Once you have purchased your exam, you will receive a confirmation email that will include a link that will allow you to schedule your exam appointment with our global testing provider, Pearson VUE. You may also use the “Schedule Your Exam” button on the CAIA Exam Schedule page of caia.org.
- Log into your CAIA Account
- Select "For Candidates” at the top of the screen>Select “Schedule Your Exam” from the white links in the orange banner>On the next page click on “Click here to schedule your exam”
- On the next page click on “click here to schedule your exam”. This will bring you to the Pearson VUE scheduling page; click on the exam name in blue
- Follow the rest of the blue prompts in the lower right corner all the way to the end-summary to ensure it is scheduled
- You will receive a confirmation email when completed successfully
Neither the CAIA Association nor Pearson VUE can guarantee availability of appointments at any test center for any given exam or on a specific date. Candidates are encouraged to schedule appointments as early as possible, as examination centers have limited capacity. Appointments are on a first-come, first-served basis. If a Candidate’s preferred location and time are not available, it is solely the Candidate's responsibility to locate, and arrange for transportation to, an alternate testing center. Deferments will not be granted to Candidates who are unable to sit for the exam due to lack of preferred site availability or failure to schedule an appointment.
Individuals with a U.S. bank account may choose the option to pay by eCheck during checkout. Individuals selecting eCheck will need to enter account holder’s name, account type, account number, and routing number during checkout when registering for your exam or joining/renewing Membership. Candidate questions or concerns should be addressed to email@example.com, and CAIA Member questions or concerns should be addressed to firstname.lastname@example.org.
Candidates globally, during the Registration process, may select Pay by Check or Wire as your method of payment. Once completed, you may print an invoice directly from your CAIA account. Simply navigate to your Profile and click on My Invoices. Select the invoice and click on Details. You will then see a Print option to the right. Please note that your registration will not be completed, and you will not be able to schedule an exam appointment until payment is received.
If you are paying by check or money order, mail the check to:
The CAIA Association
100 University Drive
Amherst, MA USA 01002
NOTE: Checks must be in U.S. currency drawn from a US bank.
Please include the CAIA Candidate/Member name and invoice number on the check memo field.
For bank wire transfers:
Please refer to the instructions on your invoice. You may print an invoice directly from our website. Simply navigate to your Profile and click on My Invoices. Select the invoice and click on Details. You will then see a Print option to the right.
Alternatively, you may contact email@example.com for information.
We are committed to supporting our Candidates and Members by providing timely and accurate information during the dynamic nature of the COVID-19 pandemic. As such, we will follow the Centers for Disease Control and Prevention (CDC) as well as government and WHO recommendations while working to minimize the impact on our Candidates and Membership. Click here for full FAQs.
Individuals with disabilities are entitled to a reasonable accommodation to ensure that they have full and equal access to the educational resources of CAIA. Individuals with disabilities wishing to request a reasonable testing accommodation must contact the ADA Compliance Coordinator at firstname.lastname@example.org, at least six (6) weeks before the first day of the testing window for the level of exam he/she is registered. The request should be made after registering for the exam and before scheduling an exam appointment with the testing provider. For more information about how to request reasonable testing accommodations, see the Testing Accommodation and Grievance Policy in the Candidate Policy Manual on caia.org.
No. Each registration period is for one level-specific exam only. The Association does not allow prepayment for future exams.
If you need to change your exam appointment, you may reschedule to another date and/or location within the same testing window without incurring an additional charge. You can reschedule up to 72 hours before your original appointment by contacting Pearson VUE. Keep in mind that appointments do fill up quickly and a reschedule can only be completed if there is an appointment available at your requested time/location.
- Log into your CAIA Account
- Select “For Candidates” at the top of the screen>Select “Schedule Your Exam” from the white links in the orange banner>On the next page click on “Click here to schedule your exam”.
- This will bring you to the Pearson VUE scheduling page; click on the exam name in blue.
- Click on the "Reschedule" button to the right.
- Select a new date/time and follow the rest of the blue prompts in the lower right corner all the way to the end summary to ensure it is rescheduled.
- You will receive a confirmation email when completed successfully.
