CAIA Exam Overview

All you need to know about the CAIA® exam

Content


Level I
  • The Level I curriculum introduces candidates to alternative asset classes.

    Candidates are asked to distinguish various alternative investment strategies and products and understanding the difference between alternative and traditional products.
  • Professional Standards and Ethics
    15% – 20%
  • Introduction to Alternative Investments
    20% – 25%
  • Real Assets (including Commodities)
    10% – 20%
  • Hedge Funds
    10% – 20%
  • Private Equity
    5% – 10%
  • Structured Products
    10% – 15%
  • Risk Management and Portfolio Management
    5% – 10%
Level II
  • The Level II curriculum builds on candidates’ understanding of various asset classes and focuses on asset allocation in a multi-asset framework.

    Candidates gain deeper understanding of risk management techniques and tools as well as various structured products.
  • Topic:   Multiple Choice   / Essay
  • Professional Standards and Ethics:   0%10%
  • Core and Integrated Topics:   0%10%
  • Asset Allocation and Institutional Investors:    8% – 12% / 0% – 10%
  • Private Equity:   11% – 15%0% – 10%
  • Real Assets:   13% – 17%0% – 10%
  • Commodities: 5% – 7%0% – 10%
  • Hedge Funds and Managed Future: 18% – 22%0% – 10%
  • Structured Product: 5% – 7%0% – 10%
  • Total:   70% 30%

Exam Format


The CAIA® Exam is a computer exam given in two levels.

It is offered exclusively in English, twice a year in Mars and September, in many sites around the world.

CAIA® Level I

4 hours

200 questions

Multiple choice questions (MCQs)

CAIA® Level II

4 hours

100 questions MCQ
+ 3 essays

Multiple choice questions (MCQs)
+ Constructed-Response

Two Types of Questions


Multiple Choice

Multiple-choice questions have four answer choices. All questions for a topic are grouped together and some questions are presented in item sets.

Constructed-Response

You will be tested on specific types of response, such as descriptions, calculations, or arguments. Candidates will not be penalized for incorrect grammar or spelling.

Earn Your CAIA® Charter


Here is the list of requirements you need to meet:

Meet one of the two requirement*

1- Obtain a bachelor’s degree, or equivalent, with a minimum of one year of professional experience
2- Have a minimum of four years of professional experience





Agree to abide by the terms and conditions of the CAIA Association® Member Agreement



 




Establish and maintain membership in CAIA Association

 





 

Provide two professional references





Pass Level I and Level II of the CAIA exam



* Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields 



Candidates who earn 70% or more of the total points are assured of passing the exam. However, because the CAIA association compares each candidate’s score against the average exam score, there is the potential for a curve, which would effectively move the passing score below 70%.