General Information

What is the CAIA program?
Is this an internationally recognized charter program?
What areas are covered in the exams, and what is the exam structure?
How do I earn the CAIA Charter?
What do I gain by becoming a CAIA Charter Holder?

Program Details

Where can I view a list of the current curriculum readings?
How do I register for the CAIA exams?
Are late registrations accepted?
How much does the program cost?
Are there any prerequisites to the program?
How and where do I take the exams?
When can I take an exam?
I am a CFA/CPA/CFP. Am I exempt from the Level I exam?
I am an MBA/MFA/PhD. Am I exempt from the Level I exam?
What is the timeline for completing the program? Can I take both exams in a year?
Why was the three-year window for program completion lifted in March 2011?

Once You Have Registered for an Exam

Where can I purchase the current curriculum readings?
Am I required to purchase all of the textbooks?
What if I cannot obtain all of the textbooks before the exam?
How long do I need to study for the exam?
Where can I take a CAIA preparation program?
When do I schedule my exam?
Who should I contact, and when, if I have a disability or require special accommodations?
What form of ID do I need to bring to the testing center?
What is the calculator policy?
What time do I need to arrive at the testing center?
How long is the exam?
What is the procedure for reporting exam results? When should I expect to get the results, and how will I receive them?
How may I identify myself as a candidate in the CAIA program?
I am currently registered to sit for an exam, but something has come up and/or my plans have changed. Can I postpone my exam to the next testing period?
What is the refund policy?

General Information

What is the CAIA program?
The CAIA program comprises a two-tier exam process through which one may earn the CAIA charter, the designation for alternative investment professionals offered by the CAIA Association. The CAIA charter is the global mark of distinction in alternative investments. top

Is this an internationally recognized charter program?
Yes. Since the CAIA Association offered its first exam in February 2003, thousands of individuals from over 80 countries have registered for the program. Candidates from thousands of financial institutions have taken the exams, including prime brokers and banks; advisory, consulting, asset management, and accounting firms; public and private pensions, foundations, family offices, insurance companies, professors and industry regulators. Several organizations, including the SEC, PAAMCO, Citigroup, and CSFB, now use the CAIA examinations as an essential part of their professional alternatives training program. top

What areas are covered in the exams, and what is the exam structure?
The Level I exam is composed of 200 multiple-choice questions, which measure candidates’ knowledge of the CAIA Level I curriculum.  The Level I curriculum introduces candidates to alternative asset classes and discusses potential benefits of allocating to actively managed investment strategies. Candidates are asked to distinguish among various alternative investment strategies and products and to understand the difference between alternative investments and traditional products. Specific knowledge areas include: professional standards and ethics, alpha drivers and beta drivers, real estate, hedge funds, commodities and managed futures, private equity, and credit derivatives.

The Level II exam is composed of 100 multiple-choice questions and three sets of constructed-response (essay-type) questions, which measure candidates’ knowledge of the CAIA Level II curriculum.  The Level II curriculum builds on candidates’ understanding of various asset classes and focuses on specific trading strategies, asset allocation in a multi-asset framework, and various methods for accessing alternative asset classes.  Through the Level II curriculum, candidates gain deeper understanding of risk management techniques and tools as well as various structured products. Specific knowledge areas include: professional standards and ethics; private equity; commodities and managed futures; real assets; hedge funds; structured products; asset allocation and portfolio management; risk and risk management; manager selection, due diligence, and regulation; and research issues and current topics. top

How do I earn the CAIA Charter?

The right to use the CAIA designation is earned by (1) successfully completing the CAIA program (i.e., passing both the Level I and Level II exams) and (2) becoming a member of the CAIA Association. To qualify for membership in the Association, you must fulfill all the following requirements:

1. Pass the Level I and Level II exams.
2. Hold a U.S. bachelor's degree or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience.*
3. Submit payment for the annual CAIA Association membership fee.
4. Agree on an annual basis to abide by the Member Agreement.

Membership is the final requirement for individuals who wish to use the CAIA designation.

*Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related fields. CAIA candidates, who have passed the Level II exam but do not meet the experience requirements, have the option of applying for Affiliate Membership.

