CAIA Association

CAIA Level I

Chartered Alternative Investment Analyst Program — Level I Exam

The first of two exams toward the CAIA charter, the leading credential for alternative investment professionals. Level I builds the foundational tools and concepts across alternative asset classes, from real assets and private equity to hedge funds and digital assets.

$1395About 4 hours (two 2-hour sections with an optional break)

What's on the exam

CAIA Level I Exam Topic Weightings (2026; ethics reduced to ~10%, real assets/hedge funds/private equity increased per 2026 curriculum update)

Introduction to Alternative Investments

20–28%

The alternative investment universe · Risk, return and benchmarking · Statistical foundations and data · Alpha, beta and hypothesis testing · Investment process and asset allocation

Professional Standards and Ethics

10%

CAIA Ethical Principles · Standards of practice · Professional conduct · Fiduciary responsibilities · Conflicts of interest

Real Assets

14–20%

Real estate investment · Natural resources and land · Commodities and commodity forwards · Infrastructure · Intellectual property and other real assets

Hedge Funds

14–20%

Hedge fund structures and fees · Macro and managed futures strategies · Event-driven and relative value strategies · Equity hedge fund strategies · Funds of hedge funds

Private Debt

8–12%

Private credit markets · Direct lending and mezzanine debt · Distressed debt · Leveraged loans and CLOs · Credit risk and structuring

Private Equity

8–12%

Venture capital · Leveraged buyouts · Private equity fund structures · Valuation and performance metrics · Exit strategies

Digital Assets

4–8%

Distributed ledger technology · Cryptocurrencies and tokens · Digital asset valuation · Custody and market structure · Regulatory considerations

Funds of Funds

2–6%

Multi-manager structures · Diversification benefits · Due diligence and manager selection · Fee layering · Liquidity considerations

Frequently asked questions

How much does the CAIA Level I cost?

The CAIA Level I costs $1395. Standard exam registration fee (includes the digital curriculum) plus a one-time $400 program enrollment fee for first-time registrants; early registration discounts apply.

How long is the CAIA Level I and how many questions does it have?

200 multiple-choice items (two sections of 100) — About 4 hours (two 2-hour sections with an optional break).

What do you need to pass the CAIA Level I?

Pass/fail; standard set by the CAIA Association.

Can you retake the CAIA Level I?

Permitted in a subsequent exam window with a new registration fee.

What is the best way to study for the CAIA Level I?

Study the official blueprint, not random material: the exam is weighted by domain (Introduction to Alternative Investments 20–28%, Professional Standards and Ethics 10%, Real Assets 14–20%, Hedge Funds 14–20%, Private Debt 8–12%, Private Equity 8–12%, Digital Assets 4–8%, Funds of Funds 2–6%). Spaced-repetition flashcards built domain-by-domain against that blueprint are the most time-efficient way to cover everything the exam tests.

Program in development

We're building a blueprint-complete program for this exam. Meanwhile, explore live programs across 11 exam.

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