Please refer to the Calculator Policy in the Candidate Policy Manual
Please refer to the ID policy in the Candidate Policy Manual
The Level I and Level II exams are offered twice each year, in late August/September and late February/March, giving candidates the opportunity to complete the CAIA program within a single year, should they choose to do so. The Level I and Level II exams cannot be taken within the same exam window. CAIA Candidates have unlimited time to pass the Level II exam after passing Level I to qualify for the CAIA Charter.
Paying for registration is an online process. The preferred method of payment is by credit card. We accept American Express, VISA, MasterCard, and Discover. Candidates with a U.S. based bank account may elect payment by eCheck. Candidates may also opt to pay by check or wire transfer although these payment methods will take time to process, and exam registration is incomplete until payment is received. All fees must be paid in full by a single party. Partial, split, or multi-party payments are not accepted.
The CAIA exams are administered via computer exclusively at proctored Pearson VUE testing centers around the world. Review the current list of exam locations to determine where the CAIA exams are offered. If a location does not appear on this list, the CAIA exams are not currently delivered there. For more information and to view a list of current sites offering the CAIA exams, visit Exam Locations.
CAIAA now also offers an Online Remote Proctored Exam modality which allows Candidates to test remotely, in places such as their home or other secure location. Minimum computer equipment and internet connectivity requirements also need to be met. Please review the Online Proctored Exam FAQs and Resources, before considering this option.
No, the Association does not grant retroactive discounts. Eligible Candidates must apply for the appropriate discount at the time of registration by choosing the appropriate Association Partner discount coupon or forfeit said discount(s).
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 window to another, e.g., you cannot change your September exam registration to late February/March. If you are unable to sit for the exam for which you are currently registered, or if you do not pass, you will need to re-register to take the exam during a future exam window. The fee for retaking an exam in September 2022 is US$450, whether or not you sat for the exam the first time.
Level I results are usually released within four weeks of the last examination day. Level II, which includes essays, takes more time. Level II results are generally released within eight weeks of the last examination day.
When results are released, you will receive an email with notification that your results have been uploaded to your CAIA account, with instructions to retrieve them. Candidates are encouraged to keep their contact information up to date to ensure the timely receipt of exam results.
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 refund is requested within 30 days of the date of purchase OR no later than the business day prior to the beginning of the exam administration window, whichever happens first via an email to email@example.com. For complete details, please refer to the Fee Schedule in General Policies. Exam registrations cannot be transferred to other individuals.
The CAIA curriculum and CAIA study tools are the only preparation materials endorsed by the CAIA Association and are the Candidate’s best source of information regarding what content is eligible to be tested on the CAIA exams. All the content on the CAIA exams comes directly from the CAIA curriculum readings.
Testing Center: Candidates are not permitted to bring their own writing materials (pens, pencils, or paper) into the testing room. The test administrator will provide you with one erasable noteboard and a marker (no other writing materials or instruments are allowed). If you fill up your noteboard during the exam and need another, you should raise your hand and the administrator will collect the noteboard and provide you with a replacement. Your noteboard and marker will be collected at the end of the first section of the exam, and you will be provided with a clean noteboard and a marker at the start of the second section. You may not remove the noteboard or marker from the testing room during or after the exam, and you must return them to the administrator after the exam.
Online Remote Proctoring: Candidates are not permitted to use writing materials (pens, pencils, or paper) during the online proctored exam. A Digital Whiteboard and online Scratch Pad are provided for use during the exam. You can use the whiteboard for scratch work, using tools such as text, shapes, colors, and zoom, as well as multiple formatting features. We strongly recommend Candidates practice using the digital whiteboard, prior to the exam. Practice with the OnVUE digital white board here / or view a tutorial here.
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 in the Member Policy Manual.
Arrive at the test center or begin your check in process, at least 30 minutes prior to your scheduled appointment to allow time for check-in procedures. Late arrivals may not be permitted to sit for the exam.
CAIA Charter Candidates who register during the first six weeks of any registration period automatically receive a US$100 discount on exam registration fees only. To qualify for this discount, payment must be submitted by the early registration deadline. Exam retake fees are not eligible for the early registration discount.
Please visit the Exam Registration Dates and Fees page to learn about exam registration fees.
I noticed that there are two sets of name fields in my profile. Where do you use my non-legal name as entered in my profile?