For more information, see the Intellectual Property Policy. top

What do I gain by becoming a CAIA Charter Holder?
By completing the program and becoming a member of the CAIA Association, you earn the right to use the CAIA designation — The Global Mark of Distinction in Alternative Investments. In addition, you obtain networking access to others in this specialized field, as well as ongoing educational opportunities and a variety of industry resource discounts. top

Program Details

Where can I view a list of the current CAIA curriculum readings?
The curriculum is regularly revised; it does not remain static from exam cycle to exam cycle. The current Level I and Level II study guides, and a summary of the most recent Level I and Level II curriculum readings, with links to sellers, are publicly available in the Curriculum section of the website. top

How do I register for the CAIA exams?
Exam registration is a quick three-step online process: completing an exam registration form, signing the Candidate Agreement, and purchasing an exam. Visit the Registration section of our website for more information. top

Are late registrations accepted?
No, registration deadlines are firm. Once the cut-off point to register for a specific exam period passes, it is no longer possible to purchase an exam. Late registrations will NOT be considered under ANY circumstances. Please do not contact the CAIA Association seeking an exception. top

How much does the program cost?
For cost breakdowns, see our Fees page. For details on fee policies, please review the Fee FAQs. top

Are there any prerequisites to the program?
Candidates enrolling in the CAIA program are presumed to have an understanding of the basic concepts of finance and quantitative analysis. If you are unsure about your preparedness, we recommend that you take the Self-Evaluation for Foundations of the CAIA Curriculum and, if necessary, review the Foundations of the CAIA Curriculum. Use of these tools is optional. They are provided solely to help you determine your readiness to sit for the CAIA exams. top

How and where do I take the exams?
The CAIA exams are administered by computer at proctored test centers around the world. After registering for an exam, candidates are required to schedule an appointment with a testing center. For a current list of domestic and international testing centers, see Exam Locations. Prior to registering for an exam, candidates are expected to review the current list of exam locations in order to determine whether or not the CAIA exams are offered in a particular location. If a location does not appear on this list, the CAIA exams are not currently delivered there. top

When can I take an exam?
The Level I and Level II exams are offered twice each year, in September and March. Registration for the September exam period is typically open April through August. Registration for the March exam period is typically open October through January. It is important to note that registration is exam-specific and cannot be postponed or transferred to future exam sessions (e.g., individuals who are registered for the September exam cannot defer their examination until the March exam period). The window for each level's testing period is approximately 10 business days. The Level I and Level II exams cannot be taken within the same exam period. top

I am a CFA/CPA/CFP. Am I exempt from the Level I exam?
There are no exemptions from any part of the CAIA program. All candidates are required to pass the Level I exam. While there may be some curriculum overlap in the first few topics, the Level I exam covers material on alternative investments not covered by other charter programs. top

I am an MBA/MFA/PhD. Am I exempt from the Level I exam?
There are no exemptions from any part of the CAIA program. All candidates are required to pass the Level I exam. The two exams that comprise the CAIA program cover material on alternative investments that is not covered by standard academic programs. top

What is the timeline for completing the program?
The Level I and Level II exams are offered twice each year, in September and March, giving candidates the opportunity to complete the CAIA program within a single year. To be eligible for membership in the CAIA Association, candidates must successfully complete both exams. The Level I and Level II exams cannot be taken within the same exam period. top

Why was the three-year window for program completion lifted in March 2011?
In March 2011, in response to candidate feedback, the CAIA Association eliminated the policy requiring candidates to pass both CAIA exams (Level I and Level II) within three years. We are pleased to offer this change as part of our continuing effort to make completion of the CAIA program as flexible as possible for candidates. top

Once You Have Registered for an Exam

Where can I purchase the current CAIA curriculum readings?
Candidates have access to a list of current CAIA curriculum readings here. We provide direct links to sellers, including online book vendors and publishers. Please note: the exam registration fee does NOT include the cost of textbooks and candidates remain responsible for covering all expenses associated with the purchase of the curriculum readings. top

Am I required to purchase all of the textbooks?
Questions on the exams are drawn from the CAIA curriculum readings, and candidates are required to be familiar with the materials they contain. The CAIA Association does not require candidates to buy the readings used in the program, but we maintain that studying the full curriculum is the best way to prepare for the exams, and this includes reading all recommended materials. top

What if I cannot obtain all of the textbooks before the exam?
The CAIA Association does not sell or maintain an inventory of these textbooks. Sometimes a vendor will run out of a particular title, and the CAIA Association cannot guarantee textbook availability from any given vendor. It is solely the candidate's responsibility to obtain all textbooks prior to the examination period, within a time frame that will allow sufficient study. The CAIA Association does not allow an exam to be postponed due to late receipt of books. There are no exceptions to this policy. top

How long do I need to study for the exam?
Regarding the amount of time necessary to devote to the program, we understand that all candidates are different. Therefore, it is nearly impossible to provide guidelines that would be appropriate for everyone. Nevertheless, based on candidate feedback, we estimate that Level I and Level II both require 200 hours or more of study.  Finally, because the study guides' number of keywords and learning objectives differ across the topics in both levels, the amount of time per topic will vary widely. top

