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Seek expert guidance from CAIA Charterholders to ensure exam success.Becoming a CAIA Charterholder
December 22, 2025
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If you are considering sitting for CAIA® Level I exam, you probably have questions. We’ve created this article to answer some of the most common questions we receive from people preparing to take the first step toward becoming a CAIA Charterholder. You’re always welcome to reach out to Schweser’s knowledgeable Student Support team for help as well.
CAIA is an acronym for Chartered Alternative Investment Analyst. 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.
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.
The CAIA Charter is valued by top employers and recognized globally as the highest standard of achievement in alternative investment education. As the CAIA designation continues to grow, so do its benefits. According to Payscale, the median salary for a CAIA Charterholder in the United States is $96,000 a year.
Investment analysts who hold a CAIA make about $74,197. On the top end of the scale are investment consultants, who earn an average of $139,565.
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 Level I CAIA exam 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.
Level I Exam Date Window | Registration Opens | Registration Closes |
March 2-13, 2026 | October 13, 2025 | February 2, 2026 |
August 31 - September 11, 2026 | April 13, 2026 | August 3, 2026 |
The Level I CAIA exam is 200 multiple-choice questions broken up into two parts. The total exam length is 4 hours. There are 100 questions in the first 2 hours (section 1), followed by a 30 minute break, and then 100 more questions in the last 2 hours (section 2).
The world of alternative investments is fluid, and it is not unusual to read that new types have been created. Also, new regulations or even deregulation can affect charterholders. Therefore, the topics of the CAIA Level I exam can change from year-to-year. That said, the current topics are:
CAIA Ethical Principles
Introduction to Alternative Investments
Real Assets
Private Equity
Private Debt
Hedge Funds
Digital Assets
Funds of Funds
The weights of the Level I exam topics can also change from year to year. The current weights of Level I Exam topics are as follows:
CAIA Ethical Principles: 10%
Introduction to Alternative Investments: 20%–28%
Real Assets: 14%–20%
Private Equity: 8%–12%
Private Debt: 10%–15%
Hedge Funds: 14%–20%
Digital Assets: 4%–8%
Funds of Funds: 2%–6%
CAIA Association recommends that candidates spend 250–300 hours studying for the CAIA exam. And, you should do that over a period of several months. Cramming in the last few weeks for the exam won’t work. The topics you’re being tested on require a type of knowledge that can only be gained over a structured, careful course of study—not last-minute, frantic reviews of core materials.
More people pass than fail the CAIA Level I exam, but not by much. It’s an intense exam. Some self-directed and motivated candidates are able to pass the CAIA exam using a course of self-study, but the majority of those who pass have taken exam prep classes or used CAIA level I study materials.
The all time average CAIA exam pass rate for Level I is estimated to be about 60%. However, only 40% of candidates who begin the program actually earn the charter. You can greatly improve your odds of success by learning from other candidates’ experiences and avoiding common study mistakes.
It costs $400 to enroll in the CAIA Program including those participating in the CAIA stackable credentials program. It costs $995 - $1,395 to take the Level I exam depending on when you register. If you want to retake the exam, the fee is $795.
Check out our CAIA exam prep for all learning styles now.
Learn about what a Chartered Alternative Investment Analyst is.
Free eBook: Before You Decide to Sit for the CAIA Exam
Seek expert guidance from CAIA Charterholders to ensure exam success.
Free eBook: CAIA Fundamentals
Explore detailed breakdowns of CAIA Program curriculum topics.
CAIAA does not endorse, promote, review or warrant the accuracy of the products or services offered by Kaplan Schweser, nor does it endorse any pass rates claimed by the provider. CAIAA is not responsible for any fees or costs paid by the user to Kaplan Schweser, nor is it responsible for any fees or costs of any person or entity providing any services to Kaplan Schweser. CAIA®, CAIA Association®, Chartered Alternative Investment AnalystSM, Chartered Alternative Investment Analyst Association®, FDP®, FDPI®, and Financial Data Professional Institute® are service marks and trademarks owned by CHARTERED ALTERNATIVE INVESTMENT ANALYST ASSOCIATION, INC., a Massachusetts nonprofit corporation with its principal place of business at Amherst, Massachusetts, and are used by permission. Kaplan Schweser's exam preparation products are not available to residents of countries or regions subject to technology or economic and/or trade sanctions by the Office of Foreign Assets (OFAC) or other authorities including Cuba, Iran, North Korea, Syria, or Ukraine (Crimea Region).