CAIA Exam Hub
The CAIA® (Chartered Alternative Investment Analyst℠) designation is a two-level credential in alternative investments: hedge funds, private equity, real assets, and structured products. The pass rate runs about 60 to 70% per level (CAIA Association®), with roughly 200 study hours per level. FreeFellow is a licensed CAIA Preparatory Program Provider, and the entire Level I and Level II question banks are free here, with step-by-step solutions and no signup required to browse.
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Foundations of alternative investments: hedge funds, private equity, real assets, commodities, and structured products. 200 multiple-choice questions.
Practice free → Also: CAIA Level I glossaryAdvanced topics and portfolio management, plus a constructed-response section. Builds on the Level I foundation.
Practice free → Also: CAIA Level II glossaryQuick facts
| Governing body | CAIA Association® |
| Levels | 2 (Level I, then Level II) |
| Format | Level I: 200 MCQs. Level II: 100 MCQs plus constructed response. |
| Duration | About 4 hours per level |
| Pass rate | About 60 to 70% per level (CAIA Association®) |
| Study time | About 200 hours per level |
| Exam fee | Roughly $1,250 per level, plus a one-time enrollment fee |
| Exam windows | Twice a year (March and September) |
CAIA guides
Frequently asked questions
How many levels does the CAIA exam have?
Two. CAIA Level I covers foundational knowledge of alternative investments; Level II covers advanced portfolio management and adds a constructed-response section. Each level is about 200 hours of study.
What is the CAIA pass rate?
The CAIA Association does not publish exact figures, but historical estimates put the pass rate around 60 to 70% per level, higher than the CFA exams, partly because the candidate pool is smaller and more self-selected.
Is CAIA practice free on FreeFellow?
Yes. The entire CAIA Level I and Level II question banks are free on FreeFellow, with step-by-step solutions and per-choice notes on every question. No trial period, no question cap, and no signup required to browse.
Can CFA charterholders skip CAIA Level I?
Yes. Through the CAIA Stackable Credential Program, a CFA charterholder in good standing can skip Level I and enter as a Level II candidate. After that you sit only CAIA Level II.
How much does the CAIA exam cost?
Plan for roughly $1,250 per level, plus a one-time enrollment fee. Exams are offered twice a year, in March and September. FreeFellow keeps prep costs down by offering the full question banks free.