Studying for the Level I Exam Is Crucial, and It Takes a Substantial Effort.

There are no shortcuts. The one thing standing between you and success on the CAIA Level I exam is hard work. CAIA Association recommends you aim to spend at least 200 hours preparing for the Level II exam. Schweser’s Prepare, Practice, Perform® methodology gives you the structure you need to get the most out of your study time.

Previous Knowledge

Prior to enrolling in the CAIA program, you are required to have a bachelor’s degree, or be in the final year of a bachelor’s degree program. That degree does not need to be in a particular area of study, but you will be in a much stronger position if your education is finance-based. The CAIA program is designed to be a supplement to a finance-related education and investment experience already completed by an investment professional. In short, you don’t need to have a finance degree, but you will face greater challenges than those who do have a finance-based education.

Level I Curriculum

  • Hedge Funds
  • Introduction to Alternative Investments
  • Private Securities
  • Professional Standards and Ethics
  • Real Assets
  • Structured Products

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CAIA Level I Exam Details

Body of Knowledge

With the Level I topics, you will learn the tools to analyze alternative investments. The Level I curriculum includes the following:

  • Hedge Funds
  • Introduction to Alternative Investments
  • Private Equity
  • Professional Standards and Ethics
  • Real Assets
  • Structured Products
Master these concepts with a comprehensive Level I study package:
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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.

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Registration and CAIA® Exam Dates

March 2023 Exam:

  • Registration Opens: October 3, 2022
  • Early Registration Closes: November 28, 2022
  • Registration Closes: February 6, 2023
  • Level I Exam Window: March 6, 2023 through March 17, 2023
  • Level II Exam Window: March 20, 2023 through March 31, 2023

September 2023 Exam:

  • Registration Opens: April 10, 2023
  • Early Registration Closes: June 5, 2023
  • Registration Closes: August 14, 2023
  • Level I Exam Window: September 4, 2023 through September 15, 2023
  • Level II Exam Window: September 18, 2023 through September 29, 2023

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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 $650

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

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