CAIA (Chartered Alternative Investment Analyst) is a two-level charter in alternative investments, run by the CAIA Association (CAIAA). Both levels have two 130-minute sections with an optional 30-minute break, inside a 5-hour session. Level I is 200 multiple-choice questions, and Level II is 100 multiple-choice questions followed by three constructed-response sets. Recent per-attempt pass rates are about 51% at Level I and 63% at Level II (CAIA Association), exam and enrollment fees total $2,390 to $3,190, and CFA charterholders can skip Level I.
The curriculum is all alternatives: hedge funds, private equity, venture capital, private credit, real assets (real estate, infrastructure, natural resources, farmland and timberland), commodities, structured products and digital assets. The CFA charter covers investments broadly, and CAIA goes deep on the strategies, structures, fees and due diligence that are specific to alternatives. If your work touches hedge funds, private equity, real assets, private credit or the allocator side, it's the credential built for that work.
The CAIA Association is a not-for-profit professional body founded in 2002. It sets the curriculum, writes and scores the exams, and grants the charter once you've passed both levels and met its membership requirements. Charterholders then pay annual member dues to keep the charter active and commit to its professional code. Current dues, exam dates and registration are on caia.org. FreeFellow is a CAIA Association Preparatory Program Provider, and the full Level I and Level II question banks are free.
Scroll horizontally to view all columns.
| CAIA® Level I | CAIA® Level II | |
|---|---|---|
| Format | 200 multiple-choice questions, 100 per section | 100 multiple-choice questions, then three constructed-response sets |
| Sections | Two 130-minute sections, optional 30-minute break, 5-hour session | Two 130-minute sections, optional 30-minute break, 5-hour session |
| Planning budget | About 220 hr | About 280 hr |
| Pass rate per attempt (CAIA Association) | 51% | 63% |
| Exam fee | $995 early, $1,395 standard | $995 early, $1,395 standard |
| Testing windows | Twice a year (historically March and September) | Twice a year (historically March and September) |
The two levels and how long they take
Level I covers the full range of alternative asset classes at a foundational level. Its 2026 topics are CAIA's ethical principles, an introduction to alternative investments, real assets, private equity (including venture capital), private debt (where structured products come in), hedge funds, digital assets, and funds of funds. It tests whether you can recognize what a strategy is, how a structure works and what risk it carries.
Level II moves from describing the asset classes to applying them, with more weight on portfolio management, asset allocation, risk and manager due diligence. Its topics are institutional asset owners and investment policies, risk and portfolio management, methods for alternative investing (benchmarking, performance measurement and due diligence), and advanced topics across the asset classes. The constructed-response sets are the big jump from Level I. You analyze a scenario and write out a structured answer, and you have to defend a recommendation in writing. If you only drill multiple-choice questions, you won't be ready for that part, so plan your study time around it.
Bring your own financial calculator to both levels, since the test center doesn't provide one. The Texas Instruments BA II Plus and the Hewlett Packard 12C are the standard choices.
I'd budget about 220 hr for Level I and 280 hr for Level II, and most candidates spread each level over three to four months at 12 to 18 hours a week. Exams run in two windows a year (historically March and September), at Prometric test centers, so the usual path is Level I in one window and Level II in the next, one to one and a half years in total. CFA charterholders who qualify for the Level I waiver can finish in a single window. You register on caia.org, registration opens months ahead of each window, and the earlier deadline has the lower exam fee.
For a topic-by-topic Level I plan, see the CAIA Level I study guide. The full banks are free on the CAIA Level I practice page and CAIA Level II.
Cost, pass rates and eligibility
Exam and enrollment fees come to $2,390 if you register early for both levels and $3,190 at standard rates (CAIA Association® fee schedule, checked October 4, 2026). That's a one-time program enrollment fee of $400, a Level I exam fee of $995 (early) or $1,395 (standard), and a Level II exam fee of $995 (early) or $1,395 (standard). Every exam fee includes the digital CAIA® curriculum. Those totals leave out retake fees, any commercial prep you buy, the Canadian and Indian GST the fee page lists, and annual member dues, which start after you've earned the charter. The full breakdown, including retake fees and how the costs compare to commercial prep, is in CAIA exam cost and fees for 2026.
Pass rates run about 51% at Level I and 63% at Level II. The CFA exams have historically been closer to 45% per level, and the gap mostly reflects CAIA's smaller, more self-selected pool of candidates, who tend to be further into their careers and already work with the material. Roughly half of Level I candidates still don't pass on a given attempt, and the Level II written sections favor people who've practiced writing structured answers. You can retake a level at a reduced fee, but it's cheaper to put in the recommended hours and sit each level once.
To enroll, you need a bachelor's degree (or the equivalent) or relevant professional experience in the financial industry, plus a professional reference, such as a colleague or supervisor who can vouch for your character and experience. There's no coursework prerequisite. You enroll directly, so unlike some securities licenses, you don't need a firm to register you.
Who takes it, and CAIA® vs CFA
Most CAIA candidates work in alternative investment management or institutional allocation. That means portfolio managers and analysts at hedge funds, private equity and private credit firms, and real asset managers, plus the allocators who vet outside managers at endowments, foundations, pensions, sovereign wealth funds and family offices. Consultants and operational due-diligence professionals who serve those institutions take it too. A large share already hold the CFA charter or are working toward it, and career changers moving into alternatives from banking, consulting or traditional asset management use it to learn the material and show they're serious.
It's worth it when your work centers on alternatives, where it shows a depth that broader credentials don't cover. It's a weaker fit if your job is in traditional equities or fixed income, where the CFA charter is broader and better known. Pay follows the role more than the credential, so CAIA pays off most when it matches the work you do or want to do. Is CAIA worth it in 2026? goes through the cost and benefit, including who should think twice.
The CFA charter is a broad three-level investment credential, and CAIA is a two-level specialist one, so the two pair well. The cheapest way to hold both is the CAIA Stackable Credential Program, which lets a CFA charterholder in good standing skip Level I and sit only Level II. The full side-by-side is in CAIA vs CFA.
The CAIA Association curriculum is what you pass the exam on, and a big question bank adds practice on top of it. 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. Start with the free CAIA Level I practice questions, try CAIA Level II, or open the CAIA hub for both levels.