What is the CAIA exam?
The CAIA charter is awarded by the CAIA Association and is the recognised qualification in alternative investments. Where the CFA covers the whole of investment management with alternatives as one topic among ten, the CAIA is entirely about the alternatives: hedge fund strategies, private equity and private debt, real assets, structured products, digital assets, and the due diligence and asset allocation questions specific to them.
There are two levels. Level I is 200 multiple-choice questions and establishes the vocabulary and the instruments. Level II adds constructed response: 70 percent of the score comes from 100 multiple-choice questions and the remaining 30 percent from three sets of written questions, which is where ethics and the emerging-topics material is tested.
It is commonly taken as a second credential. CFA charterholders in good standing satisfy the CAIA's experience requirement outright, and the two are often held together by people working in allocation, fund selection or private markets.
Who sits it
- Allocators, fund selectors and due diligence analysts at institutions, endowments and family offices
- Private equity, private credit, real assets and hedge fund professionals
- CFA charterholders specialising in alternatives, who satisfy the experience requirement automatically
- Wealth managers whose clients hold meaningful private market allocations
Exam format at a glance
- Levels
- Two
- Level I
- 200 multiple-choice questions in two sections of 100, at 2 hours each
- Level II
- 100 multiple-choice questions worth 70% of the score, plus three sets of constructed-response questions worth 30%; 4 hours in total
- Delivery
- Prometric test centres; online proctoring only by accommodation request
- Exam windows
- Twice a year, in March and September, with Level II sat about two weeks after Level I
- Fees (USD)
- A one-time $400 enrollment fee at first registration, then $995 (early) or $1,395 (standard) per level including the digital curriculum; retakes are $795
- Prerequisites
- None to sit Level I
- To earn the charter
- Pass both levels, hold CAIA membership, and have a bachelor's degree plus one year of relevant experience, or four years of experience, or the CFA charter
- Recent pass rates
- About 45% at Level I and 64% at Level II (March 2026), though the CAIA does not publish these officially
- Recommended study
- The CAIA Association suggests a minimum of 200 hours per level
Exam-body facts last checked September 2026. Fees, dates and formats change; confirm the current details with CAIA Association before registering.
Syllabus and topic weights
The topic names are confirmed against the CAIA Association's published 2026 curriculum. The percentages come from prep publishers reproducing the CAIA exam handbook rather than from a page we could verify directly, so treat them as approximate. The CAIA says roughly 10 to 20 percent of the curriculum changes each year, so check the current handbook before planning around them.
- 1.Level I — Introduction to Alternative Investments20–28%
- 2.Level I — Hedge Funds15–19%
- 3.Level I — Real Assets14–20%
- 4.Level I — Private Debt12–16%
- 5.Level I — Private Equity8–12%
- 6.Level I — CAIA Ethical Principles8–12%
- 7.Level I — Digital Assets4–8%
- 8.Level I — Funds of Funds1–5%
- 9.Level II — Methods and ModelsMultiple-choice section12–15%
- 10.Level II — Institutional Asset Owners, Asset Allocation, Risk Management, Accessing Alternatives, Due Diligence and Manager Selection, Volatility and Complex StrategiesMultiple-choice section8–12% each
- 11.Level II — Universal Investment ConsiderationsMultiple-choice section6–11%
- 12.Level II — Ethics and Emerging TopicsTested only in the constructed-response section30% combined
How to prepare for CAIA
- 1
Practise the constructed-response format for Level II specifically. It is 30 percent of the mark, it is where ethics and emerging topics are tested, and multiple-choice practice does nothing to prepare you for it.
- 2
At Level I, the introduction and hedge funds sections together are up to 47 percent. They are the foundation for everything at Level II as well, so over-invest there rather than in the smaller sections.
- 3
Expect the curriculum to move. The CAIA revises 10 to 20 percent of content annually, particularly in digital assets, so buy current materials rather than a friend's copy from two years ago.
- 4
Note the two windows a year and the two-week gap between levels. Sitting both levels in a single year is possible but means Level II preparation starts before Level I results arrive.
- 5
If you hold the CFA charter, check the charter requirements before budgeting time. You satisfy the experience requirement outright, so only the two exams stand between you and the charter.
We don't cover CAIA yet
We have no CAIA study material and none planned. Our CFA Level I and Level II content includes an alternative investments topic covering hedge funds, private equity, real assets and commodities, which is a reasonable orientation but nothing like the depth the CAIA tests. If you are choosing between the two credentials rather than committed to the CAIA, the CFA guides are the better starting point.
CAIA FAQ
How does the CAIA compare with the CFA?
They are complements rather than competitors. The CFA is broad across all of investment management; the CAIA is narrow and deep on alternatives. The CAIA is two exams rather than three and takes most candidates 12 to 18 months, against several years for the CFA.
Does the CAIA Association publish pass rates?
No. It treats exam performance as confidential and does not release scores or pass rates. The figures usually quoted come from prep providers aggregating candidate reports, and are not official.
Is there a minimum passing score?
The CAIA does not publish one, nor the method it uses to set the standard. Any specific percentage you see quoted is a candidate estimate.
Does StudyOptima have CAIA questions?
No, and none are planned at present. The alternative investments topic in our CFA Level I and Level II material covers some of the same ground, though at much lower depth than the CAIA demands.