FreeFellow vs UpperMark CAIA: Honest 2026 Comparison
The CAIA® charter is the specialist credential for alternative investments, and the official CAIA Curriculum issued by the CAIA Association® is the essential preparation resource. Studying that curriculum is what passes the exam. Prep providers like FreeFellow and UpperMark are supplemental practice tools that complement the curriculum, not replacements for it.
UpperMark is a long-established name in CAIA exam prep, with study notes, a question bank, practice exams, and video. I built FreeFellow as a free supplemental practice resource for candidates who want to drill the full question bank without paying for a course first. FreeFellow is a CAIA Association® Preparatory Program Provider. I am the founder, Jeffrey Ting, FSA, CFA, and this post is self-interested. I will be straight about where UpperMark is ahead.
What Each Provider Offers
UpperMark CAIA (2026)
UpperMark sells per-level study packages (UpperMark, 2026 pricing):
- Per-level packages run about $349 to $999, depending on the level and tier.
- You get study notes, a question bank, practice exams, video instruction, and instructor support, with a long track record in CAIA prep.
FreeFellow CAIA (2026)
FreeFellow has two tiers, both supplemental to the official CAIA Curriculum:
- Free: $0. The full question banks for Level I (2,062 questions) and Level II (2,206), with step-by-step solutions, written lessons, mixed practice, and readiness scoring. No trial, no question cap, no credit card.
- Fellow: $59 per quarter or $149 per year per track. Adds timed mock exams, SM-2 spaced-repetition flashcards, performance analytics, a personalized study plan, and, for Level II, constructed-response essay simulations.
Side-by-Side Comparison
| Feature | FreeFellow Free | FreeFellow Fellow | UpperMark |
|---|---|---|---|
| Price | $0 | $149/yr per track | ~$349 to $999/level |
| Browse the full bank free | Yes, both levels | Yes | No, paywalled |
| Practice questions | 2,062 + 2,206 | Same | Bank, paywalled |
| Video instruction | None | None | Included |
| Lessons | Written | Written | Study notes |
| Mock exams | None | Multiple, timed | Practice exams |
| Level II essay practice | None | Constructed-response sims | Included |
| Flashcards | None | SM-2 spaced repetition | Included |
| Analytics | Readiness score | Topic-level plus trends | Performance tracking |
| Track record | Newer (since 2024) | Newer | Long-established |
UpperMark is the long-established CAIA prep choice, with video and instructor support. FreeFellow gives the full question banks away free and is a fraction of the cost on the paid tier. Both are supplemental to the official CAIA Curriculum, which remains essential.
Where UpperMark Is Genuinely Better
Established track record and video
UpperMark has been in CAIA prep for a long time, and its materials are refined against years of exams. It includes video instruction and instructor support, which FreeFellow does not. For a candidate who learns best from video and a structured program, UpperMark has something FreeFellow lacks.
Depth of materials
UpperMark study notes and structured program are mature. FreeFellow is newer, and while the question banks are large, the surrounding materials are leaner.
Where FreeFellow Is Genuinely Better
The full banks are free
FreeFellow gives you the complete Level I and Level II question banks, with step-by-step solutions, for $0, with no trial and no credit card. If you want to start drilling questions today, alongside the official curriculum, FreeFellow is the lower-friction start.
Cost
UpperMark per-level pricing adds up across both levels. FreeFellow free is $0, and Fellow is $149 per year. For candidates watching their budget, this is the load-bearing difference.
Mobile-first practice and honest gaps
FreeFellow is built for phone and tablet study, with adaptive practice that targets your weak topics. It has no video and a newer track record, and we say so. If video instruction is what you need, UpperMark has it.
The Official Curriculum Comes First
Whichever prep tool you choose, the official CAIA Curriculum issued by the CAIA Association® is the essential resource, and it is the one CAIAA endorses for exam preparation. FreeFellow and UpperMark are supplements that add practice volume and structure on top of the curriculum. Treat them that way.
Recommendation by Candidate Type
Candidate on a budget
The official CAIA Curriculum plus FreeFellow free for question volume. Add Fellow ($149) for timed mocks, a study plan, and Level II essay practice.
Candidate who wants video and a structured program
The official curriculum plus UpperMark for video and instructor support. Supplement with FreeFellow free for extra question volume at no cost.
Start Today
FreeFellow's CAIA Level I practice page is open with the full Level I and Level II question banks free, alongside the official CAIA Curriculum. The Fellow tier (mocks, flashcards, analytics, study plan, Level II essay sims) is on the pricing page.
UpperMark is a trademark of its respective owner and is named here for identification and comparison only.