Where can I take a CAIA preparation program?
A list of companies offering preparation programs for the CAIA Level I and Level II exams is available in the Preparatory Programs section of our website. top

When do I schedule my exam?
After registering for an exam, you will receive a confirmation email that will explain how to schedule your exam appointment. The CAIA exams are administered by computer at proctored testing centers around the world. You will be asked to choose a testing center from a list of available sites, as well as a specific date and time within the two-week exam period for which you are registered. All candidates are responsible for scheduling an appointment with the test provider to sit for the CAIA exam. Deferments are not allowed and will not be granted to candidates who are unable to sit for the exam due to failure to schedule an appointment. top

Whom should I contact, and when, if I have a disability or require special accommodations?
All requests for an exception to standard testing procedures must be submitted via email to the CAIA Association and directed to the attention of Candidate Services. The request should be made upon registering but before scheduling an exam appointment with the testing provider. Supporting documentation from the physician(s) treating the condition for which you are requesting special accommodations is required. Said documents should attest to a diagnosis and the condition's relevance to the special testing conditions you are seeking. This documentation should be current and signed by the treating physician(s). Learning disability documentation needs to be current within the last three years. Once approved by the Association, the request will be forwarded to the testing provider who, in turn, will work directly with the individual to schedule the exam appointment. In order for the testing provider to make suitable arrangements, please submit this request no less than six weeks prior to the testing window. If less notice is given, every effort will be made to provide reasonable accommodations, but cannot be guaranteed. top

What form of identification do I need to bring to the testing center?
You must bring two (2) valid forms of identification to the testing center at the time of your exam. Both forms of identification must have your signature, and one of the two must have your photo. The CAIA Association's preferred primary form of identification is a valid passport or driver's license. A signed, current credit or debit card may be used as the secondary form of identification. You will not be allowed into the testing center without the proper identification.

The name on both forms of identification must exactly match the name with which you schedule your exam. If it does not, you may not be permitted to sit for the exam. top

What is the calculator policy?
You will need a calculator for both CAIA exams. The calculations you are required to perform range from simple mathematical operations to more complex methods of valuation. The CAIA Association allows candidates to bring into the examination the TI BA II Plus (including the Professional model) or the HP 12C (including the Platinum edition). No other calculators are allowed in the testing room. Exam proctors will require that all calculator memory be cleared prior to the start of the exam. top

What time do I need to arrive at the testing center?
Plan to arrive at least 30 minutes before your scheduled appointment to allow time for check-in procedures. Candidates who are late in arriving will not be allowed to test, forfeiting their exam registration fees. top

How long is the exam?
The exam session is divided into several parts, as illustrated below. Each session begins with an administration period during which you will be presented with a Nondisclosure Agreement and a tutorial, which explains how to navigate the exam on the computer. Each exam is divided into two sections, separated by an optional break. After you complete each section, you will have time to provide comments about the exam.

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What is the procedure for reporting exam results? When should I expect to get the results, and how will I receive them?
Level I exam results are usually distributed within three weeks of the close of the testing window. Level II exam results are usually distributed within six weeks of the close of the testing window. When the results are released, you will receive an email instructing you to log in to the CAIA website to receive notification of your results. Candidates are encouraged to keep their contact information up to date to ensure the timely receipt of exam results. top

How may I identify myself as a candidate in the CAIA program?
If you are registered for Level I then you may identify yourself as a "Level I candidate in the CAIA program." If you are registered for Level II you may identify yourself as a "Level II candidate in the CAIA program." You may not list "CAIA Level I" or "CAIA Level II" after your name, although you may indicate that you passed Level I or Level II. You may only use the CAIA designation after you have met the Membership Requirements. top

I am currently registered to sit for an exam, but something has come up and/or my plans have changed. Can I postpone my exam to the next testing period?
No, registration is exam-specific and not open-ended. By registering for a single exam, you are committing yourself to a date- and time-specific exam, and you may not postpone from one testing period to another; e.g., you cannot change your September exam registration to March. If you are unable to sit for the exam for which you are currently registered, or if you do not pass, you automatically become eligible to register to take the same level exam during a future exam session for a $450 retake fee. top

What is the refund policy?
The one-time program enrollment fee is non-refundable. The CAIA Association will grant refunds of exam registration and exam retake fees, but only if the registration is canceled within 30 days of the date of purchase. For complete details, please refer to Terms of Use Item 3 (Examination Registration Fees and Refunds). Exam registrations cannot be transferred to other individuals. Membership dues are also non-refundable. top