CAIA® Exam Details


About the CAIA® Program

Launched in 2002 and sponsored by CAIA Association®, the Chartered Alternative Investment AnalystSM (CAIA®) Charter is the only educational standard uniquely designed for individuals specializing in alternative investments.

With new retail products and structures, investments from insurance companies and pensions, and government investments in infrastructure and green technology, many companies are in need of alternative investing experience. Completion of the CAIA program demonstrates an understanding of alternative investments, including hedge funds, real assets, private equity, commodities, and managed futures.


Body of Knowledge

With the Level I topics, you will learn the tools to analyze alternative investments. The Level I curriculum includes: quantitative methods; professional standards; performance evaluation of actively managed portfolios; risk and return characteristics of real assets, private equity, hedge funds, and structured products; due diligence; risk management; and portfolio management.

Master these concepts with a comprehensive Level I study package:
View Level I Packages »

CAIA® Exam Format

The Level I CAIA exam is divided into 2 sections. Candidates are given 4 hours to complete the 200 multiple-choice questions with an optional 30-minute break between each section. Sections 1 and 2 each consist of 100 multiple-choice questions, which measure candidates’ knowledge of the CAIA Level I curriculum. Based on candidate surveys performed by CAIA Association, more than 200 hours of study are recommended to prepare. To best manage your study plan, it’s essential to know what is on the curriculum and how the topics are weighted.

Note: Normally, the exam is held in testing centers. However, to address safety concerns related to COVID-19, CAIA is offering all September exam candidates an online proctoring option. All the details are in this FAQ.

Find a Test Center Near You »

2020 Registration and CAIA® Exam Dates

Examination window:

March Exam:

  • March 2—13, 2020

September Exam:

  • August 31—September 11, 2020

Final deadline exam registrations:

March Exam:

  • Registration Opens - October 1, 2019
  • Early Registration Deadline - November 12, 2019
  • Registration Closes - February 4, 2020

September Exam:

  • Registration Opens - April 1, 2020
  • Early Registration Deadline - May 13, 2020
  • Registration Closes - August 5, 2020

Register for the CAIA Exam »

Requirements to Earn the CAIA® Charter

  1. Pass Level I and Level II of the CAIA exam.
    • Exams must be taken in separate exam cycles
    • Exam cycles occur in March and September
  2. Meet one of the two requirements below:
    • Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
    • Have a minimum of four years of professional experience
    • Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
  3. Agree to abide by the terms and conditions of the CAIA Association® Member Agreement.
    • Agreement renewal is required on an annual basis
  4. Provide two professional references.
  5. Establish and maintain membership in CAIA Association.
    • Membership fees apply; renewed on an annual or bi-annual basis
    • One-year membership $350; two-year membership $700

Give yourself the best chance the pass your CAIA Exam with Level I Study Packages.
View Level I Packages»

Body of Knowledge

With the Level II topics, you will learn how to apply the tools learned in Level I to analyze and invest in alternative investments. The Level II curriculum includes: ethics, current academic and industry research, asset allocation, private equity, real assets, commodities, hedge funds, managed futures, and structured products.

Master these concepts with a comprehensive Level II study package:
View Level II Packages »

CAIA® Exam Format

The Level II CAIA exam is composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, which measure candidates’ knowledge of the CAIA Level II curriculum. Candidates are given 2 hours to complete the multiple-choice question section and 2 hours to complete the constructed-response section. Based on candidate surveys performed by CAIA Association, more than 200 hours of study are recommended to prepare. To best manage your study plan, it’s essential to know what is on the curriculum and how the topics are weighted.

Note: Normally, the exam is held in testing centers. However, to address safety concerns related to COVID-19, CAIA is offering all September exam candidates an online proctoring option. All the details are in this FAQ.

Find a Test Center Near You »

2020 Registration and CAIA® Exam Dates

Examination window:

March Exam:

  • March 16—27, 2020 Cancelled due to COVID-19.

September Exam:

  • September 14—24, 2020

Final deadline exam registrations:

March Exam:

  • Registration Opens - October 1, 2019
  • Early Registration Deadline - November 12, 2019
  • Registration Closes - February 4, 2020

September Exam:

  • Registration Opens - April 1, 2020
  • Early Registration Deadline - May 13, 2020
  • Registration Closes - August 5, 2020

Register for the CAIA Exam »

Requirements to Earn the CAIA® Charter

  1. Pass Level I and Level II of the CAIA exam.
    • Exams must be taken in separate exam cycles
    • Exam cycles occur in March and September
  2. Meet one of the two requirements below:
    • Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
    • Have a minimum of four years of professional experience
    • Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
  3. Agree to abide by the terms and conditions of the CAIA Association® Member Agreement.
    • Agreement renewal is required on an annual basis
  4. Provide two professional references.
  5. Establish and maintain membership in CAIA Association.
    • Membership fees apply; renewed on an annual or bi-annual basis
    • One-year membership $350; two-year membership $700

Give yourself the best chance the pass your CAIA Exam with Level II Study Packages.
View Level II Packages»

Effective preparation requires a study schedule that covers the entire CAIA Charter curriculum and practice that resembles exam content. Our Packages create a study plan adaptive to your schedule and include integrated study tools that provide practice of key concepts of the curriculum.