Pass Level I before taking Level II
RequiredTake the levels in separate exam cycles. A CFA charterholder in good standing can register directly for Level II.
Chartered Alternative Investment Analyst (CAIA) Exam Guide
Validates knowledge of alternative investments, including private equity, private debt, hedge funds, real assets and digital assets.
Level I builds the tools and asset-class knowledge used in alternative investing. Level II applies them to portfolios, risk and manager decisions, including written responses. Study one level at a time from the curriculum for your exam year.
Understand the exam
Syllabus
The rows are the two exam levels: Level I has seven topics and Level II has ten.
Level I: alternative-asset foundations
- CAIA Ethical Principles (7–13%)
- Introduction to Alternative Investments (21–27%)
- Real Assets (16–22%)
- Private Equity (8–14%)
- Private Debt (10–16%)
- Hedge Funds (15–21%)
- Digital Assets (3–9%)
Example scenario: An investor needs regular liquidity but is considering a long lock-up private fund. Which cash-flow, valuation and liquidity risks would you compare before allocating?
Level II: portfolio application
- CAIA Ethical Principles (constructed response 10%)
- Institutional Asset Owners (multiple choice 5–11%, constructed response 0–10%)
- Asset Allocation (multiple choice 10–16%, constructed response 0–10%)
- Risk and Risk Management (multiple choice 5–11%, constructed response 0–10%)
- Methods and Models (multiple choice 7–13%, constructed response 0–10%)
- Accessing Alternative Investments (multiple choice 3–9%, constructed response 0–10%)
- Due Diligence and Selecting Managers (multiple choice 6–12%, constructed response 0–10%)
- Volatility and Complex Strategies (multiple choice 5–11%, constructed response 0–10%)
- Universal Investment Considerations (multiple choice 4–10%, constructed response 0–10%)
- Emerging Topics (constructed response 10%)
Example scenario: A pension plan wants a larger private-market allocation. How would you assess commitment pacing, liquidity needs, manager terms and the effect on the whole portfolio?
Official CAIA exam handbook · 2027 curriculum and format
Format
- Questions
- 200 (Level I)
- Duration
- 4h 20m per level
- Delivery
- Test centre
- Languages
- English
Question types
Choose the single best answer from the options shown; both levels use them, and calculations need an approved financial calculator.
CertUp example
A buyout fund calls capital over several years and returns it as investments are sold. Which measure compares the investor's timed cash flows into one annual return?
Show answer
A. The internal rate of return discounts the timing of contributions and distributions into one annual rate. The other measures do not use the fund's cash-flow timing.
Level II only: write short essay-style answers to three sets of questions in the second section.
CertUp example
A pension plan wants to raise its private-market allocation but needs steady cash for benefit payments. Explain two liquidity risks and how you would manage each.
Show answer
Capital calls can arrive when cash is short, so hold a liquid reserve and pace new commitments over several years. Distributions can come later than expected, so model slower exits and keep the allocation within a stated limit.
Eligibility and booking
Register through CAIA, then book with Prometric using your CAIA ID. Exams run in March and September. Level I results usually arrive within five weeks of the window closing; Level II within eight weeks.
Make a study plan
Choose your level and exam window, then map the curriculum to your available weeks.
Most candidates spend 200–300 hours. Hours are per level. Plan for the low end if you work in alternative investments or already hold the CFA; add time for unfamiliar quantitative methods or the Level II written responses.
- 1Understand the examRead the syllabus and format, check you’re eligible and pick a target date.13 h
- 3Learn the core conceptsWork through one main course or book, topic by topic.149 h
- 4Practice with mock examsTake timed practice tests and review every mistake.75 h
- 5Prepare for exam dayBook the exam and check the ID and delivery rules.13 h
Learn the core concepts
Start with the digital curriculum included in registration. Add condensed notes or instruction if you want a more guided sequence.
Best official courseCAIA digital curriculum
Best for practiceCAIA Level I Suite
Best structured planCAIA Level I study packagesConnect the assets. For each strategy, explain its return drivers, liquidity, valuation method and main risks before moving to the next one.
Practice with mock exams
Use topic questions while learning, then rehearse full timed sections. Level II preparation must include written responses as well as multiple choice.
See all 2 CAIA practice tests →Are you ready?
- You can explain the return drivers, valuation and risks of each asset class.
- You can complete a 130-minute section without relying on notes.
- For Level II, you can give focused written answers that address every part of the question.
CAIA’s 2027 sample exams are due in November on its curriculum and study-tools page.
Prepare for exam day
Bring the required documents and calculator to your Prometric appointment.
- Bring an original valid government-issued ID that meets CAIA’s photo, signature and name rules.
- Bring a printed Prometric appointment confirmation; an electronic copy is not accepted.
- Use an approved TI BA II Plus or HP 12C model and check its batteries.
- Leave personal items in the assigned locker and follow Prometric check-in instructions.
- Use the optional 30-minute break between sections. Unscheduled breaks do not stop the clock.
- Review flagged questions before completing a section; you cannot return after it closes.
Advice from exam takers
Practise and review the explanation.
A Level I passer recommends question practice with delayed review to expose gaps, rather than spending all the study time rewriting the readings.
Plan for Level II even when you skip Level I.
CFA charterholders using the direct-entry route describe needing a focused study plan and written-response practice for the CAIA material.