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CAIA® Level I & Level II Exam Structure and Content

The CAIA® Level I and Level II 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 Kaplan Financial.

Delegates 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, delegates learn to differentiate between the various trading strategies and performance measurements.

Exam Formats:


CAIA® Level I

The CAIA Level I exam is divided in to two sections and can be scheduled at Pearson VUE test centres around the world.  The table below shows you a breakdown of the topics covered in this level.

Topics Weighting Assessment Method Hours of Study
Professional Standard & Ethics 15-20% Computer-based multiple-choice exam

200 questions in total, divided into 2 sections of 100 questions each

2 hours allowed for each 100 question section with an optional 30 minute break

Approximately 200 hours of study
Introduction to Alternative Investments 20-25%
Real Assets 10-20%
Hedge Funds 10-20%
Private Equity 5-10%
Structured Products 10-15%
Risk Management and Portfolio Management 5-10%

Level II

Once you have passed Level I, the CAIA Level II exam consists of multiple choice and essay-based questions and can be scheduled at Pearson VUE test centres around the world. The table below shows the breakdown of the topics covered in this level.

Topics Weighting Assessment Method Hours of Study
  Multiple choice Constructed response 2 sections:

100 multiple-choice questions in 2 hours

3 short answer constructed response (written) questions typed via a keyboard in 2 hours

Optional 30 minute break

Note that Ethics is tested by a constructed response

Other topics may be tested by both/either method

Approximately 200+ hours of study
Professional Standards & Ethics 0% 10%
Private Equity 10-20% 0-10%
Commodities 5-15% 0-10%
Real Assets 10-20% 0-10%
Hedge Funds and Managed Futures 10-20% 0-10%
Structured Products, Asset Allocation & Portfolio Management 5-15% 0-10%
Risk and Risk Management, Manager Selection, Due Diligence and Regulation 5-15% 0-10%
Total 70% 30%

Global Pass Rates

Exam pass rate percentages are fluid and change from sitting to sitting.  Pass marks are initially set at 70% but may be adjusted downwards depending on the average score in a particular sitting.  Any delegate must therefore aim to score over 70% to be sure of success.

Up to date information about recent pass rates can be found on the CAIA Association website.

CAIAA does not endorse, promote, review or warrant the accuracy of the products or services offered by Kaplan Financial, nor does it endorse any pass rates claimed by the provider. CAIAA is not responsible for any fees or costs paid by the user to Kaplan Financial nor is CAIAA responsible for any fees or costs of any person or entity providing any services to Kaplan Financial. CAIA®, CAIA Association®, Chartered Alternative Investment Analyst℠, and Chartered Alternative Investment Analyst Association® are service marks and trademarks owned by CHARTERED ALTERNATIVE INVESTMENT ANALYST ASSOCIATION, INC., a Massachusetts non-profit corporation with its principle place of business at Amherst, Massachusetts, and are used by permission.

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