Free CAIA L1 Exam Prep
Chartered Alternative Investment Analyst (CAIA) Level I
Prepare for the CAIA L1 exam without spending hundreds on expensive prep courses. Free study guides, practice questions, flashcards, and related exam resources.
Quick Facts
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CAIA CAIA Program License: Complete Roadmap
Follow this path to organize your licensing and exam preparation
Phase 1: Ethics and Alternatives CoreYou are here
Build foundations in ethics and introductory alternative investment frameworks.
Phase 2: Asset Class Deep Dive
Study real assets, private equity, private debt, hedge funds, and digital assets.
Phase 3: Portfolio Context and Mixed Topics
Integrate funds-of-funds and cross-topic portfolio application scenarios.
Phase 4: Timed Full-Length Practice
Run timed two-section simulations and remediate weak topic bands.
Can You Take the CAIA L1 Exam?
Check if you meet the basic eligibility requirements
- •Exams are delivered at Prometric test centers
- •Online proctored testing is available by approved accommodation only
- •A valid passport or driver's license plus printed confirmation is required on exam day
CAIA L1 Quick Facts
Time to Get Licensed
12-20 weeks for most candidates
From start to license in hand
Retake Policy
Candidates who fail or miss Level I may retake at the published retake fee (US$795) in a subsequent exam window.
Total Cost Breakdown
Free CAIA L1 Prep Tools
Reported exam pass rate: CAIA Association does not publish official Level I pass-rate statistics in the candidate handbook.. Check the exam sponsor for the latest official figure.
200 Practice Questions
Level I-style question coverage across all official topic ranges.
AI-Powered Learning
Adaptive remediation for alternatives concepts and ethics weak points.
2026 Updated
Aligned to current published CAIA registration and handbook policies.
Free Access
Begin free CAIA Level I practice before committing to paid prep.
What You'll Study
11 chapters covering the exam topics in this guide
Introduction & Exam Overview
1 sections
Chapter 1: Professional Standards and Ethics
3 sections
Chapter 2: Introduction to Alternative Investments - Foundations
3 sections
Chapter 3: Introduction to Alternative Investments - Manager Selection & Risk
3 sections
Chapter 4: Real Assets - Real Estate
3 sections
Chapter 5: Real Assets - Infrastructure & Natural Resources
3 sections
Chapter 6: Private Equity
3 sections
Chapter 7: Private Debt
5 sections
Chapter 8: Hedge Funds - Equity & Event-Driven Strategies
3 sections
Chapter 9: Hedge Funds - Relative Value & Risk Management
3 sections
Chapter 10: Digital Assets & Funds of Funds
3 sections
CAIA L1 Exam Details
Chartered Alternative Investment Analyst (CAIA) Level I
Administered by CAIA Association
Exam Content Breakdown
Based on the official CAIA Association content outline
Ethics, standards of professional conduct, and applied ethical decision-making.
Alternative asset classes, characteristics, structures, and role in portfolios.
Real estate and infrastructure investing concepts, valuation, and risk factors.
PE structures, fund mechanics, performance drivers, and strategy fundamentals.
Private credit markets, instruments, underwriting considerations, and portfolio use.
Hedge fund strategies, manager styles, and risk/return evaluation frameworks.
Digital asset markets, use cases, and portfolio-relevant risk considerations.
Multi-manager and fund-of-funds portfolio construction and due diligence basics.
What's Included
11 Chapters
Complete exam coverage
Practice Quizzes
With detailed explanations
Free to Start
No credit card required
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What's Next After the CAIA L1?
After passing the CAIA L1, you can pursue these career paths
CAIA L1 Exam FAQ
Official CAIA Association Resources
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Ready to Start Your Free CAIA L1 Prep?
Review the study guide, practice key concepts, and use the free tools at your own pace.