About the CAIA® Exam
Content, format and everything you need to know about the CAIA® exam.
What Experience Is Needed To Get The CAIA® Certification
Meet one of the two requirements:
- 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
Pass Level I and Level II of the CAIA exam
Establish and maintain membership in CAIA Association
Agree to abide by the terms and conditions of the CAIA Association® Member Agreement
Provide two professional references
* Professional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fields
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® Exam LEVEL I
CAIA® Exam LEVEL II
Two Types Of Questions
Content of the Exam
Level I
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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% – 28% - Real Assets (including Commodities)
11% – 17% - Hedge Funds
12% – 20% - Private Equity
11% – 17% - Structured Products
10% – 14% -
Level II
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Candidates gain deeper understanding of risk management techniques and tools as well as various structured products.
The Level II curriculum builds on candidates’ understanding of various asset classes and focuses on asset allocation in a multi-asset framework.
- Topic: Multiple Choice / Constructed Response
- Ethics, Regulation, and ESG: 0% / 10%
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Models: 8-12% / 0-10%
- International Asset Owners and Investment Policies: 8% – 12% / 0% – 10%
- Risk and Risk Management: 8% – 12% / 0% – 10%
- Accessing Alternative Investments: 8% – 12% / 0% – 10%
- Methods for Alternative Investing: 8% – 12% / 0% – 10%
- Due Diligence and Selecting Strategies: 8% - 12% / 0% – 10%
- Volatility and Complex Strategies: 8% – 12% / 0% – 10%
- Current and Integrated Topics: 0% / 10%
Scoring & results
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%.