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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 | Two 130-minute sections per level, with an optional 30-minute break (a 5-hour session) |
| Pass rate | About 51% at Level I and 63% at Level II (CAIA Association®, 2024 to 2025, approximate) |
| Study time | About 200 hours per level |
| Exam fee | $995 early or $1,395 standard per level (curriculum included), plus a one-time $400 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?
About 51% at Level I and 63% at Level II (2024 to 2025, approximate). Pass rates move from one exam window to the next.
Is CAIA practice free on FreeFellow?
Yes. Public CAIA samples need no signup. 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.
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?
Exam registration is $995 per level if you register early and $1,395 at the standard rate, with the digital curriculum included, plus a one-time $400 enrollment fee. Exams are offered twice a year, in March and September. FreeFellow keeps prep costs down by offering the full question banks free.