The CAIA Charter gives you professional credibility, access, and connections. The rigorous, self-directed two-level qualifying exam covers the alternative asset classes, including private equity, venture capital, hedge funds, managed futures, as well as real assets, risk management and professional ethics.

Who can do?

Hold a bachelor’s degree, or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience. Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related fields.

Course Outline

CAIA Level-I CAIA Level-II
1: Professional Standards and Ethics
2: Introduction to Alternative Investments
3: Real Assets
4: Hedge Funds
5: Private Equity
6: Structured Products
7: Risk Management and Portfolio Management
1: Professional Standards and Ethics
2: Current and Integrated Topics
3: Asset Allocation and Institutional Investors
4: Private Equity
5: Real Assets
6: Commodities
7: Hedge Funds and Managed Futures
8: Structured Products

Exam Format

CAIA Level-I CAIA Level-II
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 100 multiple-choice questions and three sets of constructed-response (essay-type) questions that measure candidates’ knowledge of the CAIA Level II curriculum

Exam Duration

CAIA Level-I CAIA Level-II
4 hours with an optional 30-minute break between each section 2 hours to complete the multiple-choice question section and 2 hours to complete the constructed-response section

Exam Dates

CAIA Level-I CAIA Level-II
Exam cycles occur in March and September

Exam Fee

  First-Time Level I First-Time Level II
  Early* Standard Early* Standard
Exam registration 1150 $ 1250 $ 1150 $ 1250 $
Program enrollment 400 $ 400 $    
  1550 $ 1650 $ 1150 $ 1250 $

Exam Location

CAIA exams are administered in computerized format exclusively at proctored Pearson VUE test centers around the globe.