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
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
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%
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%
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%.