies, a compact 4 to 8 percent block.
- 2Cover the funds of funds reading, worth 2 to 6 percent, in a single sitting.
- 3Study CAIA Ethical Principles and apply the standards to scenario questions rather than memorising them.
- 4Note that ethics carries a 15 to 25 percent weight range, the second largest on Level I, and plan accordingly.
- 5Review your formula sheet in full and remove anything you can now derive.
- 1Sit the CAIA Level I Sample Exam end to end under the real clock: 130 minutes, 30-minute break, 130 minutes.
- 2Practise the break deliberately, since it is optional but scheduled and you cannot take an unscheduled one.
- 3Drill item sets specifically, because a vignette followed by several questions changes your reading pace.
- 4Rework every question you flagged, then re-read the corresponding curriculum section.
- 5Rank the eight topics by accuracy and assign the final week by weight multiplied by weakness.
- 1Give the two weakest high-weight topics, usually Introduction to Alternative Investments and Real Assets, the bulk of the week.
- 2Re-derive every formula on your sheet from scratch, since CAIA supplies no equation list.
- 3Work two more timed 100-question sections and compare accuracy against week ten.
- 4Read the CAIA Exam Handbook sections on exam structure and scoring so nothing on the day is new.
- 5Re-read the Errata document, in case corrections have been added since week one.
- 1Print your Prometric Confirmation of Appointment, which must be presented on paper; an electronic version is refused at the door.
- 2Check that the first and last names on your Confirmation match your passport or driver's licence exactly.
- 3Test your calculator battery and plan to leave spares, covers, keystroke cards and manuals in the test center locker.
- 4Do one final pass over ethics and the two highest-weight topics rather than starting anything new.
- 5Plan to arrive 30 minutes before your appointment, as CAIA recommends.
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Best Study Resources
CAIA digital curriculum
Official curriculumThe official curriculum, included at no additional charge with every new registration. CAIA states it is the only written preparation material the Association endorses and the only resource used to write the exams. A print version can be purchased separately.
Included with exam registration
CAIA Exam Handbook
Official handbookSets out exam structure, the topic weight table for both levels, the section timings, the nondisclosure agreement text, the scoring and results release timetable, and a sample Candidate Performance Report. Read it before you book.
Free
Level I Curriculum Companion
Study guideCAIA's own guide to the key topics, essential terms and areas that matter most for the exam. It maps directly to the curriculum readings, which makes it a better revision index than a third-party summary.
Free
CAIA Level I Sample Exam
Practice examAccessed through the MyCAIA portal. CAIA describes it as the best preview of exam day for understanding format, pacing and where to spend extra time, which matters given 100 questions per 130-minute section.
Free to registered candidates
Level I and Level II Errata
Corrections listCAIA publishes running errata against the printed curriculum for each level and dates each update. Check it at the start of study and again in the final fortnight, since corrections are added mid-cycle.
Free
Level II Emerging Topics required readings
Required readingA set of required readings covering digital assets, private equity value creation and portfolio management topics such as rebalancing illiquid portfolios and managing liquidity for capital calls. Emerging Topics is tested only in constructed-response format and carries a 10 percent constructed-response weight.
Free to registered candidates
Kaplan Schweser CAIA
Third-party prep providerStudy notes, question banks and mock exams for both levels. Useful as a condensed second pass, though CAIA states its own curriculum is the only endorsed material and the only source used to write questions.
Paid, tiered packages
UpperMark CAIA
Third-party prep providerStudy handbooks, flashcards and a test bank aimed at CAIA candidates. Third-party material lags the annual curriculum update, so confirm the edition matches your exam year before buying.
Paid, tiered packages
Texas Instruments BA II Plus or HP 12C
CalculatorCAIA authorizes only two calculator families: the TI BA II Plus including the Professional, and the HP 12C including the Platinum, 25th Anniversary, 30th Anniversary and Prestige editions. Possession of any other calculator during the exam voids your results.
Retail purchase, price varies by seller
CAIA registration and fees page
Official policy pageLists the current exam windows, registration open and close dates, the early registration deadline, and the full fee table including the US$400 enrollment fee and the US$795 retake fee.
Free
Common Mistakes to Avoid
Arriving with the Prometric Confirmation of Appointment on a phone screen rather than on paper.
