The entire CAIA Level I question bank is free: 1,112 practice questions across alternative investment fundamentals including ethics, real assets, private equity, private credit, hedge funds, digital assets, and portfolio allocation. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
1366 Questions
8 Topics
3 Difficulty Levels
2026 Syllabus
AI-native · Pay less · Access more
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your CAIA Level I prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
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1,366+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
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Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
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Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
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Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
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Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
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AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
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Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
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Personalized Study PlanFELLOW
Adapts to your exam date and weakest topics.
What's Free — and What Fellow Unlocks
The 70% of CAIA Level I prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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Free forever
$0 · no credit card
1,366 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Fellow unlock
$59 / qtr · $149 / yr per track
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
How We Compare Save 90%+
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever — the optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
FreeFellow core free
$0 · Fellow $59/qtr
Uppermark
$400–$500/level
Kaplan Schweser
$500–$700/level
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Sample Questions
Question 1
Easy
The law of one price states that:
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Correct Answer: D
Solution
D is correct.
The law of one price states that two assets (or portfolios) that produce identical cash flows in every state of the world must have the same price. Any price discrepancy would create a riskless arbitrage opportunity.
Question 2
Medium
Gamma is highest for options that are:
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Correct Answer: B
Solution
B is correct.
Gamma measures the rate of change of delta with respect to the underlying price. Gamma is maximized for at-the-money options near expiration because small price movements cause the largest shifts in the probability of finishing in or out of the money, producing rapid changes in delta.
Question 3
Hard
During the 2007-2008 financial crisis, model risk in CDOs was most severely exposed by:
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Correct Answer: C
Solution
C is correct.
The Gaussian copula model, which was the industry standard for pricing CDO tranches, assumes that the dependence structure between defaults follows a normal (Gaussian) distribution. This distribution has thin tails, meaning it assigns very low probability to scenarios where many assets default simultaneously. During the crisis, defaults clustered far beyond what the model predicted because real-world default dependence exhibits tail dependence (extreme co-movement during stress) that the Gaussian copula cannot capture. This caused catastrophic losses in tranches that had been rated investment grade.
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Frequently Asked Questions
How many free CAIA Level I practice questions does FreeFellow have?
FreeFellow currently offers 1366 free CAIA Level I practice questions across 8 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What CAIA Level I topics are covered?
The questions cover 8 topics: CAIA Ethical Principles, Introduction to Alternative Investments, Real Assets, Private Equity, Private Debt, and 3 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for CAIA Level I prep, or is there a catch?
No catch. The 70% of CAIA Level I prep you actually need to pass is free forever: the full question bank of 1366 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for CAIA Level I?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else — questions, solutions, lessons — stays free.
How does FreeFellow compare to UpperMark, Kaplan Schweser, or AnalystPrep on price?
Traditional CAIA Level I prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass CAIA Level I entirely on the free tier.
How should I use FreeFellow to study for CAIA Level I?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the format of the CAIA Level I exam?
CAIA Level I consists of 200 multiple-choice questions administered in two sessions of 100 questions each (2 hours per session). The exam covers alternative investment fundamentals, ethics, and professional standards (CAIA Association).
FreeFellow is an AI-native exam prep platform for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. Every lesson ships with AI-narrated audio. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback. Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.