Your non-legal first name is typically used in our email messages.
Your non-legal first and last names will be used for the CAIA Member directory.
You are free to update your non-legal name in your profile at any time.
Where is my Legal name used?
- Your Legal name without the prefix is printed on your Charter. You may update your Legal name from within your profile.
Can I add my other credentials to my Profile/Legal/Charter name?
- The CAIA Charter reflects your legal name only. Only suffixes which are part of your Legal name, e.g., Jr, Sr, III, etc., will be printed on your Charter Prefixes e.g., Miss or Dr., and credentials e.g., PhD or CMT, should not be added as CAIA is unable to verify other credentials.
How can I find other Members near me?
- Finding other CAIA Members is convenient using our CAIA Member Directory. Simply log into your account to access this feature. Searches can be done by Name, Chapter, City, State, or Country. Having trouble logging in? Contact firstname.lastname@example.org for assistance with your login access.
Can I use my CAIA Charter to fulfill continuing education requirements or credits for other professional designations?
CAIA Members with three or more years of industry experience are eligible for membership with the Chartered Institute for Securities & Investments (CISI).
CAIA Members with at least three years of industry experience qualify for full membership (MCSI).
CAIA Members with less than three years of industry experience are eligible to join as Associate (ACSI) members.
How do I submit payment?
If you are looking to join or renew your Membership you will find the link to do so within your CAIA account profile. You may pay by credit card, check, or wire during the online checkout process.
Individuals with a U.S. bank account may choose the option to pay by eCheck during checkout. Individuals selecting eCheck will need to enter account holder’s name, account type, account number, and routing number during checkout when registering for your exam or joining/renewing Membership.
Questions or concerns should be addressed to email@example.com.
*Please note that we only accept checks from US domestic banks.
If I select Pay by Check or Wire, is my Membership registration/renewal process complete?
- Your Membership registration or renewal will not be considered complete until CAIA has received your dues payment and applied it to your account.
My employer requires an invoice for my Membership dues. What should I do?
Pending invoices can be printed directly from your account at caia.org. Log in to your CAIA account with your email and password and click on My Account in the top right corner of your screen to access your profile. All past invoices will be stored on your profile under the “Your Invoices” section.
If you need an invoice for submission to your employer, please complete the Membership application or renewal process, and select Pay by Check or Wire when you reach your shopping cart. Your unpaid invoice will be available to be printed or saved from within your profile under the “Your Invoices” tab.
I need a receipt for payment. What should I do?
- Receipts can be printed directly from your account at caia.org. Log in to your CAIA account with your email and password and click on My Account in the top right corner of your screen to access your profile. All past invoices will be stored on your profile under the “Your Invoices” tab.
I’ve passed the Level II exam. What are the other requirements for CAIA Membership?
- has the required experience of:
- holds a bachelor’s degree (or the equivalent) and has one (1) year of professional experience in the field of alternative investment analysis or other regulatory, banking, financial, or related field, OR
- has four (4) years of professional experience in the field of alternative investment analysis or other regulatory, banking, financial, or related field, OR
- is a CFA charter holder in good standing;
- provides the name and e-mail of two (2) people as professional references;
- agrees to abide by the CAIA Candidate and Member Agreement, including the use of the CAIA designation as an exclusive right for Full and Retired Members whose membership is in good standing and fully paid; and
- submits payment to join CAIAA after passing CAIAA’s Level II exam, and thereafter submits a renewal payment on or before the expiration date of May 31st.
Please keep in mind that we offer Affiliate Membership as an option if you do not meet the CAIA Membership requirements when you pass your Level II exam. Please contact firstname.lastname@example.org to request an Affiliate Membership.
Do I have to apply for CAIA Membership within a certain period after passing my Level II exams? If I wait too long, will I have to retake my exam?
- There are no time restrictions on the validity of your exam results. To enjoy a full year of benefits, we encourage you to apply for Membership as soon as possible after passing the CAIA exams.
Are there any disadvantages in delaying my Membership registration?
- With Membership, comes the exclusive right to use the marks. To enjoy a full year of benefits, including the use of the CAIA marks, we encourage you to apply for Membership as soon as possible after passing the CAIA exams.
Will I receive a certificate for completing the CAIA program?
