Overview

CAIA 2025 EXAMChartered Alternative Investment Analyst (CAIA) is a professional designation for investment professionals offered by the CAIA Association. Aspiring alternative investment professionals need to complete and pass 2 levels of examination.The CAIA certification is a two-part examination, with each exam lasting 4 hours long:CAIA Level 1 consists of 200 multiple-choice questions, whereasCAIA Level 2 consists of 100 multiple-choice questions in Section 1 (70% exam weight), in addition to 3 sets of constructed-response (essay type) questions in Section 2 (30% of exam weight).The CAIA Level 1 curriculum concentrates on the fundamentals of alternative investment markets, building up candidates' understanding of different asset classes.CAIA Level 2 focuses on more advanced topics in alternative investments by incorporating recent academic and industry research in alternative investments, asset allocation and risk management. Less than 30% of CAIA Level 1 and 2 questions would require calculations.In terms of study hours, it is recommended that candidates devote at least 200 hours of study time for each level.Topic Weights by LevelFor the 2025 Level I exams, the topics are weighted as follows:Professional Standards and Ethics: 15-25%Introduction to Alternative Investments: 20-28%Real Assets: 11-17%Private Equity: 6-10%Private Debt: 10-15%Hedge Funds: 11-17%Digital Assets: 4-8%Funds of Funds: 2-6%Requirements to Earn the CAIA® CharterPass Level I and Level II of the CAIA exam.Exams must be taken in separate exam cyclesExam cycles occur in March and SeptemberMeet one of the two requirements below:Obtain a bachelor's degree, or equivalent, with a minimum of one year of professional experienceHave a minimum of four years of professional experienceProfessional experience is defined as full-time employment in a professional capacity with the regulatory, banking, financial, or related fieldsAgree to abide by the terms and conditions of the CAIA Association® Member Agreement.Agreement renewal is required on an annual basisProvide two professional references.Establish and maintain membership in CAIA Association.Membership fees apply; renewed on an annual or bi-annual basisOne-year membership $350; two-year membership $650

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