UpperMark's Diamond Suite for CAIA Level I is $849 on its suite page (checked September 7, 2026). FreeFellow's full CAIA® Level I and Level II question banks, 2,062 and 2,219 questions, are free with an account. Neither one replaces the CAIA Curriculum issued by the CAIA Association®, which is the essential preparation resource for the CAIA charter, the specialist credential for alternative investments. Both add practice on top of it.
UpperMark is a long-established name in CAIA exam prep. I built FreeFellow as a free supplement for candidates who want to work through a full question bank without paying for a course first, so I'm comparing my own product here. FreeFellow is a CAIA Association® Preparatory Program Provider.
Packages and prices
UpperMark sells study packages per level. UpperMark's Level I suite page lists Diamond Suite at $849 for that level (checked September 7, 2026), and other levels and suites are priced separately. You get study notes, a question bank, practice exams, video instruction and instructor support.
FreeFellow's free and paid tiers are all meant to go alongside the curriculum. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. For CAIA that means the full Level I (2,062 questions) and Level II (2,219) banks with step-by-step solutions, plus written lessons, mixed practice and the readiness score, with no trial and no credit card. Fellow costs $39 a month or $79 a quarter per track and adds timed mock exams, SM-2 spaced-repetition flashcards, analytics, a study plan and, for Level II, constructed-response essay simulations. The annual plan is Fellow Plus at $199 a year per track, which adds licensed curriculum practice, AI essay grading beyond Fellow's five attempts a day, and Common traps. Prices are in USD, and each subscription covers one credential track. Check pricing for your track and country.
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| Feature | FreeFellow Free | FreeFellow Fellow Plus | UpperMark |
|---|---|---|---|
| Price | $0 | $199/yr per track | Level I Diamond Suite: $849 for that level (suite page checked September 7, 2026) |
| Full question bank, free | Yes, both levels | Yes | No, paywalled |
| Practice questions | 2,062 + 2,219 | 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 | Add-on purchase |
| Analytics | Readiness score | Topic-level plus trends | Performance tracking |
| Track record | Newer (since 2024) | Newer | Long-established |
Where each one is stronger
What UpperMark does better
UpperMark has been in CAIA prep for a long time, and its study notes and structured program have been refined over many exam cycles. It includes video and instructor support, which FreeFellow doesn't, so it's the better fit if you learn best from video and a structured program. FreeFellow is newer, and while its question banks are large, the materials around them are leaner.
What FreeFellow does better
The full Level I and Level II banks, with step-by-step solutions, are free, with no trial and no credit card, so you can start working questions alongside the curriculum today.
It also costs less. UpperMark's per-level pricing adds up across both levels, while FreeFellow free is $0 and Fellow Plus is $199 a year. On a budget, that's the main difference between them.
FreeFellow is built for phone and tablet study, and Fellow's focus practice targets your weak topics. What it doesn't have is video or a long track record.
Which one fits you
Whichever one you pick, the CAIA Curriculum issued by the CAIA Association® is the essential resource. FreeFellow and UpperMark are supplements that add practice and structure on top of it.
On a budget, use the curriculum with FreeFellow free for question volume, and add Fellow Plus ($199) when you want timed mocks, a study plan and Level II essay practice.
If you want video and a structured program, use the curriculum with UpperMark for the video and instructor support, and add FreeFellow free for extra questions at no cost.
Anyone can try the sample questions on the CAIA Level I practice page, and a free account opens the full Level I and Level II banks. Fellow Plus is on the pricing page.
UpperMark is a trademark of its respective owner and is named here for identification and comparison only.