- No, we do not issue certificates for completing the exams.
- Once your CAIA Membership has been approved, you will receive a physical CAIA Charter.
- See CAIA Charter information for details.
How much does Membership cost?
- A one-year Membership costs US$350 and a two-year Membership is US$650.
- CAIA also offers an Emerging Market rate for Membership. A one-year Emerging Market Membership costs US$100 and a two-year is US$200. At this time, the emerging market rate is based on the MSCI Emerging Market Index.
Do my references have to be CAIA Members?
Membership in the CAIA Association is not a requirement to serve as a reference.
The only requirement for your references is that they have relevant information regarding your professional experience.
Can you tell me who will be contacting my professional references, so I can alert them?
- We do not contact professional references on a routine basis. However, we reserve the right to contact all references if we perform a random audit.
I completed the Membership application but wanted to check my answers/make some changes. What should I do?
Once the Member application is completed, you will not be able to move back to review the information or to make any changes.
If you would like to change or review your professional reference information, please send your request to email@example.com.
All other updates may be made in your profile by logging into your CAIA account, then click on My Account in the top right corner of your screen to access your profile.
When do I need to renew my Membership?
• Regardless of when you passed your Level II exam, your Membership expires on May 31. You may renew at any time prior to May 31.
• When you log in to your account, you will have access to the renewal link in the gray box at the top of your user profile.
How do I renew my Membership?
• Log in to your account at CAIA.org. After logging into the CAIA website, click on My Account in the top right corner. From there you will see Renew Membership in orange within the gray box at the top of your profile.
What happens if I don’t renew my Membership on time?
- Please keep in mind that only CAIA Members in good standing have the exclusive right to use the CAIA designation.
- To enjoy a full year of benefits, we encourage you to renew your Membership on time. Please also keep in mind that we do not prorate Membership dues. Regardless of when you first apply for or renew your Membership, your Membership always expires on May 31.
Can I apply for Affiliate Membership? Do you offer any Membership options at a reduced cost?
• CAIA Affiliate Membership is offered to eligible new Members only. The annual Membership cost for an Affiliate Membership is US$175. See Affiliate Membership and Retired Membership Status for additional details.
We offer Retired Membership status as an option for renewing Members who are unemployed, retired, full-time students, leaving the industry, or experiencing other extenuating financial or personal circumstances, and are unable to pay the full Membership fee. The Retired Status Membership is US$175. See Retired Membership Status for additional details.
I lost my job and can no longer afford to pay the full Membership fee. Do you offer any options that would allow me to continue my CAIA Membership?
• We offer Retired Membership status at a reduced cost to renewing Members who are unemployed, retired, returning to school, leaving the industry, or experiencing other extenuating financial or personal circumstances and are unable to pay the full Membership fee. Please see Retired Membership status for details.
Who is eligible for CAIA Affiliate Membership?
• Affiliate Membership is reserved for CAIA Candidates who have passed the Level II exam and who are working to meet the requirements for full Membership. Affiliate Membership is designed for Candidates who hold a bachelor's degree, or the equivalent, and have less than one year of professional experience. In absence of a bachelor’s degree, Candidates who have fewer than four years of professional experience are also eligible for Affiliate Membership.
• Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related fields.
• Once Affiliate Members have acquired enough experience, they are required to apply for full CAIA Membership to obtain the CAIA Charter and use the CAIA designation. Contact firstname.lastname@example.org to be approved for Affiliate Membership status and further instructions.
What are the benefits of CAIA Affiliate Membership?
• Affiliate Member have access to CAIAA’s Membership benefits except use of the CAIA marks.
Note that only full CAIA Members may use the CAIA Marks. Affiliate Members are thus not allowed to use the CAIA Marks until they become full CAIA Members.
Who is eligible for CAIA Retired Membership?
• Retired Membership is reserved for active CAIA Members who are unemployed, retired, full-time students, leaving the industry, or experiencing other extenuating financial or personal circumstances and are unable to pay the full Membership fee
• During Membership renewal, active Members may apply for Retired Membership through the renewal process.
What are the requirements of Retired Membership Status?
• To qualify for Retired Membership Status, Members are required to do the following:
Select the Retired Membership option when renewing your Membership.