CAIA requires a printed Confirmation of Appointment alongside your ID, and explicitly refuses an electronic version. Print it, check the first and last names match your ID exactly, and put it with your passport the night before.
Bringing a calculator that is neither a TI BA II Plus nor an HP 12C because it is allowed on some other finance exam.
CAIA authorizes only those two families. Possession or use of an unauthorized calculator voids your exam results and can lead to suspension of your candidacy, and staff failing to spot it beforehand does not protect you.
Registering during standard registration when early registration was still open.
The early registration deadline saves US$400 on a first-time exam registration, US$995 against US$1,395. Diarise the early deadline as soon as the window opens; for the September 2026 cycle it fell on June 8, 2026.
Assuming you can defer to the next sitting if study goes badly.
CAIA states you may not postpone from one testing period to another, and deferments are not granted to candidates who fail to schedule an appointment. If you do not sit, you pay the US$795 retake fee for a future cycle.
Studying a prior year's curriculum edition bought secondhand.
CAIA revises roughly 10 to 20 percent of exam content annually and states that use of prior editions is not recommended. A curriculum edition is valid only for the calendar year in which the exam is sat, so the 2026 edition covered the March and September 2026 exams and the 2027 edition, published in October 2026, is the one that governs the March 2027 sitting. The digital version comes free with registration anyway.
Underweighting ethics because it feels like reading rather than finance.
CAIA Ethical Principles carries a 15 to 25 percent weight range at Level I, second only to Introduction to Alternative Investments. Work scenario questions rather than rereading the standards, because the exam asks you to apply them.
Expecting a formula sheet on screen.
The CAIA Exam Handbook states that an equation list is not provided on CAIA exams and that candidates should be familiar with all equations in the curriculum readings. Build and memorise your own sheet from week one.
Treating Level II as Level I with harder questions.
Level II replaces the second 100-question section with three sets of constructed-response questions worth 30 percent of the score. Universal Investment Considerations and Emerging Topics are tested only in that format. Practise typing structured answers under a 130-minute clock, not just multiple choice.
Skipping the optional 30-minute break to save time.
The break sits between two 130-minute sections and does not extend the second section if you skip it, so skipping buys nothing. It is also the only point at which you can access your locker, eat, or use the restroom without a proctor issue.
Exam Day Tips
- 1
Bring two things to the door: a valid, non-expired government-issued passport, government ID or driver's licence in English or with an English translation, and a printed Prometric Confirmation of Appointment. Missing either means no exam and no refund.
- 2
Digital IDs and paper ID cards are both refused. The document must be an original physical card or booklet with your first and last names, a recognizable photograph and your signature.
- 3
Name matching ignores middle names and ignores name order, but the first and last names on your Confirmation must match your ID exactly. If you cannot meet the criteria, CAIA requires you to contact [email protected] at least 30 days before the exam window opens.
- 4
Only four items enter the testing room: your ID, one approved calculator, a clear bottle of water with no cap and no label, and your locker key.
- 5
Your calculator is visually inspected before the exam and must stay on the desk in full view throughout. Spare calculators, covers, keystroke cards, manuals and extra batteries go in the locker, and swapping devices needs staff permission.
- 6
Arrive 30 minutes before your appointment. Check-in includes inspection of belongings, clothing and eyeglasses, a metal detector wand sweep and CCTV monitoring, and the same inspection is repeated when you return from the break.
- 7
You have five minutes to accept the nondisclosure agreement. Failing to accept it within that limit means you cannot take the exam and you forfeit the registration fee.
- 8
You cannot access your locker except during the scheduled break and at the end of the exam, so eat before you go in and keep anything you need for the break packed.
- 9
If a technical or environmental disruption occurs but you can keep testing, stay at the location. CAIA will not approve a reschedule or deferral if you choose to leave the test center.
Career Paths & Salary Ranges
Alternative investments analyst
Researches and monitors hedge fund, private equity, private credit and real asset managers for an allocator or a multi-manager platform. The Level I topic map matches the job description almost line for line.
$120k-$250k+
Manager research and due diligence analyst
Runs investment and operational due diligence on external managers. Level II devotes a full topic area to due diligence and selecting managers, including operational due diligence and due diligence of terms and business activities.
