CAIA (Chartered Alternative Investment Analyst) Requirements & Prerequisites
Everything you need to know before registering for the CAIA (Chartered Alternative Investment Analyst), eligibility, cost, format, and what to expect on exam day.
Cost
$1,250 per level (2 levels)
Provider
CAIA Association
Validity
Lifetime (with annual dues)
Available
Global
Education
Check official exam requirements
Experience
1-3 years of hands-on experience recommended
Specific 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.
Number of 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
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
Question Format
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
Passing Requirement
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.
How It Is Delivered
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.
Languages Offered
English
Visit the official CAIA Association certification page
Create an account and select your exam
Choose a test center or online proctoring option
Pay the exam fee and schedule your date
- Two forms of valid ID (one government-issued with photo)
- Appointment confirmation email
- For online proctoring: webcam, microphone, clean desk, stable internet
What are the prerequisites for the CAIA (Chartered Alternative Investment Analyst)?
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..
How much does the CAIA (Chartered Alternative Investment Analyst) cost?
The CAIA (Chartered Alternative Investment Analyst) exam costs $1,250 per level (2 levels). This includes the exam fee only, study materials are additional.
How do I register for the CAIA (Chartered Alternative Investment Analyst)?
Visit the official CAIA Association certification page → Create an account and select your exam → Choose a test center or online proctoring option → Pay the exam fee and schedule your date
What should I bring to the CAIA (Chartered Alternative Investment Analyst)?
Two forms of valid ID (one government-issued with photo). Appointment confirmation email. For online proctoring: webcam, microphone, clean desk, stable internet.
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