The CAIA exam is actually two exams, Level I and Level II, set by the Chartered Alternative Investment Analyst (CAIA) Association and focused entirely on alternative investments. This guide walks you through what each level covers in the 2026 curriculum, who can register, the current registration windows and fees, and how to plan study time around the official edition — including which edition is valid for which sitting.
What the CAIA exams assess
Two levels of exams on alternative investments, set each year from an annually updated curriculum; passing Level II plus relevant professional experience qualifies you to join the Association and use the CAIA Charter.
The CAIA (Chartered Alternative Investment Analyst) Charter is a professional credential from the CAIA Association covering alternative investments: private capital, hedge funds, real assets, digital assets and related portfolio work. Level I builds the foundations across those asset classes. Level II moves to portfolio-level decisions, manager selection and institutional investors.
CAIA updates its curriculum annually, so match your materials to your exam year. Passing the exams alone does not grant the Charter: relevant professional experience and membership requirements also apply.
Official sources: Explore the Curriculum - Chartered Alternative Investment Analyst Association — Level I and Level II 2026 topic lists; annual revision and edition timing; Become a Candidate - Chartered Alternative Investment Analyst Association — Registration requirements, study-hour guidance, Charter membership
Who can register
CAIA recommends a foundation in financial services, corporate finance and statistics, plus English proficiency. Check the requirements for your entry route and the identification and country restrictions before registering.
You can register for the CAIA exam without a degree, license or work-history check. CAIA states there are no hard requirements, and instead recommends that candidates arrive with a solid grasp of the financial services industry, completed coursework in corporate finance and statistics, and English reading and writing proficiency.
Your identification must meet CAIA’s exam ID policy, and its candidate page requires residence outside countries restricted under OFAC policy. To enter directly at Level II through the CFA Stackable Credential Program, you must be a CFA charterholder in good standing with a digital badge that CAIA can verify. The waiver is subject to CAIA’s verification; previous finance study alone does not establish eligibility for that route.
Official sources: Become a Candidate - Chartered Alternative Investment Analyst Association — Registration requirements, study-hour guidance, Charter membership; CAIA for CFA Charterholders - Chartered Alternative Investment Analyst Association — https://caia.org/caia-for-cfa-charterholders/; CAIA Association Examination - CFA Stackable Credential Program - Chartered Alternative Investment Analyst Association — https://caia.org/caiaa-examination-cfa-stackable-credential-program/
Exam format and what to confirm in the handbook
Both levels are computer-based exams at test centers worldwide, offered in March and September windows; the retrieved official pages do not state question counts, duration or passing scores, so check the Exam Handbook.
CAIA administers both levels twice a year at test centers around the world. Online proctored exams exist only by exception: you need an approved accommodation to schedule one, so plan on sitting at a test center unless you have that approval in place.
Confirm the question counts, duration and passing standard for your level in the current Exam Handbook; those figures have not been verified here. Use the official sample exam to understand the format and pacing.
Official sources: Curriculum and Study Tools - Chartered Alternative Investment Analyst Association — Included digital curriculum, handbook, sample exams, errata; Exam Registration Dates and Fees - Chartered Alternative Investment Analyst Association — Registration windows, testing windows, fees, refund and postponement policies
Level I topics in the 2026 curriculum
Level I spans ethics, an introduction to alternative investments, real assets, private equity and private debt, hedge funds, digital assets and funds of funds.
The issuer’s curriculum page groups private equity and private debt together. Use the areas below to organise your review, then follow the official reading and learning-objective breakdown for your exam year.
- CAIA Ethical Principles: ethics, professionalism and fiduciary responsibilities
- Introduction to Alternative Investments: quantitative, statistical and financial-economics foundations, risk and performance measures, the alternatives environment
- Real Assets: commodities, natural resources and land, real estate overview, assets and methods
- Private Equity & Private Debt: buyouts, venture capital and growth equity, credit risk and credit derivatives, insurance-linked strategies, introduction to structuring, private credit strategies
- Hedge Funds: equity, event-driven, macro and managed futures, relative value, industry overview
- Digital Assets: allocating to cryptocurrencies, distributed ledger technology
- Funds of Funds
Official sources: Explore the Curriculum - Chartered Alternative Investment Analyst Association — Level I and Level II 2026 topic lists; annual revision and edition timing
Level II topics in the 2026 curriculum
Level II covers ethics, institutional asset owners, asset allocation, risk management, methods and models, access routes, due diligence, volatility and complex strategies, and universal considerations — plus a separate required Emerging Topics set.
Level II focuses on applying alternatives knowledge to portfolios and institutional investors. Its Emerging Topics readings are required, with access supplied through the registered candidate’s account.
