CAIA Level 1 & Level 2 Exam Structure and Content
The CAIA Level 1 and Level 2 exams are held twice a year, in March and September. It is your responsibility to register with the CAIA association for exam entry, before you book a course with us.
Candidates study the application of basic analytical tools, as well as the fundamentals of alternative investment vehicles. In addition to reviewing essential concepts in finance, investments and statistics, candidates learn to differentiate between the various trading strategies and performance measurements.
CAIA Level 1 Exam
The CAIA Level 1 exam is divided into two sections. Candidates are given four hours to complete the 200 multiple-choice questions with an optional 30-minute break between each section.
Section One and Section Two each consist of 100 multiple-choice questions on quantitative methods and an introduction to alternative investments. The CAIA Level 1 curriculum includes quantitative analysis, investment theory, regulatory frameworks, trading strategies, performance measurement, and credit derivatives.
| Topics Covered |
Weight |
| Introduction to Alpha Drivers and Beta Drivers |
10 - 15% |
| Professional Standard & Ethics |
15 - 20% |
| Real Estate |
10 - 15% |
| Hedge Funds |
20 - 25% |
| Commodities & Managed Futures |
10 - 15% |
|
| Private Equity |
10 - 15% |
|
| Credit Derivatives |
10 - 15% |
Administered in computerized format, the CAIA Level 1 exam can be scheduled at Pearson VUE test centres around the world.
| CAIA Level 1 exam at a glance: |
| You should have already passed: |
N/A |
| Examination method: |
Computer based 100% multiple choice examination. |
| Hours of study required: |
Approximately 150 - 200 hours of study |
|
|
CAIA Level 2 Exam
The CAIA Level 2 exam is divided into two sections: alternative investments and current and integrated topics. Candidates are given two hours to complete Section One, which contains 100 multiple-choice questions. Section Two includes several essay questions, and candidates are given 2 hours to complete this section. The CAIA Level 2 curriculum includes asset allocation, portfolio management, style analysis, risk management, structured products, indexation and benchmarking, current topics, and case analyses.
| Topics Covered |
Weight |
| Professional Standards & Ethics |
10 - 15% |
| Real Assets |
10 - 15% |
| Hedge Funds |
15 - 25% |
| Commodities & Managed Futures |
15 - 20% |
| Private Equity |
10 - 15% |
| Current & Integrated Topics |
20 - 30% |
|
|
Administered in computerized format, the CAIA Level 2 Exam can be scheduled at Pearson VUE test centres around the world.
| CAIA Level 2 Exam at a glance: |
| You should have already passed: |
CAIA Level 1 |
| Examination method: |
Computer based multiple choice and essay examination. |
| Hours of study required: |
Approximately 200 or more hours of study. |
|
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