About the CAIA Exams

The Chartered Alternative Investment Analyst exams.

The Chartered Alternative Investment Analyst (CAIA) program consists of two exam levels. The CAIA (pronounced “KAI-ah”) association recommends that candidates study at least 200 hours for each level of the exam.

Level I
The Level I exam consists of 200 multiple choice questions on the following topic areas:

  • Ethics
  • Alternative Investments
  • Real Assets
  • Hedge Funds
  • Private Equity
  • Structured Products
  • Risk Management
  • Portfolio Management

Level II
The Level II exam consists of 100 multiples choice questions and 3 essay questions covering the following topic areas:

  • Ethics
  • Asset Allocation
  • Private Equity
  • Real Assets
  • Commodities
  • Hedge Funds
  • Managed Futures
  • Structured Products

Historical Pass Rates

Level I Level II
Feb-06 52% 64%
Sep-06 54% 69%
Feb-07 54% 62%
Sep-07 64% 58%
Feb-08 60% 57%
Sep-08 63% 59%
Feb-09 61% 66%
Sep-09 59% 70%
Feb-10 66% 67%
Sep-10 66% 68%
Feb-11 67% 66%
Sep-11 67% 63%
Feb-12 68% 62%
Sep-12 68% 65%
Feb-13 64% 62%
Sep-13 68% 58%
Feb-14 74% 59%
Sep-14 71% 58%
Feb-15 71% 56%
Sep-15 72% 56%
Feb-16 68% 58%
Sep-16 73% 62%
Feb-17 72% 70%
Sep-17 72% 69%
Feb-18 72% 65%
Sep-18 76% 67%
Feb-19 79% 63%
Sep-19 75% 65%