CAIA Level I Exam Overview & Facts
Key Takeaways
- The CAIA Level I exam is 200 multiple-choice questions in two 2-hour sections (100 each), four hours total, with an optional 30-minute break, delivered at Prometric test centers in March and September windows.
- The 2026 curriculum covers eight topic areas weighted: Introduction to Alternative Investments 20–28%, Hedge Funds 15–19%, Real Assets 14–20%, Private Debt 12–16%, Ethics 8–12%, Private Equity 8–12%, Digital Assets 4–8%, and Funds of Funds 1–5%.
- First-time Level I fees total US$1,395 early (US$400 enrollment + US$995 registration) or US$1,795 standard (US$400 + US$1,395); retakes cost US$795.
- CAIA Association does not publish a numeric passing score; results are pass/fail, and the March 2026 Level I pass rate was 45%.
- CAIA recommends 200–300 study hours per level; no prerequisite exam is required to sit for Level I, but charterholders need a degree plus one year of experience (or four years of experience, or CFA charterholder status).
CAIA Level I Exam Overview & Facts
The Chartered Alternative Investment Analyst (CAIA) Level I exam is the first of two examinations required to earn the CAIA Charter, the globally recognized credential for professionals specializing in alternative investments. Administered by the CAIA Association and delivered at Prometric test centers, Level I tests a candidate's foundational understanding of alternative asset classes, the quantitative tools used to evaluate them, performance measurement, and professional ethics. The CAIA program is designed to supplement a finance-related education and investment experience; a finance degree is not required, but candidates without that background may need additional preparation time.
Exam Format & Delivery
The Level I exam consists of 200 multiple-choice questions split equally into two sections of 100 questions each. Candidates receive two hours (120 minutes) per section, for four hours of total testing time, with an optional 30-minute break between Section 1 and Section 2. Every question carries equal weight. The exam is computer-based, offered at Prometric test centers worldwide; online-proctored delivery is available only by approved accommodation. The exam is administered twice per year, in March and September windows.
Up to roughly 30% of questions are quantitative and require a dedicated financial calculator. The two approved models are the Texas Instruments BA II Plus and the Hewlett-Packard HP 12C.
2026 Curriculum & Topic Weights
The 2026 CAIA Level I curriculum spans three volumes and 226 learning objectives across eight topic areas. The curriculum is updated annually (the 2026 edition was released in October 2025 and applies to both the March and September 2026 exam cycles); prior editions are not recommended. Topic weights, set as ranges by the CAIA Association, are allocated as follows:
| Topic Area | Exam Weight | Focus |
|---|---|---|
| Introduction to Alternative Investments | 20–28% | Quant/statistical foundations, alpha/beta, derivatives, risk & performance |
| Hedge Funds | 15–19% | Equity, event-driven, macro/managed futures, relative value, industry |
| Real Assets | 14–20% | Real estate, infrastructure, commodities, natural resources |
| Private Debt | 12–16% | Direct lending, mezzanine, distressed, structuring, insurance-linked |
| CAIA Ethical Principles | 8–12% | Ethics, professionalism, fiduciary responsibilities |
| Private Equity | 8–12% | Venture capital, growth equity, buyouts |
| Digital Assets | 4–8% | Distributed ledger technology, allocating to cryptocurrencies |
| Funds of Funds | 1–5% | Fund-of-funds and multi-manager structures |
Because each question is worth the same amount, heavier topics simply appear in more questions. Study-time allocation should mirror these weights, not chapter length.
Fees & Registration
| Fee Component | Cost (USD) |
|---|---|
| One-time program enrollment | $400 |
| Level I registration (early, includes digital curriculum) | $995 |
| Level I registration (standard, includes digital curriculum) | $1,395 |
| Retake registration | $795 |
Registration opens months before each window with early and standard deadlines. The 2026 Level I windows are March 2–13, 2026 and August 31 – September 11, 2026.
Passing Score, Pass Rates & Results
CAIA Association does not publish a numeric passing score. Results are reported as pass/fail against a minimum passing standard set by the exam committee. After results release (about three weeks after the window closes), candidates receive a Candidate Performance Report comparing per-topic performance to a reference group of passing candidates. Historical Level I pass rates have ranged from roughly 45% to 54% over the past decade; the March 2026 Level I pass rate was 45%.
Study Time & Eligibility
CAIA Association recommends 200–300 hours of study per level, spread over several months rather than crammed. There is no prerequisite exam to sit for Level I. To earn the charter after passing both levels, a candidate must satisfy one of: (a) a bachelor's degree plus at least one year of professional experience, (b) four years of professional experience without a degree, or (c) CFA charterholder status (CFA charterholders may also use the stackable credential program to waive Level I entirely). Charterholders must also provide two professional references and maintain annual CAIA Association membership ($350 per year or $650 for two years).
Retake Policy, Deferrals & Cancellations
If you do not pass Level I, you must re-register for a future exam window and pay the retake fee of US$795; the $400 enrollment fee is never charged again. There is no published limit on the number of attempts, and a failed candidate may sit in the very next window (September after a March fail, or March after a September fail). CAIA Association does not allow deferrals or postponements from one exam window to another — registering for March and then wishing to switch to September is treated as a cancellation and requires a fresh registration for the new window. You can, however, change your specific test date or test-center location within the same window after scheduling, subject to seat availability at Prometric. Registration fees must be paid in full by the registration close date for the target window (for example, August 3, 2026, for the September 2026 window); missing that deadline removes you from that cycle. Because pass rates hover near 45%, budgeting for one possible retake when you plan total cost is prudent, and re-enrolling immediately after results (about three weeks post-window) preserves study momentum while the material is fresh.
Exam-Day Logistics & Test-Center Rules
The Level I exam is sat at a Prometric test center that you select when scheduling. Plan to arrive 30 minutes before your appointment to complete check-in; arriving late may forfeit your seat. At check-in you must present one valid, government-issued photo ID (typically a passport or driver's license) whose name exactly matches the name on your CAIA registration — a mismatch can block entry. Only the approved financial calculator (Texas Instruments BA II Plus family or Hewlett-Packard HP 12C family) may be used; calculator cases, lids, and instruction cards are not permitted in the testing room, and a proctor will clear the memory of any backup calculator. Personal items — phones, smartwatches, wallets, notes, bags, and outerwear — must be stored in a provided locker and cannot be accessed during the exam or the mid-exam break. Prometric supplies erasable noteboards and markers for scratch work (request more during the exam if needed); paper and pens from home are not allowed. The on-screen exam begins with a short tutorial, and the clock for each 100-question section starts independently: the optional 30-minute break between Section 1 and Section 2 is not counted against your four hours of testing time, so use it — stepping away resets focus before the second half. With 120 minutes per section, you have roughly 72 seconds per question on average; flag and skip quantitative items that need calculator time, return to them after the faster conceptual questions are banked.
How This Guide Is Organized
The remaining chapters follow the eight curriculum topic areas in approximate weight order, beginning with ethics (tested throughout) and the quantitative foundations that underpin every asset class. Each section pairs exam-specific teaching—definitions, worked calculations, tables, and scenario traps—with short quiz blocks that mirror the multiple-choice style of the exam. Treat the quizzes as retrieval practice, not a prediction of exact exam items.
How are the 200 questions on the CAIA Level I exam structured and timed?
According to the 2026 CAIA Level I topic weights, which pair of topics carries the heaviest weight on the exam?
Which statement about CAIA Level I scoring and pass rates is accurate?