Agree on an annual basis to abide by the Member Agreement.
Submit payment of US$175 for the annual Retired Membership fee.
• CAIA does not make distinctions between Retired Status Members and full CAIA Members. Retired Status Members enjoy all the benefits and rights of full CAIA Membership.
What are the benefits of Retired Membership?
- Use of the CAIA designation
- Access to CAIA’s global community of over 12,000 Members in more than 100 countries who represent hundreds of employers
- Online access to The Journal of Alternative Investments, the official publication of the CAIA Association
- Monthly access to the Chronicles Newsletter – carefully curated thought leadership designed to inform the capital allocation process
- Exclusive access to Follow-On Readings – readings that let you reinvest in your CAIA education
- Portfolio for the Future™ Knowledge Base, CAIA’s comprehensive library of research on alternative investments
- Access to research resources curated by topic, showcasing the expertise of our global community
- CAIA Job Board postings for which employers around the world actively seek CAIA Charterholders
- CAIA’s Media Center for instructive videos, live presentations, and recordings on a range of alternative investment topics
- Chapter events
- Monthly Member Update
How much does CAIA Retired Status Membership cost?
• The annual Retired Status Membership fee is US$175.
If you are looking to join or make a dues payment you will find the link to do so in a box at the top of your profile.
Individuals with a U.S. bank account may choose the option to pay by eCheck during checkout. Individuals selecting eCheck will need to enter account holder’s name, account type, account number, and routing number during checkout when registering for your exam or joining/renewing Membership.
Alternatively, you are welcome to pay by credit card through the checkout process, or you may select the Pay by Check or Wire option at checkout.
Please note that we only accept checks from US domestic banks.
After submitting payment, you are now officially a CAIA charterholder in good standing and have earned the right to use the CAIA designation.
After submitting payment, you will receive an email confirmation that your Membership application has been approved.
As a CAIA Member, how do I get access to the CAIA blog?
• While the CAIA blog, Portfolio for the Future, is publicly accessible, CAIA Members in good standing are automatically subscribed to the bi-weekly brief which will provide digests of the most recent posts.
I see that CAIA Members frequently contribute to the CAIA blog, Portfolio for the Future. How can I submit a piece for publication?
• One of the goals of the CAIA blog is to introduce new voices to thought leadership in alternative investments. Members may submit their work at email@example.com for consideration as a guest contributor.
Do I get a diploma/certificate for earning the CAIA designation?
A personal Charter will be sent to your primary address within the first quarter following your joining the CAIA Association as a full Member.
Important: Please be sure to keep your contact information updated so that we can successfully deliver your CAIA Charter. To update your address, please log in to your CAIA account with your email and password and click on My Account in the top right corner of your screen to access your profile.
When will my Charter be shipped?
- Your Charter should arrive approximately within one business quarter after you join. Please ensure your primary mailing address can accommodate an oversized, inflexible envelope so that your Charter is successfully delivered to you.
I lost/accidentally threw away/ruined my Charter. Can I get a scanned copy of the Charter? How can I order another copy of my Charter?
- Since we do not keep copies of your Charter on file, it is not possible for us to provide you with a scanned copy. If you would like to have your Charter reprinted for a fee, please email your request to firstname.lastname@example.org.
When can I start using the CAIA designation?
- Once your Membership application is confirmed by an email sent to your primary email address, you have earned the right to use the CAIA designation.
Do I have to renew my Membership to continue using the CAIA designation?
Yes, only CAIA Charterholders in good standing have the exclusive right to use the CAIA designation.
If you allow your Membership to lapse, you will have forfeited the right to use the CAIA designation.
Can Affiliate Members or Retired Members use the CAIA designation?
Affiliate Members have not yet fulfilled their Membership requirements and may not use the CAIA designation.
Members who have renewed as Retired Members have the right to use the CAIA designation.
What is the proper way to use the CAIA marks?
Do you offer Digital Badge verification?
We are pleased to offer an easy way to both help you display a visual depiction of your accomplishment and enable easy verification for employers and clients. In addition to credibility, your digital badge conveys critical information, such as what it takes to earn the certification, key skills you’ve demonstrated, and when you earned the certification. A digital badge is a web-enabled version of your Charter, which can be verified online in real-time. Since it is digital, it can be shared across the internet for maximum visibility and recognition.