$120k-$250k+
Endowment, foundation or pension portfolio manager
Builds and rebalances a multi-asset portfolio with a large private markets sleeve. Level II covers institutional asset owners, asset allocation processes, rebalancing strategies and the total portfolio approach directly.
$120k-$250k+
Private wealth adviser specialising in alternatives
Advises high net worth clients on allocations to private equity, private credit and hedge fund vehicles. The ethics and fiduciary content, weighted 15 to 25 percent at Level I, maps to the suitability and disclosure duties of the role.
$120k-$250k+
Fund operations, risk or product specialist
Supports an alternatives platform on valuation policy, liquidity terms, fee calculation and risk reporting. The curriculum's coverage of fund structures, fee waterfalls, gating provisions and liquidity risk is the reference material for the job.
$120k-$250k+
Digital assets investment analyst
Covers crypto and tokenised assets inside a traditional investment organisation. Digital Assets is a standalone Level I topic at 4 to 8 percent, and Level II adds cryptocurrency investing and trading plus a Bitcoin, Web 3.0 and DeFi emerging topic.
$120k-$250k+
Prerequisites & Requirements
- There are no hard eligibility requirements to register for the CAIA Level I exam: no degree, no minimum work experience and no prior credential.
- CAIA recommends candidates have a solid grasp of the financial services industry and have completed coursework in corporate finance and statistics.
- English proficiency in both reading and writing is recommended, and Level II requires you to type constructed-response answers.
- You must hold an ID that meets the CAIA exam identification policy: a valid, non-expired government-issued passport, government ID or driver's licence in English or with an English translation.
- You must reside in a country not restricted by OFAC policy.
- Level II normally requires a Level I pass first. CFA charterholders can instead enter through the CFA Stackable Credential Program and register directly for Level II, paying the US$400 enrollment fee plus the exam registration fee.
- Using the CAIA designation after passing Level II requires joining the Association as a Member, which needs relevant professional experience and payment of annual dues.
Frequently Asked Questions
How much does the CAIA exam cost?
A first-time Level I candidate pays a one-time US$400 enrollment fee plus an exam registration fee of US$995 during early registration or US$1,395 during standard registration, with the digital curriculum included. A first-time Level II candidate who has already passed Level I pays only the exam registration fee, again US$995 early or US$1,395 standard. Level II entrants through the CFA Stackable Credential Program pay the US$400 enrollment fee as well. Canadian and Indian GST apply where relevant.
What does a CAIA retake cost?
US$795 for either level, at both early and standard registration, and discounts do not apply to the retake fee. The retake fee applies whether you failed, never scheduled an appointment, or scheduled one and did not appear. The retake registration also includes the digital curriculum for the new exam year.
What happens if you fail a CAIA exam?
You automatically become eligible to retake the same level at any future exam session for the flat US$795 retake fee. There is no waiting period beyond the next scheduled window, and no limit is published on the number of attempts. Your Candidate Performance Report shows relative performance by topic against the reference group, and CAIA suggests paying special attention to topics categorised as Weakest or Lower when planning your retake.
How is the CAIA exam scored and what is the passing score?
The CAIA Association does not release the passing score. It is determined after the exam window closes and all candidate results are collected, and candidates are told only whether their score exceeded it. Individual scores are never released to anyone, including the candidate, because CAIA does not attach meaning to relative ranking and states there is no high pass, low pass or high failure.
How long do CAIA results take?
Level I results are generally released within five weeks of the last examination day of the testing window, and Level II results within eight weeks. You receive an email telling you to log in at caia.org, then view your outcome under My Exam Info and open the Candidate Performance Report from the same page.
What is on the Candidate Performance Report?
A topic-by-topic relative performance profile against a reference group made up of candidates whose total scores fell in the bottom quartile of those who passed that cycle. Each topic is placed in one of five bands: Weakest, Lower, Borderline, Higher or Strongest. The report lists each topic with its exam weight range so you can see which gaps cost the most.
Can you request a score review?
Yes. The score review fee is USD$100 and the request must be submitted to [email protected] within 30 days of receiving your Candidate Performance Report. A review means the points earned in each part of the exam are manually checked against the reported score; it does not mean the questions are graded again. Exam materials remain CAIA property and are never released.
Which calculators are allowed on the CAIA exam?
