The CAIA Examinations
The CAIA program is divided into two levels. The exams are administered in March and September
of each year.
Exam & registration dates for upcoming exams
September 2025
Registration opens: 14 Apr 2025
Early registration ends: 9 Jun 2025
Registration closes: 4 Aug 2025
| | Test Center Exam |
| Level I exam period: | 1-12 Sep 2025 |
| Level II exam period: | 15-26 Sep 2025 |
March 2026
Registration opens: 13 Oct 2025
Early registration ends: 8 Dec 2025
Registration closes: 2 Feb 2026
| | Test Center Exam |
| Level I exam period: | 2-13 Mar 2026 |
| Level II exam period: | 16-27 Mar 2026 |
Online Proctored Exams - Available by exception only.
Level I Exam
The Level I exam tests candidates' understanding of the terms and tools used to describe and analyze alternative investment spaces, as well as standards of professional conduct. It is comprised of 200 multiple-choice questions. It is a 4-hour exam, administered in two 2-hour sessions, with an optional 30-minute break between Sections 1 and 2 of the exam.
Level II Exam
The Level II exam covers advanced topics in the field of alternative investments, as well as standards of professional conduct. Section 1 of the exam is comprised of 100 multiple-choice
questions and Section 2 is comprised of three multi-part constructed-response questions. Level II is a 4-hour exam, administered in two 2-hour sessions, with an optional 30-minute break between Sections 1 and 2. In Section 2, candidates are asked to read a question comprised of several parts and then type a brief response to each part.
The Level I and Level II exams must be taken in succession in different test periods.
Key Equations
Candidates should note that only some key equations may be provided on the exam. Many equations will need to be memorized.
Calculators
The CAIA Association only permits the use of the Texas Instruments (TI) BA II Plus (and TI BA II Plus Professional) or the HP 12C (and the HP 12C Platinum). No other calculators are allowed in the testing centers. Exam proctors require that the calculator memory be cleared prior to the start of the exam.
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