- CAIA Ethical Principles
- Institutional Asset Owners and the IPS
- Asset Allocation: active management, MVO, rebalancing, total portfolio approach
- Risk and Risk Management: benchmarking, hedging, liquidity and funding risks, risk systems
- Methods and Models: directional strategies, fixed income and multi-factor equity models, binomial trees, private-asset valuation
- Accessing Alternative Investments: real assets, hedge fund diversification and replication
- Due Diligence and Selecting Managers: investment process, operational and terms due diligence, tail risk cases
- Volatility and Complex Strategies: structured products, volatility and correlation products, cryptocurrency investing
- Universal Investment Considerations: geopolitics, global regulation, sustainability
- Emerging Topics: required readings with free access for registered candidates
Official sources: Explore the Curriculum - Chartered Alternative Investment Analyst Association — Level I and Level II 2026 topic lists; annual revision and edition timing; Curriculum and Study Tools - Chartered Alternative Investment Analyst Association — Included digital curriculum, handbook, sample exams, errata
Registration windows and fees
Registration for September 2026 has closed. Registration for March 2027 opens October 12, 2026; early registration saves US$400 on the first-time exam fee.
September 2026 registration closed August 3. Level I testing ended September 11; the Level II testing window is September 14–25 for already-registered candidates. For March 2027, registration opens October 12, 2026, the early deadline is December 7, 2026, and registration closes February 1, 2027. Level I tests March 1–12, 2027; Level II tests March 15–26, 2027.
Fees differ by situation, and it is worth separating the one-time enrollment fee from the exam registration fee. The US$400 enrollment fee applies only to first-time Level I registrations and to Level II registrations under the CFA Stackable Credential Program; first-time Level II candidates outside that program pay only the exam registration fee. Retakes at either level carry a flat US$795 fee regardless of the deadline. Canadian and Indian GST taxes apply to all fees, and the digital curriculum is included with every new registration.
- Registration is tied to a specific session: postponement between cycles is not allowed
- Exam registration fees are refundable only if you cancel within 14 days of purchase, by emailing candidate@caia.org
- Retake eligibility at a flat fee applies automatically if you miss or fail an attempt
| Candidate situation | Early registration | Standard registration |
|---|---|---|
| First-time Level I | US$400 enrollment fee + US$995 exam | US$400 enrollment fee + US$1,395 exam |
| First-time Level II | US$995 exam | US$1,395 exam |
| Level II via CFA Stackable Program | US$400 enrollment fee + US$995 exam | US$400 enrollment fee + US$1,395 exam |
| Retake, Level I or II | US$795 (flat) | US$795 (flat) |
Choosing the right curriculum edition
Curriculum editions are valid per calendar year, so the same edition serves both the March and September sittings of that year — and prior editions are explicitly not recommended.
You can use the same official edition for March and September sittings within one calendar year. CAIA publishes the next calendar year’s curriculum each October. The 2026 curriculum applies to March and September 2026; it should not be assumed to cover March 2027.
The same rule cuts the other way: materials from a previous calendar year are not recommended, because content shifts each annual revision. If you are registering for the March 2027 cycle, wait for the 2027 curriculum to become available in October 2026 — it will be included in digital format with your registration. Keep your level straight too: the Level I and Level II curricula are separate, and Level II's required Emerging Topics readings are accessed through your candidate account.
Official sources: Explore the Curriculum - Chartered Alternative Investment Analyst Association — Level I and Level II 2026 topic lists; annual revision and edition timing; Curriculum and Study Tools - Chartered Alternative Investment Analyst Association — Included digital curriculum, handbook, sample exams, errata; Exam Registration Dates and Fees - Chartered Alternative Investment Analyst Association — Registration windows, testing windows, fees, refund and postponement policies
Planning your study time
CAIA recommends at least 200 hours of study per level, and most successful candidates report exceeding that figure; both levels run each year so the full program can be finished in a single year.
The issuer's published guidance recommends a minimum of 200 hours of study per level, and its candidate resources note that most successful candidates spend more than that. Because exams run in both March and September, you can technically complete both levels within one calendar year if you pass on the first attempt; the association reports the average candidate takes 12 to 18 months, depending on experience and schedule. Treat those figures as planning reference points, not commitments.
Beyond the curriculum itself, CAIA publishes a Curriculum Companion for each level as an additional official resource, highlighting key topics and essential terms, alongside a sample exam showing format and pacing. Check the current errata for the print edition before you start — Level I and Level II errata are published separately and updated on their own schedules. If you want structured support, CAIA lists optional third-party prep providers, and free practice questions keyed to these topics are available on our practice page.
- Use the current curriculum’s learning objectives to identify gaps in your knowledge.
- Plan revision around the areas you need to improve, including ethics.
- Use official samples and the current errata for your level; track why you missed an answer.
Official sources: Become a Candidate - Chartered Alternative Investment Analyst Association — Registration requirements, study-hour guidance, Charter membership; Candidates - Chartered Alternative Investment Analyst Association — Candidate study resources and orientations; Curriculum and Study Tools - Chartered Alternative Investment Analyst Association — Included digital curriculum, handbook, sample exams, errata
Official sources
Facts checked against official pages:
- Explore the Curriculum - Chartered Alternative Investment Analyst Association
- Curriculum and Study Tools - Chartered Alternative Investment Analyst Association
- Exam Registration Dates and Fees - Chartered Alternative Investment Analyst Association
- Become a Candidate - Chartered Alternative Investment Analyst Association
- Candidates - Chartered Alternative Investment Analyst Association
- CAIA for CFA Charterholders - Chartered Alternative Investment Analyst Association
- CAIA Association Examination - CFA Stackable Credential Program - Chartered Alternative Investment Analyst Association