Only two models: the Texas Instruments BA II Plus, including the BA II Plus Professional, and the Hewlett Packard 12C, including the HP 12C Platinum, the 25th Anniversary Edition, the 30th Anniversary Edition and the HP 12C Prestige. You may have access to only one calculator at a time, it is inspected before the exam, and it must remain on your desk in full view. Spares, covers, keystroke cards, manuals and extra batteries must be stored outside the testing room.
What ID is required on CAIA exam day?
A valid, non-expired government-issued passport, government ID card or driver's licence, in English or accompanied by an English translation, showing first and last names, a recognizable photograph and your signature, plus a printed Prometric Confirmation of Appointment. Digital IDs, paper ID cards and electronic copies of the Confirmation are all refused, and candidates turned away forfeit the exam fee.
Can you take the CAIA exam online?
Only by exception. Remote Proctored Testing has been available by exception since April 10, 2024 and requires an approved accommodation. Remote candidates cannot use physical pen and paper and must work with a digital scratchpad, must stay in webcam view throughout, cannot wear headphones or use multiple screens, and must notify the proctor before leaving for the scheduled break.
Can you reschedule a CAIA exam appointment?
Yes, at no cost if you do it 30 days or more before your scheduled exam window. A non-refundable US$50 scheduling change fee applies for changes made between 29 and 5 days in advance. Rescheduling is different from deferring: you may not move a registration from one testing period to another, so a March registration cannot become a September one.
Are CAIA fees refundable?
Only within 14 calendar days of the date of purchase, and only the exam registration fee. The US$400 enrollment fee is non-refundable. Requesting a refund deactivates your access to the CAIA digital curriculum. If you fail to schedule an appointment or fail to sit, your fees are non-refundable, non-deferrable and non-transferable.
How many hours should you study for each CAIA level?
The CAIA Association recommends a minimum of 200 hours of study time for each exam level. It also states that the average candidate completes the whole program in 12 to 18 months, depending on experience and schedule, and that finishing both levels within a single year is possible because each level is offered in both March and September.
Does the CAIA Charter expire or need continuing education?
The exam passes do not expire, and CAIA does not mandate continuing education. It recommends 40 hours of professional development every two years as a voluntary standard and gives members free access to its CAIA.nxt microcredential platform. What does matter is dues: use of the designation depends on membership in good standing. Full members pay US$350 per year or US$650 for two years; affiliate members and retired members pay US$175 per year; Professional Leave Status, for members who are unemployed, retired, studying full time or otherwise unable to pay full dues, is also US$175 per year; full members permanently resident in an emerging market as defined by the MSCI indices pay US$100 per year or US$200 for two years. Dues are non-refundable, membership expires May 31 each year, and reinstated membership is charged retroactively to June 1 of the current cycle.
How often does the CAIA curriculum change?
CAIA publishes the next calendar year's curriculum each October and states that annual revisions produce roughly 10 to 20 percent change in exam content. A curriculum edition is valid only for the calendar year in which the exam is administered, so the 2026 edition covers both the March 2026 and September 2026 sittings, and CAIA advises against using prior editions.
How does CAIA compare with the CFA charter?
CAIA is two exams focused on alternative investments; the CFA program is three exams covering the full breadth of investment management with a smaller alternatives component. CAIA runs two sittings a year for each level, so both levels can be attempted within twelve months. CFA charterholders can skip CAIA Level I entirely through the CFA Stackable Credential Program and register directly for Level II, paying the US$400 enrollment fee plus the standard exam registration fee.
What is the difference between Level I and Level II question formats?
Level I is 200 multiple-choice questions split across two 130-minute sections. Level II keeps 100 multiple-choice questions in the first section, worth 70 percent of the score, and replaces the second section with three sets of constructed-response questions worth 30 percent. Universal Investment Considerations and the Emerging Topics readings are tested exclusively in constructed-response format, each carrying a 10 percent constructed-response weight. Responses are typed and need not be full sentences.
Are accommodations available for CAIA exams?
Yes. CAIA maintains a testing accommodation and grievance policy and distinguishes between pre-approved items that need no permission and accommodations that require permission in advance. An approved accommodation is also the route to a remote proctored appointment, since online delivery is otherwise unavailable. Apply well before your exam window, as approval is needed before scheduling.
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