Exam Structure and Content

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CAIA Level 1 & Level 2 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 centers around the world. The table below shows you a breakdown of the topics covered in this level.

Topics	Weighting	Assessment Method	Hours of Study
Introduction to Alpha Drivers and Beta Drivers	10 - 15%	Computer-based multiple-choice exam divided in to 2 sections for Level I 200 questions Four hours with an optional 30 minute break between sections Each section consists of 100 mulitple-choice questions on quantitive methods and an introduction to alternative investments	Approximately 200 hours of study
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%

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 centers around the world. The table below shows the breakdown of the topics covered in this level.

Topics	Weighting	Assessment Method	Hours of Study
Professional Standards & Ethics	10 - 15%	Computer-based exam for Level II, divided into 2 sections: alternative investments and current and integrated topics Two hours for Section One including 100 multiple-choice questions Two hours for Section Two which includes several essay questions	Approximately 200+ hours of study
Real Assets	10 - 15%
Hedge Funds	15 - 25%
Commodities & Managed Futures	15 - 20%
Private Equity	10 - 15%
Current & Integrated Topics	20 - 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.

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