Chartered Alternative Investment Analyst credential artwork

Chartered Alternative Investment Analyst (CAIA)

Validates knowledge of alternative investments, including private equity, private debt, hedge funds, real assets and digital assets.

Summary

CAIA is a two-level charter for professionals in alternative investments. It covers private equity, private debt, hedge funds, real assets and digital assets, and is designed to show specialist knowledge in a field outside traditional stocks and bonds.

Good fit if

  • You work in or want to specialize in alternative investments
  • You connect alternative assets to allocation and manager selection
  • You hold the CFA charter and want an alternatives specialization

Look elsewhere if

  • You want broader investment analysis: CFA
  • You want financial-risk measurement: FRM
  • You mainly want practical Excel modeling: FMVA

Salary & jobs

Prerequisites

Requirements for the exams and charter

Pass Level I before taking Level II

Required

Take the levels in separate exam cycles. A CFA charterholder in good standing can register directly for Level II.

Qualifying experience or CFA charter

Required

Meet one of these routes before applying for full membership.

Bachelor’s degree or equivalent1 year of relevant professional experience
Without a degree4 years of relevant professional experience
CFA charterholder in good standingSatisfies the professional requirement

Membership and two references

Required

Provide two professional references, agree to CAIA’s member standards and pay membership dues.

You can register for Level I without a degree or work experience.

Cost

USD · Early registration · two-level route
$400
$995
$995
$350
Standard registration makes the total $3,540. CFA charterholders taking only Level II pay $1,745 with early registration and the first annual membership. Retakes cost $795 per level.

Renewal

Keep your CAIA membership active to use the designation.

Membership renewal
May 31 each year
Annual dues
$350 USD
Professional development
40 hours / 2 years
Recommended

Two-year full membership costs $650. CAIA does not require continuing education or another exam to renew membership.

CAIA membership and dues ↗

Alternatives

Financial Risk Manager credential artwork
FRM$1,600 required · Intermediate

Focused study of financial risk measurement and management.

Financial Modeling & Valuation Analyst credential artwork
FMVA$497 required · Entry

Practical financial modeling and valuation in Excel.

FAQ

What are the CAIA requirements?

Pass Level I and Level II, provide two professional references and join CAIA. Full membership requires a bachelor’s degree plus one year of relevant experience, four years without a degree, or a CFA charter in good standing.

Can CFA charterholders skip Level I?

Yes. CFA charterholders in good standing can register directly for Level II through the Stackable Credential Program. The $400 enrollment fee still applies.

How much does CAIA cost?

Early registration for both levels, enrollment and the first annual membership totals $2,740. Standard registration totals $3,540. Digital curriculum is included.

How long should I study?

CAIA recommends at least 200 hours per level. The planner starts at 250 hours for your next level.

Where do I take the CAIA exam?

At a Prometric test centre. Online testing is available only through an approved accommodation.

Does CAIA expire?

Your passed exam results remain valid. Keep membership active to use the CAIA designation; standard full-membership dues are $350 per year.

Can I take both levels in one window?

No. The levels must be taken in separate exam cycles.

Last updated October 2026