The CAIA costs roughly $2,800 to $3,200 to complete both levels, depending on whether you register early or at the standard deadline. That's a one-time program enrollment fee of $400, a Level I exam fee of $995 to $1,395, and a Level II exam fee of $1,395. Every exam fee includes the digital CAIA curriculum, so you don't buy study materials separately from the CAIA Association.
| Fee | Amount |
|---|---|
| One-time program enrollment | $400 |
| Level I exam, early registration | $995 |
| Level I exam, standard registration | $1,395 |
| Level II exam | $1,395 |
| Retake (per level) | $795 |
The early path is $400 plus $995 plus $1,395, about $2,800. The standard path is $400 plus $1,395 plus $1,395, about $3,200. That's everything you pay the CAIA Association while you're a candidate, since annual member dues only start after you earn the charter.
I'd budget on the standard figures and treat early registration as a discount for planning ahead. If you study from the included curriculum and a free question bank, the table is close to your full out-of-pocket cost. If you want commercial prep, add it on top. Exact current figures and registration deadlines are on the CAIA Association website at https://caia.org.
What each fee covers
The enrollment fee
You pay the $400 enrollment fee once, when you register for Level I. It's separate from the exam fee, and it isn't charged again at Level II. It pays for entering the program, and the exam fees pay for sitting each exam.
Level I and Level II exam fees
The Level I exam fee is $995 with early registration and $1,395 at the standard deadline. The gap is big enough that registering early is the easiest way to cut your CAIA bill. If you register early, what you pay to start Level I is $400 plus $995.
The Level II exam fee is $1,395, with no separate enrollment fee since you already paid it at Level I. Both exam fees include the digital curriculum for that level. Some other credentials sell the curriculum or study notes separately, but with CAIA the reading the exam is written from comes with registration.
CFA charterholders who use the CAIA Stackable Credential Program skip Level I and sit only Level II. Their whole CAIA spend can come down to the $400 enrollment fee plus the $1,395 Level II fee, about $1,800, which saves the whole Level I exam fee. CAIA vs CFA explains how that works.
Retakes
If you don't pass a level, the retake fee is $795 per level, lower than a first-time exam fee, and you don't pay the enrollment fee again. With pass rates around 51% at Level I and 63% at Level II, plenty of candidates face at least one retake, so it's worth budgeting for one even if you plan to pass the first time.
Membership dues
Annual member dues start after you earn the charter, not while you're a candidate. The CAIA Association sets them, and they keep your charterholder status and member benefits active. They're a cost of holding the designation, not of earning it, so they sit outside the $2,800 to $3,200. You can check the current figure on caia.org.
Prep costs, and how to spend less
Commercial CAIA prep packages charge for question banks, video and practice exams, and prices depend on the provider, the level and the package. It's the one part of the budget you control, and you don't have to spend it. FreeFellow is a CAIA Association Preparatory Program Provider, and the full Level I and Level II question banks are free, with step-by-step solutions through a free account. The samples are open without signing up. The curriculum included in your exam fee is what you pass the exam on, and a free question bank adds the practice on top of it. Start with the free CAIA Level I practice questions or open the CAIA hub.
A few things move the total:
- Register early. Early Level I registration ($995) against standard ($1,395) is the biggest single saving.
- Pass each level once. A retake is $795, so put in the recommended hours (about 220 for Level I and 280 for Level II) and sit each exam ready.
- Use the included curriculum instead of buying a duplicate set of paid notes.
- Skip the paid course unless you want lectures. Free question banks plus the included curriculum cover most candidates.
- If you're a CFA charterholder, use the stackable pathway and skip the Level I exam fee.
Whether the spend is worth it for your career is covered in Is CAIA worth it in 2026?, and you can start practicing now with the free CAIA Level I practice questions.