Find out more about how to access and use your Digital Badge here.
Can you send me documentation regarding my CAIA Charter?
A verification letter is available for an active Member and can be found directly within the Member Account Profile. Once logged in, go to My Profile and click on the Member Verification Letter tab for a downloadable pdf.
If necessary, we send email verifications for your CAIA designation at the request of a CAIA Member. This email includes the date you became a Member, the dates you passed the Level I and Level II exams, as well as the date your Membership expires.
Verifications for Employers and Employment Screening
If you need to complete a verification for an employment screening or background check, please send a request along with a signed release from your candidate to the appropriate area of CAIA:
- For verifying a CAIA Membership, send your request to email@example.com
- For verifying a Candidate’s enrollment in the CAIA Charter program, send your request to firstname.lastname@example.org
- For verifying completion of the Fundamentals of Alternative Investment course, send your request to email@example.com.
Besides contributing to the Portfolio for the Future blog, what other volunteer opportunities are available to CAIA Members?
Assist with exam grading
Assist with exam development
Assist with curriculum development
Assist with Member/Chapter events
Promote the CAIA designation in my company/community
- Support those pursuing the CAIA designation by sharing your exam experience
Submit a Member Spotlight
Please contact firstname.lastname@example.org for more information.
How do I express my interest in these activities?
- Log in to your CAIA account with your email and password and click on My Account in the top right corner of your screen. Choose the "My Volunteer Interests". From there you can click on the boxes next to the volunteer activities you are interested in. Once you have made your selections, click the Save button. Or, you may send an email to email@example.com expressing interest.
How do I get my annual digital JAI subscription?
- Active CAIA Members are automatically subscribed. You do not need to do anything. You will receive a link to the digital version via email as soon as it becomes available.
What if I already have a paid subscription to JAI?
- The CAIA Association will renew your digital subscription when your current subscription expires.
How do I get online access to the JAI, and JAI Practical Applications Reports?
Once you log in to your CAIA account, please select "Journal Access" from the Members navigation dropdown at the top of your screen and select the appropriate Access link from that page.
Note that the online version of JAI is different from the digital version which is in an “e-zine” format, readable on your phone, tablet or desktop – accessible only via the link in the quarterly email you will receive.
When is JAI published?
- The Journal of Alternative Investments is published quarterly in March, June, September and December.
When will I receive my first JAI issue?
If you become a Member following the March LII exams, your first digital journal will be the Summer issue, which should arrive to your primary email address in July.
If you become a Member following the September LII exams, your first digital journal will be the Winter issue, which should arrive to your primary email address in January.
Who can participate in Member Spotlight?
Active CAIA Members are invited to participate.
This is an opportunity for you to share the news about your new job/venture, promotion, speaking engagement, award, published article, or any other notable accomplishment.
- Reach out to Member@caia.org to learn more or if you are interested in being featured.
Reach out to Member@caia.org to express your interest in being featured and to receive further instructions.
We are committed to supporting our Candidates and Members by providing timely and accurate information during the dynamic nature of the COVID-19 pandemic. As such, we will follow the Centers for Disease Control and Prevention (CDC) as well as government and WHO recommendations while working to minimize the impact on our Candidates and Members. Click here for full FAQs.
The CAIA program consists of 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.
The Level I exam is composed of 200 multiple-choice questions, which measure Candidates’ knowledge of the CAIA Level I curriculum. The latest iteration of the Level I curriculum introduces Candidates to alternative asset classes, discusses potential benefits of allocating to actively managed investment strategies while also featuring new and extended topics that better reflect the role of private capital in today’s institutional portfolios. 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, introduction to alternative investments, real assets, hedge funds, private equity, and structured products.
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 latest iteration of the Level II curriculum builds on Candidates’ understanding of various asset classes with a focus on asset allocation in a multi-asset framework and various methods for accessing alternative asset classes. Additionally, Level II will include content about the broadening investor base for alternative investments and the tools now available for allocators. 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: Ethics, Regulation, and ESG, models, institutional asset owners and investment policies, risk and risk management, methods for alternative investing, accessing alternative investments, due diligence and selecting strategies, volatility and complex strategies, current and integrated topics.